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March 18, 2014
17:43 EDTURBN, ANF, AEO, GS, GPSJ. Crew, Fast Retailing merger talks break down, WSJ says
Merger talks between J. Crew and Fast Retailing, which owns the Uniqlo clothing chain, have broken down, reports The Wall Street Journal, citing people familiar with the matter. The report also noted that Goldman Sachs (GS) is in the early stages of preparing to IPO J. Crew, which is currently owns by PE-firm TPG and Leonard Green. Publicly traded companies in the space include Abercrombie & Fitch (ANF), American Eagle (AEO), Urban Outfitters (URBN) and Gap (GPS). Reference Link
News For GS;ANF;GPS;AEO;URBN From The Last 14 Days
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November 18, 2015
08:55 EDTGSMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
05:41 EDTGPSGap implied volatility of 43 at upper end of index mean range
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November 17, 2015
15:26 EDTURBNUrban Outfitters hit with downgrades after biting into pizza chain
Shares of Urban Outfitters (URBN) dipped heavily in intraday trading after reporting lower than expected quarterly results and surprising the market with its acquisition of a pizza chain, spurring numerous analyst remarks. EARNINGS AFTER PIZZA: On the morning of November 16, Urban Outfitters announced an agreement to acquire the Vetri family of restaurants, including Pizzeria Vetri. Urban's Chief Executive Officer Richard Hayne commented that "spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept." Later that same day, the company reported third quarter earnings per share of 42c, flatly in line with analyst estimates. Quarterly revenue missed, however, coming in at $825.3M against expectations for $872M. During a subsequent conference call, finance chief Frank Conforti noted that October saw the quarter's weakest comparable sales numbers, a trend which "has worsened" across the company's brands into the first half of November, according to Conforti. Later in the presentation, CEO Hayne weighed in on his foray into pizzerias, saying "a big attraction of this [Vetri] concept is the enormous depth of its appeal. From the very young to very old, everyone loves great pizza. Last week the Urban brand launch its new Space 24 Twenty project Austin across from the University of Texas campus. This project includes an expanded Urban Outfitters store with several food and beverage concepts including Pizzeria Vetri and Michael Symon's Burger joint... We're fighting to add foodservice to our brand portfolio and believe that the Vetri Family Group of restaurants compliments our brand nicely." Meanwhile, Conforti revealed that the company is spending less than $20M on the deal, according to a Bloomberg report on the matter. STRUCTURAL CONCERNS IN RETAIL: Commenting on Urban's news, Baird analyst Mark Altschwager said near-term visibility on the company "remains challenging" given the apparently worsening sales trends into November, and Altschwager sees continued valuation pressure amid the negativity surrounding the sector. Additionally, expanding into pizzarias has spurred investor fear of Urban Outfitters vearing from its core business, all of which lead Altschwager to cut his price target to $26 from $37. Meanwhile, RBC Capital's Brian Tunick cut his rating on the shares to Sector Perform from Outperform while lowering his target price to $23 from $32, saying various data points from the company suggest "ongoing consumer malaise with apparel spending." Though Tunick reiterated his belief that Urban is "one of the better" specialty retailers, he nevertheless moves to the sidelines until sales trends stabilize and visibility improves. Nomura analyst Simeon Siegel sliced his price target on the stock to $22 while cheekily reminding investors to "expect cheese & pizza puns to persist." Notably, Siegel contended that the company's weaker than expected results and foray into the restaurant space serves "as a form of affirmation that the traffic-dependent retail model is facing structural concerns." PRICE ACTION: Shares of Urban Outfitters are down nearly 6.5% to $21.20 heading toward today's close.
14:46 EDTANFAbercrombie & Fitch volatility elevated into Q3 and outlook
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12:46 EDTURBNOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday after better than expected earnings from Wal-Mart (WMT) and Home Depot (HD) helped the Dow build on yesterday's gains. The market also received a boost from an in-line consumer prices report, which may give the Fed the ammunition it needs to begin to raising interest rates from their record-low levels. ECONOMIC EVENTS: In the U.S., the consumer price index rose 0.2% in October, as expected. When food and energy prices are stripped out, the "core" CPI also rose 0.2%, also matching the consensus forecast. Industrial production slid 0.2% in October, versus expectations for it to have risen 0.1%. Capacity utilization came in as expected at 77.5%. NAHB's home builder sentiment index fell 3 points to 62 in November, versus expectations for a reading of 64. COMPANY NEWS: Shares of Wal-Mart advanced nearly 5% after the world's largest retailer reported better than expected quarterly earnings and gave a fiscal year profit outlook that was higher than expected at the midpoint of the company's range. As part of its report, Wal-Mart noted that comp sales at Walmart U.S. rose 1.5% in the quarter compared to last year, marking the fifth consecutive quarter of positive comparable sales growth. Another retail giant and fellow Dow member, Home Depot, gained more than 3.5%. Missing out on the retail rally, however, was Dick's Sporting Good (DKS), which tumbled over 9.5% after giving guidance for the fourth quarter and fiscal 2015 that both missed consensus estimates. MAJOR MOVERS: Among the notable gainers was Nuance (NUAN), which rallied 17% after analysts raised their price targets on the company's stock following upbeat fourth quarter earnings. Also higher was TJX (TJX), which gained 4% after reporting quarterly earnings and guiding for the fourth quarter and fiscal 2016. Among the notable losers was SunEdison (SUNE), which fell 21% after Deutsche Bank lowered its price target on the company's shares to $16 from $28. Also lower was Urban Outfitters (URBN), which fell 8% after no fewer than three analyst downgraded the company's shares following its Q3 earnings report. INDEXES: Near midday, the Dow was up 39.99, or 0.23%, to 17,523.00, the Nasdaq was up 17.91, or 0.36%, to 5,002.53, and the S&P 500 was up 3.54, or 0.17%, to 2,056.73.
10:42 EDTGPSGap volatility elevated into Q3 and outlook
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10:20 EDTAEOOptions with increasing implied volatility
Options with increasing implied volatility: SGMS HZNP CSC ULTA RH BURL GME AEO BBRY TIF
10:02 EDTURBNHigh option volume stocks
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10:00 EDTURBNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Airgas (ARG) downgraded on valuation at KeyBanc... BHP Billiton (BHP) downgraded to Neutral from Buy at Clarksons Platou... Chesapeake (CHK) downgraded to Neutral from Buy at Sterne Agee CRT... ChipMOS (IMOS) downgraded to Equal Weight from Overweight at Morgan Stanley... Clovis (CLVS) downgraded to Neutral from Conviction Buy at Goldman... Cooper Companies (COO) downgraded to Market Perform from Outperform at Wells Fargo... Five Below (FIVE) downgraded to Neutral from Buy at Sterne Agee CRT... Grainger (GWW) downgraded to Underweight from Neutral at Atlantic Equities... Hess Corp. (HES) downgraded to Perform from Outperform at Oppenheimer... J Sainsbury (JSAIY) downgraded to Neutral from Buy at Citi... Kindred Biosciences (KIN) downgraded to Market Perform from Outperform at BMO Capital... Leju (LEJU) downgraded to Neutral from Buy at BofA/Merrill... Lombard Medical (EVAR) downgraded to Equal Weight from Overweight at Barclays... Osiris (OSIR) downgraded to Sell from Hold at Brean Capital... Polaris Industries (PII) downgraded on anemic ORV growth at Wedbush... SQM (SQM) downgraded to Hold from Buy at HSBC... Southwestern Energy (SWN) downgraded to Underperform from Neutral at Sterne Agee CRT... Starwood (HOT) downgraded to Outperform from Buy at CLSA... Urban Outfitters (URBN) downgraded to Hold from Buy at Cantor... WM Morrison (MRWSY) downgraded to Sell from Neutral at Citi... adidas (ADDDY) downgraded to Sector Perform from Outperform at RBC Capital... athenahealth (ATHN) downgraded to Underweight from Equal Weight at Barclays.
09:27 EDTURBNUrban Outfitters plunges after results to fresh multi-year lows
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09:15 EDTURBNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nuance (NUAN), up 9.1%... Cheetah Mobile (CMCM), up 7.7%... Eros International (EROS), up 12.8%... Home Depot (HD), up 3.1%...Wal-Mart (WMT), up 2.2%. ALSO HIGHER: Ocera Therapeutics (OCRX), up 14.8% after announcing Phase 1 study results for the company's oral formulation of OCR-002... Fitbit (FIT), up 2.4% after being upgraded to Buy from Neutral at BofA/Merrill. DOWN AFTER EARNINGS: Dicks Sporting Goods (DKS), down 15.4%... Urban Outfitters (URBN), down 12.8%. ALSO LOWER: Osiris Therapeutics (OSIR), up 25.5% after being downgraded to Sell from Hold at Brean Capital... Angie's List (ANGI), down 8.7% after board unanimously determines not to pursue IAC (IACI) proposal... Clovis Oncology (CLVS), down 4.1% after receiving downgrades from Goldman and WallachBeth... Chesapeake Energy (CHK), down 2.5% after being downgraded to Neutral from Buy at Sterne Agee CRT... Cooper Companies (COO), down 2% after being downgraded to Market Perform from Outperform at Wells Fargo.
08:56 EDTURBNUrban Outfitters valuation compelling, says SunTrust
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08:04 EDTURBNUrban Outfitters price target lowered to $26 from $37 at Baird
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07:21 EDTURBNUrban Outfitters price target lowered to $32 from $37 at Brean Capital
Brean Capital lowered its price target on Urban Outfitters to $32 from $37 following Q3 results. The firm said Q4 is off to a slow start due to warmer weather, but they still believe Urban Outfitters is a best-of-breed retailer with several top and bottom-line drivers. Brean Capital maintained its Buy rating on Urban Outfitters shares.
07:19 EDTURBNUrban Outfitters long-term outlook still favorable, says Stifel
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07:11 EDTURBNUrban Outfitters downgraded to Hold from Buy at Cantor
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06:51 EDTURBNUrban Outfitters price target lowered to $27 from $42 at Piper Jaffray
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06:26 EDTURBNUrban Outfitters downgraded to Market Perform from Outperform at Telsey Advisory
Telsey Advisory downgraded Urban Outfitters to Market Perform and lowered its price target to $23 from $40 on shares. Analyst Dana Telsey lowered estimates following the Q3 report and said the lack of product newness in core apparel and accessories had not impacted all of the businesses, with deceleration across brands. Telsey believes Urban's ability to post an increase in sales trends is further on the horizon and earnings visibility is further clouded.
06:12 EDTURBNUrban Outfitters downgraded to Sector Perform from Outperform at RBC Capital
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05:36 EDTGPSGap implied volatility of 42 at upper end of index mean range
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