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News Breaks
January 6, 2014
06:05 EDTSYY, CROXStocks with implied volatility below IV index mean; CROX SYY
Stocks with implied volatility below IV index mean; Crocs (CROX) 39, Sysco (SYY) 17 according to iVolatility.
News For CROX;SYY From The Last 14 Days
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October 1, 2015
12:16 EDTCROXOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as investors remain cautious following last quarter's rout. The Dow, Nasdaq and S&P 500 each lost 7% or more in the third quarter and yesterday's end-of-quarter rally is turning out to be very short-lived as investors brace for tomorrow's nonfarm jobs report and the Federal Reserve rate setting meeting that comes late this month. ECONOMIC EVENTS: In the U.S., Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0 that was flat from August. ISM's manufacturing index fell to 50.2 in September, however, versus expectations for a reading of 50.6. Construction spending grew 0.7% in August, versus the consensus expectation for a rise of 0.5% for the month. Initial jobless claims rose to 277,000 in the week of September 26, versus expectations for 271,000 first-time claims. In Asia, Chinese markets were closed for holidays, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading. The final Caixin/Markit PMI, meanwhile, fell to a fresh six-and-a-half-year low of 47.2 in September, though that was slightly improved an earlier flash estimate of 47. In Japan, the Bank of Japan's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, consistent with the flash figure and down from August's final 52.3 reading. COMPANY NEWS: Shares of General Motors (GM) rose fractionally near midday after the company reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Fiat Chrysler (FCAU), which reported U.S. sales increased 14% last month, and Ford (F), which said its U.S. sales rose 23% in September, both saw their shares slip fractionally near noon. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 19% after the company released additional data from its Phase IIb program of eteplirsen in patients with Duchenne muscular dystrophy. Also higher was PBF Energy (PBF), which gained 10% after agreeing to purchase the 155,000 barrel-per-day Torrance refinery, and related logistics assets, from ExxonMobil (XOM). Among the noteworthy losers was Crocs (CROX), which dropped 14% after Piper Jaffray analyst Erinn Murphy downgraded the stock to Neutral, saying adverse currency moves and China weakness could cause sales to miss expectations in Q3. Also lower were shares of Dunkin' Brands (DNKN), which fell 10% after the company projected third quarter U.S. same-store sales that fell below the prior year period and said it would close 100 stores in the U.S. in 2015 and 2016. INDEXES: Near midday, the Dow was down 195.02, or 1.2%, to 16,089.68, the Nasdaq was down 55.92, or 1.21%, to 4,564.24, and the S&P 500 was down 17.57, or 0.92%, to 1,902.46.
10:00 EDTCROXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AGCO (AGCO) downgraded to Sell from Neutral at UBS... Banco Santander (SAN) downgraded to Neutral from Overweight at JPMorgan... Crocs (CROX) downgraded to Neutral from Overweight at Piper Jaffray... EZchip (EZCH) downgraded to Hold from Buy at Brean Capital... Illumina (ILMN) downgraded to Market Perform from Outperform at Leerink... ServisFirst (SFBS) downgraded to Hold from Buy at Sandler O'Neill.
06:42 EDTCROXCrocs downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Erinn Murphy downgraded Crocs to Neutral saying adverse currency moves and China weakness could cause sales to miss expectations in Q3. She also notes the company's long-term guidance was pushed out further than anticipated at its analyst day. Murphy cut her price target for shares to $12 from $17.
September 30, 2015
09:12 EDTCROXCrocs lowers Q3 revenue guidance to $270M-$280M from $280M-$290M
Consensus $286.69M. Crocs is hosting an Investor Day meeting in Boston beginning at approximately 9:00 am Eastern Time and ending at approximately 12:30 pm Eastern Time. In the presentation, the company is updating its Q3 consolidated revenue guidance to a range of $270M-$280M, reflecting unfavorable changes in foreign currency exchange rates totaling approximately $4M and the company's decision to hold back approximately $6M of orders to select China distributors in Q3. Also in the presentation, the company is reaffirming its mid-term operating margin target range of 10%-12% as early as 2018.
08:03 EDTCROXCrocs to host investor day
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September 28, 2015
17:04 EDTSYYSysco announces $1.5B accelerated share repurchase program
Sysco announced that it has entered into accelerated share repurchase agreements to repurchase an aggregate of $1.5B of the company's common stock with an initial delivery of approximately 32M shares based on current market prices. The ASR is part of Sysco's $3B share repurchase program previously authorized by its board of directors and announced on June 29. Purchases under the ASR are expected to be completed by May 2016.
September 25, 2015
12:10 EDTCROXCrocs volatility elevated into to host investor day
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11:00 EDTSYYSysco management to meet with Jefferies
Meeting to be held in Boston on October 2 hosted by Jefferies.

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