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Stock Market & Financial Investment News

News Breaks
July 11, 2014
11:15 EDTGWW, FAST, 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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March 26, 2015
17:26 EDTFASTFastenal authorizes 4M share repurchase program
Fastenal disclosed in a filing that on March 26, The Fastenal Company board of directors authorized purchases by the company of up to 4,000,000 shares of its common stock. All prior authorizations have been exhausted.
March 25, 2015
10:00 EDTGWWOn The Fly: Analyst Upgrade Summary
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09:10 EDTGWWGrainger upgraded to Buy from Hold at Gabelli
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March 24, 2015
06:08 EDTHDSHD Supply sees Q1 adj. EPS 25c-31c, consensus 33c
Sees Q1 net sales $2.175B-$2,230, adjusted EBITDA $195M-$207M. Q1 Adjusted net income per diluted share range assumes a fully diluted weighted average share count of 201M.
06:06 EDTHDSHD Supply sees FY15 sales up 300 point basis
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06:03 EDTHDSHD Supply reports Q4 EPS 11c, consensus 10c
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March 23, 2015
15:24 EDTHDSNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include McCormick (MKC), consensus 64c... IHS Inc. (IHS), consensus $1.36... HD Supply (HDS), consensus 10c... G-III Apparel (GIII), consensus 83c.
10:00 EDTGWW, HDSOn The Fly: Analyst Downgrade Summary
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09:02 EDTHDSHD Supply downgraded at Raymond James
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06:51 EDTHDSHD Supply downgraded to Market Perform from Outperform at Raymond James
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06:03 EDTHDS, GWWU.S. Multi-Industry sector downgraded to Neutral at Barclays
Barclays downgraded the U.S. Multi-Industry space to Neutral from Overweight saying rising headwinds could limit share upside to mid-single-digit levels in 2015, with only slight improvement in 2016. The firm believes the credit cycle is peaking and views the U.S. Dollar strength along with lower oil prices as headwinds. Concurrent with sector rating change, Barclays downgraded Dover (DOV), Grainger (GWW), Xylem (XYL) and WESCO (WCC) to Equal Weight from Overweight. It also upgraded Tyco (TYC) to Overweight from Equal Weight and Lennox (LII) to Equal Weight from Underweight, calling both defensive names in the space. The firm is also "comfortable" owning General Electric (GE), Honeywell (HON), Sensata (ST) and HD Supply (HDS) at current levels. It prefers waiting for pullbacks to buy shares of 3M (MMM).
05:47 EDTGWWGrainger downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded Grainger to Equal Weight after cutting its rating on the U.S. Industrial space to Neutral from Positive. The firm believes cycle risks could limit stock returns to mid-single-digit levels in 2015, with only a slight pickup in 2016. It dropped its price target for Grainger shares to $237 from $254.

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