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Stock Market & Financial Investment News

News Breaks
March 5, 2014
12:48 EDTDENN, BOBE, CBRLBob Evans sinks after lowering full year profit view
Shares of Bob Evans Farms (BOBE), a full service restaurant and food distributor, are sinking after the company's third quarter results trailed expectations, and it lowered its fiscal 2014 profit view for the second time this year. WHAT'S NEW: Last night, Bob Evans reported Q3 earnings per share of 30c and revenue of $340.13M, compared to expectations of 57c and $350.54M, respectively. WHAT'S NOTABLE: The company lowered its FY14 adjusted EPS view to $1.60-$1.75 from $2.20-$2.30, compared to consensus of $2.26. It also lowered its FY14 EPS outlook on January 21, from $2.60-$2.65 to $2.20-$2.30. The company cited adverse impacts from severe winter weather for the reduced guidance. For FY15, the company expects EPS of $2.80-$3.00, versus consensus of $2.90. For the Bob Evans Restaurant business, the company expects same-store sales of 3.0%-3.5% and 8 to 10 new restaurants for FY15. For the BEF Foods business, the company expects sales growth of 8%-9% and sow costs of $70 per hundredweight for FY15. Bob Evans said it expects to complete its current $225M share repurchase program by the end of FY14 and that its board of directors has authorized up to $100M of share repurchases for FY15. ANALYST REACTION: This morning, KeyBanc Capital Markets had a Hold rating on the shares. PRICE ACTION: In early afternoon trading, Bob Evans fell $4.17, or about 8%, to $47.57 on nearly four times its average daily trading volume. Despite today's slide, the stock has gained about 17% over the past twelve months. OTHERS TO WATCH: Other full service restaurants include Denny's (DENN) and Cracker Barrel (CBRL).
News For BOBE;DENN;CBRL From The Last 14 Days
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December 15, 2014
11:50 EDTBOBESandell says encouraged by progress at Bob Evans, including CEO departure
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10:06 EDTBOBEBob Evans rallies as CEO steps down, levels to watch
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09:41 EDTDENNDenny's downgraded to Equal Weight from Overweight at Stephens
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05:21 EDTBOBEBob Evans CEO Steve Davis steps down
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December 12, 2014
16:22 EDTBOBEDiscovery Capital reports 8.9% passive stake in Bob Evans
December 10, 2014
08:02 EDTDENNBernstein to hold a summit
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December 8, 2014
09:20 EDTCBRLCracker Barrel price target raised to $150 from $120 at Argus
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