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Stock Market & Financial Investment News

News Breaks
November 28, 2012
12:19 EDTKCG, BP, ANN, JOSB, GMCR, GES, AEO, TFM, COST, ARO, EXPROn The Fly: Midday Wrap
Stocks on Wall Street were lower for much of the morning before recovering significantly near midday. Just as a late day sell-off yesterday was prompted by some cautious fiscal cliff commentary from a notable politician, today's turn-around was sparked by optimism from one. In today's case, the averages turned following comments from House Speaker John Boehner, who said he's "optimistic" a deal with Obama can be reached and that he is willing to put revenues on the table if accompanied by spending cuts... ECONOMIC EVENTS: In the U.S., new single-family home sales fell 0.3% in October to a seasonally adjusted 368,000-unit annual rate. Also, the government revised sharply lower its estimate for the prior month's sales, cutting its estimate for sales in September by 20,000 to a 369,000-unit rate. The EIA reported crude oil inventories drew down by 347,000 barrels last week, versus expectations for a 350,000 barrel build up. In Europe, Spain’s bank restructuring was approved, paving the way for euro zone aid to be disbursed... COMPANY NEWS: The Environmental Protection Agency announced BP (BP) will be suspended from winning new contracts from the federal government until the oil major can demonstrate it meets business standards set by the U.S., though the action does not affect existing contracts. Shares of BP fell about 0.7% near noon... Several apparel retailers reported better than expected results and saw their shares advance, including Express (EXPR), American Eagle Outfitters (AEO) and Ann Inc. (ANN). This may or may not bode well for some of their peers expected to report after the bell, including Aeropostale (ARO) and Guess (GES)... Costco (COST) shares rose over 4% after reporting its November same store sales rose 6% and declaring a $7 per share special dividend... MAJOR MOVERS: Among the notable gainers was Green Mountain Coffee Roasters (GMCR), which soared 24% after its better than expected earnings and guidance set off a wave of price target increases around the Street. Also higher were shares of Knight Capital (KCG), which rose 14% to $3.39 after shareholder Getco proposed a complex takeover bid that values shares at $3.50 apiece but involves a cash component and a share dispersal following a merger. Among the noteworthy losers was The Fresh Market (TFM), down 14% after its CFO unexpectedly resigned to take another position and its shares were downgraded at Deutsche Bank and Northcoast. Also lower were shares of Jos. A Bank (JOSB), down 7% after it was unable to participate in the rally among clothing retailers as its revenue beat consensus but its earnings fell short... INDICES: Near noon, the Dow was up 16.36, or 0.13%, to 12,894.49; the Nasdaq was down 2.31, or 0.08%, to 2,965.48; and the S&P 500 was down 0.88, or 0.06%, to 1,398.06.
News For EXPR;AEO;ANN;ARO;GES;BP;COST;GMCR;KCG;TFM;JOSB From The Last 14 Days
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April 20, 2015
06:06 EDTGMCRStocks with implied volatility above IV index mean; MNKD GMCR
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April 17, 2015
17:01 EDTCOSTCostco reauthorizes $4B stock repurchase program, raises dividend
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15:39 EDTCOSTCostco deal with Visa, Citi has 'near zero' acceptance costs, Bloomberg says
Costco’s (COST) acceptance costs will be near zero under the terms of its new deal with Visa (V) and Citigroup (C), compared to the roughly 0.6% of each transaction it currently pays to incumbent card partner American Express (AXP), reported Bloomberg, citing people familiar with the deal. Reference Link
08:29 EDTBPU.S. may be at, or near, peak oil output, WSJ says
New data and forecasts suggest lower crude prices are finally prompting U.S. energy companies to cut back their crude output, according to The Wall Street Journal, citing reports from OPEC, the DOE and North Dakota. Publicly traded oil majors include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Royal Dutch Shell (RDS.A) and Total (TOT). Publicly traded drillers and oil services companies include Baker Hughes (BHI), Diamond Offshore (DO), Halliburton (HAL), Nabors Industries (NBR), Noble Corp. (NE), Rowan Companies (RDC), Schlumberger (SLB), Transocean (RIG) and Weatherford (WFT). Reference Link
05:56 EDTGMCRStocks with implied volatility above IV index mean; ATHX GMCR
Stocks with implied volatility above IV index mean; Athersys (ATHX) 415, Keurig Green Mountain (GMCR) 52 according to iVolatility.
April 16, 2015
09:21 EDTGMCRKeurig Green Mountain attractive long-term but challenges remain, says UBS
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06:41 EDTBPGulf oil spill victims have received over $5B from BP fund, Reuters says
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05:59 EDTGMCRStocks with implied volatility above IV index mean; ATHX GMCR
Stocks with implied volatility above IV index mean; Athersys (ATHX) 390, Keurig Green Mountain (GMCR) 53 according to iVolatility.
April 15, 2015
14:58 EDTCOSTEarnings Watch: Analysts more bullish on Citi after asset sales, CCAR approval
Citigroup (C), one of the largest banks in the U.S., is expected to report first quarter earnings before the open on Thursday, April 16, with a conference call scheduled for 11:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of $1.39 on revenue of $19.82B. The consensus range is $1.32-$1.45 for EPS on revenue of $18.43B-$20.36B, according to First Call. On its last earnings conference call, Citi said it was committed to its 2015 targets and to returning capital to shareholders. Citi is targeting a 2015 consumer banking efficiency ratio of 49%-52%, compared to a ratio of 56% in 2014 and a pro forma 2014 ratio of 55%. LAST QUARTER: Citigroup reported fourth quarter EPS of 6c, versus analysts' consensus forecast of 11c. The company’s revenue came in below expectations at 17.81B. Citi CEO Michael Corbat said at the time: "While the overall results for 2014 fell short of our expectations, we did make significant progress on our top priorities... Although we made some difficult decisions over the course of the year, I believe they allowed us to put our franchise in a position to have a successful 2015." NEWS: On March 2, Costco (COST) announced it has entered into a new co-brand credit card program agreement with Citi and an acceptance and co-brand incentive agreement with Visa (V). Under the terms of the agreements, Citi would become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the U.S. and Puerto Rico beginning April 1, 2016. The next day, Citi announced that it has reached a definitive agreement to sell OneMain Financial Holdings to Springleaf (LEAF) for a purchase price of $4.25B. The deal is expected to close in the third quarter of 2015, subject to approvals and other customary conditions. The sale, along with retirement of related funding, are expected to result in a net addition to earnings before income taxes of approximately $1B, the bank stated. On March 5, the Federal Reserve said that Citi had passed its Dodd-Frank stress test, as did all 31 banks that were examined. About a week later, the central bank announced it had not objected to the capital plans of 28 bank holding companies participating in the Comprehensive Capital Analysis and Review, or CCAR. After the Fed advised Citi that it has no objection to the planned capital actions requested by the bank, Citi said it will increase its quarterly common stock dividend to 5c per share from 1c per share. Citi also announced plans for a common stock repurchase program of up to $7.8B during the five quarters starting in the Q2. At the end of March, Citi announced that it has reached a definitive agreement to sell 100% of the shares of Citi Cards Japan, the exclusive issuer of Diners Club cards in Japan, to Sumitomo Mitsui Trust Bank. Also in March, Citi announced that it has sold 396M common shares in Akbank T.A.S. through an equity offering representing its entire 9.9% equity interest in the company. Total proceeds from the transaction are expected to be approximately $1.15B at then current exchange rates. The financial terms of those two transactions are not material to Citi, the bank noted. STREET RESEARCH: On February 10, Deutsche Bank upgraded Citi to Buy from Hold and raised its price target for shares to $54 from $51. Deutsche said then that it believed the decline in the stock since the firm's December 4 downgrade had priced in some of the earnings risk, but added the FY15 consensus estimates for Citi still looked too high. On March 17, Deutsche Bank further raised its price target for Citi shares to $56 from $54, citing positive news flow around the sale of OneMain, its credit card deal with Costco and the Fed's stress test results. On March 3, JPMorgan upgraded Citigroup to Overweight, saying the Costco co-branding credit card deal will add to revenue growth and return on assets. Further, the firm said it expects the banking giant to achieve its operating efficiency targets this year. It upped its price target for shares to $58 from $54. The next day, Morgan Stanley said it believes Citi's sale of OneMain and its new Costco partnership imply, when taken together, that the bank is substituting OneMain's higher risk assets with the Costco portfolio, which has a lower yield, risk and RWA. Such a trade will be viewed favorably by regulators, the firm said. Morgan Stanley, which has an Overweight rating on Citi, said then it sees potential upside to its $60 price target on Citi shares if capital freed from the OneMain sale is returned to shareholders. PRICE ACTION: In afternoon trading ahead of tomorrow morning's report, Citi rose over 1% to $53.31. Over the last three months, Citi shares are up nearly 13%.
11:09 EDTGMCRGreen Mountain Coffee calls active on renewed takeover chatter
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10:50 EDTGMCRRumor: Keurig Green Mountain active amid renewed takeover chatter
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10:00 EDTARO, AEOOn The Fly: Analyst Initiation Summary
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07:36 EDTKCGKCG Holdings reports March trade volumes
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06:56 EDTAEOAmerican Eagle initiated with a Buy at Guggenheim
Target $20.
06:56 EDTAROAeropostale initiated with a Neutral at Guggenheim
April 14, 2015
10:01 EDTGMCROn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AB InBev (BUD) initiated with a Neutral at Susquehanna... AMC Networks (AMCX) initiated with an Overweight at Piper Jaffray... Avery Dennison (AVY) initiated with a Hold at BB&T... Boston Beer (SAM) initiated with a Neutral at Susquehanna... Brocade (BRCD) initiated with a Neutral at Wedbush... Bunge (BG) initiated with an Overweight at Stephens... CIRCOR (CIR) initiated with a Speculative Buy at Global Hunter... Cabot Microelectronics (CCMP) initiated with a Buy at BB&T... Canadian Natural (CNQ) initiated with a Buy at GMP Securities... Cenovus Energy (CVE) initiated with a Hold at GMP Securities... China Distance Education (DL) initiated with a Buy at Brean Capital... Coca-Cola Enterprises (CCE) initiated with a Negative at Susquehanna... Coca-Cola (KO) initiated with a Negative at Susquehanna... Constellation Brands (STZ) initiated with a Neutral at Susquehanna... Discover (DFS) initiated with an Outperform at Wells Fargo... Dr Pepper Snapple (DPS) initiated with a Neutral at Susquehanna... Flex Pharma (FLKS) initiated with a Buy at H.C. Wainwright... Flowserve (FLS) initiated with a Neutral at Global Hunter... Goldman Sachs BDC (GSBD) initiated with a Neutral at BofA/Merrill... ITT Corp. (ITT) initiated with an Accumulate at Global Hunter... Intra-Cellular (ITCI) initiated with an Outperform at RBC Capital... Keurig Green Mountain (GMCR) initiated with a Positive at Susquehanna... Microsemi (MSCC) initiated with a Buy at Topeka... Molson Coors (TAP) initiated with a Positive at Susquehanna... Monster Beverage (MNST) initiated with a Neutral at Susquehanna... New Oriental Education (EDU) initiated with a Hold at Brean Capital... OM Group (OMG) initiated with a Buy at BB&T... Pattern Energy (PEGI) initiated with a Buy at Citigroup... Pentair (PNR) initiated with a Neutral at Global Hunter... PepsiCo (PEP) initiated with a Positive at Susquehanna... Ply Gem (PGEM) initiated with an Overweight at KeyBanc... SodaStream (SODA) initiated with a Positive at Susquehanna... Splunk (SPLK) initiated with an Outperform at Baird... SteadyMed (STDY) initiated with an Outperform at JMP Securities... Suncor (SU) initiated with a Hold at GMP Securities... SuperCom (SPCB) initiated with a Buy at B. Riley... TAL Education (XRS) initiated with a Buy at Brean Capital... Tarena (TEDU) initiated with a Buy at Brean Capital... Ulta Salon (ULTA) initiated with a Buy at Evercore ISI... Versartis (VSAR) initiated with a Buy, $50 target at SunTrust... WisdomTree (WETF) initiated with a Market Perform at Keefe Bruyette... uniQure (QURE) initiated with a Buy at Roth Capital.
10:01 EDTBPOn The Fly: Analyst Downgrade Summary
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06:40 EDTBPU.S. shale forecast, Yemen fighting lift oil prices, Reuters says
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06:08 EDTGMCRStocks with implied volatility above IV index mean; GMCR HOT
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05:32 EDTBPBP downgraded to Neutral from Buy at Citigroup
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