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Stock Market & Financial Investment News

News For C;BA;BAC;BLK;NUS;KSWS;CBS;CLSN;WSM;PWER;AB From The Last 14 Days
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October 2, 2014
11:47 EDTCBSCBS new radio stations a good strategic fit, says Wells Fargo
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11:18 EDTCSpringleaf looks into a potential takeover of Citigroup's OneMain, WSJ reports
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10:31 EDTCBSBeasley Broadcast enters into asset exchange agreement with CBS Radio
Beasley Broadcast (BBGI) announced that it entered into an asset exchange agreement with CBS (CBS) Radio, whereby Beasley will exchange five stations in Philadelphia and Miami for fourteen CBS Radio stations in Tampa-St. Petersburg, Charlotte and Philadelphia. Pursuant to the terms of the agreement, there is no cash consideration or other contingent consideration to be paid by either party beyond the asset exchange. Beasley Broadcast Group expects the transaction to be accretive to its station operating income in the first eighteen months of ownership. The transaction is expected to close in the fourth quarter of 2014, subject to FCC approval, the expiration of the applicable Hart-Scott-Rodino waiting period and other customary closing conditions. Upon closing, the proposed transaction will increase Beasley's portfolio of owned and operated stations to 53, including 33 FM and 20 AM stations, in twelve markets with approximately 7.7 million weekly listeners.
10:05 EDTBACOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AK Steel (AKS) upgraded to Buy from Hold at Deutsche Bank... Autodesk (ADSK) upgraded to Neutral from Sell at Citigroup... Bank of America (BAC) upgraded to Buy from Neutral at UBS... Barrick Gold (ABX) upgraded to Hold from Sell at Canaccord... Bemis (BMS) upgraded to Neutral from Underperform at BofA/Merrill... EOG Resources (EOG) upgraded to Buy from Accumulate at KLR Group... Electronics for Imaging (EFII) upgraded to Buy from Neutral at Citigroup... Encana (ECA) upgraded to Buy from Hold at Deutsche Bank... Equity One (EQY) upgraded to Neutral from Sell at Citigroup... Fossil (FOSL) upgraded to Buy from Hold at ISI Group... Gentex (GNTX) upgraded to Outperform from Market Perform at Wells Fargo... Gentherm (THRM) upgraded to Outperform from Market Perform at Barrington... Hi-Crush Partners (HCLP) upgraded to Buy from Neutral at Ladenburg... Home Properties (HME) upgraded to Hold from Sell at Cantor... IntercontinentalExchange (ICE) upgraded to Buy from Hold at Deutsche Bank... JetBlue (JBLU) upgraded to Market Perform from Underperform at Raymond James... Kinder Morgan (KMI) upgraded to Outperform from Market Perform at Wells Fargo... Mattel (MAT) upgraded to Market Perform from Underperform at BMO Capital... NASDAQ (NDAQ) upgraded to Buy from Hold at Deutsche Bank... National Oilwell (NOV) upgraded to Strong Buy from Outperform at Raymond James... Pandora (P) upgraded to Buy from Hold at Topeka... Preferred Bank (PFBC) upgraded to Outperform from Market Perform at Raymond James... PulteGroup (PHM) upgraded to Neutral from Sell at Goldman... Time Warner (TWX) upgraded to Hold from Sell at Topeka... Twitter (TWTR) upgraded to Overweight from Neutral at JPMorgan... UDR, Inc. (UDR) upgraded to Buy from Hold at Cantor... ViewPoint Financial (VPFG) upgraded to Overweight from Equal Weight at Stephens.
09:37 EDTCActive equity options trading on open
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08:33 EDTBABoeing to increase 737 production rate to 52 per month in 2018
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08:24 EDTCCiti, Wells Fargo mortgage units must face credit report suit, Reuters reports
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08:06 EDTCCitigroup extends $1.4B credit facility to NHL
Citi announced today that it has closed a $1.4B league-wide credit facility to the National Hockey League. The transaction represents the NHL's inaugural league-wide credit facility. Citi acted as the sole Administrative Agent and Co-Lead Arranger on the transaction. Under the terms of the transaction, each participating franchise will receive $100M in credit facilities comprised of both bank debt and term notes. Initial participation included 14 member clubs.
07:14 EDTBACOpponent of Bank of America settlement deal drops out, Reuters says
A key opponent of Bank of America's proposed $8.5B settlement has dropped its objections, helping the deal move forward to receive final court approval, reports Reuters. The Triaxx entities filed a proposed order to withdraw from the case in New York state Tuesday. Opponents still include the Chicago police pension fund. Reference Link
05:51 EDTBACBank of America upgraded to Buy from Neutral at UBS
UBS upgraded its rating on shares of Bank of America (BAC) to Buy saying the company's deposit profile will benefit from rising interest rates. UBS believes the bank will be under less pressure than peers to pass on rate increases to deposit holders, driving higher long-term earnings power from higher rates. The firm raised its price target for shares to $20 from $16.80. UBS coupled its upgrade of Bank of America with a downgrade of JPMorgan (JPM) to Neutral.
October 1, 2014
17:03 EDTWSMWilliams-Sonoma in strategic franchise partnership and expansion to Mexico
Williams-Sonoma announced that it will bring its family of home furnishings brands to Mexico through a franchise agreement with Distribuidora Liverpool, S.A. de C.V., the country’s leading department store chain. The multi-year agreement includes both store and e-commerce rights in Mexico for the following brands in the Williams-Sonoma, Inc. portfolio: Williams-Sonoma, Williams-Sonoma Home, Pottery Barn, Pottery Barn Kids, PBteen and West Elm. The first stores are expected to open in 2015. “We are pleased to announce another strategic global expansion opportunity with our new partner, Distribuidora Liverpool,” said Laura Alber, President and Chief Executive Officer of Williams-Sonoma, Inc. “Distribuidora Liverpool’s market expertise and extensive supply chain will allow us to deliver the same high quality of service that we provide in the United States and around the world. We look forward to opening the doors of our first stores in Mexico.”
16:47 EDTBACBofA's Brian Moynihan elected Chairman of the Board of Directors
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14:37 EDTCCitigroup ordered to hand over Banamex records, WSJ says
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11:46 EDTBAC, CDavid Tepper says economy good, stock market not at high multiple currently
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11:16 EDTBLKBlackRock CEO blames regulators for push into risky assets, Financial Times says
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08:58 EDTBABoeing 777 American Airlines flight AA60 lands in Japan
AirLive.net said in a tweet that Boeing (BA) 777 American Airlines (AAL) flight AA60 has landed at Tokyo Narita airport in Japan. Reference Link
08:55 EDTBABoeing raised to Top Pick at Drexel Hamilton
Drexel Hamilton raised Boeing to a Top Pick and believes shares are poised to breakout over the next two quarters. The firm notes air traffic continues to grow, deferrals and cancellations are below historic rates, and load factors are raising. The firm expects free-cash-flow to grow double-digits in 2015-2017 as 787 inventory declines and margins to improve. The firm expects a solid Q3 and reiterates its Buy rating and $157 price target.
08:22 EDTBABoeing 777 American Airlines flight AA60 declares emergency
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07:56 EDTBASyrian strikes sure to prompt calls to reconsider defense cuts, WSJ says
The expanded U.S. military campaign in the Middle East, including airstrikes in Syria, is expected to cost tens of billions of dollars in the short-term and is certain to put renewed pressure on the president and Congress to reconsider spending caps on the defense budget, according to The Wall Street Journal. Publicly traded companies in the Defense space include BAE Systems (BAESY), Boeing (BA), General Dynamics (GD), Lockheed Martin (LMT), Northrop Grumman (NOC), Raytheon (RTN) and United Technologies (UTX). Reference Link
September 30, 2014
19:55 EDTBAFAA orders replacement of 1,300 pilot displays on Boeing Jets, WSJ says
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16:00 EDTBAC, COptions Update; September 30, 2014
iPath S&P 500 VIX Short-Term Futures up 37c to 31.18. Option volume leaders: AAPL TSLA NFLX BAC TWTR AMZN HTZ DOW C F NFLX PBR according to Track Data.
14:44 EDTCSEC grants Citigroup waivers from restrictions, WSJ says
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11:54 EDTCBSFCC eliminates sports blackout rules
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10:01 EDTBACBank of America begins rollout of chip debit cards
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07:12 EDTCCitigroup head feels banks to likely earn more stable profits, Bloomberg says
Citigroup CEO Michael Corbat said that he thinks that banks will most likely gross steadier profits, though the levels will not be as high as those prior to the 2008 financial crisis, as company adjusts to new regulations and pressure to reduce risk, according to Bloomberg, citing comments from Corbat. Reference Link
06:25 EDTCBSFCC asks media companies for Comcast contract details, WSJ reports
The FCC is pushing for media companies to submit details of their programming agreements with Comcast (CMCSA) ahead of the company's merger with Time Warner Cable (TWC), reports the Wall Street Journal. Citing a person familiar with the matter, the FCC believes the documents contain information that would be relevant in its review. Officials from media companies including CBS (CBS), 21st Century Fox (FOXA), Disney (DIS), Discovery (DISCA), Time Warner (TWX) and Viacom (VIA;VIAB) met with FCC staff earlier this month to voice concerns about releasing highly confidential materials. Reference Link
05:04 EDTBABoeing, AIr China announce delivery of first 747-8 Intercontinental
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September 29, 2014
18:06 EDTBABoeing confirms further consolidation of defense business
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17:21 EDTBAUnited Launch Services awarded $126.97M government contract modification
United Launch Services has been awarded a $126.97M firm-fixed-price modification to previously awarded contract FA8811-13-C-0003 to exercise an option for backlog transportation and order launch vehicle production services. Contractor will execute a requirement for the FY14 launch vehicle configuration of one Air Force Atlas V531 and the exercise of an option for backlog transportation. Work is expected to be completed by Aug. 15, 2015.
16:54 EDTBABoeing to announce further consolidation of defense business, Reuters says
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11:45 EDTBACBofA to pay $7.65M to SEC to settle regulatory capital overstatement charges
The Securities and Exchange Commission charged Bank of America Corporation with violating internal controls and recordkeeping provisions of the federal securities laws after it assumed a large portfolio of structured notes and other financial instruments as part of its acquisition of Merrill Lynch. Bank of America agreed to pay a $7.65M penalty to settle the charges stemming from regulatory capital overstatements that it made due to its internal accounting control deficiencies and books and records failures. In addition to the $7.65M penalty, the SEC’s order requires Bank of America to cease and desist from committing or causing any violations or future violations of Sections 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934.
07:58 EDTBAC, CWarren calls for hearing on 'disturbing' Fed tapes, Reuters reports
Two members of the the Senate Banking Committee, Democrats Elizabeth Warren and Sherrod Brown, called for an investigation into the issues raised by secretly taped conversations between officials at Goldman Sachs (GS) and supervisors at the New York Federal Reserve, reported Reuters. Other large U.S. banks include Bank of America (BAC), Citigroup (C), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:29 EDTCCitigroup allowed to make Argentina bond payment, NY Post reports
A U.S. federal judge agreed to stay his prior order that would have prevented Citibank from making its September 30 payments on Argentina’s bonds, which the bank said would break the country's law and could lead it to lose its license there, reported the New York Post. However, the judge did not lift his injunction against Citi related to the disputed payments, the report noted. Reference Link
06:23 EDTCCitigroup, JPMorgan meet with FCA to settle forex rigging probe, WSJ reports
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September 26, 2014
17:58 EDTBABoeing awarded $499.14M government contract
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16:01 EDTBACOptions Update; September 26, 2014
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10:58 EDTBAAir Berlin cancels $5B order with Boeing
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09:37 EDTCActive equity options trading on open
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07:06 EDTBAFAA proposes 787 operators to replace parts near battery, Reuters says
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September 25, 2014
16:00 EDTBACOptions Update; September 25, 2014
iPath S&P 500 VIX Short-Term Futures up 2.09 to 30.38. Option volume leaders: AAPL TSLA NFLX BAC TWTR AMZN BP PBR GILD DOW according to Track Data.
15:10 EDTC, BACHolder resignation as AG positive for banks, says Rafferty Capital
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10:45 EDTNUSOptions with increasing implied volatility
Options with increasing implied volatility: VALE CLF NUS HLF SVXY VXX AGQ SQQQ
08:00 EDTBACBuy American Express and Bank of America into earnings, says Morgan Stanley
Morgan Stanley says to buy American Express (AXP) and Bank of America (BAC) going into Q3 earnings. The firm expects American Express to report accelerated credit card spending growth and views valuation as compelling and views Bank of America is a play on rising rates and improving expenses.
07:06 EDTBADucommun wins contract to produce spoilers for Boeing 737 MAX
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05:10 EDTBABoeing delivers first 777-300ER to China Eastern Airlines
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September 24, 2014
17:10 EDTBABoeing awarded $102M government contract
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15:04 EDTBLK, C, BACGoldman, other banks near deal to buy Bloomberg messaging alternative, WSJ says
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11:30 EDTBAAAR Corp. plummets after results miss estimates, outlook lowered
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11:00 EDTWSMBed Bath & Beyond climbs after Q2 earnings beat expectations
Shares of home decor retailer Bed Bath & Beyond (BBBY) are rising after the company's second quarter earnings per share and revenue surpassed analysts' consensus estimates. WHAT'S NEW: Bed Bath & Beyond's Q2 EPS was $1.17, which was 3c higher than analysts' consensus. The company's Q2 revenue of $2.95B topped analysts' consensus of $2.89B. Same-store-sales for the quarter were up approximately 3.4%. The retailer sees Q3 EPS in the range of $1.17-$1.21, compared with analysts' consensus view of $1.20. Bed Bath & Beyond expects fiscal year 2014 EPS to be between $5.00-$5.08, compared to analysts' view of $5.03. WHAT'S NOTABLE: During the company's conference call, Bed Bath & Beyond said that it was investing "significantly" in its business. It expects FY14 capital expenditures of approximately $350M. The retailer is opening a new distribution facility and is working on a new point of sale system. Bed Bath & Beyond said it is "cautiously optimistic" on its balance for the rest of the year. Next quarter, the company is expecting SSS growth of 2%-3%, and for Q4 it foresees 4%-5% of same-store growth. ANALYST REACTION: Yesterday morning, prior to the release of Bed Bath and Beyond's Q2 earnings report, William Blair analyst Daniel Hofkin downgraded the stock to Market Perform from Outperform. Hofkin cited his continued worries regarding the retailer's above-average exposure to e-commerce competitors. He feels that Bed Bath & Beyond waited too long before developing a strong multichannel platform and that competition from other e-commerce rivals will continue accumulating. He noted that while the company's price premium relative to Amazon (AMZN) has gotten smaller in the past few years, it still is material. Today, UBS analyst Michael Lasser raised his price target on the stock to $68 from $62 after Bed Bath & Beyond reported sales that surpassed expectations. Still, he felt that the good sales numbers occurred at the expense of its margin. He expects the retailer's operating margin decrease to impact the company's PE multiple. Lasser believes that the retailer's Q3 and Q4 comp outlook could be "aggressive," but he noted that he won't have much of an idea about those numbers until early January. He keeps a Neutral rating on the stock. OTHERS TO WATCH: Other companies in the home furnishings space include Williams Sonoma (WSM), Pier 1 Imports (PIR) and Restoration Hardware (RH). PRICE ACTION: During morning trading, Bed Bath & Beyond rose $3.99, or 6.4%, to $66.68.
09:34 EDTCActive equity options trading on open
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September 23, 2014
16:00 EDTCOptions Update; September 23, 2014
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15:33 EDTBACBofA announces $10B Catalytic Finance Initiaive, to committ $1B in capital
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08:38 EDTBABofA/Merrill airlines/aerospace analysts hold analyst/industry conference call
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08:06 EDTCBSCBS near-term volatility will create opportunity, says Wells Fargo
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07:33 EDTCCitigroup threatened by Argentina over bond payments, Reuters reports
Argentine Economy Minister Axel Kicillof threatened Citigroup with "penalties" if the bank failed to make a $5M interest payment due to bondholders by Sept. 30 and the bank plans to ask a U.S. judge to stay an order barring it from processing payments on $8.4B in bonds issued after the country's 2002 default, reported Reuters. Reference Link
07:01 EDTBABoeing, Liquid Robotics sign multi-year agreement
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September 22, 2014
16:00 EDTCOptions Update; September 22, 2014
iPath S&P 500 VIX Short-Term Futures up 91c to 28.14. Option volume leaders: AAPL TSLA NFLX C TWTR AMZN BP PBR CLF WLT according to Track Data.
13:49 EDTBABoeing exec to up output target if supportable, Reuters says
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10:27 EDTBABoeing awarded $4.9M contract by U.S. Air Force
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10:00 EDTBACBank of America rallies, levels to watch
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09:38 EDTCActive equity options trading on open
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September 20, 2014
21:15 EDTCCitigroup and Argentina's appeal on bond case dismissed, Reuters says
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19:48 EDTBACBank of America could climb over 50%, Barron's says
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15:45 EDTBABoeing and Ethiopian Airlines announce $2.1B order for 20 737 MAX 8s
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September 19, 2014
16:00 EDTBACOptions Update; September 19, 2014
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11:14 EDTCSumitomo Mitsui, Mitsubishi UFJ on short list for Citigroup unit, WSJ reports
Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Trust Holding, Mitsubishi UFJ Financial (MTU) and Shinsei Bank have been shortlisted by Citigroup (C) as buyers for the U.S. bank's retail bank in Japan, the Wall Street Journal reports, citing sources. Citi could pick a buyer for the unit by the end of the year or early next year. Citigroup could sell its Diners Club branded credit card unit in Japan along with the retail bank, a source says. Reference Link
10:06 EDTWSMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Abtech Holdings (ABHD) initiated with a Buy at Chardan... Alibaba (BABA) initiated with a Buy at ... Cherokee (CHKE) initiated with a Buy at Brean Capital... Columbia Property Trust (CXP) initiated with a Sell at Goldman... Emerge Energy (EMES) initiated with a Buy at Goldman... GrubHub (GRUB) initiated with a Buy at BofA/Merrill... Iconix Brand (ICON) initiated with a Hold at Brean Capital... Ideal Power (IPWR) initiated with a Buy at Roth Capital... NorthStar Asset Management (NSAM) initiated with a Hold at MLV & Co.... Restoration Hardware (RH) initiated with a Buy at CRT Capital... Sequential Brands (SQBG) initiated with a Buy at Brean Capital... Sprouts Farmers Markets (SFM) initiated with an Overweight at Barclays... Urban Outfitters (URBN) initiated with a Neutral at Buckingham... Williams-Sonoma (WSM) initiated with a Fair Value at CRT Capital... Xcel Brands (XELB) initiated with a Buy at Brean Capital.
09:37 EDTCActive equity options trading on open
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07:17 EDTCCitigroup up against hard situation in Argentina bond plea, Reuters says
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06:55 EDTBABoeing up against decreasing fighter jet funding, WSJ says
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September 18, 2014
16:24 EDTWSMWilliams-Sonoma initiated with a Fair Value at CRT Capital
Target $72.
16:00 EDTBACOptions Update; September 18, 2014
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14:08 EDTBAC, CBanks look to high-interest personal loans to boost revenue, WSJ says
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13:25 EDTBABoeing space contract with NASA includes seat for tourist, Reuters reports
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12:28 EDTBABoeing reports 78 news orders in weekly update
Boeing reported 78 new orders in its weekly update, which included 67 737s for unidentified customers, five 737s for Avolon and six 787s. In the changes category, 737 net orders were reduced by six.
10:40 EDTWSMPier 1 Imports falls to 12-month low after weak Q2, lowered outlook
Shares of home furnishings retailer Pier 1 Imports (PIR) hit a 12-month low after the company's second quarter results fell below analysts' consensus estimates and it reduced its fiscal 2015 earnings per share outlook. WHAT'S NEW: Pier 1 Imports reported Q2 EPS of 10c on revenue of $418.6M, missing analysts' consensus estimates of 14c and $426.02M, respectively. Same-store-sales for the quarter were up 4.5%. The retailer lowered its FY15 EPS outlook to 95c-$1.05 from $1.14-$1.22. Analysts' consensus estimates for FY15 EPS prior to the earnings report was $1.13. The company sees FY15 SSS in the mid-to-high single digits and gross profit, as a percentage of sales, are expected to be 40.5%-41.5%. Pier 1 Imports CEO Alex Smith said that he foresees online sales to surpass $400M in 2016. WHAT'S NOTABLE: During the company's conference call, Pier 1 Imports said that it expects to see improving merchandise margins in coming quarters with fewer coupons. The company noted plans to continue returning cash to shareholders in the form of dividends and share buybacks. ANALYST REACTION: This morning, Wells Fargo analyst Matt Neemer downgraded Pier 1 Imports to Market Perform from Outperform. He feels that the stock will be a difficult one to own in the medium term as the retailer moves towards a multi-channel approach. Neemer believes that the company has a difficult journey ahead as it cuts broad-based discounters, and he feels that consumers will take time to get accustomed to the new messaging. He cut his price target range to $15-$16 from $19-$20 for the company. Barclays analyst Alan Rifkin downgraded Pier 1 Imports to Equal Weight from Overweight due to slow revenue growth and heightened promotions. He feels that that the "soft" revenues could continue. He believes that the company's elongated online profitability pipeline and increased promotions are certain to be a burden on the business in ways that the company had not initially thought. Rifkin said that growing the top line will be even harder in the absence of promotions. He reduced his price target for shares to $14 from $18. Argus analyst Christopher Graja downgraded Pier 1 Imports to Hold from Buy due to the company's lower than anticipated Q2 earnings. He feels that in terms of the home furnishings market, companies such as Williams-Sonoma (WSM), Home Depot (HD) and Lowe's (LOW) are more "resilient" for shareholders. Pier 1 Imports was also downgraded to Hold from Buy at BB&T. PRICE ACTION: In morning trading, Pier 1 Imports fell $2.63, or 16.99%, to $12.90. Including today's pull back, the stock is down approximately 45.2% over the past 12 months. OTHERS TO WATCH: Other companies in the home furnishings space include Restoration Hardware (RH), and Bed Bath & Beyond (BBBY).
07:54 EDTBABoeing added to Franchise Picks List at Jefferies
Jefferies believes Boeing is using the knowledge it gained from building 787s to improve its manufacturing and design capability. The firm says demand for the 787 over the next two decades could be $500B and deliveries should top 3K units. It added the stock to its Franchise Picks List, and keeps a Buy rating on the name with a $165 price target.
06:37 EDTCBSCBS head looks to reduce radio assets within 12 months, Reuters says
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