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August 4, 2014
12:26 EDTINSM, ESI, TREX, PIKE, KORS, 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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February 26, 2015
13:02 EDTRLGYSotheby's Int'l says brokers achieved $70B in U.S. home sale transaction volume
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February 25, 2015
10:01 EDTTREXOn The Fly: Analyst Downgrade Summary
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09:18 EDTTREXTrex Company price target raised to $60 from $45 at SunTrust
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06:13 EDTTREXTrex Company downgraded to Hold from Buy at Stifel
Stifel downgraded Trex to Hold due to valuation.
February 24, 2015
07:47 EDTRLGYRealogy sees Q1 homesale sides to be up 2%-4%
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07:47 EDTRLGYRealogy reports FY14 EPS $1.10, consensus $1.03
Reports Q4 revenue $1.28B, consensus $1.30B
07:20 EDTTREXTrex Company sees Q1 revenue $120M, consensus $115.81M
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07:19 EDTTREXTrex Company reports Q4 EPS 16c, consensus 15c
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February 17, 2015
17:02 EDTRLGYSoros Fund Management gives quarterly update on stakes
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