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News Breaks
March 21, 2014
10:41 EDTTGT, JWNNordstrom postpones openings of Rack stores in Canada, Globe and Mail says
To avoid a repeat of Targetís (TGT) fumbled debut, Nordstrom (JWN) intends to postpone the introduction of its low-cost Rack stores in Canada until about 2017, whereas originally it was scheduled for 2015, The Globe and Mail reports. Reference Link
News For JWN;TGT From The Last 14 Days
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October 7, 2015
10:01 EDTJWNOn The Fly: Analyst Initiation Summary
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07:29 EDTJWNNordstrom initiated with a Buy at Citi
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October 5, 2015
10:55 EDTJWNOptions with increasing implied volatility: FOLD JWN PMCS SLH WFM
October 2, 2015
11:32 EDTTGTAnalyst sees Amazon becoming #2 player in $425B consumables market
Amazon (AMZN) will advance to the number two position in the $425B U.S. consumables market, excluding food and beverages, by 2018, research firm Cowen predicted in a note to investors today. WHAT'S NEW: Amazon's "multi platform approach around Prime" is enabling it to gain share in the U.S. market for goods including personal care, household, pet and baby products, Cowen analyst John Blackledge stated. Specifically, the e-commerce giant is effectively using its Amazon Prime, Amazon Prime Now, Amazon Pantry and Amazon Fresh offerings to sell consumables and it has significantly increased the number of fulfillment centers it operates, lowering its delivery times, according to Blackledge. The company's delivery times are now "well ahead of (the) competition," the analyst reported. The e-commerce giant's strategy in the consumables market appears to be working, as Cowen's proprietary data indicates that the company is gaining share in the category, Blackledge wrote. Additionally, Amazon is beginning to attract more customers from Wal-Mart (WMT) and Target (TGT), he believes. PRICE ACTION: In late morning trading, Amazon slipped 0.4% to $518.70.
10:03 EDTTGTTarget to begin selling Apple Watch at stores this week
Target (TGT) announced that the Apple (AAPL) Watch is coming to Target stores this week and all stores by October 25. At, Apple Watch will be available beginning Oct. 18. Reference Link
09:44 EDTJWNOptions with increasing volume
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08:21 EDTTGTAmazon to be number two player in U.S. consumables by 2018, says Cowen
John Blackledge and the research team at Cowen project that (AMZN) will grow to be the number two player in the $425B market for U.S. consumables - which they define as personal care, household, pet and baby products - by 2018. The firm expects Amazon to use its multi-platform approach, centered around Prime, to help the e-commerce giant gain share in consumables at the expense of Wal-Mart (WMT), Target (TGT), Walgreens (WBA) and CVS Health (CVS). Cowen has Outperform ratings on Amazon and Target and a Market Perform rating on shares of Wal-Mart.
07:26 EDTJWNNordstrom special dividend may disappoint some investors, says UBS
UBS analyst Michael Binetti believes Nordstrom's (JWN) decision to use $900M of the proceeds from its credit card transaction with TD Bank (TD) for a large special dividend may disappoint some investors, but thinks its significantly improved future free cash flow profile should balance things out for long-term holders. Binetti notes that Nordstrom shares are down about 9% since earnings amid sector fears of decelerating U.S. traffic, but he thinks the company's exposure to key growth areas within softlines and the low risk to its guidance continue to make the stock a Buy. The analyst keeps an $86 price target on Nordstrom shares.
October 1, 2015
19:23 EDTJWNOn The Fly: After Hours Movers
UP AFTER EARNINGS: CalAmp (CAMP), up 9%... Micron Technology (MU), up 7%. ALSO HIGHER: bebe stores (BEBE), up 12.7% after reaffirming its first quarter guidance and announcing that its September Same Store Sales turned positive... Coherus Biosciences (CHRS), up 7.5% after CHS-1701 PK/PD study met primary PD endpoints... Nordstrom (JWN), up 3.6% after announcing a special cash dividend and additional $1B repurchase program. DOWN AFTER EARNINGS: Progress Software (PRGS), down 15.7%. ALSO LOWER: Keurig Green Mountain (GMCR), down 3.1% after disclosing the that president of U.S. sales and marketing, John Whoriskey, resigned... T-Mobile (TMUS), down 1.4% after Experian (EXPGY) disclosed a data breach affecting T-Mobile customers... XenoPort (XNPT), down 5.2% after announcing that the company will discontinue the development of XP23829.
16:25 EDTJWNNordstrom announces special cash dividend, additional $1B repurchase program
Nordstrom announced the closing of its credit card transaction with TD Bank U.S.A., N.A, including the sale of its credit card portfolio and the initiation of the long-term agreement under which TD is the exclusive U.S. issuer of Nordstrom-branded Visa and private label consumer credit cards. This transaction supports Nordstrom's strategy to enhance the customer experience while allowing for improvement in capital efficiency. As previously announced on May 26, Nordstrom will continue to perform all customer-facing account servicing functions, maintaining the customer-focused integration between its credit and retail operations. The Company will also continue to fund and manage the Nordstrom Rewards loyalty program, Nordstrom debit cards and Nordstrom employee accounts. This transaction is designed to have virtually no service impact on Nordstrom cardholders, customers and employees. The Company sold its credit card portfolio to TD for $2.2B, representing the gross value of the outstanding receivables. In conjunction with the transaction, the Company prepaid $325M of secured debt due October 2016 to provide the receivables free and clear.The Company intends to deploy net proceeds of $1.8B, after $325M in debt reduction and transaction costs between $35M and $45M, directly to shareholders through dividend and share repurchase. In connection with the closing, its board of directors authorized a special cash dividend and an additional $1B share repurchase program:The special cash dividend of $4.85 per share of outstanding common stock will be payable on October 27, to shareholders of record at the close of business on October 12. The Company expects the aggregate payment to be approximately $900M. The authorized share repurchase program is up to $1B of the Company's outstanding common stock, through March 1, 2017. The actual number, price, manner and timing of future share repurchases, if any, will be subject to market and economic conditions and applicable Securities and Exchange Commission rules. This program is in addition to the Company's existing repurchase program that was approved by its board in September 2014. The existing repurchase program has $591M outstanding as of September 30, and will expire on March 1, 2016.
September 30, 2015
12:00 EDTTGTTarget management to meet with Jefferies
Meeting to be held in New York on October 5 hosted by Jefferies.
11:13 EDTTGTTarget announces expansion of price matching policy
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10:05 EDTJWNHigh option volume stocks
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09:03 EDTJWNMetLife leads insurers giving $1B, 12-year loan to refinance luxury mall
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September 29, 2015
07:11 EDTTGTWal-Mart expands pick-up service to new markets, Fortune says
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September 28, 2015
19:57 EDTTGTRetailers urge courts to reject Visa, MasterCard settlement, Reuters says
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06:42 EDTTGTPerfume makers look to Wal-Mart, Target, WSJ reports
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