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News Breaks
May 20, 2014
HIGHER: Aeroflex (ARX), up 25% after agreeing to be acquired by Cobham for about $1.46B... Clovis (CLVS), up 6.6% after receiving breakthrough therapy designation for CO-1686... Ophthotech (OPHT), up 17.6% after entering into an ex-U.S. licensing, commercialization agreement with Novartis (NVS) for Fovista... Dendreon (DNDN), up 9% after announcing presentation of PROVENGE ProACT, IMPACT studies data... Iridium (IRDM), up 5% after upgraded at Raymond James... Acxiom (ACXM), up 3% after upgraded at Wells Fargo... Carnival (CCL), up 2% following upgrade at Morgan Stanley. DOWN AFTER EARNINGS: Dick's Sporting (DKS), down 15%. Peer Cabelas (CAB) also down 2% after Dick's report... Staples (SPLS), down 10%. Peer Office Depot (ODP) also down 2.6% after Staples' report... Urban Outfitters (URBN), down 4%... TJX (TJX), down 4.7%. ALSO LOWER: Intercept (ICPT), down 5.8% after The Street reported that the company knew of abnormal cholesterol levels in patients taking its liver disease drug obeticholic acid... Graphic Packaging (GPK), down 3% after offering 43.65M shares of common stock for holders... LiveDeal (LIVE), down 15% after entering 10M share common stock distribution agreement... Endocyte (ECYT), down 5% after company and partner Merck (MRK) withdraw CMA for vintafolide in Europe.... Molycorp (MCP), down 2.5% after downgraded at Morgan Stanley.
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November 13, 2015
08:02 EDTMRKMerck: DMC recommends anacetrapib study continue with no changes
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07:03 EDTDKSDick's Sporting volatility elevated into Q3 and outlook
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05:24 EDTODPStocks with implied volatility above IV index mean; ODP CRM
Stocks with implied volatility above IV index mean; Office Depot (ODP) 108, Salesforce (CRM) 48 according to iVolatility.
November 12, 2015
19:00 EDTTJXOn 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 EDTTJXDepartment 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%.
17:02 EDTMRKMerck Animal Health to Acquire Harrisvaccines
Merck Animal Health and Harrisvaccines announced the companies have entered into an agreement under which Merck Animal Health will acquire Harrisvaccines, a privately-held company that develops, manufactures and sells vaccines for food production and companion animals. The terms of the agreement were not disclosed. The companies expect the transaction to close in the fourth quarter of 2015.
11:50 EDTMRKMerck issues statement regarding CUBICIN patent litigation
Merck issued the following statement regarding the decision of the U.S. Court of Appeals for the Federal Circuit: "The decision validated the patent for CUBICIN that expires on June 15, 2016, but invalidated four patents with expiration dates in 2019 and 2020. The company is reviewing the decision and is considering its next steps, which may include seeking further review at the Federal Circuit or Supreme Court."
11:35 EDTODP, SPLSEU extends Staples, Office Depot investigation to March 2, Reuters says
Antitrust regulators in the European Union have extended their investigation into office suppler Staples' (SPLS) offer to acquire rival Office Depot (ODP) by a few weeks to March 2, says Reuters. Reference Link
10:46 EDTDKSDick's Sporting downgraded to Mixed from Positive at OTR Global (pre-open)
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08:04 EDTURBNBaird cautious on Urban Outfitters heading into Q3 earnings
Baird is cautious on Urban Outfitters heading into Q3 earnings, citing promotional activity, sluggish traffic and comments from management about a slow start in August. Baird reiterated its Outperform rating and lowered its price target to $37 from $42 on Urban Outfitters shares.
07:58 EDTURBNUrban Outfitters price target lowered to $37 from $46 at Brean Capital
Brean Capital lowered its price target on Urban Outfitters to $37 from $46 citing cautiousness about the second half due to warm weather. The firm continues to see the company as a best-of-breed retailer, given its diversified portfolio of brands, and sees multiple top and bottom line drivers. Brean Capital maintained its Buy rating on Urban Outfitters shares.
05:27 EDTODPStocks with implied volatility above IV index mean; ODP NBG
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November 11, 2015
16:26 EDTICPTOn The Fly: Top stock stories for Wednesday
Stocks on Wall Street finished the day lower following a range-bound session marked by lighter than normal volume due to the Veteran's Day holiday. The lower participation allowed the market to digest the latest round of earnings with the reporting season beginning to wind down. Oil remained under pressure and closed near three week lows, as production has not really declined despite lower pricing. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet with no major data reported. U.S. bond markets were closed in observance of Veteran's Day. In China, industrial output rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: Shares of Alibaba Group (BABA) trading in New York fell $1.62, or 1.98%, to $79.81 despite its report of blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B and topping the company's $11B forecast... Macy's (M) shares fell 14% to $40.41 after the department store operator cut its fiscal year sales and profit forecasts and said it would not follow an activist investor's suggestion to form a real estate investment trust. A number of its peers fell as well, including J.C. Penney (JCP), which dipped 1.9% despite previewing that its own quarterly results should be better than its prior expectations. Penney, which pre-announced stronger than expected same-store sales growth of 6.4% for Q3, is set to report full quarterly results on Friday morning... Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) came to terms on a deal to combine the companies in a transaction worth $107B. In relation to their deal, Molson Coors (TAP) agreed to purchase SABMiller's 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a deal valued at $12B. Molson Coors was the biggest winner following today's announcements, rising 4.4% to $92.19. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which rose 33c, or 4.39%, to $7.85 after Dialog Semiconductor (DLGNF) issued a statement saying it continues to "strongly" support its agreement to acquire the company. Also higher was Amazon (AMZN), which gained $14.18, or 2.15%, to $673.86 after research firm Morgan Stanley raised its price target on the name to $800 from $750 on the growing opportunity of Amazon Web Services. Separately, Wayfair (W) rallied 5.4% to $41.57 after Cowen analysts raised their target on the shares to $61 from $56 and reiterated an Outperform rating, calling Tuesday's selloff misguided. Among the noteworthy losers were Horizon Pharma (HZNP) and Insys (INSY), which declined a respective 19.6% and 8.7% after Express Scripts (ESRX) cut ties with Linden Care, a specialty pharmacy used by both companies. Also lower was PayPal (PYPL), which fell 67c, or 1.81%, to $36.33 shortly before the close after the Wall Street Journal reported that Apple (AAPL) is working on a mobile payments service that could compete with the firm's Venmo platform. Additionally, Intercept (ICPT) lost $24.02, or 11.66%, to $181.95 after FBR Capital cut its price target on the stock to $192 from $273, saying the market opportunity for Intercept's obeticholic acid liver disease candidate appears smaller than initially thought. INDEXES: The Dow dropped 55.99, or 0.32%, to 17,702.22, the Nasdaq slid 16.22, or 0.32%, to 5,067.02, and the S&P 500 declined 6.72, or 0.32%, to 2,075.00.
13:02 EDTODPOptions with increasing call volume; TAP SPNC NBG ANF XRX ASNA ODP
12:37 EDTTJXTJX volatility elevated into Q3 and outlook
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11:06 EDTURBNUrban Outfitters volatility elevated into Q3 and outlook
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11:02 EDTODPOffice Depot: Office Depot, OfficeMax stores to open 6-9pm on Thanksgiving Day
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09:29 EDTICPTIntercept price target lowered to $192 from $273 at FBR Capital
FBR Capital analyst Vernon Bernardino cut his price target for Intercept Pharmaceuticals to $192 and keeps a Market Perform rating on the name. The market opportunity of the company's investigational liver disease drug, obeticholic acid, is smaller than initially estimated, Bernardino admits in a research note. The analyst now believes OCA will achieve $2.2B in peak annual sales in non-alcoholic steatohepatitis, versus a prior estimate of $2.7B. His reduced forecast is based on the likelihood of Intercept having inadequate long-term safety data in NASH. Shares of Intercept closed yesterday at $205.97.
07:56 EDTNVSBoston Biotech Conferences to hold a conference
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05:50 EDTODPStocks with implied volatility above IV index mean; ODP NBG
Stocks with implied volatility above IV index mean; Office Depot (ODP) 103, National Bank of Greece (NBG) 520 according to iVolatility.
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