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February 12, 2013
12:24 EDTVAL, AVP, LVLT, BCS, KORS, KOOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday as investors may be remaining on the sideline ahead of President Obama’s State of the Union address... ECONOMIC EVENTS: In the U.S., the economic calendar was fairly light for a second straight day. The Labor Department reported job openings fell by 173K in December to 3.62M from a more than four-year high set in the prior month. Also, the Group of Seven urged countries to refrain from competitive devaluations, stating it remained committed to "market-determined" exchange rates... COMPANY NEWS: Coca-Cola (KO) was the worst performing member of the Dow Jones Industrial Average, sliding nearly 3% after reporting earnings that just beat consensus on revenue that just missed analyst forecasts. The company said global unit case volume rose 3% during the quarter and that it expects economic volatility to extend through 2013... MAJOR MOVERS: Among the notable gainers were Avon Product (AVP), which rose over 19% and Michael Kors (KORS), which advanced 10% after their earnings reports. Also higher were shares of Barclays (BCS), which gained more than 8% after the company also reported quarterly results but additionally said it expects to reduce its headcount by at least 3,700 in 2013. Among the noteworthy losers were Level 3 (LVLT), down nearly 11%, and Valspar (VAL), down over 7% after their earnings reports... INDICES: Near noon, the Dow was up 37.58, or 0.27%, to 14,008.82; the Nasdaq was down 4.05, or 0.13%, to 3,187.95; and the S&P 500 was up 1.96, or 0.13%, to 1,518.97.
News For KO;BCS;AVP;KORS;LVLT;VAL From The Last 14 Days
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October 7, 2015
12:31 EDTAVPNu Skin plummets after cutting Q3 revenue outlook
Shares of Nu Skin (NUS), a global direct selling company, are sinking after the company lowered its third quarter revenue outlook. WHAT'S NEW: Tuesday after the bell, Nu Skin lowered its Q3 revenue view to $570M-$573M from $600M-$620M, well below analysts' consensus estimates of $621.55M. Foreign currency headwinds associated with the strengthening of the U.S. dollar negatively impacted revenue by more than $60M compared to the prior-year period. The revised revenue range is expected to represent continued improvement on a sequential basis, and the company continues to forecast constant-currency revenue growth in the fourth quarter of 2015 versus the prior year. WHAT'S NOTABLE: Truman Hunt, Nu Skin's Chief Executive Officer, noted, "Third quarter results were impacted by lower-than-expected sales of our new cosmetic oils in China during August and September, which may be a reflection of economic conditions in China." Hunt continued, "Our third quarter results will be in-line with expectations, with the exception of the Greater China region. Revenue growth in the third quarter was particularly strong in South Asia/Pacific, where our first introduction of ageLOC Youth drove more than 20% growth in that region, or more than 40% on a constant-currency basis. Given the successful launch of ageLOC Youth in South Asia/Pacific, we look forward to the introduction of ageLOC Youth as well as ageLOC Me in most of our regions during the fourth quarter. We forecast year-over-year constant-currency revenue growth of between 7%-10% in the fourth quarter." ANALYST REACTION: Sentiment on the Street was cautious at midday. Research firm Stifel downgraded Nu Skin to Sell from Hold, citing the company's negative pre-announcement and its deteriorating trends in Greater China. Its price target for shares is $35. Another firm, Canaccord, noted that NuSkin pre-announced revenue numbers that were below guidance, which suggests softer trends in China and the long awaited sustainable turn in momentum has failed to materialize. The firm expects a new product cycle to help support the return to growth. Canaccord maintained its Hold rating and lowered its price target to $45 from $48 on NuSkin shares. PRICE ACTION: In midday trading, Nu Skin fell $12.13, or about 26%, to $34.45 on about six times its average daily trading volume. OTHERS TO WATCH: Other companies in the direct selling business include Herbalife (HLF), down 9.2%, Estee Lauder (EL), down fractionally, USANA Health Sciences (USNA) down 8.4%, Avon Products (AVP) up almost 8%, and Tupperware Brands (TUP), up 2.5%.
11:14 EDTAVPAvon Products October calls active
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11:12 EDTKORSCiti favors lululemon in retailing, says sell Penny and Kors
Citi analyst Paul Lejuez rolled out coverage of 20 companies in the Specialty Retailing and Department Stores space, recommending to investors that they sell J.C. Penney (JCP) and Michael Kors (KORS) shares and buy stock in lululemon (LULU). SELL J.C. PENNEY: Commenting on the "stormy sector" in general terms, Lejuez said he believes challenges to the retail industry are here to stay, but that there are still stand-outs on both the positive and negative side. Regarding J.C. Penney specifically, Lejuez told investors that the company's management is in a "tough spot," as they need to recover from a prior failed strategy but don't have the needed cash flow to invest and win back customers. The analyst think Penney will see some improvement in the top line, but that any increases in operating cash flow as a result of sales and margin improvement will be matched by increased capital expenditures, meaning that free cash flow will be "elusive for the foreseeable future. Lejuez started shares of J.C. Penney with a Sell rating and $7 price target. SELL KORS: Among the 20 stocks he started coverage on in the space, Michael Kors was the only other Sell rating the analyst issued. Lejuez believes the company has overdistributed its brand and though U.S. comparable sales have just started to decline he thinks this decline will last for the "foreseeable future." Lejuez, who contends that Europe and wholesale may be next to deteriorate, set a $38 price target on the stock. BUY LULULEMON: Among the ten Buy rating issued this morning, Lejuez said his most preferred stock in the bunch is yoga apparel maker lululemon. The analyst thinks the "athleisure" retailer has moved beyond its prior product and public relations missteps and that its international opportunities will provide the next leg of growth for the company. The analyst, who expects double-digit sales growth for the next several years for lululemon, set a $69 price target on its shares. His other Buy-rated names, in order of preference, include TJX (TJX), Tiffany (TIF), Urban Outfitters (URBN) and Ross Stores (ROST). PRICE ACTION: In morning trading, J.C. Penney fell 2.7% to $9.52, Michael Kors slipped 0.3% to $43.24 and lululemon shares rose 2.2% to $52.86.
10:58 EDTBCSBarclays to launch Apple Pay support in UK in early 2016
Barclays (BCS) plans to launch Apple (AAPL) Pay support in the UK in early 2016, reports Mac Rumors. In an email to customer Mike Jobson, Barclays CEO of Personal and Corporate Banking Ashok Vaswani said, "We have signed up for ApplePay and will launch it very early in the New Year. We truly value your custom and hope that you continue to bank with us particularly since we are launching this shortly." Reference Link
10:01 EDTKORSOn The Fly: Analyst Initiation Summary
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07:31 EDTKORSMichael Kors initiated with a Sell at Citi
Citi analyst Paul Lejuez started shares of Michael Kors with a Sell rating and $38 price target. The company's sales per square foot and EBIT margins "have a long way to fall," Lejuez tells investors in a research note. The analyst also started shares of J.C. Penney (JCP) this morning with a Sell rating.
October 5, 2015
07:19 EDTBCSOpen Mobile Media to hold a summit
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October 2, 2015
18:07 EDTKOCoca-Cola, other blue chips, call for Blatter to step down, WSJ says
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October 1, 2015
19:10 EDTBCSJPMorgan to pay $595M in credit-default swap suit, Bloomberg says
JPMorgan (JPM) is set to pay $595M to settle allegations that major banks as well as Markit (MRKT) colluded to control information in the credit-default swaps market, reports Bloomberg, citing people briefed on the matter. Morgan Stanley (MS), Barclays (BCS), and Goldman Sachs (GS) will pay a respective $230M, $175M, and $164M, sources told Bloomberg. Reference Link
07:28 EDTBCSSEC Commissioner calls for increased transparency for dark pools, Reuters says
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September 30, 2015
10:50 EDTLVLTAT&T, Verizon could find it hard to sell enterprise businesses, CTFN says
The wireline units of AT&T (T) and Verizon (VZ) that serve corporate customers may be viewed as good units to sell if the companies need to raise cash to help defray spectrum acquisition costs, but a small number of potential buyers and low EBITDA multiples for the units could make any such divestitures challenging, contended CTFN. Level 3 (LVLT) could be seen as a potentially interested buyer, but a source within the company told CTFN that purchasing units that are part of other companies, known as a "carve out," doesn't match the company's usual M&A strategy. Reference Link
10:00 EDTLVLTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Analog Devices (ADI) upgraded to Buy from Neutral at Citi... Asbury Automotive (ABG) upgraded to Neutral from Underperform at BofA/Merrill... Brookfield (BAM) upgraded to Outperform from Market Perform at BMO Capital... CNOOC (CEO) upgraded to Buy from Hold at Jefferies... Canadian Pacific (CP) upgraded to Buy from Neutral at Goldman... Citizens Financial (CFG) upgraded to Buy from Neutral at UBS... Esperion (ESPR) upgraded to Neutral from Sell at Chardan... HSBC (HSBC) upgraded to Buy from Neutral at UBS... Hecla Mining (HL) upgraded to Outperformer from Sector Performer at CIBC... Johnson Controls (JCI) upgraded to Outperform from Market Perform at William Blair... Level 3 (LVLT) upgraded to Buy from Neutral at UBS... Madison Square Garden (MSG) upgraded on asset value, share buyback outlook at Stifel... Medivation (MDVN) upgraded to Market Perform from Underperform at Cowen... PHH Corp. (PHH) upgraded to Buy from Neutral at Compass Point... Post Holdings (POST) upgraded to Buy from Neutral at SunTrust... Ralph Lauren (RL) upgraded to Buy from Neutral at UBS... Regions Financial (RF) upgraded to Buy from Hold at Sandler O'Neill... Shire (SHPG) upgraded to Hold from Reduce at HSBC... Sinopec (SNP) upgraded to Buy from Hold at Jefferies... Verifone (PAY) upgraded to Buy from Hold at Argus.
05:52 EDTLVLTLevel 3 upgraded to Buy from Neutral at UBS
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September 29, 2015
19:06 EDTKOCoca Cola will not renew health group sponsorships, AP says
Coca-Cola will not renew its sponsorship of a professional group for dietitians, according to the Associated Press, and will not renew its contracts with the American Academy of Family Physicians, the American Academy of Pediatrics and the American College of Cardiology when they end later this year. The company said the move was driven by "budget realities" and not criticism over these partnerships. Reference Link
17:50 EDTBCSBarclays to exit Bmarkets business, Reuters says
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09:19 EDTLVLTDeutsche Bank to hold a conference
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September 28, 2015
07:14 EDTBCSBarclays could sell parts of investment banking unit in Brazil, Sky News reports
Barclays is examining a sale of parts of its investment banking business in Brazil, Sky News reports. According to sources, discussions with prospective buyers of the Barclays assets are currently at a "preliminary" stage. Reference Link
06:20 EDTBCSCOMCO probing UBS, Julius Baer for metals market price fixing, AFP reports
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September 24, 2015
08:03 EDTKOCoca-Cola Bottling signs LOI to acquire manufacturing facilities
Coca-Cola Bottling Co. Consolidated (COKE) has signed a non-binding letter of intent with The Coca-Cola Company (KO) to purchase manufacturing facilities in Virginia, Maryland, Indiana and Ohio and also that it has signed a definitive agreement with an affiliate of The Coca-Cola Company to expand the bottler's franchise distribution territory to include territories located within Delaware, the District of Columbia, Maryland, North Carolina, Pennsylvania, Virginia and West Virginia. The Company has signed a non-binding Manufacturing Letter of Intent with The Coca-Cola Company to purchase and operate manufacturing facilities currently owned and operated by Coca-Cola Refreshments USA, a wholly-owned subsidiary of The Coca-Cola Company, in Sandston, Virginia; Silver Spring and Baltimore, Maryland; Indianapolis and Portland, Indiana and Cincinnati, Ohio. The transactions proposed in the Manufacturing Letter of Intent are subject to the parties reaching a definitive agreement, with a series of transaction closings for these facilities expected to begin in the first half of 2016. The Definitive Agreement represents the first phase of the proposed franchise territory expansion described in the previously-announced Letter of Intent dated May 12, 2015 between the Company and The Coca-Cola Company ("May 2015 Letter of Intent") and includes the following territories: Baltimore, Capital Heights, Cumberland, Easton, Hagerstown, La Plata and Salisbury in Maryland; Alexandria, Norfolk, Richmond, Yorktown, Fredericksburg and Staunton in Virginia; Elizabeth City in North Carolina; and Washington D.C. CCR currently serves these territories. The Company expects to begin a series of transaction closings for these distribution territories in the fall of 2015 and to complete them by mid-2016. The Company is continuing to work towards a definitive agreement with The Coca-Cola Company for the remainder of the proposed franchise territory expansion described in the May 2015 Letter of Intent, including distribution territories in parts of Ohio, Indiana, Illinois and Kentucky. The Definitive Agreement and other agreements to be entered into at closing will provide the Company the exclusive rights to distribute beverage brands owned by The Coca-Cola Company as well as certain other beverage brands not owned by The Coca-Cola Company that are currently being distributed in the territories by CCR. The transaction includes the purchase by the Company of distribution assets and certain working capital items from CCR relating to these territories and the purchase of exclusive rights to distribute certain non-Coca-Cola beverage brands in these territories. The transaction also includes the grant by CCR to the Company of exclusive rights to distribute beverage brands owned by The Coca-Cola Company in these territories under a comprehensive beverage agreement to be entered into at closing. Under such agreement, the Company will make a quarterly sub-bottling payment to CCR on a continuing basis after the closing for the grant of such exclusive rights. In addition to the transactions contemplated by the Definitive Agreement, the parties also have executed a "Territory Conversion Agreement" which provides for all of the Company's franchise distribution territories with The Coca-Cola Company, including the Company's legacy, recently-acquired and to-be-acquired distribution territories, to be governed in the future by a new and final form of comprehensive beverage agreement.
07:32 EDTKOCoca-Cola signs LOI to implement national product supply system in the U.S.
The Coca-Cola Company announces the formation of a new National Product Supply System in the United States. The mission of the NPSS will be to facilitate optimal operation of the U.S. product supply system for Coca-Cola bottlers in order to: Achieve the lowest optimal manufactured and delivered cost for all bottlers in the Coca-Cola system; Enable system investment to build sustainable capability and competitive advantage; Prioritize quality, service and innovation in order to successfully meet and exceed customer and consumer requirements. Under the new NPSS, three existing independent producing bottlers, Coca-Cola Bottling Co. Consolidated, Coca-Cola Bottling Company United, and Swire Coca-Cola USA, as well as the Company-owned Coca-Cola Refreshments along with Coca-Cola North America, will be members of Coca-Cola's National Product Supply Group. The NPSG will administer key national product supply activities for these NPSS bottlers, which currently represent approximately 95 percent of the U.S. produced volume. Under the initial terms of the Letters of Intent, it is anticipated that each NPSS bottler will acquire certain production facilities from CCR within their transitioning distribution territories. Initially, it is contemplated that CCR will divest the following nine production facilities with an estimated net book value of $380 million: Consolidated will acquire production facilities in Sandston, Va., Baltimore and Silver Spring, Md., Indianapolis and Portland, In. and Cincinnati, Oh.; United will acquire the production facility in New Orleans, La.; Swire will acquire production facilities in Phoenix, Az. and Denver, Co. The transition of these production facilities from CCR to NPSS bottlers is anticipated to take place between 2016 and 2018. The sale of additional production facilities from CCR to NPSS bottlers in previously announced transitioning distribution territories will be considered in due course. CCR's territories will continue to be refranchised as previously announced and decisions on any remaining production facilities in those territories will also be considered at that time. The new transactions announced today are subject to the parties reaching definitive agreements. The parties are committed to working together to implement a smooth transition with minimal disruption for customers, consumers and system associates.
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