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May 19, 2014
20:25 EDTHD, HD, MDT, MDT, TJX, TJX, SPLS, SPLS, DKS, DKS, DCI, DCI, AINV, AINV, RRGB, RRGBNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Home Depot (HD), consensus 99c; Medtronic (MDT), consensus $1.12; TJX Companies (TJX), consensus 67c; Staples (SPLS), consensus 21c; Dick's Sporting Goods (DKS), consensus 52c; Donaldson (DCI), consensus 47c; Apollo Investment (AINV), consensus 21c; Red Robin (RRGB), consensus 72c.
News For HD;MDT;TJX;SPLS;DKS;DCI;AINV;RRGB From The Last 14 Days
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September 23, 2014
09:45 EDTMDTLeerink medical devices analyst holds an analyst/industry conference call
Medical Devices Analyst Antalffy discusses the ultimate market opportunity for leadless pacers and compares Medtronic vs St. Jude Medical on an Analyst/Industry conference call to be held on September 24 at 2 pm.
09:13 EDTMDTOn The Fly: Pre-market Movers
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08:53 EDTMDTInversion regulations look more onerous than expected, says FBR Capital
FBR Capital says the new regulations announced last night by the Treasury and IRS contain appear more onerous than expected. FBR points out the proposed changes remove the ability of inverting companies to make "hopscotch loans" between the foreign and domestic subsidiaries. The firm believes the regulations will not end the practice of inversions, and it still expects completion of already announced deals.
07:13 EDTDKSDick's Sporting downgraded to Market Perform at William Blair
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07:05 EDTMDTMedtronic will still pursue Covidien deal, says Citigroup
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06:21 EDTDKSDick's Sporting downgraded to Market Perform from Outperform at William Blair
05:56 EDTMDTTreasury, IRS announce plans to reduce inversion tax benefits
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September 22, 2014
09:32 EDTMDTMedtronic announces CE Mark, European launch for TYRX envelope
Medtronic has received CE, or Conformité Européenne, Mark for the TYRX Absorbable Antibacterial Envelope, which covers an implantable cardiac device to help stabilize the device after implantation and reduce surgical-site infections.
September 19, 2014
11:25 EDTMDTSenators bring bill requiring companies to settle before inverting
U.S. Senators Sherrod Brown and Dick Durbin announced new legislation requiring corporations to "Pay What You Owe Before You Go" – settling their U.S. tax bill before relocating to a foreign country. "Everyone knows that before you leave a restaurant you have to settle your tab," Brown said. "Corporations shouldn’t get to play by different rules. While it is critical that we reach a long-term solution that reforms our international corporate tax code by implementing a global minimum tax and reducing the statutory tax rate, this bill is an immediate, commonsense measure to ensure businesses settle up before leaving the U.S." Among the deals or possible transactions that involve inversion are Mylan's (MYL) acquisition of Abbott (ABT), Medtronic's (MDT) acquisition of Covidien (COV) and Valeant's (VRX) proposed takeover of Allergan (AGN).
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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12:18 EDTMDTNY AG announces national settlement with Medtronic for Medicaid violations
Attorney General Eric T. Schneiderman announced that 46 states and the District of Columbia have reach a settlement agreement with Minnesota-based company Medtronic to resolve claims under the False Claims Act that Medtronic improperly induced physicians to recommend Medtronic devices to treat cardiac rhythmic disease. New York led a national team composed of members from Oregon, Texas and California to negotiate the settlement. The federal government settled its matter in May of this year...The agreement requires Medtronic to pay the settling states $362,362, which will go to those states’ Medicaid programs. The matter was brought by a whistleblower, Adolfo Schroeder, and was filed in U.S. District Court for the Eastern District of California. The Attorney General would like to thank Mr. Schroeder for bringing this matter to the government’s attention. Under the terms of the agreement, the New York Medicaid Program will receive $67,369.31. Reference Link
10:40 EDTHDPier 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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09:36 EDTSPLSActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL WFM X YHOO TSLA TWTR RAX SHLD SPLS
09:08 EDTMDTMedtronic launches new Balloon Kyphoplasty Platform
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07:43 EDTMDTBofA/Merrill to hold a conference
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06:09 EDTMDTIntegra LifeSciences to acquire Medtronic instrumentation lines for $60M
Integra LifeSciences (IART) and Medtronic (MDT) announced an agreement in which Integra will acquire Medtronic's MicroFrance and Xomed manual ENT and laparoscopy instrumentation lines for approximately $60M in cash. Integra expects the transaction to close in Q4. Integra will acquire a portfolio of approximately 4,000 MicroFrance and Xomed manual ENT and laparoscopic surgical instruments, as well as the St. Aubin le Monial, France manufacturing facility. Sales from the products being acquired totaled approximately $30M, two-thirds of which were generated outside the U.S. Integra expects to record approximately $27M-$30M in revenue and approximately 10c of adjusted EPS in calendar 2015 from this acquisition. The earnings accretion should rise after the first year once certain sales transitions are complete. The company expects the acquisition to contribute less than $5M in revenue and be neutral to earnings in Q4. The transition and integration is expected to be completed by 2H15.
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