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Stock Market & Financial Investment News

News Breaks
December 4, 2012
11:42 EDTDRI, BJRI, EAT, TXRH, DIN, CAKECasual dining stocks fall after Darden issues profit warning
A number of casual dining stocks are dropping after a major player in the sector, Darden Restaurants (DRI) predicted that its earnings per share in its second quarter ended November 25 would be significantly below analysts' expectations. Darden, which operates Olive Garden and Red Lobster restaurants, expects its earnings per share in the second quarter to be 25c-26c, versus analysts' consensus estimate of 47c. Moreover, Darden predicted that its U.S. same-restaurant sales would sink 2.7%. Finally, the casual dining operator provided FY13 earnings per share guidance of $3.29-$3.49, versus analysts' consensus estimate of $3.88. Darden's promotions last quarter "did not resonate with financially stretched consumers as well as newer promotions from competitors," said Darden CEO Clarence Otis, adding that the company would look to change its promotions soon. In late morning trading, Darden dropped 9.86% to $47.25. Other casual dining companies also retreated, with The Cheesecake Factory (CAKE) falling 5.31% to $32.25, BJ's Restaurant (BJRI) giving back 4.10% to $32.96, Brinker (EAT) declining 3.16% to $28.92,Texas Roadhouse (TXRH) losing 3.65% to $16.09, and DineEquity (DIN) falling 1.85% to $61.56.
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July 29, 2014
08:14 EDTDINDineEquity reports Q2 adjusted EPS $1.16, consensus $1.05
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08:00 EDTDRIStarboard issues statement in response to Darden CEO retirement
Starboard CEO Jeffrey Smith, stated, "The overdue retirement of Clarence Otis is obviously in the best interest of Darden and its shareholders. It is surprising to us that it took this long. It is a shame for all Darden shareholders that this change happened only after the Board sanctioned the destruction of a billion dollars in shareholder value by approving the Red Lobster sale against the vehement objections of its shareholders... Unfortunately, Mr. Otis leaving represents just one small step in the transformation that is urgently needed at Darden. To be clear, the Company still requires a major overhaul at the Board level. This Board has proven over an extended period of time that it is unable to respectfully and capably represent the best interests of the shareholders they were elected to represent and cannot be trusted to make the incredibly important decision as to the selection of the next CEO of Darden. There needs to be a true and complete process to vet both internal and external talent in order to find a truly great, transformational, operationally-focused restaurant leader. This Board has a history of repeatedly making the easy decision, rather than the decision that is best for shareholders. Darden needs a majority change to the Board as soon as possible to jumpstart and complete the process of recruiting a truly great leader."
07:08 EDTDRIDarden news makes catalysts more likely, says Wells Fargo
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July 28, 2014
18:31 EDTDRIOn The Fly: After Hours Movers
UP AFTER EARNINGS: Cognex (CGNX), up 16.4% after reporting second quarter results and third quarter revenue guidance above analyst expectations... HealthSouth (HLS), up 7.4% after reporting second quarter results and increasing fiscal 2014 EPS and Adjusted EBITDA guidance... Amkor Technology (AMKR), up 6.4%... Integrated Device (IDTI), up 7.6% after reporting first quarter results... Masco (MAS), up 4.8%. ALSO HIGHER: Darden Restaurants (DRI), up 4.6% following the company's announcement that chairman and CEO Clarence Otis will step down and the board will separate the chairman and CEO roles, appointing lead independent director Charles Ledsinger, Jr., as independent non-executive chairman... Arrowhead Research (ARWR), up 16.5% following positive comments made by CEO Christopher Anzalone, Ph.D. in an interview on CNBC. DOWN AFTER EARNINGS: Herbalife (HLF), down 11.5% after reporting disappointing second quarter results and giving guidance for the third quarter and fiscal 2014... Alliance Fiber Optic (AFOP), down 9.7%... Plum Creek Timber (PCL), down 2.8%... Eastman Chemical (EMN), down fractionally after reporting quarterly results. ALSO LOWER: TCP Capital (TCPC), down 3.1% after filing to sell $5.4M shares of common stock.
16:55 EDTDRIDarden up 4.3% after announcing chairman, CEO Clarence Otis to step down
16:39 EDTDRIDarden to nominate 9 of 12 independent director candidates
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16:36 EDTDRIDarden chairman, CEO Otis to step down, board to separate roles
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15:47 EDTDINNotable companies reporting before tomorrow's open
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10:47 EDTDRIDarden completes sale of Red Lobster to Golden Gate Capital
Darden Restaurants and Golden Gate Capital announced that Golden Gate has completed the acquisition of the Red Lobster business and certain other related assets and assumed liabilities for approximately $2.1B in cash. As previously announced, approximately $1.0B of the net cash proceeds are expected to be used to retire outstanding debt. The remaining net proceeds of approximately $500M-$600M are expected to be deployed for a new share repurchase program of up to $700M in fiscal 2015. "In addition to strengthening Darden's credit profile, with the lower debt levels and reduced outstanding share count, Darden expects to maintain its current quarterly dividend of 55c per share, or $2.20 annually...The completion of this transaction marks an important milestone in the actions we are taking to improve our operations, reduce costs, and focus on opportunities with the highest value-creating potential. While we still have work to do, we are making progress in our efforts to enhance performance and shareholder value," the company said.
July 25, 2014
07:48 EDTBJRIBJ's Restaurants price target raised to $43 from $38 at Stifel
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July 24, 2014
16:18 EDTBJRIBJ's Restaurants reports Q2 EPS 30c, consensus 24c
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13:45 EDTDRIStarboard files complaint to inspect Darden books
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July 23, 2014
17:16 EDTCAKECheesecake Factory sees FY14 EPS $2.19-$2.25, consensus $2.28
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17:14 EDTCAKECheesecake Factory sees Q3 EPS 55c-58c, consensus 60c
Sees Q3 SSS up 1%-2%. Guidance provided in Q2 earnings conference call.
16:30 EDTCAKECheesecake Factory sees opening up to 10 company-owned restaurants in FY14
The company opened one new restaurant and relocated one restaurant during the second quarter. The company continues to expect to open as many as ten company-owned restaurants in fiscal 2014. Internationally, the first The Cheesecake Factory restaurant opened in Mexico last week under a licensing agreement. The company continues to expect as many as three to four restaurants to open in the Middle East and Mexico under licensing agreements in fiscal 2014.
16:29 EDTCAKECheesecake Factory raises quarterly dividend 18% to 16.5c from 14c per share
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16:27 EDTCAKECheesecake Factory reports Q2 adjusted EPS 59c, consensus 61c
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11:38 EDTDRI, EATBrinker retreats after analyst downgrades on industry concerns
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10:02 EDTEATOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 21st Century Fox (FOXA) downgraded to Market Perform from Outperform at Cowen... Brinker (EAT) downgraded to Sector Perform from Outperform at RBC Capital... Cubist (CBST) downgraded to Market Perform from Outperform at JMP Securities... DiamondRock (DRH) downgraded to Neutral from Outperform at RW Baird... DuPont (DD) downgraded to Neutral from Overweight at JPMorgan... FirstMerit (FMER) downgraded to Neutral from Overweight at JPMorgan... Helmerich & Payne (HP) downgraded to Accumulate from Buy at Tudor Pickering... Hexcel (HXL) downgraded to Hold from Buy at Canaccord... Juniper (JNPR) downgraded to Neutral from Buy at BofA/Merrill... King Digital (KING) downgraded at BofA/Merrill... Lexmark (LXK) downgraded at Raymond James... McDonald's (MCD) downgraded at RW Baird... Mead Johnson (MJN) downgraded to Outperform from Buy at CLSA... National Oilwell (NOV) downgraded to Accumulate from Buy at Tudor Pickering... Nintendo (NTDOY) downgraded to Hold from Buy at Jefferies... Raytheon (RTN) downgraded to Market Perform from Outperform at Bernstein... Targa Resources (TRGP) downgraded to Accumulate from Buy at Global Hunter... Time Warner (TWX) downgraded to Market Perform from Outperform at Cowen... Timmins Gold (TGD) downgraded to Market Perform from Outperform at Cowen... United Technologies (UTX) downgraded to Market Perform from Outperform at Wells Fargo... Viacom (VIAB) downgraded to Market Perform from Outperform at Cowen... Xilinx (XLNX) downgraded at BMO Capital.
06:25 EDTEATBrinker downgraded to Sector Perform from Outperform at RBC Capital
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