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Stock Market & Financial Investment News

News Breaks
August 4, 2014
16:42 EDTKORS, PDCE, ESI, INSM, TREXOn The Fly: Closing Wrap
Stocks on Wall Street remained near the flat line until about 1 pm ET and then they began to drift higher. The buyers emerged during the afternoon and pushed the averages up ahead of the next round of corporate earnings reports due out after the close. ECONOMIC EVENTS: In the U.S., no major economic data was reported. On the international front, Portugal's central bank announced a bailout of the nation's largest listed lender, Banco Espirito Santo. COMPANY NEWS: Shares of luxury accessories maker Michael Kors (KORS) fell $4.82, or 5.89%, to $77.01 after the company reported stronger than expected results for the first quarter of its fiscal 2015, but said that its gross margins had dropped during the quarter compared to the same period of last year. The company also estimated that its gross margin would drop in fiscal 2015. Analysts were divided on the company's outlook following the results, with Sterne Agee contending that "red flags abound" for the company while Bank of America Merrill Lynch saying that the "impressive momentum" of Michael Kors should continue and that today's pullback in the stock has created a buying opportunity. MAJOR MOVERS: Among the notable gainers was decking product maker Trex (TREX), which advanced $4.33, or 15.1%, to $33.00 after its better than expected earnings. Also higher was PDC Energy (PDCE), which rose $6.63, or 12.34%, to $60.34 after Colorado governor John Hickenlooper struck a deal that will eliminate all ballot initiatives, proposed for November, that had sought to restrict hydraulic fracturing, or "fracking," in the state. Among the noteworthy losers was ITT Educational (ESI), which plunged $6.59, or 46.05%, to $7.72 after the company disclosed that its sale leaseback agreement with College Portfolio Buyer had been terminated. Also lower were shares of Insmed (INSM), with Piper Jaffray attributing today's $4.59, or 26.61%, pullback in its shares to $12.66 to the company not immediately filing for U.S. approval of Arikayce in cystic fibrosis and nontuberculous mycobacteria in concert with its European filing for the drug. INDEXES: The Dow rose 75.91, or 0.46%, to 16,569.28, the Nasdaq advanced 31.25, or 0.72%, to 4,383.89, and the S&P 500 gained 13.84, or 0.72%, to 1,938.99.
News For KORS;PDCE;ESI;INSM;TREX From The Last 14 Days
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October 29, 2014
10:00 EDTKORSOn The Fly: Analyst Downgrade Summary
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07:13 EDTKORSMichael Kors downgraded at Janney Capital
As previously reported, Janney Capital downgraded Michael Kors to Neutral from Buy. The firm downgraded shares based on valuation, macro concerns, merchandising margin pressure, investment cycle, and maturation of North America.
05:59 EDTKORSMichael Kors downgraded to Neutral from Buy at Janney Capital
Janney Capital downgraded Michael Kors following the Q2 report citing valuation.
October 27, 2014
10:00 EDTPDCEOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abraxas Petroleum (AXAS) downgraded to Hold from Buy at Stifel... Anadarko (APC) downgraded to Neutral from Buy at Goldman... Basic Energy (BAS) downgraded to Sell from Buy at Goldman... Cabot Oil & Gas (COG) downgraded to Sector Perform from Outperform at Howard Weil... Coca-Cola (KO) downgraded to Neutral from Buy at Buckingham... CommScope (COMM) downgraded at BofA/Merrill... Concho Resources (CXO) downgraded to Hold from Buy at Stifel... Consolidated Communications (CNSL) downgraded to Market Perform at Raymond James... Continental Resources (CLR) downgraded to Neutral from Buy at Goldman... Covanta (CVA) assumed with a Neutral from Outperform at Macquarie... DCP Midstream (DPM) downgraded to Neutral from Buy at Goldman... Denbury Resources (DNR) downgraded to Hold from Buy at Stifel... Diamond Offshore (DO) downgraded to Sell from Neutral at Goldman... Diana Shipping (DSX) downgraded to Hold from Buy at Deutsche Bank... EP Energy (EPE) downgraded to Neutral from Buy at Goldman... EZchip (EZCH) downgraded to Neutral from Buy at Chardan... Emerge Energy (EMES) downgraded to Neutral from Buy at Goldman... Encore Wire (WIRE) downgraded to Neutral from Buy at DA Davidson... Enduro Royalty Trust (NDRO) downgraded to Neutral from Buy at Goldman... First Niagara (FNFG) downgraded to Sector Perform from Outperform at RBC Capital... GOL Linhas (GOL) downgraded to Neutral from Buy at BofA/Merrill... Goodrich Petroleum (GDP) downgraded to Hold from Buy at Stifel... Halliburton (HAL) downgraded to Buy from Conviction Buy at Goldman... Home Loan Servicing (HLSS) downgraded to Neutral from Buy at Citigroup... ICON plc (ICLR) downgraded to Equal Weight from Overweight at Barclays... IHS Inc. (IHS) downgraded to Equal Weight from Overweight at Barclays... Jones Energy (JONE) downgraded to Hold from Buy at Stifel... Laredo Petroleum (LPI) downgraded to Sell from Neutral at Goldman... Lloyds Banking (LYG) downgraded to Underperform from Hold at Jefferies... Midcoast Energy (MEP) downgraded to Neutral from Buy at Goldman... PDC Energy (PDCE) downgraded to Hold from Buy at Stifel... PNC Financial (PNC) downgraded at Sterne Agee... Parsley Energy (PE) downgraded to Sell from Neutral at Goldman... Patterson-UTI (PTEN) downgraded to Neutral from Conviction Buy at Goldman... Pioneer Energy (PES) downgraded to Neutral from Buy at Goldman... Precision Castparts (PCP) downgraded at RBC Capital... Royal Gold (RGLD) downgraded to Neutral from Overweight at HSBC... SM Energy (SM) downgraded to Hold from Buy at Stifel... Sanchez Energy (SN) downgraded to Hold from Buy at Stifel... Scorpio Bulkers (SALT) downgraded to Hold from Buy at Deutsche Bank... Synergy Resources (SYRG) downgraded to Hold from Buy at Stifel... Ventas (VTR) downgraded to Neutral from Buy at UBS... Whiting Petroleum (WLL) downgraded to Hold from Buy at Stifel... Zumiez (ZUMZ) downgraded to Neutral from Buy at DA Davidson.
07:36 EDTTREXTrex Company board authorizes stock buyback program
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07:35 EDTTREXTrex Company Sees FY14 revenue approx. $388M, consensus $383.41M.
The company said, "For Q4, we expect net sales to reach $70M, representing year-over-year growth of 10%. This will bring our revenue for 2014 to approximately $388M, the highest sales in the Company’s history, breaking the record set last year and reflecting 13% growth from that mark. This progress exemplifies the execution of our market share advancement initiatives. Furthermore, this milestone will be a testament to the talents and dedication of the entire Trex team.”
07:34 EDTTREXTrex Company sees Q4 net sales $70M
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07:33 EDTTREXTrex Company reports Q3 EPS 28c, consensus 24c
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07:13 EDTKORSMichael Kors Q2 earnings could beat by 5c-7c, says Piper Jaffray
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06:17 EDTPDCEPDC Energy downgraded to Hold from Buy at Stifel
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October 21, 2014
17:22 EDTESIBlum capital lowers stake in ITT Educational to 7.9%
October 20, 2014
13:10 EDTKORSSteve Madden tumbles after providing preliminary Q3 results, FY14 outlook
Shares of shoe and accessory company Steve Madden (SHOO) are tumbling after the company announced preliminary third quarter results that were below analysts' consensus along with a reduction to its fiscal year 2014 outlook. WHAT'S NEW: Steve Madden announced that it is anticipating Q3 earnings per share to be approximately 61c-62c and net sales of $392M, below analysts' consensus estimates of 67c and $415.72M, respectively. The company noted that retail comparable store sales for the quarter are anticipated to be down 7.4%. Steve Madden also reduced its FY14 EPS outlook to $1.81-$1.86 from $2.00-$2.10, well below analysts' $2.02 consensus. The company lowered its net sales projection for the year, and now sees net sales up 1%-2% over fiscal year 2013 versus its previous net sales guidance for up 2%-4% over FY13. The new guidance factors in the recent acquisition of Dolce Vita and current expectations for remainder of the year. On August 14, Steve madden acquired Dolce Vita for $60.3M in cash and previously said the deal would be accretive to earnings in FY14 by 2c-3c and be "modestly accretive" in FY15. WHAT'S NOTABLE: Steve Madden's Chief Executive Officer Edward Rosenfeld said that the company's Q3 earnings were "disappointing" and were the result of weaker than expected retail segment performance. He believes that retail trends in the footwear space will continue to be difficult through the fourth quarter due to a lack of noteworthy fashion trends in the industry. The CEO said that the company's full-year guidance results from this pattern, along with a lowered reorder outlook in its wholesale segment. Rosenfeld is still confident, however, in the company's business model and believes that its acquisitions of Dolce Vita and its Mexican licensee will fuel the business forward over the long term. OTHERS TO WATCH: Competitors of Steve Madden include Michael Kors (KORS), Coach (COH), Kate Spade (KATE), and Vera Bradley. PRICE ACTION: During afternoon trading, shares of Steve Madden fell $2.62 or 8.2%, to $29.32. Over the last twelve months, the stock has fallen over 15%.
October 17, 2014
12:23 EDTESIITT leaps after upping scholarships, projecting FY15 positive cash flow
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11:34 EDTESIITT expects interest expense reduction in FY15 vs. FY14
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11:28 EDTESIITT Educational says Q3 enrollment impacted by 11% admissions decline
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10:00 EDTPDCEOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AK Steel (AKS) upgraded to Buy from Neutral at Nomura... AMD (AMD) upgraded to Sector Perform from Underperform at Pacific Crest... Atlantic Power (AT) upgraded to Market Perform from Underperform at BMO Capital... Basic Energy (BAS) upgraded to Outperform from Market Perform at Cowen... BorgWarner (BWA) upgraded to Buy from Hold at Deutsche Bank... CA Technologies (CA) upgraded to Overweight from Equal Weight at Barclays... Calumet Specialty Products (CLMT) upgraded to Outperform at Wells Fargo... DHT Holdings (DHT) upgraded to Buy from Hold at Evercore... Exelon (EXC) upgraded to Neutral from Sell at Citigroup... Fifth Third Bancorp (FITB) upgraded to Buy from Neutral at Citigroup... Goldman Sachs (GS) upgraded to Outperform from Market Perform at Keefe Bruyette... Helmerich & Payne (HP) upgraded to Buy from Neutral at UBS... Hilton (HLT) upgraded to Buy from Neutral at SunTrust... Hyatt Hotels (H) upgraded to Outperform from Neutral at Macquarie... IPG Photonics (IPGP) upgraded at Stifel... ITC Holdings (ITC) upgraded to Neutral from Underperform at Credit Suisse... Manpower (MAN) upgraded to Outperform from Market Perform at Avondale... Nabors Industries (NBR) upgraded to Outperform from Market Perform at Cowen... Newpark Resources (NR) upgraded at Cowen... Old Dominion (ODFL) upgraded to Buy from Neutral at Longbow... PDC Energy (PDCE) upgraded at SunTrust... Patterson-UTI (PTEN) upgraded to Buy from Neutral at UBS... PrivateBancorp (PVTB) upgraded to Outperform from Neutral at Macquarie... QLogic (QLGC) upgraded to Buy from Hold at Summit Research... RPC, Inc. (RES) upgraded at Cowen... Sonoco (SON) upgraded to Neutral from Underperform at DA Davidson... Southwestern Energy (SWN) upgraded to Outperform from Market Perform at Raymond James... SunEdison (SUNE) upgraded to Outperform at Cowen... TSMC (TSM) upgraded to Buy from Neutral at Mizuho... Tesco (TESO) upgraded to Outperform from Market Perform at Cowen... UnitedHealth (UNH) upgraded to Outperform from Market Perform at Leerink... Xilinx (XLNX) upgraded to Outperform from Market Perform at Wells Fargo.
07:48 EDTPDCEPDC Energy upgraded at SunTrust
As previously reported, SunTrust upgraded PDC Energy to Buy from Neutral. The firm upgraded shares based on relative valuation, expectations for more well results and a strong program out of Utica, and potential data from the Wattenberg field. Price target lowered to $57 from $67.
07:34 EDTESIITT Educational reports preliminary Q3 new student enrollments down 9.5%
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07:34 EDTESIITT Educational reports preliminary Q2 new student enrollments down 8.1%
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06:45 EDTPDCEPDC Energy upgraded to Buy from Neutral at SunTrust
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