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November 14, 2012
10:00 EDTNOG, SI, MOS, HCLP, ABX, POT, JCP, EW, RGC, IAG, NTI, HDOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Edwards Lifesciences (EW) downgraded to Sell from Neutral at UBS... Hi-Crush Partners (HCLP) downgraded to Neutral from Outperform at RW Baird... Home Depot (HD) downgraded to Market Perform from Outperform at Raymond James... J.C. Penney (JCP) downgraded to Neutral from Overweight at JPMorgan... Mosaic (MOS) downgraded to Hold from Buy at Canaccord... Northern Tier (NTI) downgraded to Hold from Buy at Deutsche Bank... Potash (POT) downgraded to Hold from Buy at Canaccord... Siemens (SI) downgraded to Sector Perform from Outperform at RBC Capital... IAMGOLD (IAG) downgraded to Neutral from Outperform at Macquarie... Barrick Gold (ABX) downgraded to Hold from Buy at Argus... Northern Oil and Gas (NOG) downgraded to Neutral from Add at Capitol One... Regal Entertainment (RGC) downgraded to Average from Above Average at Caris.
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November 17, 2015
16:01 EDTHDOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
13:53 EDTHDEarnings Watch: Lowe's up about 2% over last three months
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12:46 EDTHDOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday after better than expected earnings from Wal-Mart (WMT) and Home Depot (HD) helped the Dow build on yesterday's gains. The market also received a boost from an in-line consumer prices report, which may give the Fed the ammunition it needs to begin to raising interest rates from their record-low levels. ECONOMIC EVENTS: In the U.S., the consumer price index rose 0.2% in October, as expected. When food and energy prices are stripped out, the "core" CPI also rose 0.2%, also matching the consensus forecast. Industrial production slid 0.2% in October, versus expectations for it to have risen 0.1%. Capacity utilization came in as expected at 77.5%. NAHB's home builder sentiment index fell 3 points to 62 in November, versus expectations for a reading of 64. COMPANY NEWS: Shares of Wal-Mart advanced nearly 5% after the world's largest retailer reported better than expected quarterly earnings and gave a fiscal year profit outlook that was higher than expected at the midpoint of the company's range. As part of its report, Wal-Mart noted that comp sales at Walmart U.S. rose 1.5% in the quarter compared to last year, marking the fifth consecutive quarter of positive comparable sales growth. Another retail giant and fellow Dow member, Home Depot, gained more than 3.5%. Missing out on the retail rally, however, was Dick's Sporting Good (DKS), which tumbled over 9.5% after giving guidance for the fourth quarter and fiscal 2015 that both missed consensus estimates. MAJOR MOVERS: Among the notable gainers was Nuance (NUAN), which rallied 17% after analysts raised their price targets on the company's stock following upbeat fourth quarter earnings. Also higher was TJX (TJX), which gained 4% after reporting quarterly earnings and guiding for the fourth quarter and fiscal 2016. Among the notable losers was SunEdison (SUNE), which fell 21% after Deutsche Bank lowered its price target on the company's shares to $16 from $28. Also lower was Urban Outfitters (URBN), which fell 8% after no fewer than three analyst downgraded the company's shares following its Q3 earnings report. INDEXES: Near midday, the Dow was up 39.99, or 0.23%, to 17,523.00, the Nasdaq was up 17.91, or 0.36%, to 5,002.53, and the S&P 500 was up 3.54, or 0.17%, to 2,056.73.
10:13 EDTJCPJ.C. Penney management to meet with Buckingham
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09:35 EDTHDActive equity options trading on open: AAPL FB GE HD
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09:22 EDTHDHome Depot sees FY15 gross margin unchanged from FY14
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09:15 EDTHDOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nuance (NUAN), up 9.1%... Cheetah Mobile (CMCM), up 7.7%... Eros International (EROS), up 12.8%... Home Depot (HD), up 3.1%...Wal-Mart (WMT), up 2.2%. ALSO HIGHER: Ocera Therapeutics (OCRX), up 14.8% after announcing Phase 1 study results for the company's oral formulation of OCR-002... Fitbit (FIT), up 2.4% after being upgraded to Buy from Neutral at BofA/Merrill. DOWN AFTER EARNINGS: Dicks Sporting Goods (DKS), down 15.4%... Urban Outfitters (URBN), down 12.8%. ALSO LOWER: Osiris Therapeutics (OSIR), up 25.5% after being downgraded to Sell from Hold at Brean Capital... Angie's List (ANGI), down 8.7% after board unanimously determines not to pursue IAC (IACI) proposal... Clovis Oncology (CLVS), down 4.1% after receiving downgrades from Goldman and WallachBeth... Chesapeake Energy (CHK), down 2.5% after being downgraded to Neutral from Buy at Sterne Agee CRT... Cooper Companies (COO), down 2% after being downgraded to Market Perform from Outperform at Wells Fargo.
09:11 EDTHDHome Depot sees positive signs in housing market despite moderating US GDP
The company said sales guidance is boosted by a strong dollar. Excluding ForEx, sales growth was negatively impacted by $1B. Expects a strong U.S. dollar in Q4. Comments taken from Q3 earnings conference call.
06:03 EDTHDHome Depot sees FY15 EPS $5.36, consensus $5.31
Sees FY15 sales growth of 5.7%, consensus $87.74B. The FY15 EPS includes benefit of its intent to repurchase additional $2B of shares in Q4, bringing total 2015 share repurchases to $7B.
06:02 EDTHDHome Depot reports Q3 EPS excluding items $1.36, consensus $1.32
Reports Q3 revenue $21.82B, consensus $21.76B. Reports Q3 comparable store sales up 5.1%. Reports Q3 US comparable store sales up 7.3%.
05:24 EDTHDStocks with implied volatility above IV index mean; CRM HD
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November 16, 2015
16:29 EDTJCPJ.C. Penney announces plans to retire $500M asset-based term loan
J. C. Penney Company announced that it has received $500M of incremental bank commitments to increase the size of the Revolving Line of Credit under its existing Senior Secured Asset-Based Credit Facility to $2.35B from $1.85B. In connection with upsizing the revolving credit facility, the Company also intends to prepay and retire the outstanding principal amount of its $500M Term Loan previously issued under the ABL, which is scheduled to mature in June 2019. The Company expects to close these transactions in December.The Company expects that retirement of the ABL Term Loan will reduce interest expense by approximately $20M annually, beginning in 2016. The $2.35B ABL revolving line of credit, which will also mature in June 2019, will remain available for seasonal working capital needs and general corporate purposes. Marvin Ellison, chief executive officer, said, "We proactively pursued this transaction to reduce our long-term debt and ongoing interest expense and to further enhance our financial flexibility while maintaining our strong liquidity position as we continue to make progress on our goal of $1.2B in EBITDA by 2017."
15:02 EDTHDNotable companies reporting before tomorrow's open
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14:44 EDTHDHome Depot volatility increases into Q3 and outlook
Home Depot November call option implied volatility is at 45, December is at 27; compared to its 52-week range of 16 to 32, suggesting large near term price movement into the expected release of Q3 results on November 17.
14:38 EDTHDHome Depot November 120 straddle priced for 4.4% movement into Q3
14:28 EDTHDHome Depot technical notes ahead of earnings
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11:35 EDTJCPDillard's sinks to 52-week low after joining chorus of 'disappointed' retailers
Shares of Dillard's (DDS), a retailer of fashion apparel, cosmetics and home furnishing, are falling to their worst level in a year after the company became the latest in its industry to report lower than expected third quarter results. WHAT'S NEW: This morning, Dillard's reported Q3 earnings per share of $1.19 and revenue of $1.435B, narrowly missing analysts' consensus estimates of $1.20 and $1.49B, respectively. Same-store sales for the quarter fell 4%. Total merchandise sales decreased 3% for the 13-week period ended October 31. Weaker performing categories were men's apparel and accessories and ladies' accessories and lingerie with notable weakness in home and furniture the company explained. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program." WHAT'S NOTABLE: Gross margin from retail operations improved 11 basis points of sales for the 13 weeks ended October 31 compared to the prior year third quarter. Consolidated gross margin for the 13 weeks ended October 31 declined 30 basis points of sales compared to the prior year third quarter. The disparity between retail and consolidated gross margin performance is attributable to increased revenue at CDI, which is a substantially lower margin business. Inventory increased 6% at October 31 compared to November 1, 2014. For FY15, the company expects capital expenditures of $150M. PRICE ACTION: In late morning trading, Dillard's fell $5.81, or 7.5%, to $71.79 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $68.05. Including today's pull back, the shares have lost about 36% over the past 12 months. OTHERS TO WATCH: Other apparel, cosmetics and home furnishing retailers include Macy's (M), Kohl's (KSS), JC Penny (JCP), Sears (SHLD) and Nordstrom (JWN).
10:40 EDTHDEarnings Watch: Home Depot reports following recent rout among retailers
Home Depot (HD), a home improvement retailer, is scheduled to report third quarter results before the market opens on Tuesday, November 17, with a conference call scheduled for 9:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of $1.32 on revenue of $21.76B, according to First Call. The consensus range for EPS is $1.28-$1.37 on revenue of $21.16B-$22B. LAST QUARTER: On August 18, Home Depot reported second quarter adjusted EPS of $1.71 on revenue of $24.83B, generally in line with analysts' consensus estimates of $1.71 and $24.69B, respectively. The company said same-store sales increased 4.2% year-over-year, with U.S. SSS up 5.7%. The company raised its fiscal year 2015 EPS growth view to 13% from 11%-12% and its FY15 revenue growth forecast to 5.2%-6% from 4%-4.6%. The company previously raised its FY15 EPS growth view to 11%-12% and revenue growth view to 4.2%-4.8% from 3.5%-4.7%. Home Depot also said it sees FY15 SSS to be up 4.1%-4.9% y/y, an increase from its prior view of 4%-4.6% growth. Home Depot said at the time that it expected to repurchase an additional $3.9B of shares during the remainder of the year for a total of $7B. NEWS: On its last earnings conference call, Home Depot said the increased guidance reflects the outperformance of Q2 and the expected benefits of the Interline Brands acquisition. The company also noted that it will tap the long-term debt markets in the fall. During the quarter, Home Depot completed the $1.63B acquisition of Interline. STREET RESEARCH: UBS raised its price target on Home Depot to $138 from $129 on the day after its last earnings release, saying it sees several factors that could drive upside, including the addition of the Interline platform and system enhancements. PRICE ACTION: Last week, while retailers Macy's (M), Nordstrom (JWN) and numerous others in the space reported worse than expected quarterly results and gave downbeat guidance, Home Depot shares declined about 4.7%. Over the last three months, Home Depot shares are up about 1%. In early trading ahead of Tuesday's earnings, shares in Home Depot slipped about 0.25% to $119.74.
05:39 EDTIAGIAMGOLD announces regulatory approval in France for bid for EURO Ressources
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05:28 EDTHDStocks with implied volatility movement; HD ETP
Stocks with implied volatility movement; Home Depot (HD) 26, Energy Transfer Partners (ETP) 49 according to iVolatility.
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