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Stock Market & Financial Investment News

News Breaks
June 30, 2014
07:11 EDTTIF, KORSMichael Kors names Lafay president of Asia
Michael Kors (KORS) announced that Stephane Lafay has been named to the newly created role of president of Asia. He will report to John Idol, the company’s Chairman and CEO. Lafay was most recently at Tiffany (TIF), where he held the position of senior vice president, Asia Pacific and Japan.
News For KORS;TIF From The Last 14 Days
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September 2, 2015
11:07 EDTKORSVera Bradley surges on better-than-expected Q2 earnings, upbeat FY16 view
Shares of Vera Bradley (VRA) surged in morning trading after the company reported better-than-expected second quarter results and raised its outlook for fiscal year 2016. Vera Bradley is a designer of women's handbags, accessories, luggage and travel items and eyewear. WHAT'S NEW: Vera Bradley reported Q2 earnings per share from continuing operations of 15c on revenue of $120.7M, beating analysts' expectations of 11c and $114.99M, respectively. Same-store sales decreased 15% for the quarter, though Robert Wallstrom, the company's chief executive officer, said that the company's comparable sales trend began to improve toward the end of the quarter due to new product offerings, improved in-store execution and initial marketing efforts. Looking ahead, Vera Bradley forecast third quarter EPS from continuing operations of 19c-21c on revenue of $120M-$123M, against analysts' consensus estimates of 15c and $117.2M, respectively. Wallstrom said that the company's turnaround will take time, but noted "meaningful progress" being made, and that Vera Bradley is "confident" in its long-term strategic plan. WHAT'S NOTABLE: Vera Bradley raised its FY16 continuing operations EPS view to 72c-82c from 64c-74c, higher than analysts' expectations of 66c. Additionally, the company's FY16 revenue view was narrowed to $487M-$495M from $480M-$495M, still ahead of analysts' consensus estimates of $481.57M. On its Q2 earnings conference call, Vera Bradley forecast sees Q3 and FY16 same-store sales down in the low double-digit percentage range. The company added that it eliminated hyperpromotions and pared back promotional days in Q2 and noted that it is seeing "green shoots" from its turnaround efforts. Vera Bradley said it sees a decline in hyperpromotional activity in FY16. PRICE ACTION: Vera Bradley shares are up 23.49% to $12.88 in morning trading. OTHERS TO WATCH: Vera Bradley peers include Coach (COH), down 0.54%, Michael Kors (KORS), up 1.92%, and Fossil Group (FOSL), up 0.64%.
September 1, 2015
17:02 EDTKORSMichael Kors reappoints Cathy Robinson as COO
Cathy Marie Robinson withdrew her resignation as an executive officer of Michael Kors Holdings, which was previously disclosed in the Company's Current Report on Form 8-K filed with the SEC on August 11. Effective August 27 Robinson was re-appointed as an executive officer of the Company with the new title of "Senior Vice President of Corporate Strategy and COO". In connection with her promotion, Robinson will receive a grant of restricted share units valued at approximately $1,500,000 under the Michael Kors Holdings Limited Amended and Restated Omnibus Incentive Plan.
August 28, 2015
16:29 EDTTIFStocks end volatile week higher as China whipsaws U.S. market
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August 27, 2015
16:28 EDTTIFOn The Fly: Top stock stories for Thursday
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12:41 EDTTIFOn The Fly: Top stock stories at midday
Stocks began the session sharply higher, extending the rally that started yesterday. A number of factors may be contributors to today's strength, including China's government intervening in its market last night and pushing its key stock index up 5%, dovish comments made by N.Y. Fed President Bill Dudley yesterday regarding the potential for a September interest rate hike and an upward revision in the estimate of second quarter GDP growth. ECONOMIC EVENTS: In the U.S., the updated estimate of GDP growth showed the economy grew 3.7% in the second quarter, topping expectations for annualized growth to be revised up to 3.2% from the prior estimate of 2.3%. Personal consumption in the quarter rose 3.1%, matching expectations. 271,000 initial jobless claims were filed last week, versus expectations for 274,000 first-time claims. The NAR pending home sales index rose 0.5% in July, missing the expectation for an increase of 1%. In China, the Shanghai composite index rose 5.3%, stemming its recent string of down days, with media reports indicating that the government may have played a role by stepping in to buy stocks. COMPANY NEWS: Shares of St. Jude Medical (STJ) advanced 4.5% after the Financial Times reported, citing sources, that Abbott (ABT) is prepping a takeover offer that would value the medical device maker at $25B. An Abbott spokesperson, however, issued statements to Bloomberg, CNBC and the Wall Street Journal following the report to deny that it is pursuing a bid for St. Jude, which struck a deal in July to acquire fellow medical device manufacturer Thoratec (THOR) for $63.50 per share in cash, or $3.4B, net of cash acquired. Thoratec shares slid 0.5% near noon following the report, as investors may be concerned that the previously announced deal could be jeopardized if Abbott does in fact step in to the situation... Shares of Freeport-McMoRan (FCX) surged 28% this morning after the miner and oil explorer announced plans to cut spending and production, including plans to cut about 10% of employees and contractors at its U.S. mining operations. Freeport has lowered its 2016 capital expenditure budget to $4B, or approximately 29% lower than the $5.6B estimate it issued on July 23, which it said reflects "aggressive" actions in response to current market conditions. MAJOR MOVERS: Among the notable gainers was Movado (MOV), which gained 20% after the company reported better than expected second quarter results and backed its fiscal year earnings view. Also higher following its earnings report was Signet Jewelers (SIG), whose shares rose 13%. Another jeweler reporting earnings this morning, Tiffany (TIF), which slid 3% after the company lowered its fiscal year outlook. Among the other noteworthy losers following their earnings reports were Williams-Sonoma (WSM), which dropped 7%, and Dollar General (DG), which slipped 4%. INDEXES: Near midday, the Dow was up 311.33, or 1.91%, to 16,596.84, the Nasdaq was up 109.30, or 2.33%, to 4,806.83, and the S&P 500 was up 42.77, or 2.2%, to 1,983.28.
10:19 EDTTIFTiffany price target lowered to $79 from $97 at Cantor
Cantor Fitzgerald analyst Laura Champine lowered her price target on Tiffany to $79 from $97 in a post-earnings note to investors after the company cut its FY15 EPS view by about 20c to $3.99-$4.12 per share The analyst, who notes that the Americas region remains the "weakest link" for the jeweler, keeps her Hold rating on Tiffany shares.
09:26 EDTTIFOn The Fly: Pre-market Movers
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08:55 EDTTIFTiffany sees no net earnings growth in Q3 vs. last year's Q3
Says saw weakness in entry level silver, fine jewelry in the U.S. in Q2. Says stores in Hong Kong and Macau continue to experience weakness that began in the second half of last year, says believes Chinese tourists have shifted their traveling and shopping to other markets. Says long-term strategy in China remains the same. Says "difficult to predict" any potential negative impact on sales in Chinese market from recent stock market correction or currency devaluation. Says weaker yen may be boosting domestic spending in Japan. Says plans to increase company operated stores by a net of approximately 12 stores this year. Sees "modest" increase in FY gross margin. Says plans price increases in regions most impacted by forex. Sees "long lead time" before seeing benefit from lower diamond prices. Sees FY effective tax rate similar to last year's 34%. Seeks to keep inventory growth below rate of sales growth. Sees no net earnings growth in Q3 vs. last year's Q3, sees resumption of earnings growth in Q4. Comments made on the Q2 earnings conference call.
07:03 EDTTIFTiffany now sees FY15 EPS 2%-5% below $4.20 last year
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07:02 EDTTIFTiffany CEO: Adverse effects from strong dollar 'more significant' than expected
Frederic Cumenal, CEO, said, "We entered this year expecting translation and tourism-related pressures on sales and earnings from the exceptionally strong U.S. dollar, as well as challenging economic conditions in certain markets. While the adverse effects from the strong dollar have been even more significant than initially expected, we met our overall expectations in the first half of the year. We are pleased with responses to new designs, including our Tiffany T jewelry and CT60 watch collections, and are excited about upcoming additions being made to bolster sales across jewelry categories and price points. Tiffany also expanded its global presence during the quarter by opening six stores across the Americas, Asia-Pacific and Europe."
07:01 EDTTIFTiffany reports Q2 adjusted EPS 86c, consensus 91c
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August 26, 2015
15:00 EDTTIFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Dollar General (DG), consensus 94c... J. M. Smucker (SJM), consensus $1.23... Tiffany (TIF), consensus 91c... Signet Jewelers (SIG), consensus $1.15... Patterson (PDCO), consensus 54c... Michaels (MIK), consensus 16c... Burlington Stores (BURL), consensus 12c.
13:39 EDTTIFTiffany technical comments before earnings
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August 24, 2015
14:44 EDTTIFTiffany August weekly volatility elevated into Q2 and outlook
Tiffany August weekly call option implied volatility is at 46, October is at 37, November is at 33; compared to its 52-week range of 17 to 41, suggesting large near term price movement into the expected release of Q2 results on August 27.
09:49 EDTKORSFitbit being sold at Macy's seen as near-term catalyst
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