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Stock Market & Financial Investment News

News Breaks
May 20, 2014
12:24 EDTARX, SPLS, CAT, TJX, NVS, DKS, HD, URBN, OPHT, GMOn The Fly: Midday Wrap
Stocks on Wall Street began the session in negative territory and have remained there throughout the morning. With the economic calendar quiet again and earnings season just about to wind down, there was little to bring investors off the sidelines and reverse the trend. Among the many retailers that reported earnings last night and this morning, a number, including Dicks Sporting Goods (DKS), Staples (SPLS), Urban Outfitters (URBN) and TJX (TJX), missed Wall Street estimates. ECONOMIC EVENTS: In the U.S., no major economic data was released for the second day in a row. COMPANY NEWS: Home Depot (HD) led all advancers on the Dow Jones Industrial Average, rising more than 2.5%, after the company's earnings narrowly beat expectations and it raised its FY14 EPS view to come in-line with analyst consensus estimate. Caterpillar (CAT) was the weakest Dow member, sliding 2%, after it reported April dealer retail sales trends that weakened relative to March... General Motors (GM) shares fell 1.5% near noon after the company announced it is recalling an additional 2.42M vehicles in four separate U.S. recalls. The automaker added $200M to the charge it expects to take in Q2 related to its recalls, bringing the total potential charge up to $400M. MAJOR MOVERS: Among the notable gainers was Aeroflex (ARX), which rose 25% after Cobham plc agreed to acquire the company for $10.50 per share in cash. Also higher was Ophthotech (OPHT), which gained 21% after it signed a licensing and commercialization agreement for its Fovista drug outside of the U.S. with Novartis (NVS). Among the noteworthy losers following their earnings reports were sporting goods retailer Dick's, which slumped 17%, and office supplier Staples, which dropped 13%. INDEXES: Near midday, the Dow was down 91.32, or 0.55%, to 16,420.54, the Nasdaq was down 19.57, or 0.47%, to 4,106.25, and the S&P 500 was down 8.89, or 0.47%, to 1,876.19.
News For HD;CAT;GM;DKS;SPLS;OPHT;NVS;ARX;URBN;TJX From The Last 14 Days
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August 17, 2015
20:06 EDTURBNUrban Outfitters shares fall after reporting mixed Q2 results
After the close, Urban Outfitters (URBN) reported second quarter earnings. WHAT'S NEW: Urban Outfitters reported Q2 earnings per share of 52c, above consensus estimates of 49c, and Q2 revenue of $867.46M, below analyst expectations of $881.16M. Urban Outfitters reported comparable retail segment net sales up 4%. Broken down by segment, comparable retail sales at Anthropologie increased 2%, Urban Outfitters increased 4%, Free People increased 14%, and wholesale segment net sales increases 21%. WHAT'S NOTABLE: During the earning conference call, CFO Frank Conforti said that during the third quarter, the gross margin rate could increase, driven by improvements in the Urban Outfitters brand. Conforti also said that the opportunity exists to increase gross margins for the fiscal year, though the magnitude of the increase depends on Q3 and Q4. Conforti also reaffirmed the company's fiscal 2016 capital expenditures guidance of $140M-$150M. ANALYST REACTION: On August 17, Wolfe Research initiated coverage of the stock with a Peer Perform and set a price target of $34.00. The firm said it believes that Urban Outfitters could see improving SSS trends in the second half of fiscal 2015 and said that the Urban Outfitters brand has showed "considerable improvement" and the firm estimates that the brand's gross margins could be in the high 20% range. After Urban Outfitters earnings were released, Nomura released a note indicating that the magnitude of the gross margin decline was "not as bad as expected" with Urban's Q2 gross margin of 36.7% vs. Nomura's estimate of 36.2%, and that shares have been discounting an additional cut to annual gross margins. The firm has a Neutral rating on the stock and a price target of $35.00. PRICE ACTION: Shares of Urban Outfitters are lower by 2.26% to $31.50 in after-hours trading.
19:00 EDTURBNOn The Fly: After Hours Movers
UP AFTER EARNINGS: Fabrinet (FN), up 5.1%. ALSO HIGHER: Esperion Therapeutics (ESPR), up 10.6% after announcing that it is on track to initiate ETC-1002 Phase 3 program by the end of 2015... Seattle Genetics (SGEN), up 3.3% after announcing FDA approval of Adcetris for HL treatment. DOWN AFTER EARNINGS: MasTec (MTZ), down 7.4%... Urban Outfitters (URBN), down 2.3%. ALSO LOWER: Sunedison (SUNE), down 1% after announcing a $500M perpetual convertible preferred stock offering.
17:06 EDTURBNUrban Outfitters initiated with a Peer Perform at Wolfe Research
Target $34.
16:04 EDTURBNUrban Outfitters reports Q2 Anthropologie SSS up 2%
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16:02 EDTURBNUrban Outfitters reports Q2 EPS 52c, consensus 49c
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15:07 EDTDKSDick's Sporting August 50 straddle priced for 7.4% movement into Q2
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15:00 EDTHDHome Depot August 120 straddle priced for 3.3% movement into Q2
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14:52 EDTURBNUrban Outfitters August 32 straddle priced for 9.8% movement into Q2
14:48 EDTDKS, TJX, HDNotable companies reporting before tomorrow's open
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14:48 EDTURBNNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Agilent (A), consensus 41c... Urban Outfitters (URBN), consensus 49c... MasTec (MTZ), consensus 15c... Fabrinet (FN), consensus 39c.
14:08 EDTHDHome Depot August volatility elevated into Q2 and outlook
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14:04 EDTURBNUrban Outfitters August volatility elevated into Q2 and outlook
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13:30 EDTNVSOn The Fly: Top stock stories at midday
Stocks began the session deep in negative territory after a disappointing Empire Manufacturing report. The data got the market off to a weak start as optimism over last week's finish began to fade. The averages continued to drift in a narrow range for the opening hour before reversing and capturing the opening losses. Each of the major equity indices is now back in positive territory sporting slight gains across the board. ECONOMIC EVENTS: In the U.S., the Empire State manufacturing index plunged to -14.92 in August after rebounding to 3.86 in July from June's -1.98. The consensus estimate was 4.75, and the surprising drop puts the index at its lowest point since April 2009. The employment component slid to 1.82, while new orders crashed to -15.70. Meanwhile, the U.S. NAHB homebuilder sentiment index rose to 61 in August from 60 in June and and is the highest since November 2005. The single family sales index edged up to 66 versus a revised 65 last month, while the index of prospective buyer traffic improved to 45 versus 43 previously. In Europe, various Eurozone parliaments prepare to vote on Greece's new EUR86B bailout plan this week. COMPANY NEWS: Liberty Interactive (QVCA) announced this morning an agreement to acquire zulily (ZU) for $18.75 per share in a deal valuing the online shopping site at $2.4B, driving zulily shares up more than 47% in intraday trading. The acquisition will be attributed to Liberty's QVC Group tracking stock, though QVC and zulily will be operated as separate consumer facing brands. On a conference call discussing the acquisition, Liberty Interactive executives noted that the "highly efficient" deal will allow Liberty to reach a younger base. MAJOR MOVERS: Among the notable gainers AVEO Oncology (AVEO), which rose roughly 50% after announcing a license agreement with Novartis (NVS) for the development and commercialization of AVEO's AV-380 drug and related antibodies. Also higher was Kite Pharma (KITE), which advanced roughly 5.4% after clarifying that an earlier patient death in its Phase 1/2 KTE-C19 trial for non-Hodgkin's lymphoma was unrelated to Kite's therapy. Additionally, shares of Target (TGT) have gained roughly 10c despite lingering in negative territory early Monday after the company promoted CFO John Mulligan to the newly created role of EVP and COO and appointed Cathy Smith as EVP and CFO. Prior to joining Target, Smith served as EVP and CFO at St. Louis-based Express Scripts (ESRX). Among the noteworthy losers was KKR (KKR), which lost roughly 2.4% after Samson Resources announced a restructuring agreement late Friday, adding that it expects to file for bankruptcy within 30 days. Also lower was Estee Lauder (EL), which declined nearly 6.5% after its quarterly guidance missed analysts' estimates. INDEXES: Near midday, The Dow was up 65.11, or 0.37%, to 17,542.51, the Nasdaq gained 34.73, or 0.69%, to 5,082.96, and the S&P 500 advanced 8.80, or 0.42%, to 2,101.03.
12:55 EDTHDEarnings Watch: Home Depot up 6% over last three months
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12:12 EDTSPLSFTC announces resignation of Commissioner Joshua Wright
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08:02 EDTURBNUrban Outfitters multiple decline overdone, says Stifel
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07:42 EDTGMNew Street-high target of $465 gives Tesla shares a charge
Shares of Tesla Motors (TSLA) are jumping after Morgan Stanley boosted its price target by $185 to $465, a new high among Wall Street analysts. The company is positioned to dominate as car sales shift to robot-driven and shared vehicles, the firm argues. SELLING MILES: Morgan Stanley analyst Adam Jonas raised his price target for Tesla Motors to $465 from $280, well above Friday's closing price of $243.15. Today, ten trillion vehicle miles are driven annually, with almost all of them delivered by "companies practicing a 100-year-old business model of human-driven, privately owned, internal-combustion vehicles," Jonas tells investors in a research note. General Motors (GM), Ford (F), Toyota (TM) and Honda (HMC) are among the publicly traded traditional carmakers. The market of selling cars is going through some fundamental changes, argues Jonas. He believes Tesla is "uniquely positioned" to dominate given its expertise in autonomous technology and networked machine learning. An app-based, on-demand mobility service could more than triple Tesla's potential revenues by 2029, the analyst estimates. He expects Tesla over the next 18 months to roll out formalized business plans on shared mobility, allowing the electric vehicle maker to sell miles in addition to cars. His new price target of $465 reflects Tesla's potential to lead the revolution of the shared mobility public transportation hyper-structure and more confidence around the commercial viability of Tesla Energy. ROBOT-DRIVEN: Jonas expects nearly all car sales to eventually shift from human-driven, individually-owned cars to robot-driven and shared cars. If Tesla wants to succeed on its mission of accelerating the world's transition to sustainable transport, the move to a shared mobility model is critical, he argues. All of Tesla's cars are electric, connected, and able to "learn" through over-the- air firmware updates at any time, which no other established automaker can claim today, Jonas writes. MARKET REACTION: Investors are buying into what Jonas is arguing. Shares of Tesla are up 5%, or $13.10, to $256.25 in pre-market trading. Over the past three months through Friday's close, the stock is down 2%.
07:40 EDTCATUBS to hold a tour
Midwest Construction & Farm Tour travels throughout Illinois and Iowa on August 17-18.
06:01 EDTNVSAVEO Oncology announces license agreement with Novartis
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August 16, 2015
15:44 EDTGMGeneral Motors to invest 'several million' in historic factory renovation
General Motors announced that the "historic" Durant-Dort Factory One will be converted into an archive and research center as part of a renovation project. GM will invest several million dollars to create a modern archive to house the automotive collection currently located at Kettering University. The archive and research center will occupy the first floor of the east wing of Factory One. GM plans to develop the second floor of the east wing into a meeting area for GM, community and educational groups to conduct STEM-related classes, seminars and, potentially, research. The high-bay area in the west wing of the facility will be renovated to house classic vehicles and other historical artifacts. Once plans are finalized and a general contractor is selected, work on the archive and other interior projects could begin in early 2016 with the project completed in 2017, according to GM. Reference Link
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