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Stock Market & Financial Investment News

News Breaks
August 22, 2014
10:48 EDTFL, FINLFoot 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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March 27, 2015
09:16 EDTFINLFinish Line says 'committed' to active share buyback program
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09:10 EDTFINLFinish Line sees continued pressures in 1H that will pressure EPS 'to a degree'
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09:03 EDTFINLFinish Line sees headwinds to product margins in 1H
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09:01 EDTFINLFinish Line sees Macy's business generating $240M-$250M in FY sales
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08:56 EDTFINLFinish Line says Macy's partnership on the way to exceeding long-term vision
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07:08 EDTFINLFinish Line board authorizes 5M share repurchase plan
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07:07 EDTFINLFinish Line sees FY15 EPS growth in low-single to mid-single digit range
FY15 EPS consensus $1.66. Company expects FY15 comparable store sales up in low single to mid single digit range.
07:05 EDTFINLFinish Line reports Q4 adjusted EPS 88c, consensus 85c
Reports Q4 revenue $551.35M, consensus $550.34M. Reports Q4 Finish Line comparable store sales increased 2.6%.
March 26, 2015
15:20 EDTFINLNotable companies reporting before tomorrow's open
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March 25, 2015
13:23 EDTFINLFinish Line volatility elevated into Q4 and outlook
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10:00 EDTFINLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AB InBev (BUD) downgraded to Reduce from Overweight at HSBC... BreitBurn Energy (BBEP) downgraded to Sell from Neutral at UBS... DiamondRock (DRH) downgraded to Reduce from Neutral at SunTrust... Ethan Allen (ETH) downgraded to Hold from Buy at Gabelli... Felcor Lodging (FCH) downgraded to Neutral from Buy at SunTrust... Finish Line (FINL) downgraded to Neutral from Buy at B. Riley... Hannover Re (HVRRY) downgraded to Sell from Hold at Deutsche Bank... Hersha Hospitality (HT) downgraded to Reduce from Neutral at SunTrust... Host Hotels (HST) downgraded to Reduce from Neutral at SunTrust... ING Groep (ING) downgraded to Neutral from Buy at Goldman... Informatica (INFA) downgraded to Neutral from Buy at Mizuho... Kofax (KFX) downgraded to Hold from Buy at Canaccord... LRR Energy (LRE) downgraded to Sell from Neutral at UBS... LaSalle Hotel (LHO) downgraded to Reduce from Neutral at SunTrust... Munich Re (MURGY) downgraded to Sell from Hold at Deutsche Bank... Orbital ATK (OA) downgraded to Market Perform from Outperform at Wells Fargo... PCTEL, Inc. (PCTI) downgraded to Neutral from Buy at B. Riley... Quest Diagnostics (DGX) downgraded to Hold from Buy at Deutsche Bank... SJW Corp. (SJW) downgraded to Neutral from Outperform at RW Baird... Selective Insurance (SIGI) downgraded to Neutral from Buy at BofA/Merrill... Sonus (SONS) downgraded to Hold from Buy at Wunderlich... Starwood (HOT) downgraded to Neutral from Buy at SunTrust... Synchrony Financial (SYF) downgraded to Neutral from Buy at BofA/Merrill... Tesla (TSLA) downgraded to Underperform from Outperform at CLSA... Twitter (TWTR) downgraded to Hold from Buy at Pivotal Research... ZAGG (ZAGG) downgraded to Market Perform from Outperform at Northland... iDreamSky (DSKY) downgraded to Neutral from Overweight at JPMorgan.
08:48 EDTFINLFinish Line downgraded to Neutral from Buy at B. Riley
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06:18 EDTFINLFinish Line downgraded to Neutral from Buy at B. Riley
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March 24, 2015
11:05 EDTFLFoot Locker management to meet with Jefferies
Meeting to be held in Los Angeles on March 27 hosted by Jefferies.
March 17, 2015
10:42 EDTFLFoot Locker management to meet with Sterne Agee
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07:30 EDTFLFoot Locker analyst day highlighted growth strategies, says UBS
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06:13 EDTFLFoot Locker analyst day removes uncertainty, says Citigroup
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06:04 EDTFLFoot Locker to exit Lady Foot Locker business slowly, TheStreet says
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March 16, 2015
17:04 EDTFLFoot Locker announces updated strategic priorities
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17:02 EDTFLFoot Locker raises long term financial objectives
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