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Stock Market & Financial Investment News

News Breaks
August 4, 2014
12:26 EDTESI, INSM, TREX, KORS, PIKE, RLGYOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory, as investors looked like they were prepared to take advantage of last week’s sell-off. Unlike in recent weeks, little M&A activity was announced over the weekend and the tensions in Russia and Israel did not make headlines due to escalations. The bulls appeared to be facing little resistance. However, the averages weakened in the early going and drifted throughout the morning. Near noon the Nasdaq had held on to narrow gains, though the S&P and Dow were both close to the flat line. ECONOMIC EVENTS: In the U.S., no major economic data was reported. On the international front, Israel pulled back many of its ground forces from Gaza as it began a seven hour truce. COMPANY NEWS: Shares of Michael Kors (KORS) initially advanced in pre-market trading after the company's first quarter earnings per share and revenue beat expectations and its same-store sales in the three months grew by more than 24%. However, as investors digested the report and listened to the company's associated conference call, during which it issued guidance for its gross margins to decline by 50 basis points during this fiscal year, the stock reversed course. In a note to investors after the company's report, analysts at Sterne Agee says that while Kors' sales growth remains "sound," the firm believes "red flags abound" for the stock, listing high inventories, gross margin pressure and increasing investment spend amid the concerns. Near noon, the luxury handbag makers' shares were down 7%. MAJOR MOVERS: Among the notable gainers was Pike Corporation (PIKE), which surged more than 48% higher after Court Square Capital Partners and the company's chairman and CEO agreed to acquire the company for $12.00 per share in cash. Also higher following their earnings reports were decking materials maker Trex (TREX), which rose 13%, and real estate services provider Realogy (RLGY), which gained 5%. Among the noteworthy losers was ITT Educational (ESI), which plunged 31% after the company disclosed that its sale leaseback agreement with College Portfolio Buyer had been terminated. Also lower was Insmed (INSM), with Piper Jaffray attributing today's 25% pullback in its shares 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: Near midday, the Dow was down 11.27, or 0.07%, to 16,482.10, the Nasdaq was up 12.75, or 0.29%, to 4,365.39, and the S&P 500 was up 1.53, or 0.08%, to 1,926.68.
News For KORS;PIKE;RLGY;ESI;INSM;TREX From The Last 14 Days
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October 30, 2014
15:18 EDTKORSMichael Kors volatility elevated into Q4 and outlook
Michael Kors November weekly call option implied volatility is at 66, November is at 45, December is at 40, January is at 34, February is at 33; compared to its 26-week average of 35 according to Track Data, suggesting large near term price movement into the expected release of Q4 results on November 4.
12:22 EDTESIGrand Canyon jumps after announcing exploration of non-profit status
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06:58 EDTESIRule would close fewer for-profit programs than previous draft, Politico says
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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
10:26 EDTRLGYHigh option volume stocks
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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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October 21, 2014
17:22 EDTESIBlum capital lowers stake in ITT Educational to 7.9%
09:36 EDTRLGYFidelity National, Realogy recommended as long ideas by Robbins, Bloomberg says
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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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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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