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News Breaks
June 11, 2014
12:48 EDTLULU, VFC, ADDYYEarnings Preview: Lululemon quarter may not be 'defining' quarter in turnaround
Lululemon Athletica (LULU) is scheduled to report first quarter earnings before the market open on Thursday, June 12, with a conference call scheduled for 9:00 am ET. Lululemon is a designer and retailer of yoga-inspired apparel operating primarily in North America and Australia. EXPECTATIONS: Analysts are looking for earnings per share of 32c on revenue of $381.24M, according to First Call. The consensus range for EPS is 30c-38c on revenue of $376.55M-$403.7M. LAST QUARTER: Lululemon reported fourth quarter EPS of 75c against estimates for 72c on revenue of $521M against estimates for $515.11M. same-store sales decreased 2% on a constant dollar basis, and total SSS, including direct-to-consumer, increased 4% on a constant dollar basis. Looking ahead, the company forecast Q1 EPS of 31c-33c on revenue of $377M-$382M and flat total combined SSS on a constant dollar basis. The company also guided fiscal year 2014 EPS to $1.80-$1.90 and revenue of $1.77B-$1.82B on estimates for $1.90 and $1.78B, respectively. Total combined SSS for FY14 is expected to be in the low to mid single digits on a constant dollar basis. NEWS: On its Q4 earnings conference call, lululemon said SSS would gradually improve throughout the year from Q1, and said it expected Q1 SSS, excluding online, to be low single digit negative. At an "uneventful" analyst day meeting held in April, the yoga clothing maker did not provide updates on its mid-term or long-term financial objectives, according to research firm Sterne Agee. On April 18, Reuters said U.S. District Judge Katherine Forrest granted final dismissals of lawsuits which accused lululemon and various company officials of defrauding shareholders by hiding yoga pant defects. Reuters also noted that lululemon has been facing increased competition from rival yoga-wear retailers and department stores such as Gap (GPS), Athleta, VF Corp's lucy, Macy's (M) and others who are selling athletic-wear at lower prices and across more locations. On June 11, founder Chip Wilson announced that he voted against the re-election of Michael Casey and RoAnn Costin to the board of lululemon. He commented that he is "concerned that the Board is not aligned with the core values of product and innovation on which lululemon was founded and on which the company thrived. As a 27% shareholder in the company, I believe change is now needed at the Board level to increase shareholder value." Lululemon responded to Wilson, "The Board is overseeing lululemonís strategy to strengthen the Companyís foundation, focus its product engine on innovation, and accelerate sustainable and controlled global expansion. By leveraging its design-led roots, strengthening its supply chain and providing an exceptional guest experience, we are confident that lululemon, under new CEO Laurent Potdevinís leadership, will provide guests with the high-quality, technical products they know and love and create value for shareholders. Contrary to Mr. Wilson's assertions, lululemonís Board members are aligned with the companyís core values and possess the necessary expertise to successfully lead lululemon forward." STREET RESEARCH: Canaccord, which expects in-line results and unchanged guidance, believes investors sentiment on lululemon is overly negative. Camilo Lyon, managing director of equity research at Canaccord Genuity said in a report that possible suitors of lululemon include VF Corp (VFC). and Adidas (ADDYY), the Globe and Mail reported on June 10. RBC Capital does not expect Q1 to be a defining quarter for the company's turnaround, but expects the company's comp trends to rebound sequentially throughout the year. ISI Group said in May that lululemon could be a potential takeover target for VF Corp.PRICE ACTION: Over the last three months, lululemon shares are down almost 9%. Year-to-date, shares are down almost 25%. Ahead of tomorrow's earnings, shares are down 2.5% in mid-day trading.
News For LULU;VFC;ADDYY From The Last 14 Days
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September 30, 2014
10:59 EDTLULUlululemon management to meet with Oppenheimer
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06:05 EDTLULUStocks with implied volatility below IV index mean; LULU NKE
Stocks with implied volatility below IV index mean; lululemon (LULU) 31, Nike (NKE) 18 according to iVolatility.
September 29, 2014
06:40 EDTADDYYAdidas battles to entice top talent to Bavarian headquarters, Reuters says
Adidas (ADDYY) is aiming to entice designers, brand experts and technologically inclined employees to boost its image against Nike (NKE), however, persuading workers to relocate to its headquarters in the rural German town of Herzogenaurach is proving to be hard, according to Reuters, citing comments from Steve Fogarty. Fogarty is in charge of employer branding and digital recruiting at Adidas. Reference Link
06:08 EDTLULUStocks with implied volatility below IV index mean; LULU HD
Stocks with implied volatility below IV index mean; lululemon (LULU) 31, Home Depot (HD) 16 according to iVolatility.
September 26, 2014
06:09 EDTLULUStocks with implied volatility below IV index mean; LULU HD
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September 25, 2014
12:42 EDTADDYYEarnings Preview: Analyst sees Nike reporting better than expected Q1 results
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September 19, 2014
10:06 EDTVFCOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: American Eagle (AEO) upgraded to Buy from Neutral at Goldman... Concur (CNQR) upgraded to Neutral from Sell at Goldman... Continental Resources (CLR) upgraded to Buy from Neutral at Global Hunter... Deutsche Telekom (DTEGY) upgraded to Buy from Neutral at Citigroup... DuPont (DD) upgraded to Buy from Hold at BGC Financial... First Horizon (FHN) upgraded to Outperform from Market Perform at Raymond James... Francesca's (FRAN) upgraded to Buy from Neutral at Buckingham... Guess (GES) upgraded to Neutral from Underperform at Buckingham... National CineMedia (NCMI) upgraded to Outperform from Market Perform at FBR Capital... Patterson-UTI Energy (PTEN) upgraded to Overweight from Equalweight at Capital One... SABMiller (SBMRY) upgraded to Neutral from Reduce at Nomura... Synovus (SNV) upgraded to Strong Buy from Outperform at Raymond James... Texas Capital (TCBI) upgraded to Buy from Hold at Wunderlich... VF Corp. (VFC) upgraded to Buy from Hold at KeyBanc... Zions Bancorp (ZION) upgraded to Strong Buy from Outperform at Raymond James.
07:40 EDTLULU, VFCVF Corp. upgraded to Buy, could target lululemon, says KeyBanc
As previously reported, KeyBanc upgraded VF Corp (VFC) to Buy from Hold with an $80 price target. The firm cited momentum at its Timberland brand, VF's strong brand portfolio, and the potential for another large M&A transaction. The analyst said VF Corp. is well positioned to complete another large deal and could target lululemon (LULU). KeyBanc believes lululemon's quality issues, forecasting and store operational challenges play into VF Corp.'s strengths and that such an acquisition would be 10c accretive initially and 80c accretive over time.
07:03 EDTVFCVF Corp. upgraded to Buy from Hold at KeyBanc
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September 18, 2014
10:57 EDTVFCU.S. ITC to investigate 17 denim jean companies for patent infringement
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07:41 EDTVFCVF Corp. price target raised to $81 from $70 at UBS
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September 17, 2014
11:02 EDTLULUOptions with decreasing implied volatility
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September 16, 2014
10:37 EDTLULUOptions with decreasing implied volatility
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