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Stock Market & Financial Investment News

News Breaks
August 21, 2014
16:01 EDTGPSGap reports Q2 EPS 75c, consensus 69c
Reports Q2 revenue $3.98B, consensus $3.96B. Reports Q2 SSS flat vs. last year.
News For GPS From The Last 14 Days
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June 26, 2015
14:25 EDTGPSGap to take over Toys R Us location in Times Square, CNBC reports
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June 25, 2015
10:00 EDTGPSOn The Fly: Analyst Initiation Summary
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08:45 EDTGPSGap initiated with a Hold at BB&T
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June 19, 2015
16:24 EDTGPSStocks end week higher after Fed reassures on gradual pace of rate increases
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June 16, 2015
16:24 EDTGPSOn The Fly: Top stock stories for Tuesday
Stocks began the day slightly lower but began to move higher shortly after the open. The market began to drift higher before the noon hour as European markets closed in positive territory. Investors are now looking toward and positioning ahead of the week's big event, namely tomorrow's scheduled policy announcement from the Federal Reserve and the associated press conference by Chairwoman Janet Yellen. ECONOMIC EVENTS: In the U.S., housing starts were down 11.1% to a 1.036M rate in May, versus expectations for a decline of 4%. Building permits were up 11.8% to a 1.275M rate, versus expectations for a decline of 3.5% in May. In Europe, the ZEW index of economic sentiment in Germany plunged to 31.5 this month from a reading of 41.9 in May. COMPANY NEWS: Gap (GPS) held its annual investor meeting today, but made its big news last night prior to the meeting by announcing that it will close about 175 of its namesake brand's stores in North America over the next few years. Gap estimated an annualized sales loss of approximately $300M associated with the closures and sees one-time costs primarily associated with these actions to be in the range of approximately $140M-$160M, the company noted. Gap shares advanced 55c, or 1.44%, to $38.75 following the announcement and meeting... Kirk Kerkorian, the founder of MGM Resorts (MGM) and one of the company's largest shareholders, died Monday night, the company confirmed. Kerkorian owned Tracinda Corporation, a private investment firm that disclosed a 16.19% stake in MGM Resorts and stated that its position in the common stock became subject to the terms of Kerkorian's will upon his death. The will instructs the executor of Kerkorian’s estate, Anthony Mandekic, to execute an orderly disposition of Tracinda’s position in the common stock, the firm stated. MAJOR MOVERS: Among the notable gainers was Coty (COTY), which advanced $5.04, or 19.35%, to $31.09 after The New York Post and Reuters reported that the company had won an auction to buy three Procter & Gamble (PG) beauty businesses valued at $12B. Shares of P&G, meanwhile, added 98c, or 1.25%, to $79.10 following the reports. Also higher were shares of NCR Corp. (NCR), which rose $3.36, or 10.71%, to $34.73 after Reuters reported that private equity firms Blackstone (BX) and Carlyle Group (CG) are planning to jointly bid for the company in a deal that could be worth over $10B, including debt. Among the noteworthy losers was Avalanche Biotechnologies (AAVL), which dropped $21.83, or 56.15%, to $17.05 after the company reported the results of a study of its AVA-101 drug for wet age-related macular degeneration, or wet AMD. Also lower were shares of Oshkosh (OSK), which fell $3.59, or 7.14%, to $46.71 after cutting its FY15 adjusted EPS view to $3.75-$4.00 from $4.00-$4.25, noting that sales and earnings for its third quarter, principally in its access equipment segment, have been hurt by several factors including severe weather conditions, potential rental industry consolidation and, to a lesser extent, new product launch delays. INDEXES: The Dow rose 113.31, or 0.64%, to 17,904.48, the Nasdaq added 25.58, or 0.51%, to 5,055.55, and the S&P 500 gained 11.86, or 0.57%, to 2,096.29.
14:49 EDTGPSGap says Old Navy 'hitting' planned financial model
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14:47 EDTGPSGap CEO says creating common product operating model for company
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12:31 EDTGPSGap says some real estate was not representative of brand
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12:23 EDTGPSGap CEO says 'very bullish' on Banana Republic
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12:15 EDTGPSGap CEO says 'hates' to close stores
Gap says "hates" to close stores but remaining fleet will be in the correct real estate. Comments from company Investor Day.
12:09 EDTGPSOn The Fly: Top stock stories at midday
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08:22 EDTGPSGap restructuring 'necessary and positive,' says FBR Capital
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07:51 EDTGPSGap volatility at 29 into announcing it will close about 175 stores
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June 15, 2015
19:00 EDTGPSOn The Fly: After Hours Movers
HIGHER: Aerie Pharmaceuticals (AERI), up 41.2% after receiving clearance to change endpoint in Rhopressa trial... Gap (GPS), up 1.3% after announcing it will close about 175 stores in North America... Under Armour (UA), up marginally after board approves creating of non-voting Class C common stock. DOWN AFTER EARNINGS: Capstone Turbine (CPST), down 16.2%... Profire Energy (PFIE), down 12.3%. ALSO LOWER: Avalanche Biotechnologies (AAVL), down 39% following results of Phase 2a study of AVA-101... Tahoe Resources (TAHO), down 7.4% after filing to sell 58.1M shares owned by Goldcorp (GG)... Crossamerica Partners (CAPL), down 6.3% after filing to sell 4.6M common units for limited partners.
16:35 EDTGPSGap up 1.3% after announcing it will close about 175 stores in North America
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16:05 EDTGPSGap backs FY15 EPS view of $2.75-$2.80, consensus $2.77
Excluding the estimated pre-tax costs of $140M-$160M, or approximately 21c-24c per diluted share, the company is reaffirming its guidance for FY15 to be in the range of $2.75-$2.80. This guidance is provided to enhance visibility into the company’s expectations regarding its ongoing business excluding the Gap brand optimization effort.
16:03 EDTGPSGap sees annualized sales loss of about $300M associated with store closures
Gap estimates an annualized sales loss of approximately $300M associated with the store closures. Additionally, the company estimates one-time costs primarily associated with these actions to be in the range of approximately $140M-$160M, of which about $55M-$75M is non-cash. These costs are expected to be recognized primarily in the second quarter of fiscal year 2015 and include lease buyouts, asset impairments primarily related to the Gap fleet, inventory and fabric write-offs, and employee related costs associated with organizational changes. The company estimates annualized savings from these actions to be approximately $25M, beginning in 2016.
16:02 EDTGPSGap announces strategic initiatives, to close about 175 stores in North America
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16:01 EDTGPSGap announces strategic initiatives, to close about 175 stores in North America
11:51 EDTGPSGap to hold an Investor Day with a conference call hookup
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