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February 4, 2014
HIGHER: Michael Kors (KORS), up 21% after Q3 earnings beat expectations, company raises guidance... Furiex (FURX), up 124% after reporting top-line results for its Phase III trials evaluating its irritable bowel syndrome treatment... Zynga (ZNGA), up 7% following upgrade at UBS... J.C. Penney (JCP), up 3.5% after reporting positive Q4 comparable store sales... Nu Skin (NUS), up 2% after Q4 EPS and revenue view top expectations... ATMI (ATMI), up 25% after peer Entegris (ENTG) agrees to acquire company for $34.00 per share. Entegris shares also up 17% after deal announcement, while others in the sector, such as Advanced Energy Industries (AEIS) also rose... DOWN AFTER EARNINGS: ARM Holdings (ARMH), down 6.8%... Arch Coal (ACI), down 1.8%. ALSO LOWER: Take-Two (TTWO), down 6% after earnings report, downgrades at Wedbush and Benchmark... Peregrine (PSMI), down 16% after earnings, downgrades at Needham and JPMorgan.
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November 27, 2015
06:39 EDTKORSPiper says Deckers, GoPro look more promotional than last year
After visiting malls and big box retailers during the initial 6 PM store openings last night, Piper Jaffray analyst Erinn Murphy says brands that appear more promotional than last year include Deckers Outdoor (DECK), GoPro (GPRO), Michael Kors (KORS), Ralph Lauren (RL), Steven Madden (SHOO) and Under Armour (UA). Customer traffic "was robust" at the open on Thanksgiving, Murphy tells investors this morning in a research note. She views the "must-have" items as being in the electronics and cosmetics spaces.
November 24, 2015
06:20 EDTJCPRetailers hunt for new breaches after warning on malware, Reuters says
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November 23, 2015
10:18 EDTTTWOGameStop plunges on weaker than expected Q3 earnings
Shares of GameStop (GME) are plunging in morning trading after the company reported downbeat third quarter earnings on lower new software and hardware sales and delays in store openings. The company also provided guidance for the fourth quarter and reiterated its outlook for fiscal year 2015. WHAT'S NEW: Before the market open, GameStop reported Q3 adjusted earnings per share of 54c on revenue of $2.02B, below analysts' consensus estimates of 59c and $2.14B, respectively. GameStop added that global same-store sales for the quarter were down 1.1% year over year, with SSS down 1.7% in the United States and up 0.3% internationally. The company said foreign currency negatively impacted EPS by 2c and sales by about $100M and noted that it recorded $1.6M of one-time charges as a result of non-recurring acquisition-related costs. GameStop said new hardware sales declined 20.4%, while new software sales were down 9.3%; pre-owned sales were up 0.6%, the company said. Commenting on the quarter, Chief Executive Officer Paul Raines said that the company's results fell to the low end of its guidance range -- 53c-60c for EPS on SSS up 1% to up 4% -- due to "lower than expected new software and hardware sales and delays in Technology Brands store openings." The company provided an outlook for the fourth quarter, forecasting EPS of $2.12-$2.32, below analysts' estimates of $2.37, and SSS ranging from down 1% to up 6%. Despite the disappointing Q3 earnings and weak Q4 guidance, GameStop affirmed its FY15 EPS view of $3.66-$3.86 and added that it expects full year same store sales to grow 2%-6%. WHAT'S NOTABLE: Prior to the retailer's Q3 earnings report, Steven Russolillo of the Wall Street Journal's Ahead of the tape said that GameStop was "running out of lives" since it has experienced an increasingly challenging video game retail environment due to a rising number of shoppers buying games digitally. Russolillo noted that GameStop's resale business is still profitable and may pare losses somewhat. In addition, NPD Group reported earlier this month a 3% year over year decline in game software retail sales in the U.S. in October. The loss came even despite the major launch of Microsoft's (MSFT) flagship title "Halo 5: Guardians." STREET RESEARCH: Piper Jaffray analyst Michael J. Olson said that GameStop is "clearly" seeing an impact from increasing digital software sales, but that the firm expects digital expansion to ease during the holiday quarter. Olson added that the video game industry is currently in the "renewed growth phase" and that he expects trends in the sector to be strong heading into 2016. The analyst maintained an Overweight rating and $57 price target on the company's stock. PRICE ACTION: In morning trading, GameStop slipped 13.93% to $33.89. The company will hold its earnings conference call at 11am. OTHERS TO WATCH: Video game makers are also lower this morning. Shares of Electronic Arts (EA) are down 2.26%, Take Two Interactive (TTWO) is down 0.84% and Activision Blizzard is down 1.55%.
November 19, 2015
16:43 EDTBSXBoston Scientific receives CE Mark for next generation WATCHMAN FLX
Boston Scientific announced that the first implants of the WATCHMAN FLX Left Atrial Appendage Closure, or LAAC, Device - the latest generation of the WATCHMAN Device - occurred in Europe following CE mark approval.
10:42 EDTBSXLeerink medical devices analyst holds an analyst/industry conference call
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November 18, 2015
07:59 EDTAEISUBS to hold a conference
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November 17, 2015
10:13 EDTJCPJ.C. Penney management to meet with Buckingham
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07:52 EDTKORSMorgan Stanley to hold a conference
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07:47 EDTPSECWells Fargo to hold a forum
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November 16, 2015
16:43 EDTKORSGreenlight Capital added Apple, sold some SunEdison
Greenlight Capital gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: CNX Coal Resources (CNXC), Garmin (GRMN), Terraform Global (GLBL), and Liberty Global (LILA). INCREASED STAKES: Apple (AAPL), Michael Kors (KORS), Dillard's (DDS), UIL Holdings (UIL), and Twenty-First Century Fox (FOXA). DECREASED STAKES: SunEdison (SUNE), Micron (MU), Voya (VOYA), Applied Materials (AMAT), and SunEdison Semiconductor (SEMI). LIQUIDATED STAKES: Citizens Financial (CFG), Lam Research (LRCX), Spirit AeroSystems (SPR), Hertz (HTZ), and Macy's (M).
16:29 EDTJCPJ.C. Penney announces plans to retire $500M asset-based term loan
J. C. Penney Company announced that it has received $500M of incremental bank commitments to increase the size of the Revolving Line of Credit under its existing Senior Secured Asset-Based Credit Facility to $2.35B from $1.85B. In connection with upsizing the revolving credit facility, the Company also intends to prepay and retire the outstanding principal amount of its $500M Term Loan previously issued under the ABL, which is scheduled to mature in June 2019. The Company expects to close these transactions in December.The Company expects that retirement of the ABL Term Loan will reduce interest expense by approximately $20M annually, beginning in 2016. The $2.35B ABL revolving line of credit, which will also mature in June 2019, will remain available for seasonal working capital needs and general corporate purposes. Marvin Ellison, chief executive officer, said, "We proactively pursued this transaction to reduce our long-term debt and ongoing interest expense and to further enhance our financial flexibility while maintaining our strong liquidity position as we continue to make progress on our goal of $1.2B in EBITDA by 2017."
11:35 EDTJCPDillard's sinks to 52-week low after joining chorus of 'disappointed' retailers
Shares of Dillard's (DDS), a retailer of fashion apparel, cosmetics and home furnishing, are falling to their worst level in a year after the company became the latest in its industry to report lower than expected third quarter results. WHAT'S NEW: This morning, Dillard's reported Q3 earnings per share of $1.19 and revenue of $1.435B, narrowly missing analysts' consensus estimates of $1.20 and $1.49B, respectively. Same-store sales for the quarter fell 4%. Total merchandise sales decreased 3% for the 13-week period ended October 31. Weaker performing categories were men's apparel and accessories and ladies' accessories and lingerie with notable weakness in home and furniture the company explained. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program." WHAT'S NOTABLE: Gross margin from retail operations improved 11 basis points of sales for the 13 weeks ended October 31 compared to the prior year third quarter. Consolidated gross margin for the 13 weeks ended October 31 declined 30 basis points of sales compared to the prior year third quarter. The disparity between retail and consolidated gross margin performance is attributable to increased revenue at CDI, which is a substantially lower margin business. Inventory increased 6% at October 31 compared to November 1, 2014. For FY15, the company expects capital expenditures of $150M. PRICE ACTION: In late morning trading, Dillard's fell $5.81, or 7.5%, to $71.79 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $68.05. Including today's pull back, the shares have lost about 36% over the past 12 months. OTHERS TO WATCH: Other apparel, cosmetics and home furnishing retailers include Macy's (M), Kohl's (KSS), JC Penny (JCP), Sears (SHLD) and Nordstrom (JWN).
09:03 EDTEMRGE Healthcare Life Sciences, Emerson announce collaboration
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07:50 EDTARMHUBS to hold a conference
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November 15, 2015
12:24 EDTEMREmerson shares could rise 25% to $60 in next few years, Barron's says
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