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Stock Market & Financial Investment News

News Breaks
August 12, 2014
12:37 EDTDNDN, ICPT, TRAK, NUAN, KATEOn 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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August 3, 2015
09:08 EDTKATEKate Spade could see relief rally on in-line results, says Stephens
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July 31, 2015
15:11 EDTKATEKate Spade volatility elevated into Q2 and outlook
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July 29, 2015
08:06 EDTTRAKDealerTrack secures customer wins for incadea.myengine automotive DMS solution
Dealertrack Technologies announced it has secured several customer wins for its incadea.myengine automotive DMS solution. Munich-based incadea will strengthen its presence in several growth markets, including Europe, Africa and Latin America, by leveraging the uniquely competitive value of its Microsoft Dynamics NAV 2013-based scalable DMS solution.
July 28, 2015
10:23 EDTKATEBMO Capital says high-end handbag makers to stay weak
High end handbag makers Coach (COH), Kate Spade (KATE) and Michael Kors (KORS) are continuing to struggle and their share prices are likely to remain weak, research firm BMO Capital wrote in a note to investors today. The firm significantly cut its price targets on all three names. WHAT'S NEW: Consumers are spending less on high-end handbags as they increase the amount they allocate to other areas, including travel, leisure and apparel, BMO Capital analyst John Morris stated. Consequently, the North American handbag market was expanding at a 5% rate at the end of June, down from a high single digit rate earlier this year, according to Morris. Meanwhile, competition within the space is mounting and handbag price wars are continuing, the analyst stated. Although handbag stocks have dropped significantly and their valuations appear attractive, they are "falling knives," the analyst warned. Assessing the status of specific companies, Morris says that Kate Spade has avoided implementing major price cuts on its products, though its comparative sales and "mind share" have suffered as a result of that decision and stores are displaying its products less prominently. Coach's stock suggests that investors expect the company's fundamentals to rebound, but Morris thinks that their optimism may be premature. The pace of the company's improvement "remains challenging," and it is likely to be hurt by a decline of U.S. tourism, he believes. Also likely to be hurt by declines in tourism is Michael Kors, the analyst stated. The prices of Michael Kors' products are being reduced by retailers, its gross margins are sinking and its watch business is weak, Morris warned. He reduced his price target on Kate Spade to $19 from $30, on Coach to $28 from $37 and on Michael Kors to $40 from $51. The analyst kept Market Perform ratings on all three stocks. PRICE ACTION: In early trading, Kate Spade was little changed at $18.75, Coach fell 0.5% to $30.60 and Michael Kors was fractionally higher at $39.17.
09:04 EDTKATEHandbag makers estimates, price targets lowered at BMO Capital
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July 27, 2015
10:13 EDTTRAKHigh option volume stocks
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10:00 EDTTRAKOn The Fly: Analyst Downgrade Summary
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05:34 EDTTRAKDealerTrack downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded DealerTrack to Market Perform citing the pending acquisition by Cox Automotive. Wells raised its price target range for shares to $63-$64 from $52-$55.
July 24, 2015
08:04 EDTTRAKCox, Dealertrack receive second DOJ request for additional material
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July 21, 2015
19:00 EDTNUANOn The Fly: After Hours Movers
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16:11 EDTNUANNuance announces resignation of CFO Tom Beaudoin
Nuance announced that it has appointed Daniel Tempesta as its Chief Financial Officer and an Executive Vice President. Tom Beaudoin, who has served as Nuance’s CFO since July 2008, will depart at the end of the month to pursue an opportunity at a smaller, privately held company. Tempesta joined Nuance in March 2008 and most recently has served as the company's Chief Accounting Officer.
16:09 EDTNUANNuance sees Q3 EPS 31c-32c, consensus 28c
Sees Q3 revenue $485M-$489M, consensus $477M. On May 7, 2015, Nuance provided initial guidance for Q3 of $468M-$482M in revenue and 25c-29c in EPS.

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