|May 9, 2012|
|12:38 EDT||CQB, BBBY, TM, DTEGY, CPWM, M, DVAX, PCS, SODA, DIS||On The Fly: Midday Wrap |
Stocks on Wall Street were lower at midday, but the major averages were well off the lows seen about an hour into trading. The market is down for the sixth consecutive session, its longest losing string of the year. The weakness is being attributed to concern about the fate of the euro zone as a new leader takes over in France and Greece struggles to form a government and may need to hold another round of elections. The past several sessions have seen the market open lower but rally during the later hours of the session to reduce the day's losses. So far today that trend is continuing as the averages have recovered significantly from their worst levels... ECONOMIC EVENTS: In the U.S., wholesale inventories rose 0.3% in March, versus the expected increase of 0.6%. In Europe, Spanish 10-year bond yields rose above 6% and more reports indicated that efforts to form a new government in Greece were expected to fail, putting the country's bailout deal in doubt and renewing concerns about Greece intentionally exiting or being forced off the euro. A Reuters report, citing EU sources, said the EU is more likely than not to agree to the latest EUR 5.2B bailout payment due tomorrow to Greece from the EFSF bailout fund, which may have contributed to a late morning rally seen here in the States... COMPANY NEWS: Disney (DIS) shares gained over 2% after its earnings beat expectations, while Macy's (M) slid more than 3% in spite of earnings that also came in above consensus... Toyota (TM) reported a surge in its Q4 net income and forecast a doubling of profits in the current fiscal year, sending its stock up more than 3%... MAJOR MOVERS: Among the notable gainers were SodaStream (SODA), up over 26%, after it reported much stronger than expected results and boosted its 2012 guidance, and Cost Plus (CPWM), up about 22%, after agreeing to be acquired by Bed Bath & Beyond (BBBY) for $22 per share. Also higher were shares of MetroPCS (PCS), up about 19%, after Bloomberg reported Deutsche Telekom (DTEGY) was said to be in talks with the company on a potential T-Mobile deal. Noteworthy losers included Chiquita Brands (CQB), down 32%, after its earnings fell short of consensus and it warned that it sees 2012 continuing to be "a challenging year," and Dynavax (DVAX), down more than 22%, after pricing 17.5M shares at $4.25 in a secondary stock offering... INDICES: Near 12:30 pm ET, the Dow was down 98.05, or 0.76%, to 12,834.04; the Nasdaq was down 17.19, or 0.58%, to 2,929.08; and the S&P 500 was down 9.58, or 0.70%, to 1,354.14.
News For DIS;M;TM;SODA;CPWM;BBBY;PCS;DTEGY;CQB;DVAX From The Last 14 Days
|November 13, 2015|
|16:24 EDT||M||On The Fly: Top stock stories for Friday|
Stocks on Wall Street ended a tough week on a down note, falling after the Commerce Department reported that retail sales grew by an anemic 0.1% last month. This data comes on the heels of this week's downbeat quarterly report from Macy's (M) and a similarly disappointing report last night from peer Nordstrom (JWN). ECONOMIC EVENTS: In the U.S., retail sales rose 0.1% in the month of October, versus expectations for an increase of 0.3%. When autos and gas are removed, the core reading was up 0.3%, versus expectations for a rise of 0.4%. Producer prices fell 0.4%, versus expectations for them to be up 0.2%. When food and energy are removed, the core reading was down 0.3%, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in September while sales were flat compared to August. Consumer sentiment, as measured by the preliminary print from the University of Michigan survey, improved 3.1 points to 93.1 in November, which was better than the 91.5 reading that was expected. In Europe, data showed that eurozone's economy grew by just 0.3% in the third quarter, which was a slowdown from the 0.4% GDP growth recorded three months earlier and weaker than the 0.4% consensus growth forecast. COMPANY NEWS: Shares of retailers broadly declined following the weaker than expected retail sales data reported by the government as well as third quarter earnings reports from Nordstrom and J.C. Penney (JCP), which fell 15% and 15.5% respectively. Virtually every mass-market, brick-and-mortar retailer was down today, from giants like Wal-Mart (WMT) and Costco (COST), to smaller retailers like Ross Stores (ROST) and Urban Outfitters (URBN)... Shares of Mylan (MYL) jumped 12.9% to $48.78 after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drug makers. Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer and the company added that it will immediately commence its previously announced $2B share buyback program, but its shares slid 6.16% to $146.90 in the wake of the shareholder vote... Cisco (CSCO) fell 5.8% after its first quarter earnings and revenue beat expectations but its guidance for the new quarter disappointed. A number of analysts that had been bullish on the name trimmed their price targets in response but also recommended the post-earnings weakness as a buying opportunity. MAJOR MOVERS: Among the notable gainers was Springleaf Holdings (LEAF), which surged $5.07, or 11.5%, to $49.27 after reaching a settlement with the U.S. Department of Justice that will allow the company to proceed with closing its previously announced acquisition of OneMain Financial from Citi (C). On the closing of the acquisition, the company will be renamed OneMain Holdings and has applied to the New York Stock Exchange to change its ticker symbol to "OMF," Springleaf noted. Also higher was Illumina (ILMN), which gained $10.26, or 6.6%, to $165.65 after being selected to replace Sigma-Aldrich (SIAL) in the S&P 500. Among the noteworthy losers was Fossil (FOSL), which plunged $18.62, or 36.5%, to $32.39 after the watchmaker gave lower than expected profit guidance for the upcoming quarter and said it continues to expect this fiscal year's results to be "significantly" negatively impacted by foreign currency changes. Also lower were shares of Vipshop (VIPS), which fell $5.03, or 27%, to $13.60 after issuing weaker than expected preliminary third quarter revenue guidance, which it said was partially driven by the warmer-than-expected fall weather in China. INDEXES: The Dow dropped 202.83, or 1.16%, to 17,245.24, the Nasdaq lost 77.20, or 1.54%, to 4,927.88, and the S&P 500 declined 22.93, or 1.12%, to 2,023.04.
|12:34 EDT||M||On The Fly: Top stock stories at midday|
Stocks on Wall Street were lower at midday following worse than expected retail sales data in the U.S. and a report showing that the Eurozone's economic growth slowed last quarter. ECONOMIC EVENTS: In the U.S., retail sales rose 0.1% in the month of October, versus expectations for an increase of 0.3%. When autos and gas are removed, the core reading was up 0.3%, versus expectations for a rise of 0.4%. Producer prices fell 0.4%, versus expectations for them to be up 0.2%. When food and energy are removed, the core reading was down 0.3%, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in September while sales were flat compared to August. Consumer sentiment, as measured by the preliminary print from the University of Michigan survey, improved 3.1 points to 93.1 in November, which was better than the 91.5 reading that was expected. In Europe, data showed that eurozone's economy grew by just 0.3% in the third quarter, which was a slowdown from the 0.4% GDP growth recorded three months earlier and weaker than the 0.4% consensus growth forecast. COMPANY NEWS: Shares of retailers broadly declined on Friday morning following the weaker than expected retail sales data reported by the government as well as third quarter earnings reports from Nordstrom (JWN) and J.C. Penney (JCP). Each of the aforementioned department store operators slid following their reports, as did Macy's (M) and Kohl's (KSS), which reported on their own results earlier in the week. TJX Companies (TJX) and Ross Stores (ROST), which are both scheduled to report quarterly earnings next week, were also among those caught up in the weakness... Shares of Mylan (MYL) jumped 13% after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drugmakers. Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer and the company added that it will immediately commence its previously announced $2B share buyback program, but its shares slid 7% in the wake of the shareholder vote... Cisco (CSCO) fell 6% after its first quarter earnings and revenue beat expectations but its guidance for the new quarter disappointed. A number of analysts that had been bullish on the name trimmed their price targets in response but also recommended the post-earnings weakness as a buying opportunity. MAJOR MOVERS: Among the notable gainers was Syngenta (SYT), which rallied 5% after Bloomberg reported that the company rejected an initial $42B offer from ChemChina. Also higher was Yum! Brands (YUM), which gained 4% after it reported positive year over year same store sales growth for its China division in October. Among the noteworthy losers was GameStop (GME), which fell 14% after its stock was downgraded at Pacific Crest and NPD estimated that video game software sale declined 3% last month compared to the same month of last year. Also lower was Fossil (FOSL), which plunged 33% after the watchmaker gave lower than expected profit guidance for the upcoming quarter and said it continues to expect this fiscal year's results to be "significantly" negatively impacted by foreign currency changes. INDEXES: Near midday, the Dow was down 88.19, or 0.51%, to 17,359.88, the Nasdaq was down 34.22, or 0.68%, to 4,970.86, and the S&P 500 was down 9.24, or 0.45%, to 2,036.73.
|11:38 EDT||DIS||Box Office Battle: 'Spectre,' 'The Peanuts Movie' expected to remain on top |
Sony's (SNE) "Spectre," starring Daniel Craig as James Bond, is again expected to top the box office in its second weekend at theaters, with an estimated domestic gross in the $30.3M-$32.4M range. Fox's (FOX, FOXA) G-rated family film "The Peanuts Movie," starring a 3D-animated Charlie Brown, is again likely to come in second, predicted to earn an additional $28.7M. Newcomer "The 33," a drama retelling the true story of the Chilean miners that were trapped underground in 2010, is expected to open between $5.5M-$10M in 2,400 theaters. "The 33" is being distributed in North America by Time Warner's (TWX) Warner Bros. Pictures, and in Latin America by Fox's 20th Century Fox. Holiday dramedy "Love the Coopers," starring John Goodman and Diane Keaton, is estimated to open in the $5.2M-$8M range. "Love the Coopers" is being released in 2,603 theaters by Lionsgate (LGF) and CBS's (CBS) CBS Films. Fox's "The Martian," which opened on October 2, is predicted to earn an additional $6M-$6.8M. Other publicly traded companies involved in filmmaking include Comcast (CMCSA, CMCSK), Disney (DIS), and Viacom (VIA, VIAB).
|10:19 EDT||M||Retailer weakness renewed following Nordstrom, J.C. Penney reports|
Shares of department store retailers, and others in the retail space, plunged on Friday morning following third quarter earnings reports from Nordstrom (JWN) and J.C. Penney (JCP). WHAT'S NEW: Nordstrom reported Q3 earnings per share of 42c, against analyst estimates of 72c, Q3 revenue of $3.24B below consensus estimates of $3.37B. Same-store sales for the quarter increased 0.9%. Nordstrom said its quarterly performance reflected softer trends that were generally consistent across channels and merchandise categories. The company also lowered its FY15 adjusted EPS view to $3.40-$3.50 from $3.70-$3.80, against analysts' expectations of $3.75, lowered its FY15 revenue guidance to up 7.5%-8% from 8.5%-9.5% and lowered its FY15 SSS view to 2.5%-3% from 3.5%-4.5%. Meanwhile, J.C. Penney reported a smaller than expected loss, with adjusted EPS of (47c) on revenue of $2.9B, beating analysts' estimates of (55c) and $2.88B, respectively. Same-store sales for the quarter were up 6.4%. The company reaffirmed its fiscal year 2015 view for a 4%-5% increase in SSS and said on its earnings conference call that it believes fourth quarter comps will be in line with FY15 expectations and also reaffirmed expectations of $1.2B in EBITDA in 2017. The company still expects to be cash flow breakeven in FY15 and confirmed reports that it recently cut 300 positions at its Plano, Texas office. WHAT'S NOTABLE: Macy's (M), which generally competes more with Nordstrom, reported Q3 revenue that missed analysts' expectations on Wednesday, and the retailer cut its FY15 EPS view to $4.20-$4.30 excluding charges from $4.70-$4.80, also well below estimates calling for $4.65, with total sales down 2.7%-3.1%, compared to previous guidance of down about 1%. Macy's now sees FY15 SSS on an owned plus licensed basis down by 1.8% to 2.2%, compared with previous guidance of approximately flat. Macy's noted "tepid" spending by U.S. customers in Q3, and provided Q4 EPS of $2.54-$2.64, well below analysts' consensus estimates of $2.90. Kohl's (KSS), which competes more closely with J.C. Penney, reported Q3 results that beat analysts' estimates on Thursday, with EPS of 75c on revenue of $4.43B, against estimates for 69c and $4.4B, respectively, and SSS up 1%. The company said it believes it can "hit" FY15 EPS guidance of the low end of $4.40-$4.60, but forecast negative weather trends in Q4. Macy's is more dependent on tourist spending than Kohl's. ANALYSTS' REACTION: Deutsche Bank analyst Paul Trussell says he's "disappointed and shaken" by Nordstrom's weaker than expected Q3 results and guidance and cut his price target to $66 from $84. Citi analyst Paul Lejuez cut his price target on Nordstrom to $65 from $92 and called the retailer's results a "sucker punch." Credit Suisse analyst Michael Extein also lowered his target on Nordstrom to $60 from $75. Stifel maintained its price target on Nordstrom and said it expects ROIC to improve and EPS growth to accelerate over the longer term. REPORTS TO COME: TJX Companies (TJX) and Ross Stores (ROST), which are also being hit by the plunge in the retail sector, will report quarterly earnings on November 17 and November 19, respectively. PRICE ACTION: In morning trading, shares of Nordstrom are down 17% to $52.56 and shares of J.C. Penney are lower by nearly 9% to $8.01. Much of the rest of the retail sector is lower this morning, with Macy's down over 3%, Kohl's plunging 8%, TJX down more than 5% and Ross down nearly 5%. Fossil (FOSL), which also reported earnings yesterday, is down almost 32%.
|10:16 EDT||M||Options with decreasing implied volatility|
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|08:51 EDT||M||Macy's price target lowered to $53 from $70 at BMO Capital|
BMO Capital cut its price target on Macy's after the company's Q3 comp sales fell 3.6%. However, the firm recommends buying the stock, particularly on weakness, as it believes that the company's sales growth and EBIT margin can rebound. It keeps an Outperform rating on the shares.
|November 12, 2015|
|19:00 EDT||M||On 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.
|18:38 EDT||M||Department store stocks drop after Nordstrom reports Q3 earnings, cuts guidance |
Shares of Nordstrom (JWN) slipped in after-hours trading after the department store reported its third quarter results and cut its guidance for fiscal year 2015. WHAT'S NEW: Nordstrom reported Q3 earnings per share of 42c, against analyst estimates of 72c, Q3 revenue of $3.24B below consensus estimates of $3.37B, and Q3 same-store sales of 0.9%. The company lowered its FY15 adjusted EPS view to $3.40-$3.50 from $3.70-$3.80, against analyst expectations of $3.75, lowered its FY15 revenue guidance to up 7.5%-8% from 8.5%-9.5%, and lowered its FY15 SSS view to 2.5%-3% from 3.5%-4.5%. WHAT'S NOTABLE: Nordstrom reported that Q3 EPS included a reduction of 15c, which primarily represented transaction costs associated with the closing of its credit card portfolio sale. In its Q3 earnings release, Nordstrom said that its performance was below company expectations, reflecting softer sales trends that were generally consistent across channels and merchandise categories. The company noted that its top-performing merchandise category was Cosmetics. In addition, coats, younger customer-focused departments and dresses continued to reflect strength in Women's Apparel. PRICE ACTION: Shares of Nordstrom are trading lower by 20.55% to $50.45 in the after-hours. OTHERS TO WATCH: Retailers that followed Nordstrom downward included 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%.
|18:32 EDT||DIS||Hulu in talks to sell stake to Time Warner, WSJ says|
Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in talks to sell a stake in the company to Time Warner (TWX) that would value the service at more than $5B, reports the Wall Street Journal, citing sources. The potential deal would see Time Warner becoming an equal stakeholder alongside the aforementioned companies, with Disney, Comcast, and Fox each reducing their stakes 25% from roughly 33%, said the report. The news comes as Hulu and other players in the media space aim to compete with Netflix (NFLX) and Amazon (AMZN), said the Journal. Reference Link
|17:21 EDT||DIS||Netflix down 1% after DJ reports Hulu in talks to sell stake to Time Warner |
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|16:57 EDT||DVAX||Dynavax files automatic mixed securities shelf|
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|15:51 EDT||DIS||Hulu in talks to sell stake to Time Warner, DJ says|
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|12:02 EDT||M||On The Fly: Top stock stories at midday|
Stocks on Wall Street opened deep in negative territory but the averages began to pare their losses almost immediately. All eyes and ears were on Fed Chair Janet Yellen, who gave a welcoming speech at a Fed conference, though she did not discuss policy or the economy. Other Fed speakers talked about the lack of inflation as well as interest rate expectations, but their comments so far this morning have failed to clarify expectations for the December meeting. ECONOMIC EVENTS: In the U.S., initial jobless claims were unchanged at 276,000 in the week of November 7, versus expectations for 270,000 first-time claims. The JOLTS report showed job openings rebounded 149,000 to 5.53M in September. In Europe, European Central Bank president Mario Draghi, in remarks delivered in a hearing in the European Parliament, once again signaled that the bank is ready to boost stimulus at its December meeting as warranted. COMPANY NEWS: Shares of Angie's List (ANGI) jumped 12% after Barry Diller's IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, advanced 8% following the revelation of the takeout bid for Angie's List... Department store owner Kohl's (KSS), which was weak yesterday along with virtually every company in the space following Macy's (M) disappointing results, bounced back 6% after its third quarter report topped expectations on both the top and bottom lines... Advance Auto Parts (AAP) sunk 13% after its earnings missed the consensus forecast, its profit guidance was lowered, its CEO announced plans to retire and Starboard's CEO Jeff Smith was appointed to the company's board. MAJOR MOVERS: Among the notable gainers was Eros International (EROS), which rallied more than 8.5% after it called allegations of security laws violations "baseless and misleading." Also higher was Viacom (VIAB), which gained 2.5% after it quarterly earnings came in roughly in-line with consensus estimates. Among the noteworthy losers was Fairmount Santrol (FMSA), which fell 20% after reporting downbeat third quarter earnings and suspending its earnings guidance due to market uncertainty. Also lower was Flower Foods (FLO), which dropped 10% after it reported quarterly earnings and narrowed its fiscal 2015 guidance. INDEXES: Near midday, the Dow was down 147.82, or 0.84%, to 17,554.40, the Nasdaq was down 18.15, or 0.36%, to 5,048.87, and the S&P 500 was down 13.77, or 0.66%, to 2,061.23.
|10:18 EDT||DTEGY||Warburg Pincus looks to bid for T-Mobile Netherlands, Reuters reports|
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|10:00 EDT||M||On The Fly: Analyst Upgrade Summary|
Today's noteworthy upgrades include: Angie's List (ANGI) upgraded to Market Perform from Underperform at Raymond James... CGI Group (GIB) upgraded to Buy from Hold at Societe Generale... Devon Energy (DVN) upgraded to Buy from Neutral at Guggenheim... EP Energy (EPE) upgraded to Neutral from Sell at Citi... Franco-Nevada (FNV) upgraded to Buy from Hold at Canaccord... Galena (GALE) upgraded on commercial business divestment at Oppenheimer... KPN (KKPNY) upgraded to Buy from Hold at HSBC... Macy's (M) upgraded to Buy from Neutral at Northcoast... Magic Software (MGIC) upgraded to Overweight from Equal Weight at Barclays... Range Resources (RRC) upgraded on valuation, 2016 outlook at RBC Capital... Raytheon (RTN) upgraded to Buy from Hold at Argus... Trend Micro (TMICY) upgraded to Buy from Neutral at Nomura.
|09:31 EDT||M||Macy's upgraded to Buy from Neutral at Northcoast|
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|08:33 EDT||M||G-III Apparel estimates lowered at Stephens following Macy's report|
Stephens analyst Rick Patel lowered his estimates for G-III Apparel (GIII) and cut his price target on the stock to $70 from $79 in response to the weaker than expected Q3 results reported by its customer Macy's (M). Patel notes that Macy's accounts for only 18% of G-III sales, but also acknowledges that implications of weak consumer demand could have a broader impact. He keeps an Overweight rating on G-III, however, citing its long-term opportunity, and said the recent pullback presents a good buying opportunity for patient investors.
|08:06 EDT||M||Macy's price target lowered to $48 from $60 at Stifel|
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|06:41 EDT||M||Macy's selloff yesterday 'seems excessive,' sayst Citi|
Citi analyst Paul Lejuez says the post-earnings selloff yesterday, which reduced Macy's market capitalization by $2.5B, "seems excessive." The analyst "would not be surprised" to see the stock "recover slightly" from current levels. He lowered his price target for the stock to $43 from $48 and keeps a Neutral rating on Macy's.
|06:39 EDT||DTEGY||Microsoft unveils plan to protect European data from U.S. overreach, FT says|
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