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August 19, 2014
11:41 EDTHD, LOWHome Depot rises as results beat estimates, company raises guidance
Shares of home improvement retailer The Home Depot (HD) are advancing after the company posted better than expected second quarter results and raised its full year profit outlook. WHAT'S NEW: This morning, Home Depot reported Q2 earnings per share of $1.52 and revenue of $23.81B, beating analysts' consensus estimates of $1.45 and $23.61B, respectively. Q2 same store sales increased 5.8% and comp sales for U.S. stores rose 6.4%. Chairman and Chief Executive Officer Frank Blake said the spring seasonal business rebounded in Q2, and the company saw strong performance across all of its geographies and in the core of the store. Looking ahead, Home Depot raised its fiscal 2014 EPS view to $4.52 from $4.42, in line with analysts' estimates of $4.41. The EPS guidance includes the benefit of year-to-date share repurchases of $3.5B and the company's intent to repurchase an additional $3.5B of shares over the remainder of the year. The retailer also reiterated its outlook for FY14 sales to increase 4.8%, compared to consensus estimates of $82.53B. WHAT'S NOTABLE: On its Q2 earnings conference call, management forecast FY14 gross margin up "a few" basis points from FY13. The company said the housing market remains a modest tailwind for its business, but cited "mixed signals" in housing data. The company said its sales plan remains "intact," and it anticipates rolling out hand-held checkout devices in Q3. For the second half of 2014, Home Depot expects SSS growth about 80 basis points higher than the first half, with the fourth quarter higher than the third quarter, but slightly under what was reported for Q2. Home Depot said it is "very pleased" with August's sales performance. ANALYST REACTION: This morning, research firm RW Baird said Home Depot's Q2 results reinforces its positive thesis as the company cycled through its toughest quarterly comparison in years. PRICE ACTION: In late morning trading, Home Depot rose $4.89, or about 5.74%, to $88.37 on heavy trading volume. Including today's advance, the stock is up over 17% over the past 12 months. OTHERS TO WATCH: Home Depot peer Lowe's Companies (LOW), which reports quarterly earnings tomorrow, is trading up 2.3% to $51.61.
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September 23, 2014
17:13 EDTHDData breach at Home Depot triggers fraudulent transactions across U.S., WSJ says
The recent data breach at Home Depot has triggered fraudulent transactions across the U.S. at financial institutions and customer bank accounts, The Wall Street Journal reports, citing people familiar with the impact of the hacking attack. Large financial institutions have proactively started reissuing cards to customers who are victims of the Home Depot data breach, while others are reissuing cards only when they experience fraud attempts. Reference Link
08:56 EDTLOWLowe's management to meet with Deutsche Bank
Meetings to be held in San Mateo/San Francisco/Los Angeles on September 23 hosted by Deutsche Bank.
September 22, 2014
09:54 EDTLOWLowe's management to meet with Deutsche Bank
Meeting to be held in San Francisco on September 22 hosted by Deutsche Bank.
September 19, 2014
18:20 EDTLOWLowe's CEO Niblock sells nearly $28M of company stock near record high
In regulatory filings, it was disclosed that Lowe's CEO Robert A. Niblock sold nearly $28M worth of company stock from September 9-11. Lowe's stock has been climbing steadily over the past three months, and it made both a 52-week and record high of $54.81 on Friday, September 19.
September 18, 2014
16:28 EDTHDHome Depot raises FY15 EPS view to $4.54 from $4.52, consensus $4.50
Based on Q3 results to date, the company confirmed its previous FY14 sales growth guidance of approximately 4.8%. The company also revised its FY14 diluted EPS growth guidance and expects that FY14 diluted EPS will grow by 21% to approximately $4.54, versus the company's prior guidance of $4.52. The company's FY14 diluted EPS guidance includes estimates for the cost to investigate the data breach, provide credit monitoring services to its customers, increase call center staffing, and pay legal and professional services, all of which are expensed as incurred in a gross amount of approximately $62M, partially offset by a $27M receivable for costs the company believes are reimbursable and probable of recovery under its insurance coverage. Further, the company's FY14 diluted earnings-per-share guidance includes a pre-tax gain of approximately $100M related to the sale of 3.6M shares of HD Supply common stock, which occurred and will be recognized in Q3. The company's ownership of HD Supply is now approximately 8.2M shares. The company's FY14 diluted EPS guidance does not include an accrual for other yet-to-be determined estimated probable losses related to the breach. At this time, other than the breach-related costs contained in the company's updated FY14 diluted earnings-per-share guidance, the company is not able to estimate the costs, or a range of costs, related to the breach.
16:26 EDTHDHome Depot reports cyber attack put 56M unique payment cards information at risk
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16:23 EDTHDHome Depot completes malware elimination, enhanced encryption of payment data
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16:22 EDTHDHome Depot completes malware elimination, enhanced encryption of payment data
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10:40 EDTHD, LOWPier 1 Imports falls to 12-month low after weak Q2, lowered outlook
Shares of home furnishings retailer Pier 1 Imports (PIR) hit a 12-month low after the company's second quarter results fell below analysts' consensus estimates and it reduced its fiscal 2015 earnings per share outlook. WHAT'S NEW: Pier 1 Imports reported Q2 EPS of 10c on revenue of $418.6M, missing analysts' consensus estimates of 14c and $426.02M, respectively. Same-store-sales for the quarter were up 4.5%. The retailer lowered its FY15 EPS outlook to 95c-$1.05 from $1.14-$1.22. Analysts' consensus estimates for FY15 EPS prior to the earnings report was $1.13. The company sees FY15 SSS in the mid-to-high single digits and gross profit, as a percentage of sales, are expected to be 40.5%-41.5%. Pier 1 Imports CEO Alex Smith said that he foresees online sales to surpass $400M in 2016. WHAT'S NOTABLE: During the company's conference call, Pier 1 Imports said that it expects to see improving merchandise margins in coming quarters with fewer coupons. The company noted plans to continue returning cash to shareholders in the form of dividends and share buybacks. ANALYST REACTION: This morning, Wells Fargo analyst Matt Neemer downgraded Pier 1 Imports to Market Perform from Outperform. He feels that the stock will be a difficult one to own in the medium term as the retailer moves towards a multi-channel approach. Neemer believes that the company has a difficult journey ahead as it cuts broad-based discounters, and he feels that consumers will take time to get accustomed to the new messaging. He cut his price target range to $15-$16 from $19-$20 for the company. Barclays analyst Alan Rifkin downgraded Pier 1 Imports to Equal Weight from Overweight due to slow revenue growth and heightened promotions. He feels that that the "soft" revenues could continue. He believes that the company's elongated online profitability pipeline and increased promotions are certain to be a burden on the business in ways that the company had not initially thought. Rifkin said that growing the top line will be even harder in the absence of promotions. He reduced his price target for shares to $14 from $18. Argus analyst Christopher Graja downgraded Pier 1 Imports to Hold from Buy due to the company's lower than anticipated Q2 earnings. He feels that in terms of the home furnishings market, companies such as Williams-Sonoma (WSM), Home Depot (HD) and Lowe's (LOW) are more "resilient" for shareholders. Pier 1 Imports was also downgraded to Hold from Buy at BB&T. PRICE ACTION: In morning trading, Pier 1 Imports fell $2.63, or 16.99%, to $12.90. Including today's pull back, the stock is down approximately 45.2% over the past 12 months. OTHERS TO WATCH: Other companies in the home furnishings space include Restoration Hardware (RH), and Bed Bath & Beyond (BBBY).
September 17, 2014
13:51 EDTHDJPMorgan to replace some credit cards following Home Depot breach, Reuters says
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September 16, 2014
07:19 EDTHDCompanies' share buybacks at fasttest clip since 2007, WSJ reports
Companies are buying back their own shares at its fastest pace since the financial crisis to fuel a stock rally, reports the Wall Street Journal. According to Birinyi Associates, companies have bought back $338.3B of stock in 1H14, the most since 2007. Citing an analysis by Barclays, companies with the largest buyback programs by dollar value have outperformed the broader market by 20% since 2008. Reference Link
September 15, 2014
14:18 EDTHDPulteGroup names Manish Shrivastava as Chief Marketing Officer
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06:32 EDTHDHome Depot took steps to up defenses, but hackers moved faster, WSJ says
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September 10, 2014
06:28 EDTHDHome Depot customer sues firm regarding information breach, Reuters says
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September 9, 2014
18:02 EDTHDStates investigate Home Depot breach, senators call for FTC probe, Reuters says
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09:39 EDTHDHome Depot weakness a buying opportunity, says Oppenheimer
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08:33 EDTHDHome Depot customers not acting strongly to breach, says Jefferies
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