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News Breaks
August 12, 2014
16:32 EDTTRAK, KORS, DNDN, KATE, ICPTOn The Fly: Closing Wrap
Stocks on Wall Street began the session in negative territory and remained there for most of the session. The averages moved in a narrow range as the summer doldrums have set in, leaving little in the way of both volume and volatility. ECONOMIC EVENTS: In the U.S., the NFIB's small business confidence index rose 0.7% to 95.7 in July, though that was below the expectation for a 96.0 reading. The Job Openings and Labor Turnover Survey showed job openings rose 94K to 4.671M in June. The Treasury posted a $94.6B budget deficit in July, which was not as steep as the $96.0B deficit that was projected. In Germany, the ZEW Center's economic sentiment index fell to 8.6 in August from 27.1 in July, compared to the consensus forecast for a decrease to 17. COMPANY NEWS: Accessory and clothing retailer Kate Spade (KATE) initially advanced in pre-market trading and was higher early in the session after the company reported second quarter adjusted earnings per share and sales that beat analysts' consensus forecast. However, the stock reversed and moved into negative territory during the company's associated conference call, during which it said it was "responsible to reevaluate the timeframe" to achieve its previously laid out targets for 2016, citing a longer than expected Kate Spade Saturday ramp-up, its revised 2014 margin rate outlook, and the company's limited visibility into 2016. For the day, the stock declined $9.87, or 25.39%, to $29.00. MAJOR MOVERS: Among the notable gainers was Intercept Pharmaceuticals (ICPT), which rose $39.34, or 16.59%, to $276.52 after data from a trial of its liver disease drug OCA showed improved safety as well as a statistical benefit in reversing liver fibrosis. Also higher was DealerTrack (TRAK), which advanced $7.32, or 18.73%, to $46.40 after the company reported higher than expected second quarter earnings and raised its 2014 EPS outlook. Among the noteworthy losers was Dendreon (DNDN), which dropped 72c, or 33.96%, to $1.40 after reporting its Q2 revenue in a regulatory filing and disclosing the company sees a "significant risk" that it will not be able to repay or refinance its 2016 Notes. The company also acknowledged it is currently considering alternatives to the repayment of the 2016 Notes, some of which could result in leaving its current stockholders "with little or no financial ownership of Dendreon." Also lower were shares of Michael Kors (KORS), which fell $2.55, or 3.19%, to $77.44 in a potential reaction to the cautious margin guidance and commentary about the promotional retail environment from peer Kate Spade. INDEXES: The Dow fell 9.44, or 0.06%, to 16,560.54, the Nasdaq dropped 12.08, or 0.27%, to 4,389.25, and the S&P 500 slid 3.17, or 0.16%, to 1,933.75.
News For KATE;KORS;ICPT;DNDN;TRAK From The Last 14 Days
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October 2, 2015
14:19 EDTTRAKGabelli liquidates stake in DealerTrack
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October 1, 2015
09:31 EDTTRAKDealertrack completes sale of Inventory+ unit to DealerSocket for $55M
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09:15 EDTTRAKCox Automotive completes acquisition of DealerTrack
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September 29, 2015
17:52 EDTTRAKDoJ says Cox Automotive can complete DealerTrack acquisition with condition
The Department of Justice announced that it will require Cox Automotive, a subsidiary of Cox Enterprises, to divest Dealertrack Technologies's automobile dealership full-featured inventory management solution, IMS, business in order for Cox to acquire Dealertrack through an approximately $4B tender offer. The department's Antitrust Division filed a civil antitrust lawsuit in the U.S. District Court of the District of Columbia to block the proposed acquisition. At the same time the department filed a proposed settlement that, if approved by the court, would resolve the competitive concerns alleged in the lawsuit. "Cox's proposed acquisition of Dealertrack would have allowed Cox to become the dominant inventory management solution provider in the United States," said Assistant Attorney General Bill Baer of the Antitrust Division. "The divestiture will ensure that automotive dealerships in the United States continue to benefit from the competition that now exists among inventory management solution providers." Reference Link
September 28, 2015
07:18 EDTICPTIntercept initiates REGENERATE trial for obeticholic acid in NASH patients
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September 25, 2015
10:12 EDTTRAKHigh option volume stocks
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September 24, 2015
16:44 EDTTRAKDealerTrack, Cox Automotive say merger expected to close in October
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10:01 EDTKATEOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 8point3 Energy (CAFD) upgraded to Market Perform from Underperform at Avondale... AEGON (AEG) upgraded to Buy from Neutral at Goldman... AMC Networks (AMCX) upgraded to Buy from Hold at Evercore ISI... Citi ups Ralph Lauren (RL) to Buy on valuation, cost savings... Kate Spade (KATE) upgraded to Overweight from Equal Weight at Stephens... L'Oreal (LRLCY) upgraded to Buy from Hold at Societe Generale... Marriott (MAR) upgraded on historical performance, growth outlook at SunTrust... Monster Beverage (MNST) upgraded to Buy from Neutral at Goldman... Nimble Storage (NMBL) upgraded to Buy from Neutral at Longbow... Qualys (QLYS) upgraded to Neutral from Underperform at Macquarie... Ralph Lauren (RL) upgraded to Buy from Neutral at Citi... Trex Company (TREX) upgraded to Outperform from Neutral at Wedbush... Valero Energy Partners (VLP) upgraded on better than expected transaction at SunTrust.
07:16 EDTKATEKate Spade upgraded to Overweight from Equal Weight at Stephens
Stephens analyst Rick Patel upgraded Kate Spade to Overweight from Equal Weight, noting that the stock has fallen 11% since its second quarter report and is down 39% year-to-date. The pullback is more than enough to reflect worries about a slowdown in the category and the company's "sometimes lumpy" comps, Patel tells investors. Channel checks show that quarter-to-date promotional trends appear similar to the first half, leading the analyst to think that Q3 is likely tracking as planned. Patel keeps a $33 price target on Kate Spade shares.
07:06 EDTTRAKDealertrack's incadea enters tire business in China
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September 23, 2015
08:32 EDTTRAKDealerTrack, Cox Automotive announce extension of tender offer
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