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February 28, 2014
10:32 EDTDECK, SHOO, WWWDeckers Outdoor tumbles after guidance miss
Shares of footwear maker Deckers Outdoor (DECK) are plunging after the company last night reported stronger than expected fourth quarter results, but provided much lower than expected guidance. WHAT'S NEW: Deckers, which makes the popular "UGG" brand of boots, reported Q4 EPS of $4.04, compared with analysts' consensus estimate of $3.80. Decker's revenue also came in above expectations. However, the footwear maker predicted that it would report a Q1 loss of 16c per share, versus the consensus outlook of a 10c per share profit. The company added that its profit would drop in the first half of fiscal 2014, compared with the same period a year earlier. Deckers indicated that the decline would be caused by costs associated with its opening of 28 new stores in the second half of 2013. ANALYST REACTION: Two research firms had very different reactions to Deckers' results. In a note to investors earlier today, Jefferies analyst Randal Konik downgraded the stock to Hold from Buy. Deckers' "overly aggressive" spending plan for 2014, along with its guidance, caused Konik to recant his previous belief that the company's 2014 earnings would beat expectations. Costs associated with the company's new stores, in tandem with other expenses, will prevent the company from increasing its gross margins this year as the analyst had previously anticipated, he wrote. Taking a much more optimistic view was PiperJaffray analyst Erinn Murphy, who urged investors to buy the stock on today's weakness. Deckers' guidance incorporates a large amount of conservatism, wrote the analyst. She expects the company's same-store sales to remain positive, and notes that the company plans to roll out more than 25 new stores this year, while its year-end backlog was up 25% versus he end of 2012. She thinks the company can report stronger than expected results going forward, and keeps a $96 price target and Outperform rating on the shares. PRICE ACTION: In mid-morning trading, Deckers plunged $13.67, or 16.15%, to $71.01. OTHERS TO WATCH: Other makers and retailers of boots and other footwear include Steven Madden (SHOO) and Wolverine World Wide (WWW).
News For DECK;SHOO;WWW From The Last 14 Days
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July 18, 2014
10:03 EDTWWWOn The Fly: Analyst Downgrade Summary
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07:33 EDTWWWWolverine World Wide downgraded to Hold from Buy at Argus
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July 16, 2014
07:42 EDTWWWWolverine World Wide weakness a buying opportunity, says Brean Capital
Brean Capital would use any weakness in Wolverine World Wide as a buying opportunity. The firm thinks the company is proactively and strategically positioning itself as consumers shift their shopping behavior and keeps its Buy rating and $35 price target on the stock.
July 15, 2014
15:01 EDTWWWWolverine World Wide weakness is buying opportunity, says Brean Capital
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10:28 EDTWWWHigh option volume stocks
High option volume stocks: TRGT ALB UUP ADHD ROC WWW CTRL KERX IMGN NI
09:21 EDTWWWOn The Fly: Pre-market Movers
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07:27 EDTDECKJefferies 'starting to kick tires again' on Deckers Outdoor
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06:37 EDTWWWWolverine World Wide announces strategic realignment plan
In a move designed to accelerate growth and improve overall profitability, the company announced a Strategic Realignment Plan that includes store closures primarily within the Stride Rite fleet and several other initiatives. The realignment of the consumer-direct business is intended to optimize the fleet of retail locations, right-size the supporting infrastructure, address a fundamental shift in consumer shopping behavior and allow for greater focus on important omni-channel initiatives. Key components of the plan include: Closing approximately 140 retail locations primarily Stride Rite stores over the next 18 months. Of these, the company expects that approximately 60 stores will close by FY end, with the balance closed by the end of 2015; Consolidating certain consumer-direct functions, specifically store operations and field support teams, intended to allow for a more effective and efficient management of the retail fleet; and Implementing organizational and infrastructure changes to realize further synergies. The company estimates pretax charges related to the plan in the range of $30M-$37M, and expects to record these charges between now and the end of FY15 as it executes each component. Approximately $13M-$15M of this estimate represents non-cash charges, primarily asset write-offs related to closed retail locations and restructuring charges related to the remaining retail store fleet and international operations. Of this non-cash amount, $3.4M was recorded in Q2. Once the plan is fully implemented, the company expects annual pretax benefits of approximately $11M and intends to redeploy a meaningful portion of these benefits to further build out consumer-direct omni-channel capabilities and accelerate growth in its wholesale operations.
06:34 EDTWWWWolverine World Wide backs FY 14 adjusted EPS view of $1.57-$1.63
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06:33 EDTWWWWolverine World Wide reports Q2 adjusted EPS 31c, consensus 27c
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July 14, 2014
15:24 EDTWWWNotable companies reporting before tomorrow's open
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11:38 EDTWWWWolverine World Wide July volatility increases into Q2
Wolverine World Wide July call option implied volatility is at 84, August is at 39, December is at 31; compared to its 26-week average of 33 according to Track Data, suggesting large near term price movement into the expected release of Q2 results after the market close on July 15.
10:23 EDTWWWWolverine World Wide technical comments ahead of results
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July 11, 2014
06:30 EDTWWWWolverine World Wide FY14 revenue outlook too optimistic, says Piper Jaffray
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July 9, 2014
07:42 EDTWWWWolverine World Wide shares at optimal entry point, says Brean Capital
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