Five Below 11.315M share Secondary priced at $35.65 The deal size was increased to 11.315M shares from 10.315M shares. Goldman, Barclays and Jefferies acted as joint book running managers for the offering.
Five Below volatility elevated into Q3 and outlook Five Below December call option implied volatility is at 89, January is at 69; compared to its 52-week range of 27 to 77, suggesting large price movement into the expected release of Q3 results on December 3.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Airgas (ARG) downgraded on valuation at KeyBanc... BHP Billiton (BHP) downgraded to Neutral from Buy at Clarksons Platou... Chesapeake (CHK) downgraded to Neutral from Buy at Sterne Agee CRT... ChipMOS (IMOS) downgraded to Equal Weight from Overweight at Morgan Stanley... Clovis (CLVS) downgraded to Neutral from Conviction Buy at Goldman... Cooper Companies (COO) downgraded to Market Perform from Outperform at Wells Fargo... Five Below (FIVE) downgraded to Neutral from Buy at Sterne Agee CRT... Grainger (GWW) downgraded to Underweight from Neutral at Atlantic Equities... Hess Corp. (HES) downgraded to Perform from Outperform at Oppenheimer... J Sainsbury (JSAIY) downgraded to Neutral from Buy at Citi... Kindred Biosciences (KIN) downgraded to Market Perform from Outperform at BMO Capital... Leju (LEJU) downgraded to Neutral from Buy at BofA/Merrill... Lombard Medical (EVAR) downgraded to Equal Weight from Overweight at Barclays... Osiris (OSIR) downgraded to Sell from Hold at Brean Capital... Polaris Industries (PII) downgraded on anemic ORV growth at Wedbush... SQM (SQM) downgraded to Hold from Buy at HSBC... Southwestern Energy (SWN) downgraded to Underperform from Neutral at Sterne Agee CRT... Starwood (HOT) downgraded to Outperform from Buy at CLSA... Urban Outfitters (URBN) downgraded to Hold from Buy at Cantor... WM Morrison (MRWSY) downgraded to Sell from Neutral at Citi... adidas (ADDDY) downgraded to Sector Perform from Outperform at RBC Capital... athenahealth (ATHN) downgraded to Underweight from Equal Weight at Barclays.
Five Below downgraded to Neutral from Buy at Sterne Agee CRT Sterne Agee CRT analyst Charles Grom downgraded Five Below to Neutral citing concerns over the company's positioning this Holiday season as well as the secular decline in foot traffic across retail. Grom cut his price target for shares to $30 from $42.