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News For DF From The Last 14 Days
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November 14, 2014
10:10 EDTDFOptions with decreasing implied volatility
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November 11, 2014
07:49 EDTDFDean Foods capital restructuring still likely, says Stephens
Stephens attributes Dean Foods' post-earnings move higher to its results but even more to management's confidence about debt covenants. The company's evaluation of its capital structure will likely result in a share offering, convert, or equity linked instrument, Stephens believes, and the firm maintains its Underweight rating and $12 price target on the stock.
November 10, 2014
16:44 EDTDFOn The Fly: Closing Wrap
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12:24 EDTDFOn The Fly: Midday Wrap
Stocks on Wall Street were modestly higher at midday. The averages opened mixed, but very close to the flat line, and have continued to drift slowly higher from that point. There is little to stand in the way of the marketís drift, as the economic calendar is quiet, the earnings season is winding down, and the most closely watched geopolitical situations are currently status quo. ECONOMIC EVENTS: In the U.S., little of note was on the economic calendar. The Federal Reserve's newly introduced Labor Market Conditions Index was flat at 4 in October. The Fed started updating estimates of the LMCI every month beginning with last month. COMPANY NEWS: Shares of Netflix (NFLX) advanced about 1% after xxx President Barack Obama publicly urged the Federal Communications Commission to implement the "strongest possible rules" to protect net neutrality. In response, Verizon (VZ) said it supports the open Internet and continues to believe that the "light-touch regulatory approach in place for the past two decades has been central to the Internetís success," adding that it believes the reclassification Obama called for would "apply 1930s-era utility regulation to the Internet" and be a "radical reversal of course" that would threaten great harm to an open Internet, competition and innovation." A number of Internet Service Providers, including Comcast (CMCSA), Time Warner Cable (TWC), Charter (CHTR) and Cablevision (CVC), moved lower after Obama weighed in on the hot-button issue. MAJOR MOVERS: Among the notable gainers was Achillion Pharmaceuticals (ACHN), which rose 22% after the company presented data from the ongoing Phase 2 study of its Hepatitis C virus treatment at the Annual Meeting of the American Association for the Study of Liver Diseases, or AASLD. Also higher was Dean Foods (DF), which rose more than 13% after the dairy products distributorís third quarter results, as well as its fourth quarter and full year profit outlook, surpassed analystsí consensus estimates. Among the noteworthy losers was Rayonier (RYN), which dropped 13% after management determined that there was a material weakness in the company's internal controls, restated certain previously made financial statements, and cut its dividend reflecting expectations of reduced cash available for distribution due to lower expected annual harvest levels. INDEXES: Near midday, the Dow was up 18.55, or 0.11%, to 17,592.48, the Nasdaq was up 10.77, or 0.23%, to 4,643.30, and the S&P 500 was up 4.01, or 0.2%, to 2,035.93.
12:06 EDTDFDean Foods rallies after Q3 results, guidance top estimates
Shares of Dean Foods (DF), a direct-to-store distributor of dairy products, are rallying after the companyís third quarter results, as well as its fourth quarter and full year profit outlook, surpassed analystsí consensus estimates. WHAT'S NEW: This morning, Dean Foods reported Q3 adjusted earnings per share of (3c) and revenue of $2.37B, topping analystsí consensus estimates of (13c) and $2.35B, respectively. Chief Financial Officer Chris Bellairs noted that the company was seeing positive signs of progress which will pave the way for it to rebuild profitability in 2015 and beyond. WHATíS NOTABLE: Looking ahead to Q4, Dean Foods forecast adjusted EPS of 5c-15c, well ahead of analysts' (2c) consensus. The company said the dairy commodity envrionment remains "challenging." The company expects raw milk costs will remain "stubbornly high" despite continued strong global production growth and waning demand, and does not see any relief until 2015. However, the company does expect significant butterfat cost declines at the end of Q4. Dean Foods said industry volumes remain "soft" and sees Q4 volumes to be down low single digits as compared to prior year, but with a continued improvement to net price realization. For FY14, adjusted EPS is seen at (16c)-(6c), also well ahead of expectations of (33c). Adjusted EBITDA for FY14 is expected to be $193M-$208M. On its earnings conference call, Dean Foods said domestic raw milk costs are likely to moderate as it exits 2014. PRICE ACTION: In early afternoon trading, Dean Foods rose $1.89 or 12.76% to $16.26 on more than twice its average daily trading volume. Despite today's advance, the shares have lost approximately 15% over the past 12 months. OTHERS TO WATCH: Other companies in the dairy product space include WhiteWave Foods (WWAV), which also reported better than expected results this morning, down 3.6%, and Lifeway Foods (LWAY), up 0.6%.
10:24 EDTDFDean Foods gaps up, runs, following earnings and outlook
The shares are up over 12% to $16.18 at time of writing, putting them in the middle of the price range of the day. Support is at the session low at $15.73. Resistance is at $16.49, the session high.
09:35 EDTDFActive equity options trading
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09:34 EDTDFDean Foods expects butter fat declines at end of Q4
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09:28 EDTDFDean Foods says butter has been in high demand recently
Export activities are decreasing and imports are increasing. Says cheese prices has held up better and will also converge due to pricing imbalance. Expects domestic raw milk costs to moderate as it exits 2014.
09:25 EDTDFDean Foods expects TruMoo to become a billion dollar brand
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09:20 EDTDFOn The Fly: Pre-market Movers
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08:03 EDTDFDean Foods: Dairy commodity environment remains challenging
For Q4, the company expects raw milk costs will remain stubbornly high despite continued strong global production growth and waning demand. The company adds, "We don't expect much relief on raw milk costs until early 2015, but we do expect significant butterfat cost declines at the end of the fourth quarter. Industry volumes remain soft and we expect our fourth quarter volumes to be down low single digits, as compared to prior year, but with a continued improvement to net price realization. Further, as we move past our extended period of heavy plant closure activity and realize further costs reductions, we believe the rate of per-unit production and distribution costs will continue to decline and flatten from a year over year basis."
08:02 EDTDFDean Foods sees FY14 adjusted EPS (16c)-(6c), consensus (33c)
Sees FY14 adjusted EBITDA $193M-$208M; Sees FY14 free cash flow too end the year at approximately breakeven. Sees FY14 CapEx to be at low end of $150M-$175M guidance.
08:02 EDTDFDean Foods sees Q4 adjusted EPS 5c-15c, consensus (2c)
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08:01 EDTDFDean Foods: This year has clearly been the most difficult operating environment
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08:00 EDTDFDean Foods reports Q3 adjusted EPS (3c), consensus (13c)
Reports Q3 revenue $2.37B, consensus $2.35B

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