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News For JCP;SHLD;AEO;ANF;TGT;WMT;KSS;SKT From The Last 14 Days
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November 23, 2015
07:02 EDTTGTTarget reveals plans for Cyber Week, including 15% off online on Cyber MOnday
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05:56 EDTWMTStocks with implied volatility below IV index mean; WMT RAD
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05:16 EDTWMTWal-Mart to launch Cyber Monday deals Sunday night
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November 20, 2015
16:35 EDTWMT, TGTStocks follow worst week of year with one of best after Fed minutes give clarity
Stocks ended the week with sharp gains, with the S&P rising over 3%, bouncing back from last week's equally sharp declines. The primary driver of the move appeared to be the Fed minutes, which provided further clarity that December's meeting is firmly on the table for the central bank to make its first rate hike in many years. MACRO NEWS: In the U.S., the minutes from the Fed's last FOMC meeting showed that most participants expect that rate hike conditions will be met by their December meeting. The Fed repeated its constant refrain, though, that the actual decision would depend on the implications for the medium-term outlook from recent economic data... The consumer price index rose 0.2% in October, as expected. When food and energy prices are stripped out, the "core" CPI also rose 0.2%, also matching the consensus forecast. Industrial production slid 0.2% in October, versus expectations for it to have risen 0.1%. Capacity utilization came in as expected at 77.5%. Housing starts fell 11.0% to a 1.06M pace in October, weaker than the expected rate of 1.16M. Building permits, however, rose 4.1% to a 1.15M rate, versus an expected rise of 3.8%. The Empire State index, which measures manufacturing in the N.Y. region, edged up to -10.74 in November, up from last month's -11.4, but below expectations for a -6.5 reading... In Europe, minutes from the most recent European Central Bank policy meeting showed that some participants called for more stimulus amid deflation risks, weak oil prices and a sluggish recovery in the regions' economy... In Asia, Japan's gross domestic product declined 0.8% in the third quarter, missing expectations for a 0.2% decrease and taking the nation's economy back into recession. Later in the week, the Bank of Japan maintained its current pace of monetary stimulus, as expected. Meanwhile, China's Securities Regulatory Commission has restarted initial public offerings for five companies to list on the Shanghai stock exchange and five in Shenzhen, ending a five-month freeze on IPOs. COMPANY NEWS: Shares of Wal-Mart advanced 3.5% on Tuesday after the world's largest retailer reported better than expected quarterly earnings and gave a fiscal year profit outlook that was higher than expected at the midpoint of the company's range. Another retail giant and fellow Dow member, Home Depot (HD), gained more than 4% that day after its own better than expected quarterly reports, which came on the heels of largely disappointing reports from other major retailers. Target (TGT), however, fell more than 4% on Wednesday after the retailer reported in-line quarterly sales and profits and narrowed the range of its fiscal year earnings view. Among others reporting earnings this week, TJX Companies (TJX) and Keurig Green Mountain (GMCR) rose immediately following their reports, while Kirkland's (KIRK) and Nimble Storage (NMBL) fell right after their own... The biggest U.S. health insurer said Thursday that it is considering pulling out of Obamacare due to losses it has suffered from its participation in the program and cut its profit outlook for this fiscal year, sending its shares and those of its industry peers lower. UnitedHealth (UNH) fell after trimming its fiscal 2015 earnings outlook, citing the Affordable Care Act, and stating that it is "evaluating the viability of the insurance exchange product segment." Aetna (AET), Humana (HUM), Anthem (ANTM) and Cigna (CI) all declined following their rival's announcement, though Aetna and Anthem followed the news up Friday morning by each reaffirming their fiscal 2015 earnings outlooks. Hospital stocks fell as well, with HCA Holdings (HCA), LifePoint (LPNT), Community Health (CYH) and Tenet (THC) all ending the Thursday lower by 6% or more... Square (SQ) rose 45% to close its first day as a publicly-traded company at $13.07 after pricing its initial public offering at $9 per share. Twitter (TWTR), which, like Square, claims Jack Dorsey as its CEO, advanced a bit following Square's public debut as well. Another high-profile tech company also gained in its first day of public trading, as Match Group (MTCH), the owner of dating app Tinder and other online dating services, climbed 22.8% to $14.74 after pricing its IPO at $12 per share... Bloomberg reported that Pfizer (PFE) is nearing an agreement to acquire Allergan (AGN) for $370 to $380 per share, citing people familiar with the matter. CNBC's David Faber then reported that deal talks are in the "final innings" and centered on an all stock transaction whereby Pfizer would offer 11-plus shares per Allergan share. Then, people close to the talks told Financial Times that the U.S. drugmaker is preparing to offer more than $380 per share for Allergan. Amid all these reports, Treasury Secretary Jacob Lew said that his department will release "targeted guidance" later this week meant to "deter and reduce further the economic benefits of corporate inversions" like the one being contemplated by the drugmakers. In other M&A news, Starwood Hotels & Resorts (HOT) found a buyer, but not the one that media reports had been foreshadowing. Starwood and Marriott (MAR) announced a deal under which the companies will combine in a cash and stock transaction valued at $12.2B to create the world's largest hotel company. Canadian Pacific (CP) and Norfolk Southern (NSC) both advanced after Canadian submitted a bid to acquire Norfolk, though the latter immediately criticized the offer as "low-premium." Airgas (ARG) surged about 30% after agreeing to be acquired by France's Air Liquide for $143 per share. Fairchild (FCS) jumped 8.5% after agreeing to be acquired for $20 per share by ON Semiconductor (ON)... Qualcomm (QCOM) dropped sharply after disclosing that Korea's Fair Trade Commission alleged the company does not "properly negotiate" aspects of its licenses and may be violating Korean competition law... SunEdison (SUNE) had another tough week, falling about 43% amid ongoing concerns regarding its liquidity and after quarterly filings revealed that several prominent hedge funds exited or trimmed their stakes in the company... ConAgra (CAG) gained 4% on Wednesday after announcing plans to separate into two independent public companies... Nike (NKE) advanced to close out the week after the footwear and sports apparel giant announced a two-for-one stock split, a $12B stock repurchase program and plans to boost its dividend... Chipotle Mexican Grill (CMG) dropped sharply after the Center for Disease Control announced that three additional states have reported people infected within the E. coli outbreak linked to the company's restaurants. INDEXES: The Dow gained about 3.35% to close at 17,823.81, the S&P 500 rose about 3.27% to close at 2,089.17, and the Nasdaq advanced about 3.58% to close at 5,104.92.
13:29 EDTANFAbercrombie & Fitch upgraded to Hold from Sell at Topeka
13:26 EDTANFOn The Fly: Top stock stories at midday
Stocks began the session sharply higher and have remained there since the open. The move higher has come despite a barren economic calendar and amid headlines coming out of Mali regarding a new terrorist event that took place there. The equity market is working on its fourth higher close in the past five sessions, while oil prices continue struggling to stay above $40 per barrel. ECONOMIC EVENTS: In the U.S., no major economic data was released. COMPANY NEWS: Shares of Nike (NKE) advanced nearly 5% after the Dow member announced a two-for-one stock split, a $12B stock repurchase program and plans to boost its dividend... BioMarin (BMRN) shares were down 4% near noon, but that was well off their worst levels of the day, after the FDA posted briefing materials ahead of next weeks advisory committee meeting to review the New Drug Application for Kyndrisa for the potential treatment of Duchenne muscular dystrophy amendable to exon 51 skipping. Sarepta (SRPT), which is at work on a competing drug, eteplirsen, that has its own committee review scheduled for January, rose 31% and another player in the DMD space, PTC Therapeutics (PTCT), fell 7.5%. MAJOR MOVERS: Among the notable gainers was Abercrombie & Fitch (ANF), which rallied 21% after the company reported better than expected quarterly earnings. Also higher was Cabela's (CAB), which gained 10% after Bloomberg reported that the company was receiving takeover interest. In addition, Foot Locker (FL) was up 5% after reporting Q3 earnings and guiding for Q4. Among the noteworthy losers was Nimble Storage (NMBL), which fell 50% after its stock was downgraded by no fewer than 11 analysts following its quarterly report. Also lower was Mentor Graphics (MENT), which lost 32% after its shares were downgraded by no fewer than five analysts. INDEXES: In early afternoon trading, the Dow was up 101.65, or 0.57%, to 17,834.40, the Nasdaq was up 32.02, or 0.63%, to 5,105.66, and the S&P 500 was up 10.09, or 0.48%, to 2,091.33.
12:40 EDTSHLDOptions with increasing implied volatility:TERP CHK NMBL SHLD POM
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12:37 EDTANFOptions with decreasing implied volatility
Options with decreasing implied volatility: GMCR JMEI ANF JD ETE SYF ROST TJX BBY CSC
12:26 EDTANFAbercrombie & Fitch upgraded to Hold from Sell at Evercore ISI
10:52 EDTANFOptions with decreasing implied volatility
Options with decreasing implied volatility: GMCR JMEI ANF JD ETE SYF ROST TJX BBY CSC
10:49 EDTANF, AEOAbercrombie & Fitch soars after reporting upbeat Q3 earnings
Abercrombie & Fitch (ANF) shares jumped in morning trading after the company reported better than expected quarterly earnings. WHAT'S NEW: Before the market open, Abercrombie & Fitch reported third quarter adjusted earnings per share of 48c on revenue of $878.6M. The consensus was for EPS of 22c on revenue of $864.65M. The company said that the adjusted EPS figure included year-over-year adverse effects from changes in foreign currency exchange rates amounting to roughly 13c. Commenting on the earnings, executive chairman Arthur Martinez said that the company's results "exceeded" expectations and "provide the strongest validation yet" that the retailer's initiatives are working. WHAT'S NOTABLE: On its Q3 earnings conference call, Abercrombie said that it is eyeing expansion outside of the U.S., aiming to roll out multiple new capabilities in the U.K. The company added that it saw growth in China in the past quarter and plans to add mobile enhancements in China in 2016. STREET RESEARCH: A day before Abercrombie's Q3 earnings release, Susquehanna analyst Thomas Filandro said that the retailer was "well positioned" for the holiday season, though weather and international unrest may lead to a higher degree of near-term uncertainty. Filandro said that his firm sees improved holiday performance as Abercrombie shifts focus on an improved in-store experience, growing U.S. outlets, closing underperforming stores, and evolving its merchandise assortment. The analyst reiterated a Positive rating and a $26 price target on the company's stock. After the retailer reported earnings, KeyBanc analyst Edward Yruma maintained an Overweight rating on Abercrombie's shares, saying that the company's better than expected quarter was "particularly impressive" in light of the recent weakness in the retail sector. Yruma said that the company's new brand initiatives are taking hold and that greater expense control and reduced promotional activity are improving the well-being of the business. PRICE ACTION: In morning trading, Abercrombie & Fitch rallied over 18% to $23.00. OTHERS TO WATCH: American Eagle Outfitters (AEO) was up just under 3%, Aeropostale (ARO) gained 0.75%, Tilly's (TLYS) rallied 3.4%, Urban Outfitters (URBN) jumped more than 4%, Buckle (BKE) was up just under 1%, and Express (EXPR) fell fractionally in morning trading.
10:04 EDTANFActive equity options trading on open
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09:10 EDTANFOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Abercrombie & Fitch (ANF), up 16.3%... Foot Locker (FL), up 4.8%. ALSO HIGHER: Horizon Pharma (HZNP), up 1.6% after withdrawing offer to acquire Depomed (DEPO)... Nike (NKE), up 4.3% after announcing a $12B repurchase program, a two-for-one stock split, and that it will raise its dividend. DOWN AFTER EARNINGS: Nimble Storage (NMBL), down 45.3%... Mentor Graphics (MENT), down 28%. ALSO LOWER: Depomed, down 5.9% after Horizon Pharma withdrew its offer to acquire the company... Builders FirstSource (BLDR), down 3.7% after 7M share Spot Secondary priced at $13.25.
08:54 EDTANFAbercrombie & Fitch to add mobile enhancements in China in 2016
Says traffic has been challenging. Says "pleased" with investments made in mobile. Says has close to 3M cumulative downloads of app. Says looking to rolling out capabilities outside the U.S., particularly in U.K. Says continued to see growth in China in Q3, particularly with Singles Day. Says will add mobile enhancements in China in 2016. Says wholesale business on target to hit $600M goal in margin contribution this year. Says continuing expansion of Kids stores in Adult space. Comments taken from Q3 earnings conference call.
08:17 EDTANFAbercrombie & Fitch sees FY15 CapEx roughly $150M
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08:16 EDTANFAbercrombie & Fitch sees Q4 gross margin rate approximately flat y/y
Sees continued adverse effects from foreign currency exchange rates. Sees operating expense to be roughly flat from last year. Guidance taken from slides to be presented on Q3 earnings conference call.
07:40 EDTANFAbercrombie & Fitch sees Q4 SSS approximately flat
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07:39 EDTANFAbercrombie & Fitch reports Q3 adj. EPS 48c, may not compare to consensus 22c
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November 19, 2015
15:24 EDTANFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Foot Locker (FL), consensus 94c... Sirona Dental (SIRO), consensus $1.10... Abercrombie & Fitch (ANF), consensus 22c... Hibbett Sport (HIBB), consensus 68c.
14:51 EDTANFAbercrombie & Fitch November 19 straddle priced for 12% movement into Q3
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