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Stock Market & Financial Investment News

News Breaks
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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November 21, 2014
15:57 EDTFLFoot Locker weakness a buying opportunity, says Jefferies
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15:05 EDTFLFoot Locker reverses to session lows in last hour of trading
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10:03 EDTFLFoot Locker says constantly looking at M&A opportunities
09:20 EDTFLFoot Locker sees Q4 SSS gain in the mid-single digits
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09:17 EDTFLOn The Fly: Pre-market Movers
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07:01 EDTFLFoot Locker reports Q3 EPS 83c, consensus 79c
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November 20, 2014
15:28 EDTFLNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Foot Locker (FL), consensus 79c; ANN Inc. (ANN), consensus 68c; Hibbett Sports (HIBB), consensus 62c; Berry Plastics (BERY), consensus 37c; Sirona Dental Systems (SIRO), consensus 90c.
07:25 EDTFLFoot Locker volatility increases into Q3 and outlook
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November 17, 2014
15:22 EDTFLFoot Locker volatility increases into Q3 and outlook
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November 11, 2014
07:49 EDTFINLBofA/Merrill retail and consumer analysts hold analyst/industry conference call
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November 10, 2014
05:48 EDTFINLU.S. Retail Softlines industry cut to Negative at Barclays
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November 7, 2014
10:00 EDTFL, FINLOn The Fly: Analyst Initiation Summary
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09:40 EDTFLFoot Locker upgraded to Positive from Mixed at OTR Global
06:51 EDTFLFoot Locker initiated with a Market Perform at FBR Capital
Target $54.
06:51 EDTFINLFinish Line initiated with a Market Perform at FBR Capital
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