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June 3, 2014
10:38 EDTINCY, CONN, ANF, GES, GLNG, RMTI, KORS, BIG, EXPR, GDPOptions with decreasing implied volatility
Options with decreasing implied volatility: GDP RMTI ANF EXPR GLNG CONN BIG GES INCY KORS
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October 13, 2015
10:27 EDTGESGuess downgraded to Hold from Buy at Standpoint Research
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07:34 EDTINCYIncyte, Merck expand clinical partnership towards Phase 3 Keytruda study
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October 9, 2015
13:56 EDTGDPAllianz Global reports 16.2% passive stake in Goodrich Petroleum
11:32 EDTGES, ANFGap sinks to 52-week low after September SSS fall 1%
Shares of casual apparel retailer GAP (GPS) are sinking after the company's September same-store sales fell 1%. WHAT'S NEW: After the close on Thursday, Gap reported that net sales for the five-week period ended October 3 decreased 1% to $1.46B, compared with net sales of $1.48B for the five-week period ended October 4, 2014. On a constant currency basis, September net sales increased 2% compared with last year. Gap's comparable sales for September were down 1% versus flat last year. The company's comparable sales by global brand for September were as follows: Gap Global were flat versus (3%) last year; Banana Republic Global were (10%) versus 2% last year; Old Navy Global were 4% versus 1% last year. CFO Sabrina Simmons noted, "While September proved challenging, our leadership teams remain focused on taking the necessary steps to improve performance." WHAT'S NOTABLE: Gap now expects its gross margin rate for the third quarter to be similar to the second quarter. ANALYST REACTION: Friday morning, research firm MKM Partners downgraded Gap to Neutral from Buy and lowered its price target to $29 from $40. Analyst Roxanne Meyer said the Q3 shortfall was likely across all brands and significantly cut sales and margin estimates. Meyer said the Old Navy September comp miss is likely more than weather and the drag from Banana Republic. PRICE ACTION: In late morning trading, Gap fell $1.75, or just over 6%, to $27.20 on heavy trading volume. Earlier in the session, the stock hit a fresh 52-week low of $26.50. Including the pull back, the shares have lost approximately 26% over the past year. OTHERS TO WATCH: Other apparel retailers include Urban Outfitters (URBN), down 1.3%, American Eagle Outfitters (AEO), down fractionally, Abercrombie & Fitch (ANF) down 2.4%, Buckle (BKE) down 1.3%, and Guess? (GES), down 1%.
07:01 EDTKORSMichael Kors trends decelerated through September, says Piper Jaffray
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October 8, 2015
09:20 EDTEXPRExpress outlook positive, says BMO Capital
After meeting with Express' management team, BMO Capital says that the company's management was upbeat. Based on the statements by management and its checks, BMO Capital thinks the company "has momentum" heading into the holiday season. It keeps a $21 price target and Outperform rating on the shares.
06:01 EDTCONNConn's reports September total net sales up 7.8% to $110.8M
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October 7, 2015
11:12 EDTKORSCiti favors lululemon in retailing, says sell Penny and Kors
Citi analyst Paul Lejuez rolled out coverage of 20 companies in the Specialty Retailing and Department Stores space, recommending to investors that they sell J.C. Penney (JCP) and Michael Kors (KORS) shares and buy stock in lululemon (LULU). SELL J.C. PENNEY: Commenting on the "stormy sector" in general terms, Lejuez said he believes challenges to the retail industry are here to stay, but that there are still stand-outs on both the positive and negative side. Regarding J.C. Penney specifically, Lejuez told investors that the company's management is in a "tough spot," as they need to recover from a prior failed strategy but don't have the needed cash flow to invest and win back customers. The analyst think Penney will see some improvement in the top line, but that any increases in operating cash flow as a result of sales and margin improvement will be matched by increased capital expenditures, meaning that free cash flow will be "elusive for the foreseeable future. Lejuez started shares of J.C. Penney with a Sell rating and $7 price target. SELL KORS: Among the 20 stocks he started coverage on in the space, Michael Kors was the only other Sell rating the analyst issued. Lejuez believes the company has overdistributed its brand and though U.S. comparable sales have just started to decline he thinks this decline will last for the "foreseeable future." Lejuez, who contends that Europe and wholesale may be next to deteriorate, set a $38 price target on the stock. BUY LULULEMON: Among the ten Buy rating issued this morning, Lejuez said his most preferred stock in the bunch is yoga apparel maker lululemon. The analyst thinks the "athleisure" retailer has moved beyond its prior product and public relations missteps and that its international opportunities will provide the next leg of growth for the company. The analyst, who expects double-digit sales growth for the next several years for lululemon, set a $69 price target on its shares. His other Buy-rated names, in order of preference, include TJX (TJX), Tiffany (TIF), Urban Outfitters (URBN) and Ross Stores (ROST). PRICE ACTION: In morning trading, J.C. Penney fell 2.7% to $9.52, Michael Kors slipped 0.3% to $43.24 and lululemon shares rose 2.2% to $52.86.
10:01 EDTKORS, ANFOn The Fly: Analyst Initiation Summary
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07:31 EDTKORSMichael Kors initiated with a Sell at Citi
Citi analyst Paul Lejuez started shares of Michael Kors with a Sell rating and $38 price target. The company's sales per square foot and EBIT margins "have a long way to fall," Lejuez tells investors in a research note. The analyst also started shares of J.C. Penney (JCP) this morning with a Sell rating.
07:22 EDTANFAbercrombie & Fitch initiated with a Neutral at Citi
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October 5, 2015
10:24 EDTGLNGOptions with decreasing implied volatility
Options with decreasing implied volatility: HZNP EMES BIB RJET VIX NVAX SRPT GLNG VRX
October 2, 2015
07:31 EDTINCYIncyte to present new data on immuno-oncology portfolio at SITC
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October 1, 2015
07:31 EDTINCYLeerink to hold a roundtable
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September 30, 2015
09:32 EDTGLNGGolar Cameroon FLNG project reaches major milestone
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08:30 EDTINCYIncyte to join Nasdaq-100 Index beginning Oct. 7, to replace Altera
Nasdaq yesterday announced that Incyte Corporation (INCY), will become a component of the NASDAQ-100 Index and the NASDAQ-100 Equal Weighted Index prior to market open on Wednesday, October 7, 2015. Incyte Corporation will replace Altera Corporation (ALTR). Incyte Corporation is headquartered in Palo Alto, California, and has a market capitalization of approximately $19B.
September 29, 2015
08:39 EDTRMTIRockwell Medical weakness creates buying opportunity, says Oppenheimer
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06:47 EDTINCYEli Lilly and Incyte's baricitinib Phase 3 study met primary objective
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