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May 20, 2014
11:39 EDTNKE, DKS, HIBB, ELY, UA, CABDick's weak outlook for hunting, golf weighs on Cabela's, Callaway
Shares of sports and fitness retailer Dick's Sporting Goods (DKS) are sinking after the company's first quarter results and fiscal 2014 outlook trailed analysts' consensus estimates. Shares of a number of the the company's peers are also sliding following Dick's worse than expected outlook, particularly in golf and hunting. WHAT'S NEW: This morning, Dick's reported Q1 adjusted earnings per share of 50c and revenue of $1.44B, trailing expectations of 52c and $1.46B, respectively. The company's Q1 same store sales increased 1.5%, with Dick's citing difficulties in the golf and hunting categories during the quarter. The company forecast Q2 EPS of 62c-67c, far short of the consensus of 82c, with its Q2 SSS seen to increase 1%-3%. For FY14, Dick's expects adjusted EPS of $2.70-$2.85, compared to consensus of $3.08. On the company's conference call, management said the hunting business was expected to continue its negative trend through Q2. They said the golf decline was "more concerning" than the hunting decline, and that the company has not "found the bottom" yet in golf. The company expects earnings will continue to be significantly impacted by the hunting and golf segments, as they represent 30% of annual sales. ANALYST REACTION: Following its report, research firms SunTrust and Sterne Agee both downgraded Dick's Sporting Goods to Neutral from Buy. OTHERS TO WATCH: Shares of Cabelas (CAB), a retailer of hunting, fishing, camping, and related outdoor gear, and Callaway Golf (ELY), which competes with Dick's in the golf space, are both sharply lower this morning, as are other sporting goods retailers like Big 5 Sporting Goods (BGFV), and Hibbett Sports (HIBB). Shares of Nike (NKE) and Under Armour (UA), whose sports apparel and shoes are sold at Dick's, are also lower. PRICE ACTION: In late morning trading, Dick's Sporting Goods fell $8.78, or 16.5%, to $44.38 on nearly five times its average daily trading volume. Earlier in the session, the stock hit a new 52-week low of $44.24. Cabellas shares are down 4.7% to $61.43, Callaway is down 6.7% to $7.79 and Hibbett Sports is down 2.2% to %56.19.
News For DKS;CAB;ELY;NKE;UA;HIBB From The Last 14 Days
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January 28, 2016
09:12 EDTUAUnder Armour sees 1H revenue growth above expected FY revenue growth rate
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08:54 EDTUAUnder Armour new CFO says company has 'tremendous runway of growth ahead'
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08:53 EDTUAUnder Armour CEO says 'building complete ecosystem to manage health'
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08:53 EDTUAUnder Armour CEO: Premium footwear a 'huge' part of growth story
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08:04 EDTUAHarman CEO: On track to deliver full year plan
"I am pleased to announce our 11th consecutive quarter of top and bottom line growth. Our strong first half results were in-line with our expectations. While we are closely monitoring macroeconomic developments, at this time, we are on track to deliver on our full year plan," said Dinesh C. Paliwal, Harman (HAR) Chairman, President and CEO. "HARMAN continues to innovate and bring industry-first solutions to market. We are also partnering with key technology leaders such as Google (GOOG), Microsoft (MSFT) and Under Armour (UA) to capitalize on the opportunities presented by IoT for automotive, enterprise and consumer electronics. In addition, our acquisition of TowerSec will strengthen our cybersecurity leadership position for automotive."
07:05 EDTUAUnder Armour sees 2016 revenue $4.95B, consensus $4.91B
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07:04 EDTUAUnder Armour reports Q4 EPS 48c, consensus 46c
Reports Q4 revenue $1.17B, consensus $1.12B. Gross margin for Q4 was 48.0% compared with 49.9% in the prior year's period, "primarily reflecting negative impacts of approximately 90 basis points from sales mix, specifically from strong footwear growth, approximately 80 basis points from the continued strength of the U.S. Dollar, and approximately 30 basis points from higher liquidations."
January 27, 2016
14:34 EDTUANotable companies reporting before tomorrow's open
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14:30 EDTUAUnder Armour January weekly 69 straddle priced for 8.8% movement into Q4
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11:20 EDTDKSBed Bath & Beyond slips after Citi, Keybanc both say sell
Home goods retailer Bed Bath & Beyond (BBBY) is declining in late morning trading after being downgraded to Sell-equivalent ratings at both Keybanc and Citi. WHAT'S NEW: KeyBanc analyst Bradley Thomas downgraded Bed Bath & Beyond to Underweight from Sector Weight after his firm's work on housing showed growth has slowed. The analyst noted that the home furnishings sector is growing increasingly competitive, and he took a more cautious view on Hardline retailers whose growth is predicated primarily on same-store sales. Thomas kept a $35 price target on shares of Bed Bath & Beyond. Citi analyst Kate McShane downgraded Bed Bath & Beyond to Sell from Neutral on expectations the retailer's earnings will continue to decline over the next two years. McShane also noted that competition in home furnishings remains intense, while Bed Bath's e-commerce operations continue to be unprofitable. McShane cut her price target for the shares to $37 from $51. OTHERS TO WATCH: The analysts, in their respective notes, also opined on Bed Bath & Beyond's peers. Keybanc's Thomas downgraded Haverty Furniture (HVT) and Pier 1 Imports (PIR) to Sector Weight from Overweight. Meanwhile, Citi's McShane recommended a pair trade of long Dick's Sporting Goods (DKS), which the firm is Overweight on due to valuation, and short Bed Bath & Beyond. PRICE ACTION: Shares of Bed Bath & Beyond are down 1.6% to $43.34, while Haverty Furniture and Pier 1 Imports are down 3.8% and 3.9%, respectively. Dick's Sporting Goods, meanwhile, is down 0.7% to $37.84.
08:40 EDTUAUnder Armour volatility elevated into Q4 and outlook
Under Armour January weekly call option implied volatility is at 123, February is at 59, March is at 48; compared to its 52-week range of 21 to 55, suggesting large near term price movement into the expected release of Q4 results on January 28.
06:46 EDTDKSBed Bath & Beyond downgraded to Sell from Neutral at Citi
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05:25 EDTUAStocks with implied volatility movement; UA SWN
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January 26, 2016
11:00 EDTUAAnalysts divided on Under Armour ahead of results
Analysts have made Under Armour (UA) a "battleground" stock ahead of its fourth quarter results, with Deutsche Bank and SunTrust taking a bullish view and Piper Jaffray adopting a bearish stance towards the shares of the athletic apparel and footwear maker. Under Armour is slated to report its Q4 results before the market open on January 28. BULLISH TAKE: Although Under Amour probably discounted its products more than previously expected in Q4 due to the warm weather, that development is probably well understood by investors now, wrote Deutsche Bank analyst Dave Weiner. Moreover, although the growth of the company's apparel sales probably slowed, its momentum in footwear probably did not weaken, Weiner believes. "Investors will overlook less than stellar Q4 results" if the company reiterates its 2016 guidance of 25% revenue growth and 23% operating profit growth, wrote Weiner, who cut his price target on the name to $95 from $110 but kept a Buy rating on the shares. SunTrust analyst Pamela Quintiliano was more upbeat. After the stock fell 26% over the last three months, the bad news regarding weather and increased competition is "largely priced into the shares," the analyst stated. Noting that the company is trading at valuation levels below its five year averages, the analyst says that "its fundamentals and brand integrity remain intact." She thinks the company can meet its fiscal 2018 sales target of $7.5B and views the recent weakness in the shares as a buying opportunity. Quintiliano reiterated a $110 price target and Buy rating on the shares. BEARISH TAKE: Taking a cautious view on Under Armour was Piper Jaffray analyst Erinn Murphy. The stock is still expensive, while footwear inventories are still high. In addition to the warm weather, the company faces an overhang from Sports Authority's struggles, the analyst stated. Murphy expects the company's Q4 EPS to come in at 44c, 2c below the consensus outlook. Although Under Armour will maintain its guidance, the company's year-end inventory will be high and the stock's multiple could continue to decline, she warned. The analyst cut her price target on the name to $64 from $88 and kept a Neutral rating on the shares. PRICE ACTION: In late morning trading, Under Armour fell 1.7% to $67 per share.
08:35 EDTUAUnder Armour recent weakness creates buying opportunity, says SunTrust
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07:00 EDTUAUnder Armour price target lowered to $64 from $88 at Piper Jaffray
Piper Jaffray analyst Erinn Murphy lowered her price target for shares of Under Armour to $64 ahead of the company's Q4 results on Thursday. The analyst remains cautious on the stock near-term given concerns over valuation, footwear inventory in the channel, challenges with partner Sports Authority and the warmer winter season. While the stock is down 36% from the highs, rich multiple stocks are not "finding their footing on less-than-pristine reports," Murphy tells investors in a pre-earnings research note. She keeps a Neutral rating on Under Armour.
06:45 EDTUAUnder Armour price target lowered to $95 from $110 at Deutsche Bank
Deutsche Bank analyst Dave Weiner lowered his price target for Under Armour to $95 ahead of the company's Q4 results on Thursday. The analyst believes discounting was likely worse than expected in Q4 given Under Armour's exposure to cold weather product, but he believes this is well known with the stock down 25% since the Q3 earnings report. Investors will likely "overlook less than stellar" Q4 results so long as management reiterates their 2016 plan, Weiner tells investors in a research note. He keeps a Buy rating on Under Armour.
January 25, 2016
12:33 EDTUAUnder Armour announces partnership with Dwayne 'The Rock' Johnson
Under Armour announced a global partnership with Dwayne "The Rock" Johnson. As part of the long-term partnership, Johnson will work with the performance brand to create a range of products across footwear, apparel and accessories as well as support Under Armour's Connected Fitness platforms, including the recently debuted Under Armour HealthBox and Record application. Additionally, the brand will develop product capsules including footwear, apparel and accessories inspired by the films Johnson is currently working on. The first product capsule will feature a Rock-inspired backpack and duffle bag that will launch on and be available in select Brand Houses in the next few weeks.
07:55 EDTUAUnder Armour price target lowered to $95 from $110 at Cowen
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07:47 EDTUAUnder Armour weakness an attractive buying opportunity, says Canaccord
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