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Stock Market & Financial Investment News

News For JCP;SHLD;AEO;ANF;TGT;WMT;KSS;SKT From The Last 14 Days
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March 3, 2015
16:23 EDTTGTOn The Fly: Closing Wrap
Stocks on Wall Street were lower, as the major averages receded from record levels. The Dow and S&P 500 closed yesterday at all-time highs, though the market was unable to build upon those records. Auto sales for February included disappointments for several companies, but that was quickly blamed on the poor weather during the month. With the economic calendar light, investors began looking forward to end of the week, when the highly anticipated monthly nonfarm payrolls are released. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Automakers reported on their sales in the U.S. during February, with several falling short of expectations. Ford (F) reported sales fell about 2% last month compared to the prior year, and its stock fell 40c, or 2.41%, to $16.17 afterward. Shares of Fiat Chrysler (FCAU), which reported a 6% increase in U.S. sales last month, declined 52c, or 3.28%, to $15.31. General Motors (GM) reported its February U.S. sales rose a bit over 4%, but that was below the nearly 6% increase that had been forecast by analysts, and shares gained 19c, or 0.51%, to $37.80... Target (TGT) shares gained 32c, or 0.41%, to $78.00 as the company held its investor day meeting. During the meeting, the retailer guided for its fiscal 2015 EPS to be $4.45-$4.65, versus consensus $4.50, and projected that its sales will grow 2%-3% during the fiscal year. Target also said it is targeting $2B in share repurchases this year and said it expects 5%-10% annual dividend growth. MAJOR MOVERS: Among the notable gainers was Orexigen (OREX), which surged $1.85, or 31.95%, to $7.64 after the company disclosed that its weight loss drug, Contrave, demonstrated a statistically significant benefit over placebo for cardiovascular events when announcing a method of treatment patent was issued by the USPTO. Also higher was Springleaf Holdings (LEAF), which gained $12.19, or 32.05%, to $50.23 after agreeing to acquire OneMain Financial from Citigroup (C) for $4.25B. Among the noteworthy losers was Primoris Services (PRIM), which fell $3.87, or 18.35%, to $17.22 after reporting fourth quarter results that fell short of consensus expectations and were below last yearís fourth quarter. Also lower were shares of Micron (MU), which fell $1.58, or 5.06%, to $29.66 after Nomura downgraded the stock to Neutral from Buy. INDEXES: The Dow fell 85.26, or 0.47%, to 18,203.37, the Nasdaq lost 28.20, or 0.56%, to 4,979.90, and the S&P 500 declined 9.61, or 0.45%, to 2,107.78.
15:57 EDTANF, AEOBofA/Merrill retail analysts hold an analyst/industry conference call
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15:50 EDTTGTTarget to cut several thousand jobs as part of $2B cost saving plan
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15:21 EDTTGTTarget falls, rebounds, levels to watch
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15:20 EDTANF, AEONotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include PetSmart (PETM), consensus $1.38... Trina Solar (TSL), consensus 13c... Lexicon Pharmaceuticals (LXRX), consensus (3c)... Abercrombie & Fitch (ANF), consensus $1.15... American Eagle Outfitters (AEO), consensus 34c... E. W. Scripps (SSP), consensus 40c.
15:16 EDTTGTTarget sees 10% annual EPS growth for 2016 and beyond
15:15 EDTTGTTarget sees FY15 adjusted EPS $4.45-$4.65, consensus $4.50
15:14 EDTTGTTarget sees FY15 sales growth 2%-3%
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15:11 EDTTGTTarget sees $2B in share repurchases this year
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15:10 EDTTGTTarget sees 5%-10% annual dividend growth
15:10 EDTTGTTarget shares down 2.9% as investor day meeting continues
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15:09 EDTTGTTarget sees expected capex between $2B-$2.5B over next five years
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15:08 EDTTGTTarget sees FY15 capex of $2.1B, $1B of that in technology and supply chain
15:06 EDTTGTTarget sees 9.5%-10% EBITDA margins over next five years
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15:05 EDTTGTTarget sees SG&A expense rate of 19.5%-20% over next five years
15:00 EDTTGTTarget sees gross margin rate of 29.5% as achievable, appropriate
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14:54 EDTTGTTarget to continue to support dividend, repurchase 'billions'
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14:53 EDTTGTTarget sees $2B savings on expenses, cost of goods over next two years
14:46 EDTAEOAmerican Eagle technical comments before earnings
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14:43 EDTTGTTarget says while Food is not 'key' category, it plays a key role in Wellness
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14:43 EDTTGTTarget says focusing on Style, Baby, Kids, Wellness categories
Comment made at Target's 2015 Financial Community Meeting.
13:32 EDTAEOAmerican Eagle weekly volatility elevated into Q4 and outlook
American Eagle March weekly call option implied volatility is at 89, March is at 52, April is at 44, August is at 35; compared to its 26-week average of 41 according to Track Data, suggesting large near term price movement into the expected release of Q4 results on March 4.
12:35 EDTANFAbercrombie & Fitch weekly volatility increases to 181 into Q4 and outlook
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12:11 EDTANFEarnings Preview: Abercrombie's Q4 report to be first since CEO stepped down
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10:25 EDTKSSKohl's estimates raised at Atlantic Equities
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10:22 EDTAEO, ANFGoldman sees weakness ahead for specialty apparel retailers
The stocks of specialty apparel retailers could drop sharply as a result of the cold February weather and bottlenecks at West Coast ports, Goldman Sachs wrote in a note to investors today. WHAT'S NEW: The cold February and port delays will probably cause specialty retailers to report lower than expected profits for the first half of 2015, Goldman analyst Lindsay Drucker Mann forecast. As a result of these factors, the inventories of companies in the sector will probably be backed up all the way to Easter, wrote Mann, adding that foreign exchange fluctuations are also likely to weigh on specialty retailers' profits. The analyst cut her rating on PVH Corp. (PVH) two notches to Neutral from Conviction Buy, predicting that the company's profits would take longer to recover than she previously believed. Among specialty retail stocks, Mann is most negative on Abercrombie & Fitch (ANF), Francesca's (FRAN), and Ann Inc. (ANN). She maintained Sell ratings on all three names. The analyst predicted that American Eagle's (AEO) stock could fall further, and maintained a Neutral rating on those shares. WHAT'S NOTABLE: On February 26, Morgan Stanley downgraded Abercrombie & Fitch, citing skepticism about the turnaround prospects of its international business and negative foreign exchange trends. The firm predicted that the company's fiscal 2015 EPS guidance would come in below expectations. However, two firms were recently upbeat on American Eagle, with BMO Capital identifying the company as its favorite name for spring, stating that it expects American Eagle to benefit from the 70s fashion trend. Also, BB&T recently initiated the stock with a Buy rating. PRICE ACTION: In early trading, PVH fell 1.4% to $105.23, Abercrombie & Fitch lost 1.6% to $24, Francesca's declined 2% to $14.62, Ann slid 1.1% to $35.36, and American Eagle lost 1% to $14.80.
07:49 EDTTGTTarget to revamp grocery unit, WSJ says
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07:09 EDTWMT, TGTBofA/Merrill to hold a conference
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05:57 EDTAEO, ANFPVH Corp. downgraded to Neutral from Conviction Buy at Goldman
Goldman Sachs downgraded PVH Corp. (PVH) to Neutral from Conviction Buy saying a cold February and port-related product delays in March will push out the company's earnings recovery. Goldman cut its price target for the owner of Calvin Klein and Tommy Hilfiger to $109 from $143. The stock closed Monday up 21c to $106.74. Within the Specialty Apparel space, Goldman is most negative on Abercrombie & Fitch (ANF), Francesca's (FRAN) and Ann Inc. (ANN), and it sees "fresh downside risk" to American Eagle (AEO). It says the weather and port issues could "throw cold water on the Specialty rally."
05:55 EDTANFStocks with implied volatility above IV index mean; BBRY ANF
Stocks with implied volatility above IV index mean; BlackBerry (BBRY) 62, Abercrombie & Fitch (ANF) 67 according to iVolatility.
March 2, 2015
12:39 EDTANFAbercrombie & Fitch volatility increases into Q4 and outlook
Abercrombie & Fitch March weekly call option implied volatility is at 161, March is at 83, April is at 62; compared to its 26-week average of 44 according to Track Data, suggesting large March price movement into the expected release of Q4 results on March 4.
11:16 EDTTGTTarget to hold a meeting
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10:06 EDTSHLDOptions with decreasing implied volatility
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09:54 EDTTGTTarget March weekly volatility elevated into financial community meeting
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07:32 EDTSKTCitigroup to hold a conference
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06:20 EDTANFAbercrombie & Fitch implied volatility of 64 at upper end of index mean range
February 27, 2015
16:22 EDTJCPStocks have another winning week after Greek deal, Yellen reassurance
Stocks ended higher this week after the euro zone sealed its deal to extend Greece's bailout and Fed chair Janet Yellen reiterated that the central bank would take a patient approach to raising interest rates. MACRO NEWS: Last Friday afternoon, Greece reached a framework deal with its euro zone partners to extend its bailout by four months, contingent on a reform proposal being accepted. The proposals were accepted by the EU early this week... In testimony before Congress, Janet Yellen reiterated that the Federal Reserve can remain patient in deciding when to hike interest rates... U.S. economic data was mixed, as the Q4 GDP growth revision, durable goods orders for January, and an index of consumer sentiment beat expectations, but weekly jobless claims and existing home sales for January missed expectations... Somewhat positive economic data came out of China, as the flash HSBC/Markit Purchasing Managers' Index was 50.1, representing a four month high. However, China's export orders declined at the fastest rate in 20 months. COMPANY NEWS: Drug maker Valeant (VRX) agreed to buy Salix (SLXP), which develops gastrointestinal products, for $158 per share. In another development on the M&A front, Bloomberg reported that HP (HPQ) is in talks to make its biggest acquisition in several years by potentially acquiring Aruba Networks (ARUN), which provides Wi-Fi products. Additionally, PTC Therapeutics (PTCT) rose after Reuters said the company is working with financial advisers to explore a potential sale after receiving takeover interest from several companies including Shire (SHPG) and BioMarin (BMRN)... Solar energy company SunPower (SPWR) was one of this week's big winners after its quarterly results topped expectations, and the company announced that it's in advanced talks to form a joint YieldCo vehicle with peer First Solar (FSLR). First Solar also rallied after the news... Among the noteworthy losers this week was Lumber Liquidators (LL), after the company reported Q4 earnings per share and revenue that missed consensus expectations. The flooring retailer also warned on its associated call that an upcoming "60 Minutes" piece may cast the company in an unfavorable light and disclosed in its annual report that the Department of Justice indicated in recent communications that it is contemplating seeking criminal charges under the Lacey Act... Companies that rose after reporting their quarterly results included Home Depot (HD) and Gap (GPS), while HP, TASER (TASR), and J.C. Penney (JCP) dropped after reporting their results. INDEXES: For the week, the Dow was down 0.04% to 18,132.70, the Nasdaq was up 0.15% to 4,963.53, and the S&P 500 was down 0.27% to 2,104.50.
16:14 EDTJCPOn The Fly: Closing Wrap
Stocks on Wall Street were lower for the day, but still rose for the week and the month of February. The market moved in a narrow range for most of today's session despite a host of economic reports that were released earlier in the day. In spite of today's modest declines, the market put the finishing touches on one of its best months ever, with the Dow and S&P posting their best monthly rises since October 2011 and the Nasdaq notching its best month since 1998. ECONOMIC EVENTS: In the U.S., the Commerce Department estimated GDP grew at an annual rate of 2.2% in the last quarter of 2014, which is weaker than the 2.6% rate first estimated last month, but above the consensus forecast for the GDP growth rate to be cut to 2%. The Chicago PMI fell 13.6 points to 45.8 in February, which was much worse than the expected reading of 58.0. The University of Michigan consumer sentiment final February print came in at 95.4, which is a little better that the 93.6 preliminary February print and above the consensus forecast for a 94.0 reading. The pending home sales index bounced 1.7% to 104.2 in January, versus expectations for it to be up 2%. COMPANY NEWS: Two notable retailers moved in opposite directions following their quarterly reports, as Gap (GPS) rose and J.C. Penney fell. Gap gained $1.23, or 3.05%, to $41.60 after the company reported fourth quarter earnings that beat expectations. The owner of Old Navy, Banana Republic and its flagship nameplate also announced a $1B share repurchase program and plans to increase its dividend. J.C. Penney, meanwhile, reported earnings that missed expectations and gave a 2015 gross margin outlook that disappointed some analysts and its shares slid 62c, or 6.8%, to $8.50. MAJOR MOVERS: Among the notable gainers was Monster Beverage (MNST), which jumped $16.38, or 13.13%, to $141.12 after the energy drink maker's fourth quarter results surpassed analystsí consensus estimates and announced plans to expand distribution with Coca-Cola (KO) bottlers into additional territories. Among the noteworthy losers was Weight Watchers (WTW), which dropped $6.23, or 35.48%, to $11.33 after reporting lower than expected quarterly revenues and issuing a worse than expected profit forecast for its new fiscal year. Also lower were shares of Southwestern Energy (SWN), which fell $1.27, or 4.82%, to $25.08 after becoming the latest oil production company to lower its 2015 capital expenditure forecast. INDEXES: The Dow fell 81.72, or 0.45%, to 18,132.70, the Nasdaq lost 24.36, or 0.49%, to 4,963.53, and the S&P 500 declined 6.24, or 0.3%, to 2,104.50.
13:10 EDTANFAbercrombie & Fitch March volatility elevated into Q4 and outlook
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12:54 EDTJCPOn The Fly: Midday Wrap
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11:04 EDTJCPStocks with call strike movement; JCP DDD
J.C. Penney (JCP) August 10 call option implied volatility decreased 5% to 44, 3D Systems (DDD) August 34 call option implied volatility increased 7% to 44 according to IVolatility.
10:32 EDTSHLDOptions with decreasing implied volatility
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10:12 EDTAEO, ANFGap rises after Q4 earnings top forecast, capital return plans announced
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09:58 EDTKSSOn The Fly: Analyst Upgrade Summary
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09:37 EDTJCPJ.C. Penney tumbles, levels to watch
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09:24 EDTJCPOn The Fly: Pre-market Movers
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09:23 EDTJCPJ.C. Penney 2017 financial targets are unattainable, says Craig-Hallum
Craig-Hallum said J.C. Penney's 2015 gross margin outlook supports its view the company's 2017 financial targets are unattainable. Given the continued double digit growth of the margin dilutive e-commerce channel, the firm does not see meaningful upside to gross margin targets and reiterates Sell rating.
08:09 EDTKSSKohl's upgraded at Telsey Advisory
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07:11 EDTJCPJ.C. Penney remains a 'show me story,' says Deutsche Bank
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06:46 EDTJCPJ.C. Penney sell-off a buying opportunity, says Piper Jaffray
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06:35 EDTKSSKohl's upgraded to Outperform from Market Perform at Telsey Advisory
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05:56 EDTANFAbercrombie & Fitch implied volatility of 66 at upper end of index mean range
February 26, 2015
18:43 EDTJCPOn The Fly: After Hours Movers
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17:55 EDTJCPJ.C. Penney sees Q1 sales to be impacted less than 1% due to West Coast ports
Management stated that they believe that the West Coast port shutdown impacted holiday business. The company did see a slowdown in January and ended FY14 $30M-$50M lower than was expected. The company is attempting to leverage other ports on the East Coast and Gulf Coast. The company is mitigating late shipments by transporting more goods via roadway than by rail. The company expects Q1 sales to be impacted less than 1% and Impacts to gross margins to be less than $20M. Both the Q1 sales and Q1 gross margin impact is accounted for in the company's FY15 guidance.
17:35 EDTJCPJ.C. Penney CEO Ullman says company is 'back and competing effectively'
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17:25 EDTJCPJ.C. Penney reports men's apparel, home, fine jewelry were top performers in Q4
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17:21 EDTJCPJ.C. Penney reports FY14 positive free cash flow of $57M
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16:13 EDTJCPJ.C. Penney down 5.6% after Q4 earnings miss expectations
16:12 EDTJCPJ.C. Penney sees FY15 comparable store sales up 3%-5%
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16:11 EDTJCPJ.C. Penney ended year with liquidity of approximately $2.1B
For Q4, gross margin improved 540 basis points to 33.8% of sales, compared to 28.4% in the same quarter last year. Gross margin was positively impacted by significant improvement in the company's merchandise mix and margin on clearance sales over the prior year quarter.
16:10 EDTJCPJ.C. Penney reports Q4 adjusted EPS 0c, consensus 11c
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15:30 EDTJCPNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Monster Beverage (MNST), consensus 59c... Ross Stores (ROST), consensus $1.11... Gap (GPS), consensus 74c... Autodesk (ADSK), consensus 24c... Universal Health Services (UHS), consensus $1.50... Southwestern Energy (SWN), consensus 50c... Ensco (ESV), consensus $1.36... J.C. Penney (JCP), consensus 11c... Nimble Storage (NMBL), consensus (14c)... Herbalife (HLF), consensus $1.22... Allscripts Healthcare (MDRX), consensus 9c... SBA Communications (SBAC), consensus 2c... Aruba Networks (ARUN), consensus 27c... Splunk (SPLK), consensus 4c... Air Lease (AL), consensus 61c... Ingram Micro (IM), consensus 99c... Weight Watchers (WTW), consensus 7c... Northern Oil and Gas (NOG), consensus 19c... Envision Healthcare (EVHC), consensus 36c... Infoblox (BLOX), consensus 5c... Live Nation (LYV), consensus (41c)... OmniVision (OVTI), consensus 29c... Bonanza Creek Energy (BCEI), consensus 27c.
13:03 EDTJCPJ.C. Penney February weekly 9 straddle priced for 10.2% movement into Q4
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12:48 EDTJCPEarnings Preview: J.C. Penney sees Q4 SSS at high end of 2%-4% view
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12:01 EDTJCPAppeals court revives two claims by Macy's against J.C. Penney, Reuters says
A New York appeals court has revived two claims by Macy's (M) against J.C. Penney (JCP) that accuse J.C. Penney of contract interference and unfair competition related to a Martha Stewart contract, though the appeals court reaffirmed the prior decision that Macy's did not deserve punitive damages, reports Reuters, citing court statements. Reference Link
11:52 EDTJCPMacy's claims against J.C. Penney to be reinstated after appeal, Bloomberg says
10:36 EDTSHLDOptions with decreasing implied volatility
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10:00 EDTANFOn The Fly: Analyst Downgrade SummaryStarz
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09:09 EDTTGT, KSSKohl's says some areas of U.S. 'reallly impacted by weather'
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08:52 EDTKSSKohl's says 'pays what's necssary' in each market to attract, retain talent
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08:50 EDTKSSKohl's says Nike sales up 24% at Kohl's stores in Q4
Kohl's (KSS) says number of transactions increased 2% in Q4. Says Nike (NKE) delivered 24% increase in Q4 sales. Expects about 900 stores to have new beauty format by end of year. Sees some margin pressure in Q1 from rollout of beauty products. Expects SG&A to increase more in Q1 than in the balance of the year. Says FY CapEx guidance includes $350M of IT spending, $250M for store strategies, $200M for base capital projects. Comments made on the Q4 earnings conference call.
08:08 EDTANFAbercrombie & Fitch downgraded at Morgan Stanley
As previously reported, Morgan Stanley downgraded Abercrombie & Fitch to Underweight from Equal Weight. The analyst is skeptical Abercrombie's international business can turn around, and when combined with FX headwinds, will result in FY15 guidance significantly below consensus of $1.69. Morgan Stanley continues to believe teen retailers are in a structural decline and cut Abercrombie's FY15 EPS estimate to $1.30 and lowered its price target to $18 from $28.
07:36 EDTJCPJ.C. Penney volatility elevated into Q4 and outlook
J.C. Penney February weekly call option implied volatility is at 168, March weekly calls are at 91, April is at 55; compared to its 26-week average of 54 according to Track Data, suggesting large near term price movement into the expected release of Q4 results today.
07:34 EDTANFAbercrombie downgraded to Underweight from Equal Weight at Morgan Stanley
07:03 EDTKSSKohl's sees FY15 EPS $4.40-$4.60, consensus $4.54
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07:02 EDTKSSKohl's board authorizes 15% increase in quarterly dividend to 45c per share
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07:02 EDTKSSKohl's reports Q4 EPS $1.83, consensus $1.80
Reports Q4 revenue $6.34B, consensus $6.33B. Reports Q4 SSS up 3.7%.
06:49 EDTANFAbercrombie & Fitch engaged in Supreme Court trial over Muslim scarf, WSJ says
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06:44 EDTSHLDSears says targeting REIT formation in May or June
Sears said "We are continuing our efforts to develop Sears Holdings as a membership company, without the significant asset intensity of its traditional retail business. To this end, we announced in November that we have been exploring the formation of a Real Estate Investment Trust to purchase some of our properties and to manage them like a pure real estate company. While we can offer no assurances that such a transaction will be consummated, we have made progress and are proceeding towards its formation and separation, which is projected to occur in May or June of this year. We are currently targeting between 200 and 300 Sears and Kmart stores to be sold to the REIT with expected proceeds to Sears Holdings in excess of $2B. The REIT itself would be funded by equity and debt with the equity raised through a rights offering. The subscription rights would be distributed pro rata to all stockholders of record of the company, and every stockholder would have the right to participate, except that holders of the company's restricted stock that is unvested as of the record date would be expected to receive cash awards in lieu of subscription rights."
06:11 EDTANFStocks with implied volatility above IV index mean; ANF HLF
Stocks with implied volatility above IV index mean; Abercrombie & Fitch (ANF) 64, Herbalife (HLF) 94 according to iVolatility.
06:09 EDTSHLDSears reports Q4 EPS ($1.50), one estimate ($1.89)
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February 25, 2015
15:05 EDTKSS, SHLDNotable companies reporting before tomorrow's open
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12:31 EDTTGTOn The Fly: Midday Wrap
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11:18 EDTTGTTarget says worker wages 'competitive'
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11:10 EDTTGTTarget sees Q1 SSS up about 2%
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11:07 EDTTGTTarget says could be in a position to revisit stock buybacks later this year
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10:58 EDTTGTTarget says top priority is to drive digital sales growth
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10:10 EDTANFBofA/Merrill retail analysts hold an analyst/industry conference call
Head of European General Retail Equity Research Steegers, along with Head of U.S. General Retail Equity Research Hutchinson, discuss the global apparel sector, focusing on international expansion, pricing and sustainability of margins and returns on an Analyst/Industry conference call to be held on February 25 at 10 am.
09:08 EDTTGTOn The Fly: Pre-market Movers
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08:59 EDTSHLDSears Holdings volatility elevated into Q4 and outlook
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08:53 EDTANFAbercrombie & Fitch Q4 results could be at low end of view, says Janney Capital
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08:02 EDTTGTTarget says seeing early momentum in efforts to transform company
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08:01 EDTTGTTarget sees Q1 adjusted EPS 95c-$1.05, consensus $1.04
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08:01 EDTTGTTarget reports Q4 adjusted EPS $1.50, consensus $1.46
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08:00 EDTTGTTarget reports Q4 adjusted EPS $1.50, consensus $1.46
08:00 EDTWMTWal-Mart still pressured by prominent shareholder over pay, Reuters says
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07:01 EDTKSSKohl's launches skincare and well-being brand Bliss
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05:55 EDTTGTTarget implied volatility of 25 at upper end of index mean range
05:53 EDTANFStocks with implied volatility above IV index mean; ANF HLF
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February 24, 2015
15:21 EDTTGTNotable companies reporting before tomorrow's open
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14:47 EDTTGTTarget technical comments ahead of earnings
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12:53 EDTTGTEarnings Preview: Target sees Q4 adjusted EPS $1.43-$1.47, above prior view
Target (TGT) is scheduled to report fourth quarter results before the market open on Wednesday, February 25, with a conference call scheduled for 10:30 am ET. Target offers merchandise at discounted prices through its retail stores and online business. EXPECTATIONS: Analysts are looking for earnings per share of $1.46 on revenue of $21.64B, according to First Call. The consensus range for EPS is $1.44-$1.49 on revenue of $21.42B-$21.94B. LAST QUARTER: Target reported third quarter adjusted EPS of 54c on revenue of $17.73B, against estimates for 47c and $17.56B, respectively. The company said U.S. segment comparable store sales were up 1.2% in Q3, reflecting digital sales growth of over 30%, with Canadian segment SSS up 1.6%. In an interview with CNBC following the earnings report, Chief Executive Officer Brian Cornell said that the company was "not happy" with Target Canada's performance and that the company has "upped our game" with respect to data security. Cornell said the company viewed Q4 as a "notable inflection point." NEWS: In January, Target announced that it plans to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada. The company said it expects to report approximately $5.4B of pre-tax losses on discontinued operations in Q4, driven primarily by the write-down of the company's investment in Target Canada, along with costs associated with exit or disposal activities and quarter-to-date Canadian Segment operating losses prior to today. Target expects to report approximately $275M of pre-tax losses on discontinued operations in FY15. Target expects this decision will increase its earnings in FY15 and beyond, and increase its cash flow in fiscal year 2016 and beyond. Based on performance through November and December, Target now expects to report Q4 U.S. comparable sales of approximately 3%, better than prior guidance of approximately 2%, driven primarily by increased traffic and stronger-than-expected digital sales. The company raised its Q4 adjusted EPS view to $1.43-$1.47 from $1.13-$1.23. The company said GAAP results are expected to include losses related to liquidation of Target Canada,net of taxes, net expenses related to the 2013 data breach, which are not expected to be material, the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the companyís credit card portfolio, which is expected to reduce GAAP EPS by approximately 2c. The company noted that the "vast majority" of exit costs from Canada are non-cash and said the exit will allow a quicker return to share repurchases. During the quarter, Target named Mike McNamara as executive VP and Chief Information Officer. Target said it is planning open 15 stores in FY15, including three distinct store formats: eight TargetExpress locations, one CityTarget and six general merchandise stores. The U.S. Supreme Court declined to hear a challenge by retailers including Target to the Federal Reserve's rules for debit card "swipe fees," meaning the U.S. Court of Appeals for the District of Columbia Circuit decision, which upheld the rules, will must be followed, said Reuters. New York Attorney General Eric Schneiderman sent a letter to Target and other retailers for "allegedly selling store brand herbal supplement products in New York that either could not be verified to contain the labeled substance, or which were found to contain ingredients not listed on the labels." The letters call for the retailers to "immediately stop the sale of certain popular products," including Echinacea, Ginseng, St. Johnís Wort, and others. Target recently announced that all online orders of $25 or more now qualify for free shipping. Target agreed to pay $3.9M to settle a lawsuit alleging the company used inaccurate price scanners, misrepresented product weight, and charged higher prices than advertised, The San Francisco Gate reported, citing prosecutor statements. Target announced on its website that it will shutter its online streaming service Target Ticket on March 7. STREET RESEARCH: BofA/Merrill upgraded Target to Neutral from Underperform. The firm sees a more stable outlook for Target with the exit of the Canada division and expects the U.S. improvements to continue. RW Baird says that while Target's decision to exit Canada should help cash flows longer term, its view on the company's U.S. fundamentals remain unchanged. The firm says it's hard to call the company's above-plan Q4 comps "robust" given the easy compare. Wells Fargo believes that Target's decision to exit Canada came sooner than expected and removes a major ''weight off the shoulders'' of the company. The firm estimates Target's U.S. earnings can grow to as high as $5.50 in 2016. Stifel downgraded Target to Hold from Buy. The firm believes near-term tactical opportunities are play out and management commentary indicates investments will be necessary in order to modernize. PRICE ACTION: Target shares are up over 6.5% over the past three months. In early afternoon trading ahead of Wednesday's earnings report, shares are down 0.5% to $76.27.
12:22 EDTAEOOn The Fly: Analyst Initiation Summary
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10:00 EDTAEOOn The Fly: Analyst Upgrade Summary
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09:28 EDTAEOAmerican Eagle initiated with a Buy at BB&T
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09:10 EDTAEOAmerican Eagle upgraded to Outperform from Market Perform at Telsey Advisory
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08:19 EDTAEOAmerican Eagle identified as favorite name for Spring at BMO Capital
BMO Capital named American Eagle as its favorite apparel retailer for spring, as the firm expects the company to benefit from the Ď70s Style fashion trend. .
07:39 EDTKSSKohl's volatility slightly elevated into Q4 and outlook
Kohl's March call option implied volatility is at 25, April is at 22, July is at 21; compared to its 26-week average of 22 according to Track Data, suggesting slightly larger near term price movement into the expected release of Q4 results on February 25.
07:37 EDTTGTTarget February weekly volatility elevated into Q4 and outlook
Target February weekly call option implied volatility is at 57, March is at 25, April is at 23, July is at 20; compared to its 26-week average of 20 according to Track Data, suggesting larger near term price movement into the expected release of Q4 results on February 25.
06:48 EDTJCPPiper reiterates J.C. Penney as top pick for 2015
Piper Jaffray analyst Neely Tamminga reiterates J.C. Penney as a top pick for 2015 ahead of the retailer's year-end 2014 earnings report. Tamminga believes Penny's comp for February, the first month of its fiscal year, could be tracking up 4%. The analyst also thinks Penny management could express conviction in the retailer's plan to recapture share among moderate consumers on Thursday's earnings call. Tamminga has an Overweight rating on Penny with a $12 price target.
06:21 EDTWMTWal-Mart de Mexico announces retirement of CFO Rafael Matute
Wal-Mart de Mexico announces that its board approved Rafael Matute's decision to retire from the company, after having served for 17 years as CFO, and the appointment of Pedro Farah as the new CFO. The changes will be effective June 1 and Matute will stay until July 31 to help with the transition. Farah is currently CFO of Walmart Latin America.
05:44 EDTANFStocks with implied volatility above IV index mean; ANF HLF
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February 23, 2015
10:50 EDTWMTWal-Mart to host 2015 Global Sustainability Milestone Meeting
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08:32 EDTTGTTarget lowers online free shipping minimum to $25
Target announced that, effective immediately, all online orders of $25 or more now qualify for free shipping, with virtually no exclusions. The new minimum is decreased from $50.
06:09 EDTANFStocks with implied volatility above IV index mean; ANF HLF
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February 22, 2015
15:31 EDTWMTMcDonald's under pressure to raise hourly pay as Wal-Mart sets bar, Reuters says
According to labor experts McDonald's (MCD) and its franchisees may be under pressure to raise hourly wages as the improved economic landscape increases competition for good workers and as retailer Wal-Mart (WMT) raises its hourly pay, says Reuters. Reference Link
February 20, 2015
16:48 EDTWMTDow, S&P 500 finish week at record highs after Greek deal reached
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16:03 EDTWMTOptions Update; February 20, 2015
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14:46 EDTSHLDSears Holdings volatility elevated into Q4 and outlook
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13:20 EDTWMTAnalysts divided on Wal-Mart after results, pay raise announcement
Barclays cut its rating on Wal-Mart (WMT) this morning after the world's largest retailer reported its quarterly results and gave forward looking guidance yesterday. However, research firm Janney Capital wrote in a note to investors that it believes shares of Wal-Mart will probably outperform going forward, as other retailers are likely to implement wage hikes similar to the one that the giant discounter announced. BACKGROUND: Yesterday Wal-Mart announced that it would raise the wages of all of its employees to at least $10 per hour by February 2016. The company also reported higher than expected fourth quarter profits, excluding certain items, but its Q4 revenue came in below expectations. Moreover, the retailer provided lower than expected profit guidance for its fiscal 2016 and lowered its fiscal 2016 sales growth guidance to 1%-2% from its previous outlook of 2%-4%. Wal-Mart's stock fell significantly yesterday after the quarterly report. ANALYST REACTION: Barclays lowered its rating on Wal-Mart to Equal Weight from Overweight and dropped its price target for shares to $85 from $90. The firm says the retailer's investments to improve the shopping experience at its U.S. stores will continue into FY17 and are unlikely to produce near-term benefits. It believes Wal-Mart's Q4 domestic comps were aided by lower gas prices and easy weather comparisons, and notes that weather is unlikely to help in FY16. Meanwhile, Janney Capital analyst David Strasser said Wal-Mart's stock dropped because of worries about the company's spending and the hit the company took from negative foreign exchange trends. However, other retailers are likely to implement similar wage hikes, causing the entire sector to come under pressure and enabling Wal-Mart's stock to outperform going forward, according to Strasser. Additionally, Wal-Mart is likely to continue to benefit from higher gas prices in Q1, wrote the analyst, who kept an $89 price target and Buy rating on the shares. PRICE ACTION: In mid-afternoon trading, Wal-Mart added 0.5% to $83.94.
10:01 EDTWMTOn The Fly: Analyst Downgrade Summary
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09:38 EDTWMTActive equity options trading on open
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09:23 EDTANFGoldman sees select Apparel and Footwear opportunities due to FX risk
Goldman said translation currency exposure in the Apparel and Footwear has created volatility and opportunity to gain exposure to this theme. Goldman's analyst sees a positive near-term set-up for Nike (NKE) and Tiffany (TIF) and a negative set-up for Crocs (CROX) and Abercrombie & Fitch (ANF) and of upcoming earnings reports.
09:06 EDTWMTWal-Mart can outperform as peers follow suit on wages, says Janney Capital
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07:20 EDTTGT, WMTWal-Mart wage increase may pressure Target, Staples, Reuters says
Wal-Mart's (WMT) wage increase announcement will likely pressure the retail, fast-food, and restaurant sectors to potentially follow suit, reports Reuters, citing an Edward Jones analyst and the managing director of consultancy firm Strategic Resource Group. The analysts specifically named Target (TGT) and Staples (SPLS). Reference Link
06:00 EDTANFAbercrombie & Fitch March volatility elevated into Q4 and spring outlook
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05:50 EDTWMTWal-Mart downgraded to Equal Weight from Overweight at Barclays
Barclays cut its rating on Wal-Mart to Equal Weight from Overweight and dropped its price target for shares to $85 from $90. The firm says the retailer's investments to improve the shopping experience at its U.S. stores will continue into FY17 and are unlikely to produce near-term benefits. It believes Wal-Mart's Q4 domestic comps were aided by lower gas prices and easy weather comparisons, and notes that weather is unlikely to help in FY16. The stock closed yesterday down $2.77 to $83.52 after Wal-Mart reported Q4 results.
04:19 EDTANFStocks with implied volatility movement; AMAT ANF
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February 19, 2015
16:28 EDTWMTOn The Fly: Closing Wrap
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14:41 EDTJCPJ.C. Penney volatility elevated into Q4 and outlook
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12:45 EDTWMTOn The Fly: Midday Wrap
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10:57 EDTWMTWal-Mart initiatives should help competitive position, says RW Baird
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09:35 EDTWMTOption volume leaders
Option volume leaders: AAPL TSLA TWTR MCD WMT PBR SPWR WFM GILD FB SCTY according to Track Data.
09:28 EDTWMTWal-Mart says near 70% of U.S. holiday e-commerce traffic from mobile
On its Q4 earnings call, Wal-Mart management said nearly 70% of walmart.com traffic in the U.S. came via mobile during the recent holiday period.
09:27 EDTWMTWal-Mart says U.S. store traffic positive for first time in 9 quarters in Q4
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08:47 EDTWMTWal-Mart down 1.2% to $85.25 after Q4 earnings beat, FY16 guidance miss
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08:42 EDTWMTWal-Mart sees Q1 Wal-Mart U.S. SSS up 1%-2%
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08:41 EDTWMTWal-Mart says hourly associates to earn at least $10 per hour by Feb. 2016
Doug McMillon, Wal-Mart Stores CEO, announced a new initiative on pay and training for U.S. associates. Approximately 500,000 full-time and part-time associates at Walmart U.S. stores and Sam's Clubs will receive pay raises in the first half of the current fiscal year. Current and future associates will benefit from this initiative, which ensures that Walmart hourly associates earn at least $1.75 above today's federal minimum wage, or $9.00 per hour, in April. The following year, by Feb. 1, 2016, current associates will earn at least $10.00 per hour. As part of today's announcement, Walmart and the Walmart Foundation also committed $100M over five years to help increase the economic mobility for entry level workers by advancing their careers. This initiative will benefit the retail and service industries. The Walmart Foundation will work with other foundations, employers, community colleges and non-profit organizations to address a fundamental challenge in America -- how to better train and advance workers in the retail and adjacent sectors. Today, more than 15 million people, including 7 million women, work in retail.
08:38 EDTWMTWal-Mart sees FY16 operating income pressured by investments
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08:38 EDTWMTWal-Mart lowers FY16 sales growth view to 1%-2% from 2%-4%
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08:36 EDTWMTWal-Mart raises annual dividend 2% to $1.96 per share
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08:34 EDTWMTWal-Mart sees Q1 EPS 95c-$1.10, consensus $1.14
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08:34 EDTWMTWal-Mart sees FY16 EPS $4.70-$5.05, consensus $5.19
08:33 EDTWMTWal-Mart reports Q4 underlying EPS $1.61, consensus $1.54
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05:31 EDTANFStocks with implied volatility above IV index mean; HLF ANF
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05:10 EDTWMTWal-Mart February volatility increases into Q4 and outlook
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February 18, 2015
15:53 EDTWMTWal-Mart technical comments ahead of results
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15:35 EDTWMTNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Wal-Mart (WMT), consensus $1.54... Priceline (PCLN), consensus $10.10... DIRECTV (DTV), consensus $1.40... Noble Energy (NBL), consensus 35c... Host Hotels & Resorts (HST), consensus 39c... Hormel Foods (HRL), consensus 64c... Discovery Communications (DISCA), consensus 41c... SCANA (SCG), consensus 73c... Quanta Services (PWR), consensus 51c... Patterson (PDCO), consensus 59c... Denbury Resources (DNR), consensus 23c... T-Mobile (TMUS), consensus 5c... Linn Energy (LINE), consensus 6c... Linn Co (LNCO), consensus 39c... Bloomin' Brands (BLMN), consensus 27c... Huntington Ingalls (HII), consensus $1.98.
14:31 EDTWMTWal-Mart February volatility elevated into Q4 and outlook
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12:55 EDTWMTEarnings Preview: Wal-Mart sees Q4 EPS $1.46-$1.56, U.S. SSS flat to up 1%
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10:00 EDTJCPJ.C. Penney move higher attributed to real estate speculation
The move higher in shares of J.C. Penney (JCP) is being attributed to speculation the company may look to monetize its real estate assets. The speculation seems to be originating from a Jones Lang LaSalle (JLL) employee's webpage showing the retailer as a client. The JLL employee, Stephen Bridges, specializes in "assisting industrial users with the lease, purchase, and sale of real estate." It is not clear when Penny became a client of JLL. Shares of Penny rallied to a high of $8.50, and are trading up 16c to $8.29 in early trading. Reference Link
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