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News Breaks
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.
News For HD;LOW From The Last 14 Days
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January 21, 2015
12:12 EDTHD, LOWBest Buy, home retailers seen getting biggest bump from Sears demise
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10:01 EDTLOWOn the Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Ashford Hospitality (AHT) upgraded to Outperform from Neutral at Credit Suisse... BAE Systems (BAESY) upgraded to Buy from Neutral at Goldman... Bazaarvoice (BV) upgraded to Outperform from Market Perform at Cowen... Becton Dickinson (BDX) upgraded to Outperform at Cowen... CVS Health (CVS) upgraded to Buy from Neutral at Goldman... Camden Property (CPT) upgraded to Outperform from Neutral at Credit Suisse... ConocoPhillips (COP) upgraded to Buy from Neutral at BofA/Merrill... Cornerstone OnDemand (CSOD) upgraded to Buy from Neutral at DA Davidson... Cree (CREE) upgraded to Overweight at Stephens... DDR Corp. (DDR) upgraded to Outperform from Neutral at Credit Suisse... EastGroup Properties (EGP) upgraded to Outperform from Neutral at Credit Suisse... Energy Transfer Partners (ETP) upgraded to Outperform from Neutral at Credit Suisse... Esperion (ESPR) upgraded at BofA/Merrill... Exxon Mobil (XOM) upgraded to Outperform from Market Perform at Wells Fargo... FXCM (FXCM) upgraded to Market Perform from Underperform at Keefe Bruyette... Fair Isaac (FICO) upgraded to Overweight from Equal Weight at Barclays... Golar LNG (GLNG) upgraded to Buy from Hold at Nordea... Gran Tierra (GTE) upgraded to Buy at Canaccord... Host Hotels (HST) upgraded to Outperform from Neutral at Credit Suisse... J.M. Smucker (SJM) upgraded to Overweight from Neutral at JPMorgan... Kilroy Realty (KRC) upgraded to Neutral from Underperform at Credit Suisse... Level 3 (LVLT) upgraded to Outperform from Market Perform at Wells Fargo... Lowe's (LOW) upgraded to Overweight from Equal Weight at Morgan Stanley... Michael Kors (KORS) upgraded to Outperform at Cowen... Netflix (NFLX) upgraded at Nomura... Regions Financial (RF) upgraded to Buy from Neutral at Guggenheim... Ruckus Wireless (RKUS) upgraded to Outperform from Market Perform at Northland... Santander Mexico (BSMX) upgraded to Neutral from Underperform at Credit Suisse... Scorpio Tankers (STNG) upgraded to Buy at Canaccord... Sprouts Farmers Markets (SFM) upgraded to Buy from Neutral at BofA/Merrill... Strategic Hotels (BEE) upgraded to Outperform from Neutral at Credit Suisse... The Medicines Co. (MDCO) upgraded to Outperform from Market Perform at Leerink... Whole Foods (WFM) upgraded at Sterne Agee... Wolseley (WOSYY) upgraded to Neutral from Underperform at Exane BNP Paribas.
09:31 EDTLOWLowe's says to hire approximately 30,000 seasonal employees
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06:52 EDTLOWLowe's upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley upgraded Lowe's based on increased confidence in execution, accelerating category growth from the ongoing housing recovery and lower gas prices which the firm believes will drive earnings and EBIT margins. Price target raised to $80.
January 20, 2015
07:57 EDTHDHome Depot price target raised to $120 from $100 at Credit Suisse
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