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May 16, 2014
12:19 EDTJWN, M, JCP, KSSJ.C. Penney soars following better than expected Q1 results
Shares of retailer J.C. Penney (JCP) are rising after reporting better than expected first quarter results. WHAT'S NEW: Last night, J.C. Penney reported Q1 earnings per share of ($1.16) and revenue of $2.8B, topping consensus views of ($1.25) and $2.71B, respectively. The company’s Q1 same store sales increased 6.2%. WHAT’S NOTABLE: J.C. Penney forecast Q2 SSS up mid-single digits, while Q2 gross margin was expected to improve sequentially. For FY14, the company expects SSS up mid-single digits, while gross margin is seen improving significantly year over year. The company also announced it obtained a $2.35B senior secured ABL credit facility to replace its existing $1.85B ABL bank line, which matures in April 2016. ANALYST REACTION: This morning, analyst commentary was mixed. Deutsche Bank raised its price target on J.C. Penney to $10 from $6 citing the company's "very impressive" Q1 results. The firm noted the quarter had the easiest same-store-sales comparison of the year, and it kept a Hold rating on the stock. Contrarily, Credit Suisse remained cautious on J.C. Penney. Credit Suisse said it was encouraged by J.C. Penney's progress, but remained cautious on the shares given the difficulty in predicting consistent profitability in the challenging lower-end retail environment. Shares were Underperform rated with a $7 price target. PRICE ACTION: In early afternoon trading, J.C. Penney gained $1.18, or about 14%, to $9.55 on heavy trading volume. Despite today’s advance, the stock has lost approximately 49% over the past twelve months. OTHERS TO WATCH: Others in the retail space include Nordstrom (JWN), Kohl’s (KSS), and Macy’s (M).
News For JCP;JWN;KSS;M From The Last 14 Days
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November 12, 2015
12:02 EDTKSS, MOn The Fly: Top stock stories at midday
Stocks on Wall Street opened deep in negative territory but the averages began to pare their losses almost immediately. All eyes and ears were on Fed Chair Janet Yellen, who gave a welcoming speech at a Fed conference, though she did not discuss policy or the economy. Other Fed speakers talked about the lack of inflation as well as interest rate expectations, but their comments so far this morning have failed to clarify expectations for the December meeting. ECONOMIC EVENTS: In the U.S., initial jobless claims were unchanged at 276,000 in the week of November 7, versus expectations for 270,000 first-time claims. The JOLTS report showed job openings rebounded 149,000 to 5.53M in September. In Europe, European Central Bank president Mario Draghi, in remarks delivered in a hearing in the European Parliament, once again signaled that the bank is ready to boost stimulus at its December meeting as warranted. COMPANY NEWS: Shares of Angie's List (ANGI) jumped 12% after Barry Diller's IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, advanced 8% following the revelation of the takeout bid for Angie's List... Department store owner Kohl's (KSS), which was weak yesterday along with virtually every company in the space following Macy's (M) disappointing results, bounced back 6% after its third quarter report topped expectations on both the top and bottom lines... Advance Auto Parts (AAP) sunk 13% after its earnings missed the consensus forecast, its profit guidance was lowered, its CEO announced plans to retire and Starboard's CEO Jeff Smith was appointed to the company's board. MAJOR MOVERS: Among the notable gainers was Eros International (EROS), which rallied more than 8.5% after it called allegations of security laws violations "baseless and misleading." Also higher was Viacom (VIAB), which gained 2.5% after it quarterly earnings came in roughly in-line with consensus estimates. Among the noteworthy losers was Fairmount Santrol (FMSA), which fell 20% after reporting downbeat third quarter earnings and suspending its earnings guidance due to market uncertainty. Also lower was Flower Foods (FLO), which dropped 10% after it reported quarterly earnings and narrowed its fiscal 2015 guidance. INDEXES: Near midday, the Dow was down 147.82, or 0.84%, to 17,554.40, the Nasdaq was down 18.15, or 0.36%, to 5,048.87, and the S&P 500 was down 13.77, or 0.66%, to 2,061.23.
10:05 EDTKSSHigh option volume stocks
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10:00 EDTMOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Angie's List (ANGI) upgraded to Market Perform from Underperform at Raymond James... CGI Group (GIB) upgraded to Buy from Hold at Societe Generale... Devon Energy (DVN) upgraded to Buy from Neutral at Guggenheim... EP Energy (EPE) upgraded to Neutral from Sell at Citi... Franco-Nevada (FNV) upgraded to Buy from Hold at Canaccord... Galena (GALE) upgraded on commercial business divestment at Oppenheimer... KPN (KKPNY) upgraded to Buy from Hold at HSBC... Macy's (M) upgraded to Buy from Neutral at Northcoast... Magic Software (MGIC) upgraded to Overweight from Equal Weight at Barclays... Range Resources (RRC) upgraded on valuation, 2016 outlook at RBC Capital... Raytheon (RTN) upgraded to Buy from Hold at Argus... Trend Micro (TMICY) upgraded to Buy from Neutral at Nomura.
10:00 EDTKSSKohl's rallies after results
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09:36 EDTKSSActive equity options trading on open
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09:32 EDTKSSKohl's sees weather as a headwind in Q4
09:31 EDTMMacy's upgraded to Buy from Neutral at Northcoast
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09:21 EDTKSSOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Kohl's (KSS), up 5.4%... NetEase (NTES), up 6.3%... SunPower (SPWR), up 3.4%. ALSO HIGHER: Angie's List (ANGI), up 12.1% after after IAC (IAC) proposes to acquire the company... OHR Pharmaceutical (OHRP), up 7.4% after submitting a Special Protocol Assessment request to the FDA for OHR-102... Galena Biopharma (GALE) up 6.2% after being upgraded to Outperform from Perform at Oppenheimer... MannKind (MNKD), up 5.4% after confirming a planned stock sale. DOWN AFTER EARNINGS: Freshpet (FRPT), down 25%... Advance Auto Parts (AAP), down 11.1%... Viacom (VIAB), down marginally. ALSO LOWER: Derma Sciences (DSCI), down 30.4% after ending its Phase 3 clinical trials with aclerastide, DSC127, for diabetic foot ulcer healing... Sunedison (SUNE), down 11.2% after being downgraded to Sell from Neutral at Axiom.
09:14 EDTKSSKohl's sees FY free cash flow 'a little lighter' than expected, around $800M
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09:12 EDTKSSKohl's sees gross margin increase in Q4, with 2%-3% comp
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09:11 EDTKSSKohl's sees holiday season 'very promotional,' 'very competitive'
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08:58 EDTKSSKohl's says could get to Q4 comp increase of 2%-3%
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08:56 EDTKSSKohl's sees negative weather trends in Q4
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08:52 EDTKSSKohl's says 'no change' to FY EPS guidance
Says "We still think we can hit $4.40." Previous guidance was the low end of $4.40-$4.60 range, consensus $4.26. says going into holiday season with more inventory than last year.
08:48 EDTKSSKohl's sees low single digit increase in inventory units per store at year end
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08:33 EDTMG-III Apparel estimates lowered at Stephens following Macy's report
Stephens analyst Rick Patel lowered his estimates for G-III Apparel (GIII) and cut his price target on the stock to $70 from $79 in response to the weaker than expected Q3 results reported by its customer Macy's (M). Patel notes that Macy's accounts for only 18% of G-III sales, but also acknowledges that implications of weak consumer demand could have a broader impact. He keeps an Overweight rating on G-III, however, citing its long-term opportunity, and said the recent pullback presents a good buying opportunity for patient investors.
08:06 EDTMMacy's price target lowered to $48 from $60 at Stifel
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07:05 EDTKSSKohl's reports Q3 SSS up 1%
07:05 EDTKSSKohl's reports Q3 adjusted EPS 75c, consensus 69c
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06:41 EDTMMacy's selloff yesterday 'seems excessive,' sayst Citi
Citi analyst Paul Lejuez says the post-earnings selloff yesterday, which reduced Macy's market capitalization by $2.5B, "seems excessive." The analyst "would not be surprised" to see the stock "recover slightly" from current levels. He lowered his price target for the stock to $43 from $48 and keeps a Neutral rating on Macy's.
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