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News For AMZN;JCP;WMT;TGT;BBY;SHLD From The Last 14 Days
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November 11, 2015
12:17 EDTJCP, AMZNOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday following a morning of lackluster trading, which may be due to lower volume on account of the observance of Veteran's Day. There were four initial public offerings that priced and each opened above their offering; a better reflection of the syndicate market than several weeks ago when deals could not be completed. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet with no major announcements. U.S. bond markets are closed in observance of Veteran's Day. In China, industrial output rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: In another sign of China's transition from a purely industrial economy to one driven more by consumption, Alibaba Group (BABA)reported blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B, but shares of the Chinese e-commerce giant trading in New York slid 2%... Shares of Macy's (M) plunged over 13.5% and its peers followed it lower after the department store operator cut its outlook for fiscal year 2015 after reporting third quarter revenue that missed analysts' estimates. Macy's also said it will not be pursuing the formation of a real estate investment trust. Conversely, J.C. Penney (JCP) reported stronger than expected same-store sale growth and previewed that its soon-to-be reported earnings and gross margin performance in the third quarter exceeded its expectations, but the stock was caught in Macy's downdraft, falling about 2.5%... The boards of Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) announced that they have reached agreement on the terms of a combination deal worth $107B. In relation to their deal, Molson Coors (TAP) entered into a definitive agreement to purchase SABMiller's (SBMRY) 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a transaction valued at $12B. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which rallied 4% after Dialog Semiconductor (DLGNF) said that it continues to "strongly" support its agreement to acquire Atmel. Also higher was Amazon (AMZN), which gained 2% after an analyst at Morgan Stanley raised his price target on the company's stock to $800 from $750M, citing the growing AWS opportunity. Among the noteworthy losers was Horizon Pharma (HZNP), which fell over 16% after Express Scripts (ESRX) cut ties with specialty pharmacy Linden Care, which is used by Horizon and Insys Therapeutics (INSY), which also dropped 9%. Also lower was SunEdison (SUNE), which lost another 14.5%, adding more losses to yesterday's post-earnings slide after UBS cut its price target on the company's shares to $6 from $9. In addition, Anadarko (APC) and Apache (APA) fell about 3.5% and 6%, respectively, after Anadarko confirmed that it sent a takeover proposal to Apache, which it later withdrew. INDEXES: Near midday, the Dow was up 3.87, or 0.02%, to 17,762.08, the Nasdaq was up 14.42, or 0.28%, to 5,097.66, and the S&P 500 was up 0.78, or 0.04%, to 2,082.50.
11:52 hits fresh life highs
The stock was last at $674.09, a fraction lower than the high of the day at $674.26. A move back to the high that then pushes past $675 would open up a run to $680 to $685. Support is at the $670 area.
11:24 EDTTGTStifel is bullish near-term ahead of Q3 report on Target
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11:11 EDTJCPMacy's tanks after 'disappointing' Q3 report, drags down retail peers
Shares of Macy's (M) and its department store peers are plunging this morning after the retailer cut its outlook for fiscal year 2015 after reporting third quarter revenue that missed analysts' estimates. Macy's also said it will not be pursuing the formation of a real estate investment trust. TEPID SPENDING AT MACY'S: This morning, Macy's reported Q3 earnings per share of 56c excluding items, beating analysts' consensus estimates of 54c, on revenue of $5.87B, missing estimates of $6.09B. Including asset impairment charges primarily related to the previously-announced plans to close 35 to 40 stores in early 2016, EPS for the quarter was 36c. Comparable sales on an owned plus licensed basis were down by 3.6% in the quarter, with SSS down 3.9% on an owned basis. Terry Lundgren, Macy's chairman and chief executive officer, said the company is "disappointed" that the pace of sales did not improve as expected in Q3, noting that spending by U.S. customers was "tepid." Looking ahead, the company forecast fourth quarter EPS of $2.54-$2.64, well below analysts' consensus estimates of $2.90, and forecast SSS on an owned plus licensed basis down 2%-3%. Macy's also cut its FY15 EPS view to $4.20-$4.30 excluding charges from $4.70-$4.80, also well below estimates calling for $4.65, with total sales down 2.7%-3.1%, compared to previous guidance of down about 1%. Macy's now sees FY15 SSS on an owned plus licensed basis down by 1.8% to 2.2%, compared with previous guidance of approximately flat. WHAT'S NOTABLE: Macy's said in its earnings release that it has decided not to pursue the formation of a REIT at this time, but will consider redeveloping some of its flagship properties through joint ventures or other deals. Macy's said it has engaged Tishman Speyer to advise the company's senior management in identifying and advancing potential store redevelopment projects in the U.S. Activist investor Starboard Value had urged Macy's earlier this year to consider spinning off its real estate assets. Macy's said on its earnings conference call that it studied the formation of a REIT, but ultimately said there was "not enough value" to be created from the establishment of one. Macy's also announced this morning that it will reduce capital spending to less than $1B in 2016 from the $1.2B it expects to spend in 2015. Further, Macy's said it will roll out 50 free-standing Macy's Backstage stores in off-mall locations and, in spring 2016, will add Backstage stores within up to 10 existing Macy's stores. Macy's also plans to open about 40 more Bluemercury self-standing beauty specialty stores. The company also said it had signed an agreement with Luxottica Group (LUX) to open licensed LensCrafters shops in as many as 500 Macy's stores over the next three years. PENNEY: J.C. Penney reported stronger than expected SSS growth of 6.4% for Q3. Chief Executive Officer Marvin Ellison said that the company's Q3 EPS and gross margin performance "exceeded our expectations." J.C. Penney is set to report quarterly results on Friday morning. Separately, the retailer also announced the settlement of a class action lawsuit alleging false advertising. The company will make $50M in cash available for claims under the terms of the settlement. PRICE ACTION: Macy's is sliding 13% to $40.82 and J.C. Penney is down about 3% to $8.43. OTHERS TO WATCH: Kohl's (KSS), which will report quarterly earnings tomorrow morning, is down 6.5% and Nordstrom (JWN) is down 4.4%.
09:38 EDTAMZN, JCPActive equity options trading on open
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09:28 EDTJCPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: AlarmCom (ALRM), up 13.3%... Full House Resorts (FLL), up 7.4%. ALSO HIGHER: J.C. Penney (JCP), up 3.2% after reporting third quarter Same-Store Sales up 6.4%... Amira Nature Foods (ANFI), up 32.2% after an independent review found that allegations against the company are unsubstantiated... Intrexon (XON), up 1.9% after being upgraded to Neutral from Underperform at Mizuho. DOWN AFTER EARNINGS: Boot Barn (BOOT), down 16.6%... Westport Innovations (WPRT), down 12.8%... Macy's (M), down 9.8%. ALSO LOWER: Horizon Pharma (HZNP), down 14.3% following a lawsuit and allegations by Express Scripts (ESRX)... AmTrust Financial (AFSI), down 5.5% after 5M share Secondary priced at $64.00... Premier (PINC), down 1.6% after 4.03M share Spot Secondary priced at $34.50.
08:45 price target raised to $800 from $750 at Morgan Stanley
Morgan Stanley analyst Owen Hyde raised's price target to $800 from $750 on the growing AWS opportunity. Owen said AWS will contribute nearly 60% of Amazon's forward profitability driven by accelerating public cloud adoption and reiterates his Overweight rating.
07:07 EDTWMTWal-Mart volatility elevated into Q3 and outlook
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06:38 EDTJCPJ.C. Penney reports Q3 SSS up 6.4%
CEO Marvin Ellison stated that the company's Q3 gross margin and EPS performance "exceeded our expectations". The company will release its Q3 financial results on Friday, November 13, at 7:30 a.m. ET.
06:36 EDTJCPJ.C. Penney to pay $50M in class action lawsuit settlement
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November 10, 2015
13:26 EDTWMTBritish retailers scale back Black Friday offers, FT reports
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12:00 EDTWMT, AMZNAb InBev, HSBC, Google, among firms to testify at EU tax hearing, Reuters says
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11:06 EDTTGT, WMT, AMZNBattleground: Wayfair pits noted short sellers against Wall Street analysts
Shares of Wayfair (W), which describes itself as "one of the world's largest online destinations for home furnishings and decor," are sharply lower following its report last night of its third quarter results. The company posted a loss that was not as bad as forecast, reported better than expected revenues and guided to higher than expected sales in its upcoming quarter, but its stock is falling as bears and bulls debate its prospects for future profitability. BEARS: Whitney Tilson of Kase Capital Management, who previously accused Lumber Liquidators (LL) of selling wood with dangerous levels of formaldehyde, is making the same claims against Ark Floors, a California importer that has sold its products via Wayfair and through (WMT), reported The New York Times. Jane Carpenter, a spokeswoman for Wayfair, said the company had previously removed all of Ark's laminate from its website and said it had sold just 10 orders for Ark products since December 2014, including one order through, the report noted. According to a letter that Tilson sent to investors last night, published on Seeking Alpha, he stated that Wayfair is currently his largest short position "by far." Tilson noted that Wayfair competes head-to-head versus Amazon (AMZN), Home Depot (HD), Target (TGT), and Williams-Sonoma (WSM) and he believes the company's chances of "ever reaching breakeven, much less earning a profit, much less earning enough of a profit to justify a $4B market cap are close to zero," he wrote. Tilson predicts the stock will be below $10 within a year. Short-selling blog Citron Research, which has also previously disclosed a short position in Wayfair, linked to a Wall Street Journal article in an October 20 tweet, saying UPS (UPS) "destroys" Wayfair's core model of free shipping on oversized items. The Journal article detailed the shipping giant's plans to charge websites that share "generous shipping discounts with vendors." BULLS: Piper Jaffray analyst Neely Tamminga raised her price target for Wayfair to $73 from $60 this morning, saying the company posted "exceptional" growth in Q3 amid an otherwise "lackluster" retail environment. After the New York Times article citing Wayfair's association with a vendor viewed as at-risk given a short-seller's testing of laminate flooring, Tamminga points out that all laminate flooring accounts for 0.2% of the company's sales. She continues to recommend Wayfair as a top pick for 2015. Analysts at Wells Fargo previously said in September that reports on Wayfair by short sellers included many inaccuracies. For example, Wells said that shorts' view that Wayfair loses money on every transaction relies on a "flawed view" of the company's customer acquisition costs and payback. Shorts compare Wayfair with Overstock (OSTK), but Wayfair is growing much more quickly that the latter company, Wells stated. According to the firm, which kept an Outperform rating on the shares, Wayfair has by far the highest organic revenue growth rate among U.S. consumer companies. PRICE ACTION: In morning trading, Wayfair fell $5.08, or 11.2%, to $40.50 per share.
10:53 EDTTGT, AMZNWhitney Tilson sees Wayfair trading below $10 within a year
Noted short-seller Whitney Tilson explained in a Seeking Alpha post why Wayfair (W) is his largest short position. He predicts the stock will be below $10 within a year. The online retailer is trading down $4.74 to $41.10 after reporting Q3 results. A New York Times article on one of Wayfair's vendors producing potentially toxic Chinese-made laminate flooring shows the company's business model is "completely out of control," Tilson argues. In addition, the odds of the online retailer ever reaching breakeven are "close to zero," he contends, citing the competition Wayfair faces from (AMZN), Home Depot (HD), Target (TGT) and Williams-Sonoma (WSM). Reference Link
10:34 EDTWMTWayfair flooring vendor accused of selling tainted products, NY Times reports
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09:37 EDTTGTActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
09:30 EDTAMZNAmazon says Prime Now expands in Los Angeles announced that Prime Now, the company's one-hour delivery service, has expanded in Los Angeles to include delivery from local restaurants, including Umami Burger, Baby Blues BBQ, Wokcano, Hurry Curry of Tokyo, Feast from the East, John O'Groats Restaurant, and many more. Prime members in Los Angeles can now enjoy delivery from their favorite local restaurants, as well as delivery on tens of thousands of items from Amazon and local stores such as Sprouts Farmers Market, Bristol Farms, Sprinkles Cupcakes, Erewhon Organic Grocer and 99 Ranch Market.
09:17 EDTJCPDepartment Store estimates lowered at at ITG Research
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09:16 EDTSHLD, AMZNAmazon says Amazon Echo to be available in 3,000 stores in the U.S.
Amazon (AMZN) announced that Amazon Echo will be available in more than 3,000 stores around the country in time for the holiday shopping season. Customers will be able to visit select locations of The Home Depot (HD), Staples (SPLS), Sears (SHLD), Brookstone, RadioShack (RSHCQ), Fred Meyer, P.C. Richard & Son, as well as several other retailers to experience and purchase Echo.
09:04 EDTAMZNAmazon announces tripling of selection of free apps, games at Amazon Underground
Amazon today announced that Amazon Underground has tripled the selection of free apps and games in the first two months since launch. Amazon Underground is a new app for Android phones, available exclusively from Amazon, which offers a large selection of popular apps and games for free. In Underground, customers don't have to pay for premium apps, or download a free app and spend money to complete a level more quickly, get more lives, or unlock new features.
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