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News Breaks
April 3, 2014
11:55 EDTTWTR, JCPStocks with call strike movement; JCP TWTR
J.C. Penney (JCP) August 16 call option implied volatility decreased 2% to 54, Twitter (TWTR) September 50 call option implied volatility increased 2% to 52 according to IVolatility.
News For JCP;TWTR From The Last 14 Days
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August 31, 2015
13:29 EDTTWTRSunTrust sees catalysts coming for Twitter, ups to buy
Shares of Twitter (TWTR) have seen healthy gains in afternoon trading after being upgraded to Buy by longtime Twitter analyst Robert Peck ahead of what he identifies as numerous potential near-term catalysts. BUY: SunTrust's Robert Peck upgraded Twitter to Buy from Neutral in advance of what he called a "series" of positive near-term catalysts for the stock, including the Google (GOOG) partnership to feature Tweets in search results as well as Twitter's curated live events initiative known as "Project Lightning." Additionally, a fourth quarter ad campaign and a push to capitalize on the roughly 500M logged-out users could lift the microblog site given proper execution. Importantly, the analyst said the upgrade is predicated on a quick clarification regarding the current management situation at Twitter, with more information "likely" to come around Labor Day according to Peck. User metrics appear to have "at least stabilized," noted Peck, adding that monetization efforts like video ads and Buy buttons could yield a roughly 15% boost to 2017 revenue. CEO SHUFFLE: On August 14, Peck predicted that Twitter could announce a permanent CEO as soon as the week of August 17. At the time, Peck said he expected a leadership "triumvirate," with founder and interim CEO Jack Dorsey moving into a permanent Chief Executive role and Adam Bain becoming COO under a possible chairmanship role for Ev Williams. Though no leadership announcement was made that week, Peck clarified in a CNBC interview today that the company is likely doing significant due diligence rather than making a hasty CEO appointment. M&A POTENTIAL: In Monday's CNBC interview, Peck was pressed on whether Twitter could become an M&A candidate. The analyst mentioned Google as a potential buyer and commented that "if the products don't work, it's an M&A target," alluding to the numerous product catalysts mentioned in today's optimistic research note. Note that on August 5, Re/code quoted sources as saying the last truly meaningful merger conversation between the two companies took place about two years ago. PRICE ACTION: Shares of Twitter are up roughly 5% to $28.21 in intraday trading, adding almost $1.50 to Friday's $26.84 closing price.
10:48 EDTJCPJ.C. Penney rises after analyst upgrades stock, calls company 'self-help story'
Shares of retailer J.C. Penney (JCP) saw a boost in morning trading after an analyst from Deutsche Bank upgraded his rating on the company's shares, remarking on the company as a "self-help story." WHAT'S NEW: Deutsche Bank analyst Paul Trussell this morning upgraded J.C. Penney to Buy from Hold. Trussell also upgraded his price target to $12 from $10, noting that the company has already improved its merchandise mix and is now moving toward better pricing and fewer markdowns. Trussell said that the company's target of mid-single digit same-store sales growth looks "achievable" and its brands and assortment "look right." The analyst added that Marvin Ellison, the company's chief executive officer, is "driving the next step" to "bring JCP up the curve in pricing and markdown optimization, supply chain, leveraging IT and reducing corporate redundancies." Trussell, who also said he views the company as a "self-help story with multiple levers to pull," maintained "slightly" conservative estimates given the challenging competitive environment, but sees meaningful upside to the stock. WHAT'S NOTABLE: Other analysts have been relatively bullish on J.C. Penney shares in recent weeks after the company reported better than expected results for the second quarter on August 14. At that time, J.C. Penney reported a loss per share of 45c on revenue of $2.88B and said it expects to be free cash flow breakeven in fiscal year 2015. Additionally, the retailer backed its FY15 SSS view of up 4%-5% and said on its earnings conference call that it expects third quarter SSS to grow sequentially from Q2. J.C. Penney also expressed "confidence" in its ability to meet its $1.2B EBITDA target by 2017. On August 17, Piper Jaffray analyst Neely Tamminga raised her price on the company's shares to $17 from $15. Tamminga said that the company showed the ability for the second straight quarter to reach EBITDA targets regardless of top-line performance. The Piper analyst said she continues to rate the company a top pick for 2015. The same day, B. Riley analyst Jeff Van Sinderen initiated coverage of J.C. Penney with a Buy rating and a $12.50 price target, saying he views Penney as a "speculative turnaround" story and believes the company's "substantial" real estate assets partially offset its heavy debt load. The Fly notes that CEO Marvin Ellison will be speaking at Goldman Sachs 22nd Annual Global Retailing Conference on September 9. PRICE ACTION: J.C. Penney shares are up 3.24% to $9.23 in morning trading.
10:01 EDTTWTR, JCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 58.com (WUBA) upgraded to Overweight from Underweight at Morgan Stanley... AU Optronics (AUO) upgraded to Outperform from Underperform at Bernstein... Asbury Automotive (ABG) upgraded to Neutral from Underperform at Buckingham... Astec (ASTE) upgraded on upcoming catalysts at Stifel... Baidu (BIDU) upgraded to Buy from Hold at Jefferies... Bob Evans (BOBE) upgraded to Sector Weight from Underweight at KeyBanc... CNOOC (CEO) upgraded to Buy from Neutral at BofA/Merrill... Dover (DOV) upgraded on valuation, headwinds bottom at Bernstein... Envestnet (ENV) upgraded to Outperform from Market Perform at Avondale... Generac (GNRC) upgraded to Outperform from Market Perform at William Blair... Gold Fields (GFI) upgraded to Sector Perform from Underperform at Scotia Howard Weil... Goldman Sachs (GS) upgraded to Buy from Hold at Evercore ISI... Intel (INTC) upgraded to Outperform from Market Perform at Northland... J.C. Penney (JCP) upgraded to Buy from Hold at Deutsche Bank... Leggett & Platt (LEG) upgraded to Outperform from Market Perform at Raymond James... Morgan Stanley (MS) upgraded to Buy from Hold at Evercore ISI... Newmont Mining (NEM) upgraded to Outperform from Sector Perform at Scotia Howard Weil... Pan American Silver (PAAS) upgraded to Outperform at Scotia Howard Weil... QLogic (QLGC) upgraded to Buy from Hold at Summit Research... Stanley Black & Decker (SWK) upgraded to Outperform from Neutral at Macquarie... Telefonica Brasil (VIV) upgraded to Overweight from Equal Weight at Morgan Stanley... Tenet (THC) upgraded to Outperform from Market Perform at BMO Capital... Twitter (TWTR) upgraded to Buy from Neutral at SunTrust... UIL Holdings (UIL) upgraded to Hold from Sell at Argus... Vocera (VCRA) upgraded to Outperform from Market Perform at Leerink... Wisconsin Energy (WEC) upgraded to Conviction Buy from Buy at Goldman.
09:48 EDTJCPJ.C. Penney tests recent range highs
The shares are bucking the broader market trend and heading higher, last up over 1.8% to $9.10. The next level of major resistance would be at $9.42, a high that has not been met since April. Support is at $9.03. A breakout above $9.42 would break the stock out of a long base, which would be technically bullish for future price.
09:36 EDTTWTRTwitter breaks out above 10-day moving average
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09:35 EDTTWTRActive equity options trading on open
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09:24 EDTJCPOn The Fly: Pre-market Movers
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07:52 EDTTWTRTwitter volatility at upper end of range
Twitter September weekly call option implied volatility is at 67, September is at 64; compared to its 52-week range of 28 to 74 suggesting large price movement.
07:05 EDTTWTRTwitter upgraded to Buy from Neutral at SunTrust
SunTrust analyst Robert Peck upgraded Twitter (TWTR) to Buy from Neutral ahead of a "series" of catalysts that he says are coming and may move the stock higher. Among the new initiatives and partnerships that could increase users and engagement for 2016, Peck lists Twitter's deal with Google (GOOG), its Project Lightning initiative and its potential for more business development deals similar to Flipboard. With Twitter shares down about 50% since the end of Q1, Peck believes sentiment on the microblog operator's shares has "washed out," he tells investors in his research note. Peck keeps a $38 price target on shares of Twitter, which closed Friday at $26.84.
06:54 EDTJCPJ.C. Penney upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Paul Trussell upgraded J.C. Penney to Buy and raised his price target for shares to $12 from $10. The retailer closed Friday up 47c to $8.94. Penny's target of mid-single-digit same-store-sales growth looks achievable while the company's brands and assortment look right, Trussell tells investors in a research note. Further, new CEO Marvin Ellison is bringing Penny "up the curve" in pricing and markdown optimization while reducing corporate redundancies, the analyst writes. He views the company as a "self-help story with multiple levers to pull."
August 28, 2015
12:05 EDTTWTRNoto: Twitter close to hiring Chief Marketing Officer, Adage reports
Twitter may be close to hiring a Chief Marketing Officer, reports Adage. In an interview, CFO Anthony Noto, who has overseen most of the company's marketing in the past few months, said that Twitter is "excited about the candidates" and it is "still in that process." Noto added, "We are talking to a wide spectrum of people with different backgrounds. The things that we're focused on is: number one, a proven leader. Number two is someone that's really grounded in marketing strategy. Number three is someone that's really taken a situation that's similar to ours in some cases and really used and developed a marketing strategy to drive business results." Reference Link
06:03 EDTJCPJ.C. Penney implied volatility of 48 at lower end of index mean range
August 27, 2015
15:19 EDTTWTROptions Update; August 27, 2015
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August 26, 2015
11:08 EDTTWTRStocks with call strike movement; TWTR SUNE
Twitter (TWTR) December 29 call option implied volatility decreased 3% to 64, SunEdison (SUNE) January 10 call option implied volatility increased 5% to 104 according to iVolatility.
August 25, 2015
14:20 EDTTWTRMagister sees Twitter as potentially attractive target, MarketWatch reports
M&A advisory firm Magister Advisors believe Twitter (TWTR) could be an attractive acquisition target for Facebook (FB), Google (GOOG) or a news organization, according to MarketWatch's Caitlin Huston. Reference Link
09:13 EDTTWTRTrends still positive for Google, Amazon, Facebook ahead of holidays, says Baird
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08:00 EDTTWTRTwitter wants to move Herbalife suit to California, NY Post reports
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06:15 EDTTWTRJeep hacker steps down as Twitter engineer, Re/code reports
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August 24, 2015
19:17 EDTTWTRTwitter adds new direct message notifications, Engadget says
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18:07 EDTTWTRSEC asked Twitter for details on user trend metrics
According to SEC correspondence released earlier, the Commission asked former Twitter CEO Dick Costolo to "describe the alternative metric(s) you anticipate presenting in future filings to explain trends in user engagement and advertising services revenue." The letter to Costolo is dated April 13, and was followed by a response from the company saying that it included two metrics -- changes in ad engagements and changes in cost per ad engagement -- on its quarterly report for the period ended March 31. "These metrics are intended to serve as a measure of user engagement and demand, respectively," explained Twitter in its May 11 response letter. Reference Link
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