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Stock Market & Financial Investment News

News Breaks
August 8, 2014
12:46 EDTIRGIgnite Restaurant shares tumble after Q2 earnings miss expectations
Shares of Ignite Restaurant (IRG) fell steeply after the company reported second quarter earnings results that were lower than analysts' expectations. WHAT'S NEW: Ignite's Q2 adjusted earnings per share was 8c, which fell steeply below analysts' estimates of 24c. Revenue for the quarter was $229.8M, which also was lower than analysts' consensus of $238.74M. Ignite reported that comparable restaurant sales increased 8.5% at Brick House Tavern + Tap, decreased 4.7% at Joe’s Crab Shack and decreased 2.6% at Macaroni Grill during the quarter. WHAT'S NOTABLE: Chief Executive Officer Ray Blanchette cited "residual effects" of 2014 winter weather, as well as some cannibalization of Joe's Crab Shack sales as the company increased the number of locations in the Northeast over the past three years for the earnings miss. Blanchette said Macaroni Grill results were "generally in line" with internal expectations. The company's near-term development strategy is expected to provide further opportunities to expand the Brick House concept, Blanchette noted. The company closed three Macaroni Grill locations and three additional locations were closed in July. ANALYST REACTION: This morning, Raymond James downgraded Ignite to Underperform from Market Perform and CL King downgraded the company to Neutral from Buy. Piper Jaffray analyst Nicole Miller Regan said that although she was encouraged by the long-term growth strategy of the company's restaurant portfolio, she feels that there is softness in the Joe's Crab Shack division and sees "choppiness" in same-store sales at Macaroni Grill in the third quarter. The firm maintains its Overweight rating on Ignite's shares and reduced its price target to $14 from $17. PRICE ACTION: During afternoon trading, shares of Ignite fell $3.96 or 31.99%, to $8.42.
News For IRG From The Last 14 Days
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October 30, 2014
10:02 EDTIRGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Ally Financial (ALLY) upgraded to Buy from Hold at Deutsche Bank... Banco Bradesco (BBD) upgraded to Overweight from Neutral at JPMorgan... Cree (CREE) upgraded to Neutral from Underperform at BofA/Merrill... Finish Line (FINL) upgraded to Overweight from Neutral at Piper Jaffray... Grand Canyon (LOPE) upgraded to Overweight from Neutral at Piper Jaffray... Hess Corp. (HES) upgraded to Outperform from Sector Perform at Howard Weil... Ignite Restaurant (IRG) upgraded to Market Perform from Underperform at Raymond James... Lowe's (LOW) upgraded to Buy from Neutral at Goldman... MakeMyTrip (MMYT) upgraded to Buy from Hold at Deutsche Bank... MicroStrategy (MSTR) upgraded to Overweight from Equal Weight at First Analysis... Moelis (MC) upgraded to Positive from Neutral at Susquehanna... PG&E (PCG) upgraded to Neutral from Sell at Goldman... RF Micro Devices (RFMD) upgraded to Buy at Canaccord... Ruckus Wireless (RKUS) upgraded to Equal Weight from Underweight at Morgan Stanley... STMicroelectronics (STM) upgraded to Neutral from Sell at UBS... Sealed Air (SEE) upgraded to Market Perform from Underperform at Wells Fargo... Software AG (STWRY) upgraded to Neutral from Underweight at JPMorgan... Southwest (LUV) upgraded to Neutral from Underweight at JPMorgan... Sprint (S) upgraded to Neutral from Underperform at Credit Suisse... SunPower (SPWR) upgraded to Buy from Hold at Canaccord... Take-Two (TTWO) upgraded to Buy from Hold at Brean Capital... TriQuint (TQNT) upgraded to Buy at Canaccord... Visa (V) upgraded to Outperform from Market Perform at FBR Capital... Whiting Petroleum (WLL) upgraded to Overweight from Equal Weight at Stephens.
07:49 EDTIRGIgnite Restaurant price target lowered to $9 from $14 at UBS
UBS lowered its price target on Ignite Restaurant following its "tough" Q3, citing sluggish sales trends, elusive earnings momentum, and uncertainty surrounding visibility with its Macaroni Grill turnaround. UBS maintains its Buy rating on Ignite Restaurant shares.
05:58 EDTIRGIgnite Restaurant upgraded to Market Perform from Underperform at Raymond James
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October 29, 2014
16:11 EDTIRGIgnite Restaurant reports Q3 adjusted EPS (8c), consensus (4c)
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