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November 12, 2012
16:21 EDTSRPT, TRV, TIE, JCP, GILD, NYX, LUK, GSK, UNH, PCP, JEF, CLVSOn The Fly: Closing Wrap
Stocks on Wall Street finished virtually unchanged as the holiday held trading volumes down. With bond markets and banks being closed for Veterans Day the averages stayed within a narrow range on either side of the flat line... ECONOMIC EVENTS: In the U.S. no economic data was released. In Asia, Chinaís exports rose 11.6% in October, topping forecasts. However, Japan's gross domestic product fell an annualized 3.5% in the three months through September and economists predict the nationís economy will shrink again in the next quarter, meaning it will have moved into recession... COMPANY NEWS: Leucadia National (LUK) agreed to acquire the remaining 71.4% of Jefferies (JEF) it doesn't own for $17.66 per share in an all stock transaction and shares of Jefferies rose $2.00, or 14.02%, to $16.27. Also, after Friday's closing bell, Precision Castparts (PCP) announced a deal to buy Titanium Metals (TIE) for $16.50 per share, or $2.9B. Shares of Titanium Metals closed up $4.93, or 42.61%, to $16.50 and shares of Precision Castparts also advanced $8.36, or 4.88%, to $179.69... The NYSE (NYX) said that it is continuing to investigate issues that affected trading in 216 symbols. Affected symbols included Dow members Travelers (TRV) and United Health Care (UNH)... MAJOR MOVERS: Among the notable gainers was Gilead (GILD), up $8.91, or 13.71%, to $73.92 after the company reported that it did not detect hepatitis C virus, or HCV, in the RNA of 25 HCV patients four weeks after they were treated with the company's investigational drug. Also higher were shares of Sarepta Therapeutics (SRPT), up $4.38, or 19.25%, to $27.13 after a JMP Securities analyst said a Duchenne muscular dystrophy treatment developed by GlaxoSmithKline (GSK) that will compete with Sarepta's drug is unlikely be approved until 2014 or 2015. Among stocks trading lower was J.C. Penney (JCP), down $2.67, or 12.94%, to $17.97 as the stock continued its downtrend after last week's earnings miss and was downgraded to Underperform from Neutral at Credit Suisse. Also lower were shares of Clovis Oncology (CLVS), down $8.99, or 41.83%, to $12.50 after the company reported negative results from a cancer drug trial and said it would suspend all development of the drug pending further evaluation of the data... INDICES: The Dow gained 1.31, or 0.01%, to 12,816.70; the Nasdaq fell 0.61, or 0.02%, to 2,904.26; and the S&P 500 added 0.15, or 0.01%, to 1,380.00.
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November 13, 2015
10:16 EDTPCPOptions with decreasing implied volatility
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09:37 EDTCLVSClovis down 3% after FDA approves AstraZeneca lung cancer drug
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09:35 EDTJCPActive equity options trading on open
Active equity options trading on open: AAPL CSCO FB BAC BABA MSFT NFLX INTC JCP AMZN C
09:27 EDTJCPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Blue Buffalo (BUFF), up 8.2%... Applied Materials (AMAT), up 3.8%... Planet Fitness (PLNT), up 9.8%... Lipocine (LPCN), up 16.2% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Mylan (MYL), up 10.9% after Perrgo (PRGO) shareholders did not tender enough shares for the hostile takeover bid to succeed... Plug Power (PLUG), up 7.3% after entering into a strategic supply agreement with 3M (MMM)... Yum! Brands (YUM), up after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: Fossil (FOSL), down 24.5%... Fossil (JWN), down 20.6%... El Pollo LoCo (LOCO), down 15.1%... Cisco (CSCO), down 4.1%.... Tyco (TYC), down 4.1%... J.C. Penney (JCP), down 6.8%. ALSO LOWER: Fitbit (FIT), down 8.4% after 17M share Secondary priced at $29.00... GameStop (GME), down 8% after being downgraded to Sector Weight from Overweight at Pacific Crest... Lions Gate (LGF), down 2.6% after 3.4M share Spot Secondary priced at $39.43... Perrigo is down 10.5% after shareholders did not tender enough shares for the hostile takeover bid to succeed.
08:59 EDTJCPJ.C. Penney says to 'significantly' accelerate growth of Sephora inside stores
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08:43 EDTJCPJ.C. Penney confirms comany recently cut 300 positions in Plano office
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08:39 EDTJCPJ.C. Penney sees Q4 comps to be in line with FY expectations
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08:18 EDTJCPJ.C. Penney still sees being free cash flow breakeven in FY15
Notes that due to significant store investments in 2012 and 2013, average spend on store level projects is ~$200M lower in 2014/2015 compared to historical levels. Says IT as a % of total is planned at 33% in 2015 which is above the historical average of ~22%. Still targeting to achieve $1.2B EBITDA in 2017. Comments from slides that will be presented on the Q3 earnings conference call.
08:06 EDTJCPJ.C. Penney: 'Well positioned' to compete effectively during key holiday period
For Q3, all merchandise divisions had positive comp sales gains over last year. Men's, Home, Footwear, Handbags, and Sephora were among the Company's top performing divisions. Geographically, all regions experienced sales growth compared to the same period last year, with the best performance in the southern and western regions of the country.
08:04 EDTJCPJ.C. Penney reports Q3 adjusted EPS (47c), consensus (55c)
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07:57 EDTSRPTExperts see positive FDA panel for BioMarin, says Jefferies
Jefferies analyst Eun Yang says regulatory experts she spoke with see a high likelihood of a positive FDA panel vote BioMarin's (BMRN) Kyndrisa, a treatment for Duchenne Muscular Dystrophy. The panel meeting is November 24 and the FDA action date for the drug is December 27. The experts point to a favorable risk/benefit profile for Kyndrisa as well as no current treatment option for DMD as supporting their confidence of FDA approval, Yang tells investors in a research note. The experts see a post-marketing study for Kyndrisa as likely necessary, she adds. On competitor Sarepta's (SRPT) DMD treatment eteplirsen, experts' views are "somewhat mixed," Yang adds. She has a Buy rating on BioMarin with a $166 price target. A positive panel vote could boost shares by 20% and bring increased confidence in BioMarin's three additional candidates targeting additional DMD patients, she contends. The orphan drug developer closed yesterday down $4.35 to $106.80.
07:36 EDTJCPJ.C. Penney sees FY15 SSS up 4%-5%
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07:34 EDTJCPJ.C. Penney reports Q3 EPS (45c), consensus (55c)
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November 12, 2015
19:00 EDTJCPOn The Fly: After Hours Movers
UP AFTER EARNINGS: USA Technologies (USAT), up 15.9%... Blue Buffalo (BUFF), up 7.3%... Planet Fitness (PLNT), up 12.3%... Darling Ingredients (DAR), up 8.1%... Applied Materials (AMAT), up 3.8%... Lipocine (LPCN), up 19.9% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Syngenta (SYT), up 14.5% after Bloomberg reported that the company rejected an initial $42B bid from ChemChina... Yum! Brands (YUM), up 4.1% after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: bebe stores (BEBE), down 10.5%... Nordstrom (JWN), down 20.3%... Fossil (FOSL), down 14.7%... Cisco (CSCO), down 4.8%... El Pollo LoCo (LOCO), down 8.7%... Tahoe Resources (TAHO), down 7.2%. ALSO LOWER: Paycom Software (PAYC), down 5.2%... Netflix (NFLX) down 1% after Dow Jones reported that Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in discussions to sell a stake in the company to Time Warner (TWX)... TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%, after Nordstrom reported quarterly results and cut its fiscal 2015 guidance.
18:38 EDTJCPDepartment store stocks drop after Nordstrom reports Q3 earnings, cuts guidance
Shares of Nordstrom (JWN) slipped in after-hours trading after the department store reported its third quarter results and cut its guidance for fiscal year 2015. WHAT'S NEW: Nordstrom reported Q3 earnings per share of 42c, against analyst estimates of 72c, Q3 revenue of $3.24B below consensus estimates of $3.37B, and Q3 same-store sales of 0.9%. The company lowered its FY15 adjusted EPS view to $3.40-$3.50 from $3.70-$3.80, against analyst expectations of $3.75, lowered its FY15 revenue guidance to up 7.5%-8% from 8.5%-9.5%, and lowered its FY15 SSS view to 2.5%-3% from 3.5%-4.5%. WHAT'S NOTABLE: Nordstrom reported that Q3 EPS included a reduction of 15c, which primarily represented transaction costs associated with the closing of its credit card portfolio sale. In its Q3 earnings release, Nordstrom said that its performance was below company expectations, reflecting softer sales trends that were generally consistent across channels and merchandise categories. The company noted that its top-performing merchandise category was Cosmetics. In addition, coats, younger customer-focused departments and dresses continued to reflect strength in Women's Apparel. PRICE ACTION: Shares of Nordstrom are trading lower by 20.55% to $50.45 in the after-hours. OTHERS TO WATCH: Retailers that followed Nordstrom downward included TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%.
17:55 EDTGILDGilead announces FDA approval of Harvoni
Gilead Sciences announced that the U.S. FDA has approved Harvoni for expanded use in patients with genotype 4, 5 and 6 chronic hepatitis C virus infection and in patients co-infected with HIV. In addition, Harvoni plus ribavirin for 12 weeks was approved as an alternate therapy to 24 weeks of Harvoni for treatment-experienced, genotype 1 patients with cirrhosis. Harvoni received regulatory approval for the treatment of chronic HCV genotype 1 infection in adults in the United States in October 2014.
16:20 EDTLUKE-Trade, Jefferies announce retail alliance
E-Trade Financial (ETFC) and Jefferies, a wholly-owned subsidiary of Leucadia (LUK), announced a retail alliance to provide E-Trade customers with access to Jefferies' underwritings of municipal securities. Through this relationship, E-Trade customers have access to offerings originated by the Jefferies Municipal Securities platform. This builds on both firms' current alliance, in which E-Trade customers have access to Jefferies' underwritings of U.S. IPO and follow-on equity offerings, in place since January 2014.
14:55 EDTJCPJ.C. Penney November weekly 9 straddle priced for 7.8% movement into Q3
14:35 EDTJCPEarnings Watch: J.C. Penney CEO says Q3 EPS, gross marin 'exceeded expectations'
J.C. Penney (JCP) is scheduled to third quarter earnings before the market opens on Friday, November 13 with a conference call scheduled for 8:30 am ET. J.C. Penney operates about 1,100 retail stores and EXPECTATIONS: Analysts are looking for a loss per share of (55c) on revenue of $2.88B, according to First Call. The consensus range for EPS is (64c)-(43c) on revenue of $2.79B-$2.95B. LAST QUARTER: J.C. Penney reported second earnings per share of (45c) on revenue of $2.88B, slightly beating estimates for (48c) and $2.86B, respectively. Comparable store sales were up 4.1% in the quarter. The retailer backed its fiscal year 2015 same-store sales view of up 4%-5% and raised its FY15 EBITDA guidance to approximately $620M from about $600M. The company also backed its FY15 gross margin view of a 100-150 basis point improvement. On its earnings conference call, J.C. Penney said it was "confident" in its ability to achieve its long-term financial targets, and forecast an improvement in second half SSS vs. first half. Further, J.C. Penney sees Q3 SSS up sequentially from Q2. The company expects to be free cash flow breakeven in FY15. NEWS: During the quarter, J.C. Penney named John Tighe as its chief merchant, succeeding Elizabeth Sweeney. J.C. Penney cut 300 jobs at its Plano, Texas, headquarters in October as it progresses on its strategic framework. On November 11, J.C. Penney reported stronger than expected SSS growth of 6.4% for Q3. Chief Executive Officer Marvin Ellison said that the company's Q3 EPS and gross margin performance "exceeded our expectations." Separately, the retailer also announced the settlement of a class action lawsuit alleging false advertising. The company will make $50M in cash available for claims under the terms of the settlement. STREET RESEARCH: On September 28, Sterne Agee CRT upgraded J.C. Penney to Buy from Neutral with a $13 price target. After meeting with the company's new CEO, the firm thinks he has the ability to lead a turnaround at the company. The firm believes that the retailer's initiatives will boost its EBITDA, and Sterne thinks the company can surpass its $1.2B 2017 EBITDA guidance while its same-store sales growth can accelerate. On October 7, Citi analyst Paul Lejuez started shares of J.C. Penney with a Sell rating and $7 price target. The company's goals are aggressive while its free cash flow is "elusive," Lejuez told investors in a research note. PRICE ACTION: Over the last three months, J.C. Penney shares are up 7.5%. In trading ahead of Friday's Q3 report, J.C. Penney is up about 4.25% to $8.88.
14:30 EDTJCPNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include J. C. Penney (JCP), consensus (55c)... Edgewell Personal Care (EPC), consensus 69c.
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