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March 21, 2014
16:56 EDTTSLA, FDX, SCTY, NKE, FSLR, GMStocks close the week higher, Fed continues taper
Stocks on Wall Street finished the week higher after tensions appeared to ease somewhat regarding the situation in Ukraine, as the Federal Reserve announced it would taper its monthly rate of asset purchases by another $10B. MACRO NEWS: The Federal Reserve further reduced its pace of asset purchases by $10B per month, as it did at its previous two meetings, while also keeping benchmark interest rates between 0%-0.25%. In her first press conference as Fed Chair on Wednesday afternoon, Janet Yellen suggested that the Fed could begin to increase interest rates six months after it concludes asset purchases, which spooked markets and sent the indexes to their worst daily performance of the week... Earlier this week, Russian President Vladimir Putin said Russia had no intention of invading other parts of Ukraine following its annexation of Crimea, which aided in the indexes enjoying something of a relief rally early in the week... U.S. economic data reported this week, including industrial production and weekly jobless claims for February, came in better than expected. COMPANY NEWS: General Motors (GM) started the week with an announcement of new recalls involving about 1.5M vehicles, which would result in a $300M charge in the carmaker's first quarter. Despite the negative headlines, shares of GM closed the week up about 2.5% to close at $35.01... Two solar names, First Solar (FSLR) and Solar City (SCTY), saw shares go in different directions for the week. First Solar gave profit and sales outlooks for its fiscal years 2014 through 2016 at an analyst day presentation, and shares of the company finished the week up more than 30% to $73.37. Solar City, which is chaired by Tesla Motors (TSLA) CEO Elon Musk, saw its shares tumble after its first quarter outlook disappointed and the company said certain of its prior financial statement should no longer be relied upon... Dow member Nike (NKE) reported earnings that beat on both the top and bottom lines, but the athletic footwear and apparel maker said the devaluation in some emerging market currencies is likely to impact its reported sales, gross margin, and profit in its fiscal 2015, and shares of the company fell about 5% following the news. FedEx (FDX) also reported earnings earlier this week, with the shipping major's third quarter results missing analysts' expectations as the company said severe winter weather impacted results. INDEXES: The Dow was up 1.5% to 16,302.77, the S&P 500 was up 0.8% to 1,866.52, and the Nasdaq was up 1.4% to 4,276.79.
News For GM;NKE;FDX;FSLR;SCTY;TSLA From The Last 14 Days
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November 19, 2015
16:21 EDTNKENike announces $12B repurchase program, boosts dividend, two-for-one stock split
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16:17 EDTNKENike announces $12B repurchase program, boosts dividend, two-for-one stock split
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12:23 EDTNKESkechers announces 'favorable' ruling in Nike lawsuit
Skechers (SKX) announced that it has won a ruling over Nike's (NKE) wholly-owned subsidiary Converse relating to the Converse Chuck Taylor shoe. In a November 17 opinion, the Chief Administrative Law Judge of the ITC, the Honorable Charles Bullock, ruled that Skechers' Twinkle Toes and BOBS product lines do not infringe Converse's registered trademark for the Chuck Taylor midsole. In making his ruling, the Judge noted that both of the Skechers product lines feature prominent branding and that the Twinkle Toes line contains design features that "create enough differences that the shoes bearing them cannot be said to be similar to [the Chuck Taylor]." The Judge also stated that the survey evidence concluded that there was no likelihood that consumers would confuse the Skechers designs with those of Converse's Chuck Taylor designs. In addition, the Judge ruled that Converse has no common law trademark rights in the Chuck Taylor midsole because the design is not distinctive, not famous and has failed to acquire secondary meaning, Skechers said.
07:55 EDTGMGM's Reuss: Company 'deeply committed' to EVs, FT says
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November 18, 2015
10:29 EDTNKEOptions with increasing implied volatility
Options with increasing implied volatility: TERP CSC SGMS RH BBRY ULTA SNDK ORCL NKE VNET
09:32 EDTTSLA, GMThe House Oversight & Government Reform Committee to hold a hearing
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08:11 EDTSCTY, TSLAMusk, Silver Lake investing over $100M in SolarCity, NY Times reports
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07:57 EDTGMBarclays to hold a conference
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06:28 EDTTSLATesla Model 3 will minimize wind resistance, Electrek reports
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06:19 EDTFDXUPS, FedEx peers see business in bulky item deliveries, WSJ says
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November 17, 2015
13:29 EDTSCTY, FSLRSunEdison selloff continues, shares down 23%
Shares of SunEdison (SUNE) continue to be weak and are down 23% to $3.49 in afternoon trading. Dan Loeb's Third Point last night disclosed it no longer owns the stock while David Einhorn's Greenlight Capital disclosed a reduced stake. Deutsche Bank analyst Vishal Shah lowered his price target for SunEdison this morning to $16 saying language in Vivint Solar's (VSLR) quarterly filing around SunEdison debt financing could concern some investors. SunEdison's solar peers are also weak, with SunPower (SPWR), First Solar (FSLR) and SolarCity (SCTY) all in the red.
11:20 EDTTSLATesla in talks with Germany over battery factory, Bloomberg reports
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10:01 EDTNKEUnder Armour, Nike slide after Dick's outlook misses expectations
Shares of Under Armour (UA) and Nike (NKE) slipped after Dick's Sporting Goods (DKS) provided guidance for the fourth quarter and fiscal 2015 that both missed consensus estimates. WHAT'S NEW: Dick's Sporting Goods reported Q3 adjusted earnings per share of 45c on revenue of $1.64B, mostly in-line with analyst estimates of 47c on revenues of $1.64B. The company guided for Q4 EPS of $1.10-$1.25, short of the consensus estimate of $1.43. Dick's also said it anticipates FY15 adjusted EPS of $2.85-$3.00, lower than current analyst expectations of $3.19. STREET RESEARCH: Following the report, Baird analyst Justin Kleber said that Dick's Sporting Goods is the "strongest player" in its segment, which should enable the company to grow its sector-leading 10% market share at the expense of smaller competitors. The analyst added that profitability for the company should improve as volumes increase and as the company leverages its store base to fulfill further orders. Kleber said that Dick's Sporting Goods' e-commerce business will be more profitable than its brick-and-mortar business by 2017. The analyst maintained a Neutral rating and $48 price target on Dick's Sporting Goods' stock. PRICE ACTION: In morning trading, Dick's Sporting Goods dropped 17.5% to $33.67, while supplier Under Armour fell 5.6% to $84.95 and Nike was down 2% to $121.08. Dick's peers fell as well, with Finish Line (FINL) dropping 1%, Foot Locker (FL) slid 1.3% and Cabela's (CAB) dipping marginally in morning trading.
08:03 EDTFSLRSolar module makers outlook positive, says Bernstein
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November 16, 2015
11:30 EDTFSLRLoeb exits SunEdison while Deutsche says liquidity worries overdone
Deutsche Bank said that investors' fears that SunEdison (SUNE) will run out of liquidity are unfounded, as the solar energy company is not poised to suffer any liquidity events. Meanwhile, quarterly filings are showing that several prominent hedge funds have exited or trimmed their stakes in SunEdison and another firm downgraded the shares of a SunEdison subsidiary. LIQUIDITY WORRIES OVERDONE: Investors are worried about SunEdison's liquidity, but these fears are overdone, wrote Deutsche Bank analyst Vishai Shah. Only about $3B of the company's total $12B debt consists of recourse loans, the analyst stated. Additionally, in the near-term, investors are primarily worried about a $510M payment that SunEdison has to make in connection with its acquisition of the company Wind Energy, according to the analyst. Although SunEdison will not be able to sell its wind projects to TerraForm (TERP) due to the "disarray" of alternative energy financing markets, SunEdison will instead drop the projects into one of its warehouses, enabling it to recognize cash margins for the projects, the analyst explained. Additionally, the interest owed by SunEdison's project development company will only amount to about $150M, versus the $210M per quarter shown on its income statement, Shah stated. The discrepancy is due to the consolidation of its subsidiaries and the non-recourse debt it holds, he explained. Shah kept a $28 price target and Buy rating on SunEdison shares. HEDGE FUND UPDATES: Leon Cooperman's Omega Advisors lowered its stake in SunEdison last quarter, while Dan Loeb's Third Point sold its entire stake in the solar energy company last quarter, their quarterly filings disclosing their positions as of September 30 revealed. TERRAFORM DOWNGRADE: There is "substantial doubt" about TeraForm's ability to profitably buy assets from SunEdison or third parties, according to UBS analyst Julien Dumoulin-Smith. The analyst said he reached this conclusion because of TeraForm's 10%+ dividend yield and deteriorating balance sheet. Given the yieldco's recently revealed need to invest significantly more capital in projects than expected, its balance sheet will be more stressed than he had predicted, the analyst explained. Dumoulin-Smith lowered his price target on TerraForm to $14 from $30 and downgraded the stock to Neutral from Buy. ANOTHER TO WATCH: After meeting with First Solar's (FSLR) management last week, Shah wrote today that he was more confident about the company's upcoming products and earnings. Although investors are concerned about the company's 2017 earnings outlook, its 2017 earnings should grow to over $4 per share that year, he believes. Among the factors that will increase First Solar's profits are cost reductions, capacity expansion, and strong backlog growth, he believes. Shah kept a Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison fell 8% to $4.53, TerraForm sank 9% to $12.56 after earlier reaching a 52-week low of $12.51 earlier in the session and First Solar was fractionally higher at $52.90.
09:59 EDTGMOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:37 EDTFDX, TSLAActive equity options trading on open
Active equity options trading on open: AAPL FB ORCL BAC SUNE FDX FCX EXPE NFLX MU AMZN INTC TSLA
07:36 EDTGMBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
05:09 EDTNKEStocks with implied volatility movement; TJX NKE
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November 15, 2015
17:25 EDTGMUAW union in talks with General Motors regarding proposed agreement
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