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Stock Market & Financial Investment News

News Breaks
April 11, 2014
10:59 EDTADSK, CBS, EXPE, CROX, PBIOptions with increasing implied volatility: EXPE PBI CROX CBS ADSK
News For EXPE;PBI;CROX;CBS;ADSK From The Last 14 Days
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January 30, 2015
11:59 EDTCROXDeckers Outdoor plummets after missing Q3 estimates, cutting outlook
Shares of casual apparel and footwear maker Deckers Outdoor (DECK) are sinking after the company's third quarter results missed analysts' expectations. The company also lowered its outlooks for the fourth quarter and fiscal year 2015. WHAT'S NEW: Last night, Deckers Outdoor reported Q3 earnings per share of $4.50 and revenue of $784.7M, trailing analysts' consensus estimates of $4.52 and $813.7M, respectively. Direct-to-Consumer comparable sales increased 7.6% over the same period a year ago. UGG brand sales increased 6.5% to $736M, compared to $690.9M for the same period last year. E-Commerce sales increased 25.2% to $146.9M compared to $117.3M for the same period last year. Gross margin increased 180 basis points to 52.9% compared to 51.1% for the same period last year. Deckers also announced that its board of directors approved the repurchase of an additional $200M of the company's common stock. WHAT’S NOTABLE: Looking ahead to Q4, Deckers Outdoor cut its EPS view to 0c from 15c, well below analysts' consensus estimates of 13c. The company still expects Q4 revenues to increase approximately 10% over the year-ago period, versus analysts' estimates $327.17M. The company cited gross margin pressure from foreign currency exchange rates for the weak forecast. Additionally, Deckers lowered its FY15 EPS view to $4.58 from $4.71, well short of the consensus of $4.77. The company also cut its FY15 revenue outlook to approximately $1.8B, down from the previous guidance of approximately $1.825B, trailing analysts' consensus estimates of $1.83B. Deckers now sees FY15 UGG Brand revenues up approximately 11% over last year, down from previous guidance of approximately 14%, and sees FY15 Teva and Sanuk brand revenues up low double digits over the year-ago period. The FY15 guidance assumes a gross profit margin of approximately 49%, an operating margin of approximately 12.5% compared to previous guidance of approximately 13% and an effective tax rate of approximately 27% compared to previous guidance of 29%. ANALYST REACTION: This morning, analyst commentary was mixed. Research firm Telsey Advisory downgraded Deckers Outdoor to Market Perform from Outperform following the Q3 report due to the UGG shortfall and lack of near-term catalysts. Telsey also lowered its price target on the shares to $80 from $98. Conversely, Jefferies said Deckers’ risk/reward is favorable at current levels. Jefferies said it continues to view Deckers Outdoor as a "compelling investment opportunity" despite the Q3 sales miss. It believes the UGG brand is "still a winner" and that the company has lots of opportunity to expand margins. The firm lowered its price target for Deckers’ shares to $110 from $130 and kept a Buy rating on the name. Susquehanna, which has a Positive rating but lowered its price target to $83 from $117, believes the weakness in Deckers Outdoor shares is overdone. The firm sees a stock buyback as a possible near-term catalyst, as well as the potential for a dividend as supporting the shares. PRICE ACTION: In late morning trading, Deckers Outdoor fell $15.05, or about 18.3%, to $67.22 on nearly six times its average daily trading volume. Including today’s pullback, the stock has lost approximately 13% over the past twelve months. OTHERS TO WATCH: Other casual apparel/footwear makers include Skechers USA (SKX), down 2%, Wolverine World Wide (WWW), down 2.16%, Rocky Brands (RCKY), down 2.85%, and Crocs (CROX), down 0.75%.
09:14 EDTEXPEExpedia Q4 revenue estimate raised to $710M, above consensus at ITG Research
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January 29, 2015
08:27 EDTCBSCBS and Bell Media sign long-term agreement for Showtime in Canada
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January 27, 2015
09:06 EDTEXPEExpedia's Egencia expands partnership agreement with International SOS
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07:46 EDTEXPEStifel to hold a conference
2015 Senior Housing and Healthcare Real Estate Conference is being held in Dana Point, California on January 27.
January 26, 2015
12:00 EDTEXPEExpedia resumed with a Neutral at Janney Capital
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January 23, 2015
09:03 EDTEXPEExpedia and Sabre announce Expedia's acquisition of Travelocity
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07:21 EDTEXPEDeutsche cautious on travel stocks into Q4 results
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January 22, 2015
14:00 EDTCBSCBS initiated with a Hold at Societe Generale
Target $60.
06:24 EDTADSKJPMorgan downgrades three in Software, FireEye a top pick
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January 21, 2015
08:07 EDTADSKAutodesk, Schneider Electric sign MOU for collaboration
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January 20, 2015
14:09 EDTEXPEOrbitz jumps after Bloomberg says company may be exploring sale
Shares of online travel agency Orbitz Worldwide (OWW) are jumping after Bloomberg reported that the company is exploring the possibility of selling itself. In a note to investors on January 7, research firm FBR Capital wrote that the company could be acquired for over $10 per share, WHAT'S NEW: Orbitz is exploring a potential sale and private equity firms have expressed interest in acquiring the online travel agency, Bloomberg reported today. ANALYST VIEW: On January 7, research firm FBR Capital estimated that Orbitz could be acquired for $10.27 per share. The firm noted that a trade publication, Tnooz.com, had reported that Orbitz could be considering selling itself. Expedia (EXPE) and Priceline (PCLN) could each pay a premium of 30%-plus for Orbitz and still see their profits rise from the acquisition, FBR added. It kept a $9 price target and Outperform rating on Orbitz. PRICE ACTION: In mid-afternoon trading, Orbitz climbed 69c, or 7.5%, to $9.85.
13:51 EDTEXPEOrbitz draws private equity interest as sale explored, Bloomberg says
Orbitz Worldwide (OWW) is working with an adviser to contact potential buyers and has drawn interest from private-equity funds and "other Internet companies," according to Bloomberg, citing people with knowledge of the matter. Shares of Orbitz are up over 10% after the report, while several other names in the online travel space, such as Priceline (PCLN), Expedia (EXPE), and TripAdvisor (TRIP) are also moving. Reference Link
13:43 EDTEXPEExpedia, TripAdvisor tick higher after report on Orbitz sale exploration
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09:14 EDTADSKAutodesk weakness a buying opportunity, says RW Baird
Baird said it would use the recent weakness ins Autodesk as a buying opportunity, citing its conversion to subscription pricing, changes in Direct Sales go-to-market, improving maintenance renewal rates, and increasing sales of cloud products. Baird reiterated its Outperform rating and $65 price target on Autodesk shares.
January 18, 2015
13:25 EDTCBSNFL, CBS renew agreement for Thursday Night Football
The National Football League will continue its partnership with CBS to produce and televise Thursday Night Football for the 2015 season, it was announced by NFL Commissioner Roger Goodell and Leslie Moonves, president and CEO of CBS Corp., and Sean McManus, Chairman, CBS Sports. CBS will broadcast the first eight Thursday Night Football games which also will be simulcast on NFL Network. NFL Network will also exclusively televise eight games in the run-up to the playoffs. The mix of games will include 14 on Thursday nights and two late-season games on Saturday. The full slate of 16 regular-season games will be produced by CBS with its lead broadcasters and production team on all Thursday night games. The pregame, halftime and postgame shows will continue to feature NFL Network and CBS Sports hosts and analysts. The agreement is for the 2015 season with an additional year at the NFL’s option. “We are pleased to extend our partnership with CBS for Thursday Night Football,” said Goodell. “The promotion and production by CBS and NFL Network last season made Thursday night a night for NFL football. We look forward to working again next season with CBS. ”The programming relationship between the NFL and CBS will expand to include, among other elements, the development of new programming initiatives across the various CBS and NFL platforms. In addition to Thursday Night Football in 2015, CBS will conclude its 56th year broadcasting the NFL with its exclusive presentation of Super Bowl 50 from Levi's Stadium in Santa Clara, Calif. on Feb. 7, 2016. Reference Link

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