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News Breaks
March 11, 2014
09:15 EDTEJ, MYGN, ZBB, BYD, VIPS, LJPC, AEO, PLUG, FTEK, BONT, JCP, FCELOn The Fly: Pre-market Movers
UP AFTER EARNINGS: FuelCell (FCEL), up 16%. Shares of alternative energy industry peers Plug Power (PLUG), up 9%, and ZBB Energy (ZBB), up 16%, are also higher in pre-market trading. ALSO HIGHER: Boyd Gaming (BYD), up 14% after activist investor Elliott disclosed a stake in the company that includes a 4.99% voting interest and a total economic exposure of 7%... La Jolla Pharmaceutical (LJPC), up 71% after announcing that its Phase 2 trial of GCS-100 in chronic kidney disease reached its primary and key secondary endpoints... J.C. Penney (JCP), up 7.5% following upgrade to Buy rating at Citigroup. DOWN AFTER EARNINGS: American Eagle (AEO), down 5%... Bon-Ton Stores (BONT), down 5.7%... Fuel Tech (FTEK), down 20%. ALSO LOWER: Myriad Genetics (MYGN), down 8% after company denied request for injunction against rival... Vipshop (VIPS), down 4% following downgrade to Neutral rating at Goldman.
News For FCEL;PLUG;BYD;JCP;AEO;ZBB;BONT;LJPC;MYGN;FTEK;VIPS;EJ From The Last 14 Days
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September 1, 2015
08:36 EDTFCELFuelCell announces selection for negotiation of $23.7M carbon capture project
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05:30 EDTBONTBon-Ton Stores price target lowered to $2 from $4 at Imperial Capital
Imperial Capital analyst Mary Ross Gilbert cut her price target in half for Bon-Ton Stores to $2 citing the company's "disappointing" Q2 results and lowered FY15 outlook. She keeps an Underperform rating on the stock.
August 31, 2015
10:48 EDTJCPJ.C. Penney rises after analyst upgrades stock, calls company 'self-help story'
Shares of retailer J.C. Penney (JCP) saw a boost in morning trading after an analyst from Deutsche Bank upgraded his rating on the company's shares, remarking on the company as a "self-help story." WHAT'S NEW: Deutsche Bank analyst Paul Trussell this morning upgraded J.C. Penney to Buy from Hold. Trussell also upgraded his price target to $12 from $10, noting that the company has already improved its merchandise mix and is now moving toward better pricing and fewer markdowns. Trussell said that the company's target of mid-single digit same-store sales growth looks "achievable" and its brands and assortment "look right." The analyst added that Marvin Ellison, the company's chief executive officer, is "driving the next step" to "bring JCP up the curve in pricing and markdown optimization, supply chain, leveraging IT and reducing corporate redundancies." Trussell, who also said he views the company as a "self-help story with multiple levers to pull," maintained "slightly" conservative estimates given the challenging competitive environment, but sees meaningful upside to the stock. WHAT'S NOTABLE: Other analysts have been relatively bullish on J.C. Penney shares in recent weeks after the company reported better than expected results for the second quarter on August 14. At that time, J.C. Penney reported a loss per share of 45c on revenue of $2.88B and said it expects to be free cash flow breakeven in fiscal year 2015. Additionally, the retailer backed its FY15 SSS view of up 4%-5% and said on its earnings conference call that it expects third quarter SSS to grow sequentially from Q2. J.C. Penney also expressed "confidence" in its ability to meet its $1.2B EBITDA target by 2017. On August 17, Piper Jaffray analyst Neely Tamminga raised her price on the company's shares to $17 from $15. Tamminga said that the company showed the ability for the second straight quarter to reach EBITDA targets regardless of top-line performance. The Piper analyst said she continues to rate the company a top pick for 2015. The same day, B. Riley analyst Jeff Van Sinderen initiated coverage of J.C. Penney with a Buy rating and a $12.50 price target, saying he views Penney as a "speculative turnaround" story and believes the company's "substantial" real estate assets partially offset its heavy debt load. The Fly notes that CEO Marvin Ellison will be speaking at Goldman Sachs 22nd Annual Global Retailing Conference on September 9. PRICE ACTION: J.C. Penney shares are up 3.24% to $9.23 in morning trading.
10:01 EDTJCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 58.com (WUBA) upgraded to Overweight from Underweight at Morgan Stanley... AU Optronics (AUO) upgraded to Outperform from Underperform at Bernstein... Asbury Automotive (ABG) upgraded to Neutral from Underperform at Buckingham... Astec (ASTE) upgraded on upcoming catalysts at Stifel... Baidu (BIDU) upgraded to Buy from Hold at Jefferies... Bob Evans (BOBE) upgraded to Sector Weight from Underweight at KeyBanc... CNOOC (CEO) upgraded to Buy from Neutral at BofA/Merrill... Dover (DOV) upgraded on valuation, headwinds bottom at Bernstein... Envestnet (ENV) upgraded to Outperform from Market Perform at Avondale... Generac (GNRC) upgraded to Outperform from Market Perform at William Blair... Gold Fields (GFI) upgraded to Sector Perform from Underperform at Scotia Howard Weil... Goldman Sachs (GS) upgraded to Buy from Hold at Evercore ISI... Intel (INTC) upgraded to Outperform from Market Perform at Northland... J.C. Penney (JCP) upgraded to Buy from Hold at Deutsche Bank... Leggett & Platt (LEG) upgraded to Outperform from Market Perform at Raymond James... Morgan Stanley (MS) upgraded to Buy from Hold at Evercore ISI... Newmont Mining (NEM) upgraded to Outperform from Sector Perform at Scotia Howard Weil... Pan American Silver (PAAS) upgraded to Outperform at Scotia Howard Weil... QLogic (QLGC) upgraded to Buy from Hold at Summit Research... Stanley Black & Decker (SWK) upgraded to Outperform from Neutral at Macquarie... Telefonica Brasil (VIV) upgraded to Overweight from Equal Weight at Morgan Stanley... Tenet (THC) upgraded to Outperform from Market Perform at BMO Capital... Twitter (TWTR) upgraded to Buy from Neutral at SunTrust... UIL Holdings (UIL) upgraded to Hold from Sell at Argus... Vocera (VCRA) upgraded to Outperform from Market Perform at Leerink... Wisconsin Energy (WEC) upgraded to Conviction Buy from Buy at Goldman.
09:48 EDTJCPJ.C. Penney tests recent range highs
The shares are bucking the broader market trend and heading higher, last up over 1.8% to $9.10. The next level of major resistance would be at $9.42, a high that has not been met since April. Support is at $9.03. A breakout above $9.42 would break the stock out of a long base, which would be technically bullish for future price.
09:24 EDTJCPOn The Fly: Pre-market Movers
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06:54 EDTJCPJ.C. Penney upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Paul Trussell upgraded J.C. Penney to Buy and raised his price target for shares to $12 from $10. The retailer closed Friday up 47c to $8.94. Penny's target of mid-single-digit same-store-sales growth looks achievable while the company's brands and assortment look right, Trussell tells investors in a research note. Further, new CEO Marvin Ellison is bringing Penny "up the curve" in pricing and markdown optimization while reducing corporate redundancies, the analyst writes. He views the company as a "self-help story with multiple levers to pull."
August 28, 2015
11:25 EDTPLUGPlug Power COO buys 14K shares
In a regulatory filing, Plug Power COO Keith Schmid disclosed that he acquired 14,000 shares of company stock yesterday, August 27, at an average price of $1.80 per share.
09:34 EDTBYDNevada reports July statewide gaming win down 0.96% to $922.89M
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06:03 EDTJCPJ.C. Penney implied volatility of 48 at lower end of index mean range
August 26, 2015
11:01 EDTAEOAbercrombie & Fitch surges after posting surprise Q2 profit
Abercrombie & Fitch spiked in early trading after the clothing retailer posted second quarter profit and revenue that exceeded analysts' expectations. WHAT'S NEW: Abercrombie & Fitch reported Q2 earnings per share of 12c, excluding items, on revenue of $817.8M, beating analysts' consensus estimates of a loss per share of (4c) and $811.46M, respectively. Including items, EPS was (1c). Abercrombie said the quarter included a comparable sales decrease of 4% and an adverse impact from changes in foreign currency exchange rates of about 5%. For the quarter, SSS declined 7% at the Abercrombie brand and 1% at Hollister. Executive Chairman Arthur Martinez commented that the quarterly results exceeded what the retailer signaled on its first quarter earnings call and said he is confident "that we are on the right track, although we recognize that we still have much to achieve." Looking ahead, Abercrombie & Fitch sees SSS trends improving in the second half of 2015, skewed towards the fourth quarter. The company expects continued headwinds from foreign currency exchange rates, a gross margin rate approximately flat to last year and flat operating expense compared to last year. Additionally, Abercrombie said it plans to open 15 full-price stores this fiscal year, in markets including China and Japan, and will close about 60 stores in the U.S. during the year. WHAT'S NOTABLE: Abercrombie is in the midst of a massive turnaround and announced the creation of six new positions as it restructures the management of its Abercrombie brand. The move is part of an effort to organize executives by brand rather than product after announcing last year that it would move away from logos. On its earnings conference call this morning, Abercrombie executives said that the company is "not naive" about the challenges it faces, but believes it is "on the right track" to restoring the business to health. Abercrombie said a new chief executive officer will be appointed "in due time." OTHERS TO WATCH: Abercrombie & Fitch peers include Urban Outfitters (URBN), American Eagle (AEO) and Express (EXPR). PRICE ACTION: Abercrombie & Fitch is up 11.75% in morning trading to $19.30.
07:33 EDTBONTBon-Ton Stores opens 743,000 square foot fulfillment center in Ohio
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August 25, 2015
08:28 EDTAEOAmerican Eagle upgraded to Outperform on valuation, execution at FBR Capital
As previously reported, FBR Capital upgraded American Eagle to Outperform from Market Perform. The firm upgraded shares based on valuation, consistent execution in a declining backdrop, reduced expectations, and potential 2H upside. The firm is cautious on the environment beyond 2H 2015 but believes strong brand recognition, product execution, right-sized fleet, and international growth position it for upside in a competitive environment.
08:27 EDTAEOAmerican Eagle should be bought at current levels, says Oppenheimer
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07:41 EDTMYGNMyriad Genetics upgraded on positive risk/reward at Wells Fargo
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06:22 EDTMYGNMyriad Genetics upgraded to Outperform from Market Perform at Wells Fargo
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06:05 EDTAEOAmerican Eagle upgraded to Outperform from Market Perform at FBR Capital
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05:36 EDTEJE-House backs FY15 revenue guidance of $1.05B-$1.1B, one estimate $1.07B
05:35 EDTEJE-House reports Q2 EPS 10c, one estimate 5c
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August 24, 2015
07:15 EDTAEOAmerican Eagle risk/reward remains compelling, says Susquehanna
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