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News For JCP;FSLR From The Last 14 Days
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November 24, 2015
06:20 EDTJCPRetailers hunt for new breaches after warning on malware, Reuters says
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November 17, 2015
13:29 EDTFSLRSunEdison selloff continues, shares down 23%
Shares of SunEdison (SUNE) continue to be weak and are down 23% to $3.49 in afternoon trading. Dan Loeb's Third Point last night disclosed it no longer owns the stock while David Einhorn's Greenlight Capital disclosed a reduced stake. Deutsche Bank analyst Vishal Shah lowered his price target for SunEdison this morning to $16 saying language in Vivint Solar's (VSLR) quarterly filing around SunEdison debt financing could concern some investors. SunEdison's solar peers are also weak, with SunPower (SPWR), First Solar (FSLR) and SolarCity (SCTY) all in the red.
10:13 EDTJCPJ.C. Penney management to meet with Buckingham
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08:03 EDTFSLRSolar module makers outlook positive, says Bernstein
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November 16, 2015
16:29 EDTJCPJ.C. Penney announces plans to retire $500M asset-based term loan
J. C. Penney Company announced that it has received $500M of incremental bank commitments to increase the size of the Revolving Line of Credit under its existing Senior Secured Asset-Based Credit Facility to $2.35B from $1.85B. In connection with upsizing the revolving credit facility, the Company also intends to prepay and retire the outstanding principal amount of its $500M Term Loan previously issued under the ABL, which is scheduled to mature in June 2019. The Company expects to close these transactions in December.The Company expects that retirement of the ABL Term Loan will reduce interest expense by approximately $20M annually, beginning in 2016. The $2.35B ABL revolving line of credit, which will also mature in June 2019, will remain available for seasonal working capital needs and general corporate purposes. Marvin Ellison, chief executive officer, said, "We proactively pursued this transaction to reduce our long-term debt and ongoing interest expense and to further enhance our financial flexibility while maintaining our strong liquidity position as we continue to make progress on our goal of $1.2B in EBITDA by 2017."
11:35 EDTJCPDillard's sinks to 52-week low after joining chorus of 'disappointed' retailers
Shares of Dillard's (DDS), a retailer of fashion apparel, cosmetics and home furnishing, are falling to their worst level in a year after the company became the latest in its industry to report lower than expected third quarter results. WHAT'S NEW: This morning, Dillard's reported Q3 earnings per share of $1.19 and revenue of $1.435B, narrowly missing analysts' consensus estimates of $1.20 and $1.49B, respectively. Same-store sales for the quarter fell 4%. Total merchandise sales decreased 3% for the 13-week period ended October 31. Weaker performing categories were men's apparel and accessories and ladies' accessories and lingerie with notable weakness in home and furniture the company explained. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program." WHAT'S NOTABLE: Gross margin from retail operations improved 11 basis points of sales for the 13 weeks ended October 31 compared to the prior year third quarter. Consolidated gross margin for the 13 weeks ended October 31 declined 30 basis points of sales compared to the prior year third quarter. The disparity between retail and consolidated gross margin performance is attributable to increased revenue at CDI, which is a substantially lower margin business. Inventory increased 6% at October 31 compared to November 1, 2014. For FY15, the company expects capital expenditures of $150M. PRICE ACTION: In late morning trading, Dillard's fell $5.81, or 7.5%, to $71.79 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $68.05. Including today's pull back, the shares have lost about 36% over the past 12 months. OTHERS TO WATCH: Other apparel, cosmetics and home furnishing retailers include Macy's (M), Kohl's (KSS), JC Penny (JCP), Sears (SHLD) and Nordstrom (JWN).
11:30 EDTFSLRLoeb exits SunEdison while Deutsche says liquidity worries overdone
Deutsche Bank said that investors' fears that SunEdison (SUNE) will run out of liquidity are unfounded, as the solar energy company is not poised to suffer any liquidity events. Meanwhile, quarterly filings are showing that several prominent hedge funds have exited or trimmed their stakes in SunEdison and another firm downgraded the shares of a SunEdison subsidiary. LIQUIDITY WORRIES OVERDONE: Investors are worried about SunEdison's liquidity, but these fears are overdone, wrote Deutsche Bank analyst Vishai Shah. Only about $3B of the company's total $12B debt consists of recourse loans, the analyst stated. Additionally, in the near-term, investors are primarily worried about a $510M payment that SunEdison has to make in connection with its acquisition of the company Wind Energy, according to the analyst. Although SunEdison will not be able to sell its wind projects to TerraForm (TERP) due to the "disarray" of alternative energy financing markets, SunEdison will instead drop the projects into one of its warehouses, enabling it to recognize cash margins for the projects, the analyst explained. Additionally, the interest owed by SunEdison's project development company will only amount to about $150M, versus the $210M per quarter shown on its income statement, Shah stated. The discrepancy is due to the consolidation of its subsidiaries and the non-recourse debt it holds, he explained. Shah kept a $28 price target and Buy rating on SunEdison shares. HEDGE FUND UPDATES: Leon Cooperman's Omega Advisors lowered its stake in SunEdison last quarter, while Dan Loeb's Third Point sold its entire stake in the solar energy company last quarter, their quarterly filings disclosing their positions as of September 30 revealed. TERRAFORM DOWNGRADE: There is "substantial doubt" about TeraForm's ability to profitably buy assets from SunEdison or third parties, according to UBS analyst Julien Dumoulin-Smith. The analyst said he reached this conclusion because of TeraForm's 10%+ dividend yield and deteriorating balance sheet. Given the yieldco's recently revealed need to invest significantly more capital in projects than expected, its balance sheet will be more stressed than he had predicted, the analyst explained. Dumoulin-Smith lowered his price target on TerraForm to $14 from $30 and downgraded the stock to Neutral from Buy. ANOTHER TO WATCH: After meeting with First Solar's (FSLR) management last week, Shah wrote today that he was more confident about the company's upcoming products and earnings. Although investors are concerned about the company's 2017 earnings outlook, its 2017 earnings should grow to over $4 per share that year, he believes. Among the factors that will increase First Solar's profits are cost reductions, capacity expansion, and strong backlog growth, he believes. Shah kept a Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison fell 8% to $4.53, TerraForm sank 9% to $12.56 after earlier reaching a 52-week low of $12.51 earlier in the session and First Solar was fractionally higher at $52.90.

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