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August 22, 2014
10:48 EDTFINL, FLFoot Locker jumps after earnings beat expectations
Shares of shoe and apparel retailer Foot Locker (FL) are higher after the company reported second quarter earnings which exceeded analysts' expectations. WHAT'S NEW: Foot Locker reported Q2 adjusted earnings per share of 64c, which surpassed analysts' consensus of 54c. The company's Q2 revenue was $1.64B, which was higher than analysts' consensus of$1.57B. Foot Locker's same-store-sales increased 7% and its gross margin rate was up 32% for the quarter. WHAT'S NOTABLE: During the company's conference call, Foot Locker said third quarter comparable sales are positioned to experience mid-single digit gains. The company noted that it is making "good progress" on maintaining a "solid" flow of inventory and its inventory overall is well-positioned for the upcoming back-to-school and fall seasons. Foot Locker is still on-track to close just over 100 stores this year, but some closures are expected to happen at the beginning of FY15. The retailer is projecting to open 80 stores this year mostly in Europe and Kids Foot Locker, which is an increase from the company's initial projection of opening 60 stores. A high-single digit comparable sales gain has been experienced by the company so far in August. It anticipates a SG&A improvement of 30-40 basis points and gross margins to be up 20-40 basis points in Q3. ANALYST OPINION: Two days ago, Canaccord said that they were positive on Foot Locker prior to Q2 earnings results since they foresaw the results to be "solid." The firm felt that the retailer was "well-positioned" to still benefit from its target of expanding toward casual athletic footwear. The firm maintained a $56 price target on Foot Locker with a Buy rating. Yesterday, UBS increased its price target on Foot Locker to $58 from $54 right before the retailer announced its Q2 results. The firm anticipated higher than expected earnings, positive SSS trends and the potential for increased guidance and valuation. UBS kept Foot Locker with a Buy rating. OTHERS TO WATCH: Foot Locker competitor Finish Line (FINL) is scheduled to report its Q2 quarter earnings on September 25. PRICE ACTION: During morning trading, Foot Locker shares rose $1.60 or just over 3%, to $54.17, and Finish Line shares rose 19c, or 0.65%, to $29.62.
News For FL;FINL From The Last 14 Days
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October 8, 2015
10:00 EDTFLOn The Fly: Analyst Initiation Summary
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07:59 EDTFLFoot Locker initiated with a Buy at Argus
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October 2, 2015
10:00 EDTFINLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alexion (ALXN) upgraded to Overweight from Equal Weight at Morgan Stanley... BlackRock (BLK) upgraded to Buy from Neutral at UBS... Dunkin' Brands (DNKN) upgraded to Outperform from Underperform at CLSA... EnPro (NPO) upgraded to Buy from Neutral at Sidoti... Finish Line (FINL) upgraded to Neutral from Sell at Goldman... FutureFuel (FF) upgraded to Buy from Neutral at Roth Capital... Google (GOOG) upgraded to Outperform from Perform at Oppenheimer... Johnson Controls (JCI) upgraded to Buy from Neutral at Nomura... Kennametal (KMT) upgraded to Neutral from Underperform at BofA/Merrill... Lufthansa (DLAKY) upgraded to Buy from Hold at HSBC... Martin Marietta (MLM) upgraded to Buy from Neutral at Longbow... Northern Trust (NTRS) upgraded to Neutral from Sell at UBS... PMC-Sierra (PMCS) upgraded to Positive from Neutral at Susquehanna... Pfizer (PFE) upgraded to Overweight from Equal Weight at Morgan Stanley... Realogy (RLGY) upgraded to Buy from Neutral at Citi... Sarepta (SRPT) upgraded to Outperform from Neutral at Wedbush... Summit Materials (SUM) upgraded to Buy from Neutral at Goldman... TreeHouse (THS) upgraded to Buy from Neutral at BofA/Merrill... Vertex (VRTX) upgraded to Overweight from Equal Weight at Morgan Stanley.
05:42 EDTFL, FINLFinish Line upgraded to Neutral from Sell at Goldman
Goldman Sachs analyst Taposh Bari upgraded Finish Line (FINL) to Neutral citing two years of share underperformance. Since Bari downgraded the shoe retailer to Sell on October 1, 2013, the stock is down 24% versus a gain of 13% for the S&P 500 Index. More negative estimate revisions are likely already being priced into shares at current levels, Bari tells investors in a research note. The analyst sees greater risk at Sell-rated Foot Locker (FL). He keeps a $20 price target for shares of Finish Line. The stock closed yesterday down 38c to $18.92.
September 30, 2015
16:18 EDTFLFoot Locker provides pension plan litigation update
Foot Locker announced that it intends to appeal a U.S. District Court decision issued late yesterday in favor of the plaintiff in the case of Osberg v. Foot Locker, Inc., et al., which involves claims related to the conversion of the company's pension plan in 1996 to a defined benefit plan with a cash balance formula. The company disagrees with the decision. Although it cannot predict the outcome of any appeal, the company continues to believe, as previously indicated in its public filings on Forms 10-Q and 10-K, that the potential plan funding implications of this decision will not have a material adverse effect on the company's consolidated financial position, liquidity, or results of operations, as a whole. Given the company's intention to appeal, no further comments on this case from the company or its executives will be available until further notice.
September 28, 2015
07:25 EDTFINLFinish Line selloff Friday overdone, says FBR Capital
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September 25, 2015
16:17 EDTFINLOn The Fly: Top stock stories for Friday
Stocks opened with sharp gains the day after Fed Chair Janet Yellen gave some clarity to the market by suggesting the Fed will most likely raise interest rates by the end of the year. During afternoon trading, the news flow slowed and the volume lightened on the buy side, leaving the sellers with the upper hand. The Nasdaq was the first index to move into negative territory, led by broad weakness in biotech stocks, while the Dow was helped to stay in the green by a big post-earnings move higher in Nike (NKE). The averages limped into the close, leaving the market with an interesting set-up to begin next week. Outside of stock news, it was certainly a headline packed day, as Speaker of the House John Boehner announced that he will resign at the end of October, Chinese President Xi Jinping continued his U.S. visit and Pope Francis addressed the United Nations while spending a second day in New York City. ECONOMIC EVENTS: In the U.S., the third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... Federal Reserve Chair Janet Yellen said during a speech at UMass Amherst last night that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago. Of note, the Fed chair paused multiple times toward the end of her speech and received medical attention afterward, but returned to her regular schedule later in the evening, with the bank explaining that Yellen was dehydrated after a long day but was otherwise fine. COMPANY NEWS: Nike jumped $10.23, or 8.9%, to $125.02 after Thursday night's report of better than expected earnings and futures orders prompted numerous price target hikes at Street research firms. Additionally, Sterne Agee upgraded Nike to Buy from Neutral, saying it thinks the company is benefiting from its "global grass roots engagement with its customers," which enables it to meet its customers' needs and determine to what extent it can raise prices. The firm, which thinks that the company is continuing to gain share, has a $150 price target on the athletic gear giant... Biotech stocks, which were already having a bad week, ended the week on a down note, as the iShares NASDAQ Biotechnology Index (IBB) fell 4.9%, giving it a weekly decline of about 13%. Among the biggest large-cap losers in the space were Vertex (VRTX), which fell 7%, Regeneron (REGN), which dropped 6% and Celgene (CELG), which slid 4.8%. MAJOR MOVERS: Among the notable gainers was Jabil Circuit (JBL), which advanced $2.38, or 12.2%, to $21.88 after it reported higher than expected earnings and gave guidance for its November quarter that was significantly above expectations. Also higher was Cirrus Logic (CRUS), which gained $3.90, or 14.4%, to $31.03 after tear downs of Apple's (AAPL) iPhone 6S and 6S Plus led analysts to conclude that the chipmaker appears poised to obtain more revenue from the new devices than from the previous generation of the market-leading smartphone. Among the noteworthy losers was Finish Line (FINL), which fell $4.86, or 19.6%, to $19.91 after reporting second quarter revenue that missed expectations and saying it expects adjusted earnings this fiscal year to increase in a low single to mid single digits percentage from last year. Also lower following its earnings report was smartphone and software maker BlackBerry (BBRY), which slid 7.68% to $6.49 after the company posted a second quarter loss that was steeper than analysts expected. BlackBerry also confirmed press reports that it plans to launch a new phone that uses Google's (GOOG) Android operating system instead of its own proprietary BB10 OS. Shares of Aratana Therapeutics (PETX), which dropped $6.81, or 38.97%, to $10.68 after the company said that, based on "mixed clinical and scientific results," it does not believe that canine lymphoma products AT-004 and AT-005 in their current, first-generation forms will capture the desired lymphoma market opportunity. INDEXES: The Dow rose 113.35, or 0.7%, to 16,314.67, the Nasdaq fell 47.98, or 1.01%, to 4,686.50, and the S&P 500 added/slipped 0.90, or 0.05%, to 1,931.34.
10:12 EDTFINLHigh option volume stocks
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09:59 EDTFINLFinish Line tumbles after results
Shares are down over 13% to $21.48 at time of writing. At that price next support is at $20.82. Resistance is at $22.27.
08:58 EDTFINLFinish Line sees ability to increase gross margins in 2H
08:58 EDTFINLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nike (NKE), up 8% after last night's better than expected earnings report and futures orders prompted numerous price target hikes at Street research firms. Among them, Deutsche Bank raised it price target on Nike shares to $140 and UBS bumped its target up to $137... Jabil Circuit (JBL), up 9%... BlackBerry (BBRY), up 1%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 67% after announcing data from an interim analysis of the company's Phase 2 long-term extension study of INOpulse for the treatment of Pulmonary Arterial Hypertension... Marvell (MRVL), up 5% after announcing a global headcount reduction, plans to downsize its mobile platform business... PayPal (PYPL), up 3% after being initiated with a Buy rating at Canaccord. DOWN AFTER EARNINGS: Pier 1 Imports (PIR), down 15% after Q2 results, FY16 guidance cut... Finish Line (FINL), down 5.5%. ALSO LOWER: Internap (INAP), down 17% after cutting its revenue forecast and having its shares downgraded at Oppenheimer.
08:53 EDTFINLFinish Line says September comps month to date up low single digits
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07:10 EDTFINLFinish Line sees FY16 adjusted EPS up in low single to mid single digits
Sees FY16 adjusted EPS to increase in low single to mid single digits vs. FY15 adjusted EPS of $1.67, consensus $1.80. Sees FY16 comparable sales to be up in low single to mid single digit range.
07:08 EDTFINLFinish Line reports Q2 EPS 57c, consensus 57c
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September 24, 2015
19:52 EDTFINL, FLAthletic footwear stocks higher after Nike's earnings report
Athletic footwear makers Skechers USA (SKX) and adidas (ADDYY), sports apparel maker Under Armour (UA), and shoe retailers Foot Locker (FL) and Finish Line (FINL) were all higher in after-hours trading after Nike (NKE) reported better-than-expected first quarter results. WHAT'S NEW: After the bell, Nike reported Q1 earnings per share and revenue of $1.34 and $8.4B, respectively, versus analyst expectations of $1.19 and $8.22B. The company added that it saw mid-single digit revenue growth in both the second quarter and for fiscal year 2016, as well as Q2 gross margins expanding by 25 bps and FY16 gross margins expanding by 50 bps. PRICE ACTION: Nike rose about 8% in after-hours trading, while Skechers USA gained just over 2%, adidas rose fractionally, Under Armour was higher by 2%, Foot Locker gained 1.5%, and Finish Line was up almost 6%.
15:00 EDTFINLNotable companies reporting before tomorrow's open
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