|June 23, 2014|
|09:09 EDT||WEC, COH, QCOM, NEO, HRG, TEG, XXIA, AVGO, CENT, COCO, JCP, ARTX, PLXT, PRKR, LULU||On The Fly: Pre-market Movers|
HIGHER: lululemon (LULU), up 4.4% after the WSJ reported that the company's founder is in talks with Goldman bankers as he considers options... J.C. Penney (JCP), up 1% after closing $2.35B credit facility... Integrys Energy (TEG), up 11.6% after Wisconsin Energy (WEC) agreed to acquire the company for $9.1B... Central Garden & Pet (CENT), up 11% after Harbinger Group (HRG) offers to acquire the company for $10 per share in cash... PLX Technology (PLXT), up 10.4% after Avago (AVGO) agreed to acquire the company for $6.50 per share in cash... Corinthian Colleges (COCO), up 27% after agreeing with the Department of Ed in principle on transition plan... BioCryst (BCRX), up 4.3% after upgraded at Wells Fargo... NeoGenomics (NEO), up 8.6% after raises Q2 revenue view. LOWER: ParkerVision (PRKR), down 34% before being halted for trading after a judge rules in favor of Qualcomm (QCOM) in a patent suit between the two companies... Ixia (XXIA), down 5.2% after reporting Q4 earnings below analyst's expectations... Coach (COH), down 1.1% after downgraded at Wedbush... Arotech (ARTX), down 11% after FY14 revenue view is lower than expectations.
News For LULU;PRKR;QCOM;JCP;XXIA;COH;COCO;TEG;WEC;CENT;HRG;PLXT;AVGO;NEO;ARTX From The Last 14 Days
|November 13, 2015|
|08:04 EDT||JCP||J.C. Penney reports Q3 adjusted EPS (47c), consensus (55c)|
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|07:36 EDT||JCP||J.C. Penney sees FY15 SSS up 4%-5%|
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|07:34 EDT||JCP||J.C. Penney reports Q3 EPS (45c), consensus (55c)|
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|November 12, 2015|
|19:00 EDT||JCP||On The Fly: After Hours Movers |
UP AFTER EARNINGS: USA Technologies (USAT), up 15.9%... Blue Buffalo (BUFF), up 7.3%... Planet Fitness (PLNT), up 12.3%... Darling Ingredients (DAR), up 8.1%... Applied Materials (AMAT), up 3.8%... Lipocine (LPCN), up 19.9% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Syngenta (SYT), up 14.5% after Bloomberg reported that the company rejected an initial $42B bid from ChemChina... Yum! Brands (YUM), up 4.1% after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: bebe stores (BEBE), down 10.5%... Nordstrom (JWN), down 20.3%... Fossil (FOSL), down 14.7%... Cisco (CSCO), down 4.8%... El Pollo LoCo (LOCO), down 8.7%... Tahoe Resources (TAHO), down 7.2%. ALSO LOWER: Paycom Software (PAYC), down 5.2%... Netflix (NFLX) down 1% after Dow Jones reported that Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in discussions to sell a stake in the company to Time Warner (TWX)... TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%, after Nordstrom reported quarterly results and cut its fiscal 2015 guidance.
|18:38 EDT||JCP||Department store stocks drop after Nordstrom reports Q3 earnings, cuts guidance |
Shares of Nordstrom (JWN) slipped in after-hours trading after the department store reported its third quarter results and cut its guidance for fiscal year 2015. WHAT'S NEW: Nordstrom reported Q3 earnings per share of 42c, against analyst estimates of 72c, Q3 revenue of $3.24B below consensus estimates of $3.37B, and Q3 same-store sales of 0.9%. The company lowered its FY15 adjusted EPS view to $3.40-$3.50 from $3.70-$3.80, against analyst expectations of $3.75, lowered its FY15 revenue guidance to up 7.5%-8% from 8.5%-9.5%, and lowered its FY15 SSS view to 2.5%-3% from 3.5%-4.5%. WHAT'S NOTABLE: Nordstrom reported that Q3 EPS included a reduction of 15c, which primarily represented transaction costs associated with the closing of its credit card portfolio sale. In its Q3 earnings release, Nordstrom said that its performance was below company expectations, reflecting softer sales trends that were generally consistent across channels and merchandise categories. The company noted that its top-performing merchandise category was Cosmetics. In addition, coats, younger customer-focused departments and dresses continued to reflect strength in Women's Apparel. PRICE ACTION: Shares of Nordstrom are trading lower by 20.55% to $50.45 in the after-hours. OTHERS TO WATCH: Retailers that followed Nordstrom downward included TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%.
|14:55 EDT||JCP||J.C. Penney November weekly 9 straddle priced for 7.8% movement into Q3|
|14:35 EDT||JCP||Earnings Watch: J.C. Penney CEO says Q3 EPS, gross marin 'exceeded expectations'|
J.C. Penney (JCP) is scheduled to third quarter earnings before the market opens on Friday, November 13 with a conference call scheduled for 8:30 am ET. J.C. Penney operates about 1,100 retail stores and jcp.com. EXPECTATIONS: Analysts are looking for a loss per share of (55c) on revenue of $2.88B, according to First Call. The consensus range for EPS is (64c)-(43c) on revenue of $2.79B-$2.95B. LAST QUARTER: J.C. Penney reported second earnings per share of (45c) on revenue of $2.88B, slightly beating estimates for (48c) and $2.86B, respectively. Comparable store sales were up 4.1% in the quarter. The retailer backed its fiscal year 2015 same-store sales view of up 4%-5% and raised its FY15 EBITDA guidance to approximately $620M from about $600M. The company also backed its FY15 gross margin view of a 100-150 basis point improvement. On its earnings conference call, J.C. Penney said it was "confident" in its ability to achieve its long-term financial targets, and forecast an improvement in second half SSS vs. first half. Further, J.C. Penney sees Q3 SSS up sequentially from Q2. The company expects to be free cash flow breakeven in FY15. NEWS: During the quarter, J.C. Penney named John Tighe as its chief merchant, succeeding Elizabeth Sweeney. J.C. Penney cut 300 jobs at its Plano, Texas, headquarters in October as it progresses on its strategic framework. On November 11, J.C. Penney reported stronger than expected SSS growth of 6.4% for Q3. Chief Executive Officer Marvin Ellison said that the company's Q3 EPS and gross margin performance "exceeded our expectations." Separately, the retailer also announced the settlement of a class action lawsuit alleging false advertising. The company will make $50M in cash available for claims under the terms of the settlement. STREET RESEARCH: On September 28, Sterne Agee CRT upgraded J.C. Penney to Buy from Neutral with a $13 price target. After meeting with the company's new CEO, the firm thinks he has the ability to lead a turnaround at the company. The firm believes that the retailer's initiatives will boost its EBITDA, and Sterne thinks the company can surpass its $1.2B 2017 EBITDA guidance while its same-store sales growth can accelerate. On October 7, Citi analyst Paul Lejuez started shares of J.C. Penney with a Sell rating and $7 price target. The company's goals are aggressive while its free cash flow is "elusive," Lejuez told investors in a research note. PRICE ACTION: Over the last three months, J.C. Penney shares are up 7.5%. In trading ahead of Friday's Q3 report, J.C. Penney is up about 4.25% to $8.88.
|14:30 EDT||JCP||Notable companies reporting before tomorrow's open|
Notable companies reporting before tomorrow's open, with earnings consensus, include J. C. Penney (JCP), consensus (55c)... Edgewell Personal Care (EPC), consensus 69c.
|10:50 EDT||LULU||Options with increasing implied volatility|
Options with increasing implied volatility: FTK MW NLNK MNK GOGO LULU RAD FL
|06:49 EDT||QCOM||Qualcomm share loss at Samsung worse than expected, says JPMorgan|
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|November 11, 2015|
|16:26 EDT||JCP||On The Fly: Top stock stories for Wednesday|
Stocks on Wall Street finished the day lower following a range-bound session marked by lighter than normal volume due to the Veteran's Day holiday. The lower participation allowed the market to digest the latest round of earnings with the reporting season beginning to wind down. Oil remained under pressure and closed near three week lows, as production has not really declined despite lower pricing. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet with no major data reported. U.S. bond markets were closed in observance of Veteran's Day. In China, industrial output rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: Shares of Alibaba Group (BABA) trading in New York fell $1.62, or 1.98%, to $79.81 despite its report of blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B and topping the company's $11B forecast... Macy's (M) shares fell 14% to $40.41 after the department store operator cut its fiscal year sales and profit forecasts and said it would not follow an activist investor's suggestion to form a real estate investment trust. A number of its peers fell as well, including J.C. Penney (JCP), which dipped 1.9% despite previewing that its own quarterly results should be better than its prior expectations. Penney, which pre-announced stronger than expected same-store sales growth of 6.4% for Q3, is set to report full quarterly results on Friday morning... Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) came to terms on a deal to combine the companies in a transaction worth $107B. In relation to their deal, Molson Coors (TAP) agreed to purchase SABMiller's 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a deal valued at $12B. Molson Coors was the biggest winner following today's announcements, rising 4.4% to $92.19. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which rose 33c, or 4.39%, to $7.85 after Dialog Semiconductor (DLGNF) issued a statement saying it continues to "strongly" support its agreement to acquire the company. Also higher was Amazon (AMZN), which gained $14.18, or 2.15%, to $673.86 after research firm Morgan Stanley raised its price target on the name to $800 from $750 on the growing opportunity of Amazon Web Services. Separately, Wayfair (W) rallied 5.4% to $41.57 after Cowen analysts raised their target on the shares to $61 from $56 and reiterated an Outperform rating, calling Tuesday's selloff misguided. Among the noteworthy losers were Horizon Pharma (HZNP) and Insys (INSY), which declined a respective 19.6% and 8.7% after Express Scripts (ESRX) cut ties with Linden Care, a specialty pharmacy used by both companies. Also lower was PayPal (PYPL), which fell 67c, or 1.81%, to $36.33 shortly before the close after the Wall Street Journal reported that Apple (AAPL) is working on a mobile payments service that could compete with the firm's Venmo platform. Additionally, Intercept (ICPT) lost $24.02, or 11.66%, to $181.95 after FBR Capital cut its price target on the stock to $192 from $273, saying the market opportunity for Intercept's obeticholic acid liver disease candidate appears smaller than initially thought. INDEXES: The Dow dropped 55.99, or 0.32%, to 17,702.22, the Nasdaq slid 16.22, or 0.32%, to 5,067.02, and the S&P 500 declined 6.72, or 0.32%, to 2,075.00.
|12:56 EDT||JCP||Options with increasing call volume|
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|12:17 EDT||JCP||On The Fly: Top stock stories at midday|
Stocks on Wall Street were slightly higher at midday following a morning of lackluster trading, which may be due to lower volume on account of the observance of Veteran's Day. There were four initial public offerings that priced and each opened above their offering; a better reflection of the syndicate market than several weeks ago when deals could not be completed. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet with no major announcements. U.S. bond markets are closed in observance of Veteran's Day. In China, industrial output rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: In another sign of China's transition from a purely industrial economy to one driven more by consumption, Alibaba Group (BABA)reported blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B, but shares of the Chinese e-commerce giant trading in New York slid 2%... Shares of Macy's (M) plunged over 13.5% and its peers followed it lower after the department store operator cut its outlook for fiscal year 2015 after reporting third quarter revenue that missed analysts' estimates. Macy's also said it will not be pursuing the formation of a real estate investment trust. Conversely, J.C. Penney (JCP) reported stronger than expected same-store sale growth and previewed that its soon-to-be reported earnings and gross margin performance in the third quarter exceeded its expectations, but the stock was caught in Macy's downdraft, falling about 2.5%... The boards of Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) announced that they have reached agreement on the terms of a combination deal worth $107B. In relation to their deal, Molson Coors (TAP) entered into a definitive agreement to purchase SABMiller's (SBMRY) 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a transaction valued at $12B. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which rallied 4% after Dialog Semiconductor (DLGNF) said that it continues to "strongly" support its agreement to acquire Atmel. Also higher was Amazon (AMZN), which gained 2% after an analyst at Morgan Stanley raised his price target on the company's stock to $800 from $750M, citing the growing AWS opportunity. Among the noteworthy losers was Horizon Pharma (HZNP), which fell over 16% after Express Scripts (ESRX) cut ties with specialty pharmacy Linden Care, which is used by Horizon and Insys Therapeutics (INSY), which also dropped 9%. Also lower was SunEdison (SUNE), which lost another 14.5%, adding more losses to yesterday's post-earnings slide after UBS cut its price target on the company's shares to $6 from $9. In addition, Anadarko (APC) and Apache (APA) fell about 3.5% and 6%, respectively, after Anadarko confirmed that it sent a takeover proposal to Apache, which it later withdrew. INDEXES: Near midday, the Dow was up 3.87, or 0.02%, to 17,762.08, the Nasdaq was up 14.42, or 0.28%, to 5,097.66, and the S&P 500 was up 0.78, or 0.04%, to 2,082.50.
|11:11 EDT||JCP||Macy's tanks after 'disappointing' Q3 report, drags down retail peers|
Shares of Macy's (M) and its department store peers are plunging this morning after the retailer cut its outlook for fiscal year 2015 after reporting third quarter revenue that missed analysts' estimates. Macy's also said it will not be pursuing the formation of a real estate investment trust. TEPID SPENDING AT MACY'S: This morning, Macy's reported Q3 earnings per share of 56c excluding items, beating analysts' consensus estimates of 54c, on revenue of $5.87B, missing estimates of $6.09B. Including asset impairment charges primarily related to the previously-announced plans to close 35 to 40 stores in early 2016, EPS for the quarter was 36c. Comparable sales on an owned plus licensed basis were down by 3.6% in the quarter, with SSS down 3.9% on an owned basis. Terry Lundgren, Macy's chairman and chief executive officer, said the company is "disappointed" that the pace of sales did not improve as expected in Q3, noting that spending by U.S. customers was "tepid." Looking ahead, the company forecast fourth quarter EPS of $2.54-$2.64, well below analysts' consensus estimates of $2.90, and forecast SSS on an owned plus licensed basis down 2%-3%. Macy's also cut its FY15 EPS view to $4.20-$4.30 excluding charges from $4.70-$4.80, also well below estimates calling for $4.65, with total sales down 2.7%-3.1%, compared to previous guidance of down about 1%. Macy's now sees FY15 SSS on an owned plus licensed basis down by 1.8% to 2.2%, compared with previous guidance of approximately flat. WHAT'S NOTABLE: Macy's said in its earnings release that it has decided not to pursue the formation of a REIT at this time, but will consider redeveloping some of its flagship properties through joint ventures or other deals. Macy's said it has engaged Tishman Speyer to advise the company's senior management in identifying and advancing potential store redevelopment projects in the U.S. Activist investor Starboard Value had urged Macy's earlier this year to consider spinning off its real estate assets. Macy's said on its earnings conference call that it studied the formation of a REIT, but ultimately said there was "not enough value" to be created from the establishment of one. Macy's also announced this morning that it will reduce capital spending to less than $1B in 2016 from the $1.2B it expects to spend in 2015. Further, Macy's said it will roll out 50 free-standing Macy's Backstage stores in off-mall locations and, in spring 2016, will add Backstage stores within up to 10 existing Macy's stores. Macy's also plans to open about 40 more Bluemercury self-standing beauty specialty stores. The company also said it had signed an agreement with Luxottica Group (LUX) to open licensed LensCrafters shops in as many as 500 Macy's stores over the next three years. PENNEY: J.C. Penney reported stronger than expected SSS growth of 6.4% for Q3. Chief Executive Officer Marvin Ellison said that the company's Q3 EPS and gross margin performance "exceeded our expectations." J.C. Penney is set to report quarterly results on Friday morning. Separately, the retailer also announced the settlement of a class action lawsuit alleging false advertising. The company will make $50M in cash available for claims under the terms of the settlement. PRICE ACTION: Macy's is sliding 13% to $40.82 and J.C. Penney is down about 3% to $8.43. OTHERS TO WATCH: Kohl's (KSS), which will report quarterly earnings tomorrow morning, is down 6.5% and Nordstrom (JWN) is down 4.4%.
|09:38 EDT||JCP||Active equity options trading on open|
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|09:28 EDT||JCP||On The Fly: Pre-market Movers |
UP AFTER EARNINGS: AlarmCom (ALRM), up 13.3%... Full House Resorts (FLL), up 7.4%. ALSO HIGHER: J.C. Penney (JCP), up 3.2% after reporting third quarter Same-Store Sales up 6.4%... Amira Nature Foods (ANFI), up 32.2% after an independent review found that allegations against the company are unsubstantiated... Intrexon (XON), up 1.9% after being upgraded to Neutral from Underperform at Mizuho. DOWN AFTER EARNINGS: Boot Barn (BOOT), down 16.6%... Westport Innovations (WPRT), down 12.8%... Macy's (M), down 9.8%. ALSO LOWER: Horizon Pharma (HZNP), down 14.3% following a lawsuit and allegations by Express Scripts (ESRX)... AmTrust Financial (AFSI), down 5.5% after 5M share Secondary priced at $64.00... Premier (PINC), down 1.6% after 4.03M share Spot Secondary priced at $34.50.
|06:38 EDT||JCP||J.C. Penney reports Q3 SSS up 6.4%|
CEO Marvin Ellison stated that the company's Q3 gross margin and EPS performance "exceeded our expectations". The company will release its Q3 financial results on Friday, November 13, at 7:30 a.m. ET.
|06:36 EDT||JCP||J.C. Penney to pay $50M in class action lawsuit settlement |
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|05:53 EDT||QCOM||Stocks with implied volatility below IV index mean; QCOM TRIP|
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|03:52 EDT||AVGO||On The Fly: Analyst Initiation Summary|
Today's noteworthy initiations include: Amyris (AMRS) initiated with a Buy at Rodman & Renshaw... Avago (AVGO) initiated with a Buy at Drexel Hamilton... AvalonBay (AVB) initiated with an Underweight at BB&T... Blue Buffalo Pet Products (BUFF) initiated with a Neutral at Wedbush... Camden Property (CPT) initiated with a Buy at BB&T... Corporate Executive Board (CEB) initiated with a Buy at Cantor... Equity Lifestyle (ELS) initiated with a Hold at BB&T... Equity Residential (EQR) initiated with a Hold at BB&T... Essex Property Trust (ESS) initiated with a Buy at BB&T... FactSet (FDS) initiated with a Hold at Cantor... Freshpet (FRPT) initiated with an Outperform at Wedbush... Gartner (IT) initiated with a Buy at Cantor... Horace Mann (HMN) initiated with a Market Perform at JMP Securities... IHS Inc. (IHS) initiated with a Hold at Cantor... Ignyta (RXDX) initiated with a Buy at Cantor... JD.com (JD) initiated with a Buy at HSBC... MSCI (MSCI) initiated with a Buy at Cantor... McGraw Hill Financial (MHFI) initiated with a Buy at Cantor... Mid-America Apartment (MAA) initiated with an Underweight at BB&T... Moody's (MCO) initiated with a Hold at Cantor... Nordstrom (JWN) initiated with a Buy at Guggenheim... Post Properties (PPS) initiated with a Buy at BB&T... Strongbridge Biopharma (SBBP) initiated with a Buy at Stifel... The Advisory Board (ABCO) initiated with a Buy at Cantor... UDR, Inc. (UDR) initiated with an Underweight at BB&T... Verisk Analytics (VRSK) initiated with a Buy at Cantor.