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October 16, 2012
12:14 EDTS, FOSL, KO, CLWR, AUO, JNJ, RATE, UNH, COn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as quarterly results from three Dow members provided hope that this earnings season may not be as bad as feared. Stocks began the session in positive territory and continued to move higher throughout the early part of the session. The premarket economic reports had little impact on the market but better than expected earnings from some of the countryís largest corporations did push the averages higher. The NAHB homebuilder sentiment index, which was released after the open, also helped as the measure hit its highest level since June 2006 and added credence to the belief that a housing market recovery is progressing... ECONOMIC EVENTS: Domestically, the headline consumer price index rose 0.6% in September, versus expectations of an increase of 0.5%. The core CPI reading, which excludes food and energy components, indicated prices inched up 0.1%, versus expectations for an increase of 0.2%. Industrial production rebounded 0.4% in September, versus consensus expectations for a 0.2% rise. The NAHB homebuilder sentiment index rose to 41, which was in line with expectations. Internationally, the Wall Street Journal reported that Spain is considering a request for a line of credit from the EU's new bailout mechanism... COMPANY NEWS: One day after Citigroup (C) reported stronger than expected third quarter earnings, the bank's board shocked Wall Street by announcing that Chief Executive Officer Vikram Pandit had stepped down, effective immediately. John Havens, Citiís President and Chief Operating Officer, also resigned. Pandit will be replaced by the current head of the European and Middle Eastern unit, Michael Corbat. Citigroup shares, which initially sold off, recovered and were up nearly 1% at midday... Among Dow members reporting earnings, Johnson & Johnson (JNJ) and UnitedHealth (UNH) both beat expectations and raised their full year views, while Coca-Cola (KO) shares moved down fractionally after its results were roughly in line with analysts' forecasts... MAJOR MOVERS: Among the notable gainers were AU Optronics (AUO), up 9% after being upgraded to Buy from Sell at CLSA, and Fossil (FOSL), up 8% following an upgrade to a Buy rating at Citigroup. Among the noteworthy losers was Bankrate (RATE), down 24% after the company gave weaker than expected guidance for its Q3 results. Also lower was Clearwire (CLWR), down 13% after Bloomberg said sources indicate that Sprint (S) has no immediate plans to acquire its smaller partner, as has been speculated... INDICES: Near noon, the Dow was up 123.01, or 0.92%, to 13,547.24; the Nasdaq was up 36.34, or 1.19%, to 3,100.52; and the S&P 500 was up 14.90, or 1.03%, to 1,455.03.
News For C;JNJ;KO;UNH;AUO;FOSL;RATE;CLWR;S From The Last 14 Days
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November 13, 2015
05:30 EDTFOSLFossil implied volatility of 62 at upper end of index mean range
November 12, 2015
19:00 EDTFOSLOn The Fly: After Hours Movers
UP AFTER EARNINGS: USA Technologies (USAT), up 15.9%... Blue Buffalo (BUFF), up 7.3%... Planet Fitness (PLNT), up 12.3%... Darling Ingredients (DAR), up 8.1%... Applied Materials (AMAT), up 3.8%... Lipocine (LPCN), up 19.9% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Syngenta (SYT), up 14.5% after Bloomberg reported that the company rejected an initial $42B bid from ChemChina... Yum! Brands (YUM), up 4.1% after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: bebe stores (BEBE), down 10.5%... Nordstrom (JWN), down 20.3%... Fossil (FOSL), down 14.7%... Cisco (CSCO), down 4.8%... El Pollo LoCo (LOCO), down 8.7%... Tahoe Resources (TAHO), down 7.2%. ALSO LOWER: Paycom Software (PAYC), down 5.2%... Netflix (NFLX) down 1% after Dow Jones reported that Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in discussions to sell a stake in the company to Time Warner (TWX)... TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%, after Nordstrom reported quarterly results and cut its fiscal 2015 guidance.
16:11 EDTFOSLFossil drops sharply after results, Misfit acquisition, outlook
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16:10 EDTFOSLFossil down 12.3% to $44.91 in after-hours trading following Q3 results
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16:09 EDTFOSLFossil says Q3 was negatively impacted by strength of U.S. dollar
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16:09 EDTFOSLFossil continues to see FY15 'significantly' negatively impacted by FX changes
For FY15, the company continues to expect that its results will be significantly negatively impacted by foreign currency changes as well as restructuring charges, which were largely recorded in the first half of the fiscal year.
16:06 EDTFOSLFossil to acquire Misfit for $260M
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16:04 EDTFOSLFossil sees FY15 adjusted EPS $5.60-$6.20, consensus $5.08
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16:03 EDTFOSLFossil sees Q4 adjusted EPS $1.40-$2.00, consensus $2.12
Sees Q4 revenue to decrease in the range of 16.0% to 7.0%.
16:02 EDTFOSLFossil reports Q3 EPS $1.19, consensus $1.13
Reports Q3 revenue $771.3M, consensus $794.36M.
14:30 EDTFOSLNotable companies reporting after market close
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14:24 EDTFOSLFossil remains in downtrend ahead of earnings
The stock has been in a strong downtrend since November of 2013, with price last at $51.56 ahead of earnings. Shares are near an important support area at $50. If the news is a strong negative surprise and the $50 is broken on the downside, next support would be at $47.96 and then at $46.25. If the news is instead a bullish surprise, the first level of important resistance on the upside would be at the 10-week moving average at $54.82. A breakout above the 10-week would break the current downtrend leg. Next resistance levels to watch in that event would be at $55.38 and then at $58.65.
13:58 EDTFOSLFossil November weekly 52 straddle priced for 11.5% movement into Q3
08:09 EDTFOSLFossil volatility increases into Q3 and outlook
Fossil November weekly call option implied volatility is at 195, November is at 100, December is at 55; compared to its 52-week range of 20 to 61, suggesting large near term price movement into the expected release of Q3 results today.
06:12 EDTKOAckman responds to Munger's Valeant criticism with Coke critique, Bloomberg says
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06:12 EDTCMorgan Stanley to offer wealth management clients savings accounts, Reuters says
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06:02 EDTKOCoca-Cola North America marketing chief to leave company, WSJ reports
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November 11, 2015
13:45 EDTFOSLOptions with increasing put volume: CG NBG BV JWN ASNA SYF FOSL
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07:56 EDTJNJBoston Biotech Conferences to hold a conference
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07:40 EDTSWells Fargo to hold a conference
6th Annual Media & Telecom Conference is being held in New York on November 10-11 with webcasted company presentations to begin on November 11 at 8 am; not all company presentations may be webcasted. Webcast Link
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