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Stock Market & Financial Investment News

News Breaks
September 19, 2013
06:17 EDTJCP, GGPGeneral Growth to pay $150M for J.C. Penny office building, NY Post reports
In Manhattan, General Growth Properties is buying J.C. Penney’s office building at 200 Lafayette St. from a Jared Kushner-led group for just over $150M, an all-cash deal, reports the NY Post.Reference Link
News For GGP;JCP From The Last 14 Days
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February 5, 2016
12:51 EDTGGPBrookfield Property CEO denies interest in General Growth, Real Deal says
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08:02 EDTJCPJ.C. Penney pursues sale of home office campus
J.C. Penney announced that it is pursuing the potential sale and partial leaseback of its Home Office building in Plano, Texas as part of an ongoing effort to reduce outstanding debt and effectively manage expenses. A combination of favorable market conditions and a surplus of available square footage within the building make this an attractive real estate opportunity for the company. It is expected that the cost of leasing space within the building would be offset by a reduction in maintenance costs, property taxes and interest expense as a result of paying down debt with proceeds from the transaction. CBRE Capital Markets has been selected to market the 1.8 million-square-foot, Class A office campus located in Legacy Business Park in Plano, Texas. The new owner will have the opportunity to market over 650,000 square feet of contiguous space within the coveted Legacy West submarket. These actions follow a decision in 2014 to contribute a significant portion of fringe land around the Home Office to a joint venture with a team of developers.
February 4, 2016
10:28 EDTJCPKohl's slumps after cutting forecast on lower than planned sales, margins
Shares of Kohl's (KSS) are plunging after the department store retailer cut its earnings per share guidance for fiscal year 2015 based on lower than planned sales for the quarter and "significantly" lower gross margins. WHAT'S NEW: Kohl's said this morning that comparable store sales for the fourth quarter increased 0.4%, with total quarterly sales rising 0.8%. The company said that despite a "very strong" holiday selling season, sales were "very volatile and less than planned" in the quarter. Additionally, Kohl's said the holiday season results were offset by a "very slow start" to Q4 in November as well as a weaker than expected January due to soft demand for cold-weather goods that led to lower store traffic. Looking ahead, Kohl's cut its FY15 EPS view to $3.95-$4.00, excluding losses from debt repayment, against analysts' consensus estimate of $4.30. Kohl's previously expected FY15 EPS to be at the low end of its $4.40-$4.60 range. Kohl's said it lowered its guidance as a result of lower than expected quarterly sales and "significantly lower than planned" gross margin. Kohl's is expected to report Q4 results on February 25. WHAT'S NOTABLE: Kohl's is considering whether to hire an investment bank to advise the company on alternatives including going private or a break up, The Wall Street Journal reported on January 11, citing a source. Kohl's executives are said to be open to a strategic review, the source said. ALSO NOTABLE: Retailer Ralph Lauren (RL) this morning said that while international net revenue grew 6% in constant currency in its third quarter, North America revenue declined 4%, due in part to warmer temperatures for the fall and holiday season. ANALYST OPINIONS: Buckingham yesterday upgraded Kohl's to Buy from Neutral, as the firm expected Kohl's SSS to rise by a low single digit percentage level in Q4. Analysts at Stifel said on January 11 that Kohl's could be worth as much as $95 in a takeover. PRICE ACTION: Kohl's is down over 14% to $43.72 in morning trading. OTHERS TO WATCH: Ralph Lauren is down over 17.5% to trade near $95 per share. Department store peers Macy's (M) and J.C. Penney (JCP) are down 3% and 2%, respectively, this morning.
February 3, 2016
16:40 EDTGGPOn The Fly: Top stock stories for Wednesday
Stocks began the session in positive territory but were unable to hold their early gains. Following larger than expected builds in energy inventories, oil moved lower, taking equities with it. By the noon hour oil prices recovered and moved higher once again, helping to lift equities. While oil prices continued their advance and moved up more than 7%, stocks lagged, especially the Nasdaq, which was down as much as 1.5% this afternoon. That changed in the last hours of trading, which saw the Dow spurt higher and the Nasdaq recover most of its losses heading into another heavy dose of corporate earnings reports after the close. ECONOMIC EVENTS: In the U.S., ADP estimated that private payrolls grew by 205,000 jobs in January, topping the consensus forecast for 190,000 job additions. Markit's services PMI came in at 53.2, versus the consensus 53.7 forecast. The Institute for Supply Management's non-manufacturing index came in at 53.5 for January, down from 55.3 in the previous month and below the 55.1 reading forecast by analysts. In Asia, the Caixin services PMI for China climbed to 52.4 in January from 50.2 in December, while Japan's services PMI rose to 52.4 from 51.5 in the prior month. Additionally, China's National Development and Reform Commission set its economic growth projection range for this year at 6.5%-7%, noting that attempts to curb overcapacity will increase unemployment in provinces with high output of steel and coal. In Europe, Markit's composite purchasing managers index for January declined to 53.6 from 54.3 in December. COMPANY NEWS: Shares of Yahoo (YHOO) declined 4.75% to $27.68 after the embattled Internet company reported fourth quarter results and announced plans to simplify its product portfolio and reduce its workforce by roughly 15%. Maynard Webb, Yahoo's chairman, said the board is committed to its turnaround efforts and supportive of management's plan, but also believes that exploring additional strategic alternatives is in the best interest of its shareholders... Chipotle Mexican Grill (CMG) fell 2.89% to $461.92 after reporting lower than expected revenue and a 14% plunge in same-store sales for the quarter. Adding to the negative headlines, the restaurant operator also disclosed a subpoena broadening the scope of a criminal investigation that was previously limited to a single Chipotle location in California. Also punished by food safety worries were shares of Buffalo Wild Wings (BWLD), which slid 4.24% to $143.64 after one of its restaurants was named a suspected source of new norovirus-like cases in suburban Kansas City, though the company disputed a link between its location and the illnesses. The stock continued to move lower in after-hours trading following the company's earnings report and lower than expected guidance... Merck (MRK) was one of the worst performers on the Dow, dipping to as low as $48.58 before ending the day down 0.7% at $50.04 after its earnings narrowly topped estimates but guidance for the new year fell short of expectations. Among other large cap names reporting earnings this morning, Comcast (CMCSA) rose 5.95% following its report, while General Motors (GM) slid 2.43%. MAJOR MOVERS: Among the notable gainers was Autodesk (ADSK), which rallied 8% to $49.56 after announcing a restructuring plan that will see its workforce cut by roughly 10%. Also higher was Angie's List (ANGI), which jumped 13.53% to $9.48 after the New York Post reported that InterActiveCorp (IAC) is preparing a "big run" to acquire the company. In addition, Syngenta (SYT) rose 2% to $80.21 after receiving a $43B-plus takeover offer from ChemChina. Among the noteworthy losers was Lowe's (LOW), which fell 6.2% to $67.42 after agreeing to acquire Canada's RONA in a deal valued at $2.3B. Also lower was Barnes & Noble (BKS), which declined 9.6% to $7.32 after mall operator General Growth (GGP) said during a conference call that Amazon (AMZN) plans to open 300-400 physical bookstores. After the closing bell, General Growth CEO Sandeep Mathrani indicated that his previous statement "was not intended to represent Amazon's plans." Meanwhile, Marathon Petroleum (MPC), Mondelez (MDLZ) and Match Group (MTCH) lost 7.6%, 6.5% and 12.6%, respectively, following their quarterly reports. INDEXES: The Dow rose 183.12, or 1.13%, to 16,336.66, the Nasdaq fell 12.71, or 0.28%, to 4,504.24, and the S&P 500 advanced 9.50, or 0.5%, to 1,912.53.
16:04 EDTGGPGeneral Growth CEO says that statement not intended to represent Amazon plans
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February 2, 2016
16:56 EDTGGPAmazon plans to open 300-400 bookstores, mall operator says
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06:55 EDTJCPPiper reiterates J.C. Penney as top pick for 2016
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February 1, 2016
16:04 EDTGGPGeneral Growth sees FY16 company FFO $1.52-$1.56, consensus $1.55
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16:03 EDTGGPGeneral Growth sees Q1 company FFO 34c-36c, consensus 35c
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16:03 EDTGGPGeneral Growth reports Q4 company FFO 43c, consensus 42c
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January 29, 2016
10:05 EDTJCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Atlassian (TEAM) upgraded on positive outlook at JMP Securities... BRF S.A. (BRFS) upgraded to Buy from Hold at Deutsche Bank... Bank of America (BAC) upgraded to Outperform from Sell at CLSA... CEMEX (CX) upgraded to Buy from Hold at Jefferies... Chemical Financial (CHFC) upgraded to Outperform from Market Perform at Fig Partners... Computer Programs (CPSI) upgraded to Buy from Hold at Topeka... DST Systems (DST) upgraded to Outperform at Baird... Diamond Offshore (DO) upgraded to Neutral from Sell at Citi... First Cash Financial (FCFS) upgraded to Buy from Neutral at Janney Capital... First Merchants (FRME) upgraded to Overweight from Equal Weight at Stephens... Flex (FLEX) upgraded on solid results at Stifel... Intercept (ICPT) upgraded to Equal Weight from Underweight at Morgan Stanley... J.C. Penney (JCP) upgraded to Neutral from Underperform at Credit Suisse... JetBlue (JBLU) upgraded to Buy from Hold at Evercore ISI... Juniper (JNPR) upgraded to Outperform from Market Perform at Bernstein... Live Oak Bancshares (LOB) upgraded to Buy from Neutral at SunTrust... Microsemi (MSCC) upgraded to Outperform from Market Perform at Wells Fargo... NetSuite (N) upgraded to Buy from Hold at Canaccord... NextEra Energy (NEE) upgraded to Outperform at Baird... Oshkosh (OSK) upgraded to Buy from Neutral at SunTrust... PC Connection (PCCC) upgraded to Market Perform from Underperform at Raymond James... Pinnacle Financial (PNFP) upgraded to Overweight from Equal Weight at Stephens... Potash (POT) upgraded to Outperform from Sector Perform at Scotiabank... Rayonier (RYN) upgraded on valuation at BMO Capital... SanDisk (SNDK) upgraded to Buy from Hold at Needham... Select Comfort (SCSS) upgraded to Outperform from Neutral at Wedbush... Sotherly Hotels (SOHO) upgraded to Buy from Neutral at Janney Capital... Textura (TXTR) upgraded to Outperform from Market Perform at Northland... Valley National (VLY) upgraded to Buy from Hold at Sandler O'Neill.
09:21 EDTJCPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Gigamon (GIMO), up 17.7%... Fortinet (FTNT), up 10%... Flextronics (FLEX), up 10%... Skyworks (SWKS), up 5.7%... Seagate Technology (STX), up 4.9%.. Microsoft (MSFT), up 4.6%. ALSO HIGHER: Inovio Pharmaceuticals (INO), up 8.1% after CEO says Zika vaccine could enter human testing this year... J.C. Penney (JCP), up 2.1% after being upgraded to Neutral from Underperform at Credit Suisse... BRF S.A. (BRFS), up 3.1% after being upgraded to Buy from Hold at Deutsche Bank... Axiall (AXLL), up 83.4% after rejecting $20 per share acquisition proposal from Westlake Chemical (WLK)... Energous (WATT), up 12% after Bloomberg reported that Apple (AAPL) is working with partners in the U.S. and Asia to develop new wireless charging technology. DOWN AFTER EARNINGS: Amazon.com (AMZN), down 10.1%... Electronic Arts (EA), down 6.2%... AbbVie (ABBV), down 4%... American Airlines (AAL), down 1.3%. ALSO LOWER: Gilead Sciences (GILD), down 5.5% after CEO John Martin to assume role of executive chairman and COO John Milligan will be promoted to CEO.
06:40 EDTJCPJ.C. Penney upgraded to Neutral from Underperform at Credit Suisse
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January 28, 2016
15:50 EDTGGPBrookfield considering 'go-private' bid for General Growth, Reuters reports
Brookfield Asset Management (BAM), which already owns around 34% of General Growth Properties (GGP), has approached potential investment partners to discuss possibly taking the mall operator private, Reuters reported, citing people familiar with the matter. General Growth spiked as high as $29 per share immediately following the initial release of Reuters' report, but the stock has given up much of those gains to be up fractionally to $27.29 in late afternoon trading. Reference Link
15:28 EDTGGPGeneral Growth calls active on Brookfield said to explore acquisition
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15:22 EDTGGPGeneral Growth halted after 4.3% jump as Brookfield said to consider acquisition
15:20 EDTGGPBrookfield exploring acquisition of General Growth Properties, Reuters reports
January 26, 2016
10:00 EDTGGPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Amec Foster Wheeler (AMFW) downgraded to Hold from Buy at HSBC... CVR Refining (CVRR) downgraded to Sell from Neutral at Goldman... Cenovus Energy (CVE) downgraded to Neutral from Buy at UBS... Clean Harbors (CLH) downgraded to Underperform from Market Perform at Raymond James... Core Laboratories (CLB) downgraded to Reduce from Hold at HSBC... Delek US (DK) downgraded to Neutral from Buy at Goldman... Deutsche Post (DPSGY) downgraded to Underperform from Outperform at Credit Suisse... Disney (DIS) downgraded to Neutral on reduced ESPN forecasts at Atlantic Equities... Dorian LPG (LPG) downgraded to Market Perform from Outperform at Wells Fargo... Encana (ECA) downgraded to Neutral from Buy at UBS... Fortinet (FTNT) downgraded to Hold from Buy at Deutsche Bank... Fortune Brands (FBHS) downgraded to Neutral from Outperform at Credit Suisse... General Growth (GGP) downgraded to Equal Weight from Overweight at Barclays... Golden Ocean (GOGL) downgraded to Underweight from Neutral at JPMorgan... Grupo Mexico (GMBXF) downgraded to Neutral from Overweight at JPMorgan... Halliburton (HAL) downgraded to Hold from Buy at HSBC... Marketo (MKTO) downgraded to Underperform at BofA/Merrill... Navios Maritime (NM) downgraded to Neutral from Overweight at JPMorgan... NetSuite (N) downgraded to Underperform at BofA/Merrill... OM Asset Management (OMAM) downgraded to Equal Weight at Morgan Stanley... Paylocity (PCTY) downgraded to Underperform from Neutral at BofA/Merrill... Pennsylvania REIT (PEI) downgraded to Underweight from Equal Weight at Barclays... Pinnacle West (PNW) downgraded to Hold from Buy at Evercore ISI... Public Storage (PSA) downgraded to Equal Weight from Overweight at Barclays... Red Hat (RHT) downgraded to Neutral from Buy at BofA/Merrill... Regal Entertainment (RGC) downgraded on valuation at RBC Capital... Rouse Properties (RSE) downgraded to Equal Weight from Overweight at Barclays... Star Bulk Carriers (SBLK) downgraded to Neutral from Overweight at JPMorgan... Stratasys (SSYS) downgraded to Neutral from Overweight at JPMorgan... Subsea 7 (SUBCY) downgraded to Reduce from Hold at HSBC... US Ecology (ECOL) downgraded to Market Perform from Outperform at Raymond James... USG (USG) downgraded to Underperform from Neutral at Credit Suisse... Vornado (VNO) downgraded to Equal Weight from Overweight at Barclays... Weir Group (WEIGY) downgraded to Underperform from Hold at Jefferies.
05:44 EDTGGPGeneral Growth downgraded to Equal Weight from Overweight at Barclays
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January 25, 2016
09:38 EDTJCPJ.C. Penney upgraded to Mixed from Negative at OTR Global
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