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Stock Market & Financial Investment News

News Breaks
July 11, 2014
11:15 EDTFAST, GWW, HDSFastenal tumbles after reporting earnings, announcing store closures
Shares of industrial and construction supply retailer Fastenal (FAST) are lower after the company reported plans to close 45 stores in its second quarter earnings release. WHAT'S NEW: Fastenal's Q2 earnings per share of 44c matched analysts' consensus estimate, while its revenue of $949.94M narrowly missed analysts' consensus of $952.45M. The company said, "Our growth in net sales was impacted by slight inflationary price changes in our non-fastener products and some price deflation in our fastener products, but the net impact was a drag on growth." WHAT'S NOTABLE: During the company's earnings conference call, Fastenal announced plans to close 45 stores in the second half of this year. The company feels "very good" with what it has done in terms of sales so far this year and believes vending opportunity will be a "big part" of the company's future. Fastenal says that it has very good sales momentum and has "great momentum" overall for the company going into the back half of the year. The company says it will to continue to work hard on its margins and hopes to structurally improve them. Overall, Fastenal said that there is "plenty of room" for the company to improve gross margins over time. The retailer aims to continue to invest heavily in distribution infrastructure and vending. During 2013 and 1H14, Fastenal incurred some short-term debt to fund CapEx and dividends. This was expected and is expected to continue throughout the remainder of FY14 and possibly FY15. OTHERS TO WATCH: Other industrial products distributors include W.W. Grainger (GWW) and HD Supply (HDS). PRICE ACTION: During morning trading, shares of Fastenal slipped $2.16, or $4.5%, to $45.99. Shares of W.W. Grainger and HD Supply are down 1.7% and 0.9%, respectively.
News For FAST;GWW;HDS From The Last 14 Days
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September 12, 2014
08:42 EDTHDSHD Supply 20M share Spot Secondary priced at $27.65
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08:23 EDTGWWGrainger says September sales-to-date 'running in line' with August growth
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08:02 EDTGWWGrainger reports August daily sales up 7%
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September 11, 2014
16:30 EDTHDSHD Supply announces sale of 20M shares of common stock by holders
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16:14 EDTHDSHD Supply files to offer common stock, no amount given
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08:46 EDTFASTFastenal initiated with a Neutral at Northcoast
September 9, 2014
09:12 EDTHDSOn The Fly: Pre-market Movers
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08:07 EDTHDSHD Supply receives Civil Investigative Demand in disadvantaged business probe
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06:03 EDTHDSHD Supply reports August preliminary sales $785M
Preliminary August year-over-year average daily sales growth by business is Facilities Maintenance 9.2 percent, Waterworks 10.2%, Power Solutions 7.4%, and Construction & Industrial White Cap 16.8%.
06:02 EDTHDSHD Supply sees Q3 adjusted EPS 48c-55c, consensus 52c
Sees Q3 revenue $2.43B-$2.5B, consensus $2.45B
06:01 EDTHDSHD Supply reports Q2 adjusted EPS 51c, consensus 47c
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September 8, 2014
15:27 EDTHDSNotable companies reporting before tomorrow's open
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September 4, 2014
08:01 EDTGWWGrainger management to meet with UBS
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07:39 EDTFASTFastenal reports August sales up 9.8% to $326.9M
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September 2, 2014
07:33 EDTGWWGrainger management to meet with UBS
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