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July 16, 2014
10:00 EDTTSM, ROST, KORS, HSY, YHOO, STWRY, NSM, KPLUF, ESV, WAC, POT, NNN, IMAXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Ensco (ESV) downgraded to Neutral from Buy at Guggenheim... Hershey (HSY) downgraded to Neutral from Outperform at Credit Suisse... IMAX (IMAX) downgraded to Neutral from Overweight at Piper Jaffray... K+S (KPLUF) downgraded to Reduce from Neutral at Nomura... Michael Kors (KORS) downgraded to Market Perform from Outperform at William Blair... National Retail Properties (NNN) downgraded to Equal Weight at Morgan Stanley... Nationstar (NSM) downgraded to Underperform from Market Perform at Wells Fargo... Potash (POT) downgraded to Hold from Buy at TD Securities... Ross Stores (ROST) downgraded to Neutral from Buy at Sterne Agee... Software AG (STWRY) downgraded to Hold from Buy at Deutsche Bank... TSMC (TSM) downgraded to Negative from Neutral at Susquehanna... Walter Investment (WAC) downgraded to Underperform from Market Perform at Wells Fargo... Yahoo (YHOO) downgraded to Fair Value from Buy at CRT Capital.
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November 19, 2015
16:08 EDTROSTRoss Stores backs Q4 EPS view of 60c-63c, consensus 64c
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16:07 EDTROSTRoss Stores reports Q3 EPS 53c, consensus 50c
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15:21 EDTROSTNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Intuit (INTU), consensus (4c)... Ross Stores (ROST), consensus (50c)... Workday (WDAY), consensus (4c)... Autodesk (ADSK), consensus 8c... Gap (GPS), consensus 63c... Splunk (SPLK), consensus 1c... Williams-Sonoma (WSM), consensus 72c... Mentor Graphics (MENT), consensus 29c.
08:03 EDTYHOOStarboard urges Yahoo to sell core businesses
In a letter delivered to Yahoo's Chairman, CEO And board, Starboard stresses that a proposed spin-off of Aabaco Holdings is not Yahoo's best alternative. It adds that a sales of Yahoo's core business would be the best risk-adjusted outcome for shareholders. In the letter, Starboard stated, "We have grown increasingly frustrated with your unwillingness to accept our help and your dismissive approach to our serious concerns about the current situation at Yahoo! Inc. ("Yahoo"). As you, the management team, and your advisors requested from us over a year ago, we have attempted to work with you privately and agreed not to pursue the nomination and election of directors at last year's annual meeting. Despite our numerous conversations and meetings, and notwithstanding your willingness to provide us an audience, you have been reluctant to respond or adapt to the realities of the current environment. The current situation that Yahoo faces is so important that we now feel it is necessary to communicate with management and the Board of Directors in a manner such that our message is not only as explicit as possible for you, but also for our fellow Yahoo shareholders. The proposed spin-off of Aabaco Holdings is not Yahoo's best alternative. Instead, you should be exploring a sale of Yahoo's core Search and Display advertising businesses and leave Yahoo's ownership stakes in Alibaba Group and Yahoo Japan in the existing corporate entity."
06:00 EDTYHOOStarboard sends letter to Yahoo, urges halt of Alibaba spinoff plan, WSJ reports
Yahoo (YHOO) shareholder Starboard Value sent a letter to the company urging the company to halt the plan to sell its stake in Alibaba (BABA) due to the risk of incurring taxes on the sale, the Wall Street Journal reports. The activist investor instead wants Yahoo to sell its struggling Internet business, the report says. Starboard supported the sale of over $20B in Alibaba shares before the IRS denied Yahoo's request for a private letter ruling on whether the spinoff would be considered tax free. Reference Link
November 18, 2015
10:03 EDTHSYHershey reports 4-week end Nov. 7 U.S. retail takeaway up 5.1%
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08:02 EDTROSTRoss Stores volatility elevated into Q3 and outlook
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07:28 EDTYHOOYahoo taxes could amount to more than value of Alibaba stake, says SunTrust
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06:15 EDTYHOOYahoo included in New York's daily fantasy sports investigation, Reuters says
An investigation by the New York attorney general into the daily fantasy sports industry will no include Yahoo, Reuters reports, citing a person familiar with the matter. Yahoo operates its own daily fantasy site and received a subpoena by New York AG Eric Schneiderman, the report says. Reference Link
November 17, 2015
17:20 EDTWACWalter Investment shares jump after reaching consensus with Birch hedge fund
Shares of Walter Investment Management (WAC) jumped 11.94% to $11.16 on Tuesday after the company announced the appointment of Daniel Beltzman, co-founder of hedge fund Birch Run Capital, to its board of directors. Walter Chief Executive Officer Denmar Dixon commented that the company is "firmly committed" to enhancing shareholder value and has maintained a "longstanding and constructive dialogue with Birch Run." In connection with the appointment, the company also said Birch entered into an agreement permitting it to acquire up to 25% of Walter's common stock while also agreeing to vote its shares in support of the company's current directors. Additionally, Walter Investment said it plans to appoint a new non-management director "as soon as practicable."
08:50 EDTYHOOCheetah Mobile reports strategic partnership with Yahoo
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07:52 EDTKORSMorgan Stanley to hold a conference
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November 16, 2015
16:43 EDTKORSGreenlight Capital added Apple, sold some SunEdison
Greenlight Capital gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: CNX Coal Resources (CNXC), Garmin (GRMN), Terraform Global (GLBL), and Liberty Global (LILA). INCREASED STAKES: Apple (AAPL), Michael Kors (KORS), Dillard's (DDS), UIL Holdings (UIL), and Twenty-First Century Fox (FOXA). DECREASED STAKES: SunEdison (SUNE), Micron (MU), Voya (VOYA), Applied Materials (AMAT), and SunEdison Semiconductor (SEMI). LIQUIDATED STAKES: Citizens Financial (CFG), Lam Research (LRCX), Spirit AeroSystems (SPR), Hertz (HTZ), and Macy's (M).
09:33 EDTESVEnsco announces retirement of CFO Jay Swent
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November 13, 2015
16:24 EDTROSTOn 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.
10:19 EDTROSTRetailer 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%.
10:02 EDTIMAXIMAX added to Focus List at B. Riley
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10:00 EDTNNNOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AECOM (ACM) initiated with a Buy at Citi... Boston Properties (BXP) initiated with a Buy at BB&T... Brandywine Realty (BDN) initiated with a Buy at BB&T... CarMax (KMX) initiated with a Buy at Buckingham... Chicago Bridge & Iron (CBI) initiated with a Buy at Citi... First Data (FDC) initiated with a Neutral at Baird... Fluor (FLR) initiated with a Neutral at Citi... Glu Mobile (GLUU) initiated with a Buy at Roth Capital... Harman (HAR) initiated with an Outperform at William Blair... Highwoods Properties (HIW) initiated with a Hold at BB&T... Himax (HIMX) initiated with an Outperform at Baird... Jacobs Engineering (JEC) initiated with a Buy at Citi... KBR (KBR) initiated with a Sell at Citi... Kilroy Realty (KRC) initiated with a Buy at BB&T... MasTec (MTZ) initiated with a Neutral at Citi... McDermott (MDR) initiated with a Neutral at Citi... Momenta (MNTA) initiated with an Overweight at JPMorgan... National Retail Properties (NNN) initiated with a Hold at BB&T... Outerwall (OUTR) initiated with a Buy at Roth Capital... Quanta Services (PWR) initiated with a Neutral at Citi... SL Green Realty (SLG) initiated with a Buy at BB&T... SolarCity (SCTY) initiated with a Market Perform at Bernstein... Tobira Therapeutics (TBRA) initiated with an Outperform at Cowen.
06:21 EDTNNNNational Retail Properties initiated with a Hold at BB&T
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November 12, 2015
11:58 EDTESVStocks with call strike movement; GMCR ESV
Keurig Green Mountain (GMCR) March 55 call option implied volatility decreased 10% to 56, Ensco (ESV) March 19 call option implied volatility increased 6% to 55 according to iVolatility.
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