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November 15, 2012
03:37 EDTRGC, IAG, NTI, HD, NOG, SI, MOS, HCLP, ABX, POT, JCP, EWOn 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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August 14, 2015
09:37 EDTJCPActive equity options trading on open
Active equity options trading on open: AAPL TWTR FB NFLX TSLA QIHU JCP BABA BP
09:26 EDTJCPJ.C. Penney sees Q3 SSS up sequentially from Q2
Says Men's, Home, Sephora and Fine Jewelry were the company's top performing divisions in Q2. Says Sephora saw a double digit increase in SSS in Q2. Says all regions experienced sales growth vs. last year. Says sales growth through accelerated sequentially from Q1. Says will pilot buy online, pick up in store same day in several markets later this year, sees company-wide rollout in early 2016. Sees "significant" increase in number of new Sephora stores in 2016. Sees Q3 SSS up sequentially from Q2. Comments made on the Q2 earnings conference call.
09:08 EDTJCPOn The Fly: Pre-market Movers
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09:00 EDTJCPJ.C. Penney says 'needs work on the science of retail'
Says priorities include increasing private brand, increasing e-commerce, increasing revenue per customer. Says company "needs work on the science of retail." Says private brand margins "slightly above" national. Says expects to see benefits of omnichannel strategy in 2H.
08:46 EDTJCPJ.C. Penney sees 2H free cash flow positive
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08:45 EDTJCPJ.C. Penney says 'pleased' with 'strong' start to Q3
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08:42 EDTJCPJ.C. Penney sees improvement in 2H SSS results vs. 1H
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08:13 EDTJCPJ.C. Penney 'confident' in ability to achieve long-term financial targets
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08:12 EDTJCPJ.C. Penney sees FY15 free cash flow breakeven
Sees FY gross margin up 100-150bps. Sees FY15 interest expense approx. $415M, CapEx $250M-$300M.
07:52 EDTJCPJ.C. Penney backs FY15 SSS view of up 4%-5%
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07:49 EDTJCPJ.C. Penney reports Q2 EPS (45c), consensus (48c)
Reports Q2 revenue $2.88B, consensus $2.86B. Reports Q2 SSS up 4.1%.
07:34 EDTHDHome Depot August volatility elevated into Q2 and outlook
Home Depot August call option implied volatility is at 27, September is at 20; compared to its 52-week range of 13 to 27 suggesting large near term price movement into the expected release of Q2 results on Aug 18.
06:52 EDTPOTK+S CFO says 'not opposed' in principle to Potash merger, Financial Post reports
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05:58 EDTJCPStocks with implied volatility above IV index mean; JCP HPQ
Stocks with implied volatility above IV index mean; J.C. Penney (JCP) 68, Hewlett-Packard (HPQ) 38 according to iVolatility.
August 13, 2015
14:56 EDTJCPNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include J.C. Penney (JCP), consensus (48c).
14:17 EDTJCPJ.C. Penney technical comments ahead of earnings news
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14:14 EDTJCPJ.C. Penney August weekly 8.5 straddle priced for 10.1% movement into Q2
12:38 EDTJCPEarnings Watch: Analyst says J.C. Penney's FY15 SSS view 'achievable'
J.C. Penney (JCP) is scheduled to report second quarter earnings before the market opens on Friday, August 14 with a conference call scheduled for 8:30 am ET. J.C. Penney operates about 1,100 retail stores and EXPECTATIONS: Analysts are looking for a loss per share of (48c) on revenue of $2.86B, according to First Call. The consensus range for EPS is (56c)-(38c) on revenue of $2.8B-$2.89B. LAST QUARTER: J.C. Penney reported first adjusted earnings per share of (57c) against estimates for (77c), on revenue of $2.86B against estimates for $2.87B. Comparable store sales were up 3.4%. The retailer narrowed its fiscal year 2015 SSS view to up 4%-5% from up 3%-5% and forecast FY15 gross margins to improve 100-150 basis points vs. its previous view of a 50-100 basis point improvement. On its Q1 earnings conference call, the company said that it expected to be free cash flow breakeven in FY15, and predicted FY15 capital expenditures of $250M-$300M and EBITDA of approximately $600M. NEWS: At the Piper Jaffray Consumer Conference on June 10, J.C. Penney said it is on track to meet its $1.2B EBITDA target by 2017 and said that it believes the company can continue to grow gross margin in a "healthy, sustainable way." Marvin Ellison, the company's Chief Executive Officer, said the company's private brands are "perceived as equal" to national brands, and noted that the company's previous strategy "obviously didn't go well," but that customers "never gave up on us." Ellison said that the resilience required to stabilize the business has been "significant." STREET RESEARCH: On the day after its last earnings report, Piper Jaffray and UBS raised their price targets on J.C. Penney, and Baird said the Q1 results were "encouraging." On July 22, Buckingham upgraded J.C. Penney to Buy from Neutral and raised its price target to $12 from $9. The firm believes comps in the second half of 2015 could accelerate and has increased confidence of the company's ability to hit its 2017 EBITDA target of $1.2B. The firm also believes FY15 SSS guidance of 4%-5% is "achievable." During the quarter, shares were also upgraded to Hold from Sell at Evercore. PRICE ACTION: Over the last three months, J.C. Penney shares are down 7%. In early afternoon trading ahead of Thursday's Q2 report, J.C. Penney is down over 2% to $8.10
09:37 EDTABXActive equity options trading on open
Active equity options trading on open: AAPL CSCO M TSLA BAC GILD BABA FB SLW GPRO SUNE NLY ABX NFLX MSFT
06:00 EDTJCPStocks with implied volatility above IV index mean; WMB JCP
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