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August 12, 2014
12:37 EDTTRAK, NUAN, KATE, DNDN, ICPTOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday in a lackluster session marked by few major headlines. The market is drifting in a fairly narrow range, but the major averages have stayed mostly in negative ground through the early hours of the trading day. ECONOMIC EVENTS: In the U.S., the NFIB's small business confidence index rose 0.7% to 95.7 in July, though that was below the expectation for a 96.0 reading. The Job Openings and Labor Turnover Survey showed job openings rose 94K to 4.671M in June. In Germany, the ZEW Center's economic sentiment index fell to 8.6 in August from 27.1 in July, compared to the consensus forecast for a decrease to 17. COMPANY NEWS: Shares of accessory and clothing retailer Kate Spade (KATE) initially advanced in pre-market trading and were higher early in the session after the company reported second quarter adjusted earnings per share and sales that beat analysts' consensus forecast. However, the stock reversed and moved into negative territory during the company's associated conference call, during which it said it was "responsible to reevaluate the timeframe" to achieve its previously laid out targets for 2016, citing a longer than expected Kate Spade Saturday ramp-up, its revised 2014 margin rate outlook, and the company's limited visibility into 2016. Near noon, the stock was down nearly 20%. MAJOR MOVERS: Among the notable gainers was drug developer Intercept Pharmaceuticals (ICPT), which jumped 26% after data from a trial of its liver disease drug OCA showed improved safety as well as a statistical benefit in reversing liver fibrosis. Also higher was DealerTrack (TRAK), which rose 18% after the company reported higher than expected second quarter earnings and raised its 2014 EPS outlook. Among the noteworthy losers was Dendreon (DNDN), which dropped 36% after reporting its Q2 revenue in a regulatory filing and disclosing the company sees a "significant risk" that it will not be able to repay or refinance its 2016 Notes. The company also acknowledged it is currently considering alternatives to the repayment of the 2016 Notes, some of which could result in leaving its current stockholders "with little or no financial ownership of Dendreon." Also lower were shares of voice and language solutions provider Nuance (NUAN), which fell 10% after reporting on its third quarter results and providing fourth quarter guidance that missed analysts' consensus expectation. INDEXES: Near midday, the Dow was down 30.46, or 0.18%, to 16,539.52, the Nasdaq was down 15.02, or 0.34%, to 4,386.31, and the S&P 500 was down 4.50, or 0.23%, to 1,932.42.
News For ICPT;KATE;TRAK;DNDN;NUAN From The Last 14 Days
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March 3, 2015
07:35 EDTICPTIntercept risk/reward positive, says RBC Capital
RBC Capital believes that Intercept will rally 20% or more if GenFit data, expected to be announced in the second half of March, isn't clean. If the GenFit data is positive, Intercept's stock might drop, but it would probably rebound, since the company would probably reach a deal with the FDA on a Phase III trial of its OCA drug soon thereafter, according to the firm. RBC keeps a $490 price target and Outperform rating on Intercept.
07:26 EDTKATEKate Spade sees FY15 net sales $1.2B-$1.28B, consensus $1.28B
Sees FY15 adjusted EBITDA $185M-$200M; Sees FY15 DTC omparable sales growth in high single digits. Sees FY15 CapEx $75M; Expects to open 50-55 stores in 2015. Sees FY15 normalized tax rate of 38%-40%. Sees FY15 interest expense of $18M-$22M.
07:25 EDTKATEKate Spade reports Q4 direct-to-consumer comparable sales up 28%
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07:25 EDTKATEKate Spade reports Q4 adjusted EPS 24c, consensus 28c
Reports Q4 revenue $398.57M, consensus $389.44M
07:19 EDTKATEKate Spade announces expansion of kate spade new york home category
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March 2, 2015
15:23 EDTKATENotable companies reporting before tomorrow's open
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11:45 EDTKATEKate Spade volatility elevated into Q4 and outlook
Kate Spade March call option implied volatility is at 64, April is at 46, July is at 41; compared to its 26-week average of 41 according to Track Data, suggesting larger near term price movement into the expected release of Q4 on March 3.
06:13 EDTICPTIntercept reports Q4 EPS ($1.63), consensus ($1.67)
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February 27, 2015
20:43 EDTKATEKate Spade management to meet with Sterne Agee
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February 23, 2015
18:02 EDTTRAKOn The Fly: After Hours Movers
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16:12 EDTTRAKDealerTrack sees FY15 EPS $1.39-$1.48 , may not compare to consensus $1.82
Sees FY15 revenue $1.08B-$1.1B, consensus $1.02B.
16:08 EDTTRAKDealerTrack reports Q4 EPS 42c, consensus 42c
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February 20, 2015
06:21 EDTTRAKDealerTrack coverage resumed with a Buy at Evercore ISI
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February 19, 2015
16:31 EDTICPTIntercept promotes Lisa Bright to Chief Commercial & Corporate Affairs Officer
Intercept Pharmaceuticals announced that Lisa Bright has been promoted to the newly-created position of Chief Commercial and Corporate Affairs Officer. Bright joined Intercept last year from Gilead Sciences where her leadership of the European launch of Sovaldi for the treatment of chronic hepatitis C contributed to the most successful product launch in pharmaceutical history.
February 18, 2015
11:46 EDTNUANNuance management to meet with Wedbush
Meetings to be held in Chicago on February 23 and in Milwaukee on February 24 hosted by Wedbush.
February 17, 2015
18:43 EDTKATEApparel stocks lower after Perry Ellis warns of West Coast port disruption
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16:09 EDTKATEFossil, Kate Spade announce global licensing agreement
Fossil Group (FOSL) and Kate Spade (KATE) announced the companies have signed a global licensing agreement for the design, development and distribution of kate spade new york watches through 2025. Through the partnership, Fossil Group assumes the existing watch business successfully built under the kate spade new york brand and will begin distributing the assortment through its extensive global network. Fossil Group will launch the first collection of watches designed, developed and distributed in collaboration with kate spade new york, a global lifestyle brand, in 2016. Product will be available in kate spade new york stores as well as key retailers globally.

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