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News Breaks
January 9, 2014
09:11 EDTBIIB, ROVI, DG, YRCW, SGMO, QIHU, SQNM, MCK, BBBY, JCP, FDO, M, ICPTOn The Fly: Pre-market Movers
HIGHER: Macy's (M), up 6% after announcing cost reduction initiatives that include cutting 2,500 jobs and issuing FY14 EPS guidance that beat the consensus analyst estimate... Intercept (ICPT), up over 200% after announcing NASH primary endpoint met, FLINT trial stopped early... J.C. Penney (JCP), up 3% after upgraded at Piper Jaffray... McKesson (MCK), up 3.7% after making final offer for Celesio, increases price to EUR 23.50 per share... Sangamo (SGMO), up 14.3% after collaborating with Biogen (BIIB) for hemoglobinopathy treatment development... Sequenom (SQNM), up 10.6% after granted patent by European patent office... DOWN AFTER EARNINGS: Family Dollar (FDO), down 7.3%. Peer Dollar General (DG) down 2.4% in sympathy... Bed Bath & Beyond (BBBY), down 9%... Rovi (ROVI), down 3.4%. ALSO LOWER: Qihoo 360 (QIHU), down 4.5% after China Daily reported the company denied Alibaba's interested in investing... YRC Worldwide (YRCW), down 13% after Teamsters group says union contract extension may be defeated.
News For M;JCP;ICPT;FDO;DG;BBBY;QIHU;ROVI;MCK;SGMO;BIIB;SQNM;YRCW From The Last 14 Days
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November 12, 2014
08:07 EDTMMacy's, Citi Retail Services renew card agreement
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08:05 EDTMMacy's CEO says optimistic for Q4
Macy's chairman and CEO Terry Lundgren said, "Going forward, we remain optimistic for the fourth quarter based on several factors. First, we have developed an outstanding merchandise assortment for holiday gift-giving and self-purchase rooted in great style, exclusive offerings and outstanding value during this key shopping period. Second, we have enhanced our transition to fresh post-holiday vacation and resort assortments. Third, we have new store, omnichannel and marketing strategies in place that we believe will drive incremental business throughout the fourth quarter. This includes Buy Online Pickup in Store now rolled out to all full-line Macy’s and Bloomingdale’s locations, Same Day Delivery pilots up and running in eight major Macy’s markets and four Bloomingdale’s markets, and improved functionality and usability in upgraded mobile apps. And fourth, we are poised to capitalize on a return to more normalized weather patterns after the unusually severe snowstorms in the fourth quarter last year."
08:04 EDTMMacy's says Q3 sales performance fell short of expectations
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08:03 EDTMMacy's lowers FY14 EPS view to $4.25-$4.35 from $4.40-$4.50
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08:01 EDTMMacy's reports Q3 EPS 61c, consensus 50c
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07:04 EDTDG, FDOFamily Dollar reaffirms recommendation to merge with Dollar Tree
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November 11, 2014
15:25 EDTMNotable companies reporting before tomorrow's open
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15:06 EDTMMacy's technical comments before earnings
The shares have been largely trading in a range of $55 at the low and $62 at the high in the year-to-date period. Ahead of results the shares are trading nearly in the middle of that range. Whether the news maintains the range or breaks it is the key. A move below $55 would be longer-term bearish, with the year-to-date price action becoming a clear topping pattern when viewed on a 5-year chart basis. Additional support levels below would be at $52.54 and $50.05. A move above $62 would be equally bullish, with the life high at $63.10 as next resistance. It would take a move above that life high to keep the shares on a bullish path. It is possible that the news won't be sufficiently strong to break the shares out, in which case the existing sideways trend channel would remain intact.
14:52 EDTMMacy's November 57.5 straddle priced for 5.8% move into Q3
12:09 EDTMEarnings Preview: Analyst says Macy's trends decelerated at back-end of Q3
Macy's (M) is scheduled to report third quarter earnings before the market open on Wednesday, November 12, with a conference call scheduled for 10:30 am ET. Macy's is a retailer that sell a range of merchandise, including apparel and accessories, cosmetics, home furnishings and other consumer goods. EXPECTATIONS: Analysts are looking for earnings per share of 50c on revenue of $6.34B, according to First Call. The consensus range for EPS is 46c-55c on revenue of $6.24B-$6.46B. LAST QUARTER: Macy's reported second quarter EPS of 80c on revenue of $6.23B, below estimates for 86c and $6.3B, respectively. Same-store sales, together with comparable sales of departments licensed to third parties, were up 4% from the prior year. Q2 comparable sales were up 3.4% vs. 2Q13. Macy's backed its fiscal year 2014 EPS guidance of $4.40-$4.50. The consensus for FY14 EPS at that time was $4.47. The retailer said its expectations for the second half of 2014 were "on track," with guidance for comparable store growth of 2%-3%. However, Macy's predicted FY14 SSS up 1.5%-2%, with FY14 comparable sales together with comparable sales of departments licensed to third parties up 2%-2.5%; previous guidance was for FY SSS up 2.5%-3%. NEWS: On its last earnings conference call, Macy's forecast fall season EPS of $3.04-$3.14 and said it expected Q3 SSS would be lower than fourth quarter SSS. The retailer also forecast second half total sales growth approximately 30 basis points lower than comp growth and gross margin rate "flat to down slightly" for the year. During the quarter, Macy's reached a resolution with the New York State Office of the Attorney General related to allegations of racial profiling in its New York stores. The retailer said it will launch same-day delivery this fall and announced plans to hire 86,000 seasonal associates for the 2014 holiday season. CNN said Macy's will open at 6pm on Thanksgiving Day. STREET RESEARCH: Cleveland Research said Macy's trends decelerated at the back-end of Q3, likely pressuring Q3 comp performance. The analyst expects promotional activity to pick-up in Q4 in order to capture share and traffic. ITG Research said in October that Macy's Q3 revenues were tracking to $6.25B. Northcoast upgraded Macy's to Buy from Neutral on November 5. PRICE ACTION: Over the last three months, Macy's shares are down 2%. The stock is trading down fractionally to $58.92 ahead of tomorrow's report.
12:00 EDTICPTIntercept results said to be rejected by New England Journal, Bloomberg says
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09:02 EDTJCPJ.C. Penney's challenging sales trends continue, says Cleveland Research
Cleveland Research said J.C. Penney's challenging sales trends continued in October and is positioning to increase promotional activity during the holiday season. Shares are Neutral rated.
08:59 EDTMMacy's trends softened in back-end of Q3, says Cleveland Research
Cleveland Research said Macy's trends decelerated at the back-end of Q3, likely pressuring Q3 comp performance. The analyst expects promotional activity to pick-up in Q4 in order to capture share and traffic, and to offset the challenging Q3 performance. Shares are Buy rated.
November 10, 2014
15:53 EDTMCKCredit Suisse to hold a conference
Healthcare Conference is being held in Scottsdale, Arizona on November 10-13 with webcasted company presentations to begin on November 11 at 10:30 am; not all company presentations may be webcasted. Webcast Link
13:05 EDTJCPJ.C. Penney November volatility elevated into Q3 and holiday outlook
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12:36 EDTJCPAbercrombie, American Eagle sink after analyst downgrades
Shares of specialty teen apparel retailers Abercrombie & Fitch (ANF) and American Eagle Outfitters (AEO) are falling after a number of analysts issued negative notes on the companies. WHAT'S NEW: Oppenheimer analyst Anna Andreeva downgraded Abercrombie & Fitch to Perform from Outperform. The company's earnings outlook has become less clear as its U.S. brand has not yet become popular, and retail brand turnarounds usually take awhile, Oppenheimer analyst Anna Andreeva wrote in a note to investors. Additionally, Abercrombie's international business, which has deteriorated further this year, faces "mounting uncertainty,” the analyst stated. The analyst slashed her price target on the name to $30 from $50. Meanwhile, Barclays analyst Matthew McClintock downgraded American Eagle Outfitters to Equal Weight from Overweight. McClintock has become more pessimistic about the outlook for American Eagle's comparative store sales in the second half of 2014, given recent data points from a number of retailers, including Abercrombie & Fitch, Kohl's (KSS), Wal-Mart (WMT), J.C. Penney (JCP), and Ann Inc. (ANN). The analyst said he saw no reason why American Eagle should significantly outperform the overall apparel sector. McClintock cut his price target on the name to $11 from $15. Meanwhile, the analyst lowered his rating on the Softline Retail sector to Negative from Positive, as he believes that the sector, which includes companies that sell products like apparel, towels, and jewelry - is facing structural difficulties that are likely to persist for the next several years. Separately, research firm Janney Capital downgraded Abercrombie to Neutral from Buy in a note to investors today. PRICE ACTION: In early afternoon trading, Abercrombie & Fitch sank 3.5% to $28.50 and American Eagle dropped 4% to $12.40.
09:20 EDTJCPOn The Fly: Pre-market Movers
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08:36 EDTICPTIntercept price target lowered to $125 from $172 at FBR Capital
FBR Capital lowered its price target for Intercept shares to $125 saying its talks with experts and cardiologists indicate the company's OCA drug is unlikely to be a "silver bullet" for the treatment of nonalcoholic steatohepatitis. FBR notes that while OCA appears to improve the liver, the drug worsens many of the other derangements like lipid and glucose homeostasis. FBR decreased the probability of success in NASH to 55% from 60%, and lowered its peak OCA sales estimate to $5.2B. It keeps an Underperform rating on Intercept shares.
07:12 EDTMCA Technologies to hold a conference
CA World 2014 is being held in Las Vegas on November 9-12.
November 9, 2014
11:56 EDTICPTIntercept announces additional data for OCA in primary biliary cirrhosis
Intercept Pharmaceuticals announced new analyses of data from clinical trials on obeticholic acid, OCA, in patients with primary biliary cirrhosis, PBC. Six posters, including posters with new analyses of data from POISE – the first Phase 3 trial in PBC in two decades – are being presented at today's poster session at the American Association for the Study of Liver Disease, AASLD, Annual Meeting. OCA, Intercept's lead product candidate, is a bile acid analog and first-in-class agonist of the farnesoid X receptor, FXR, in development for PBC, nonalcoholic steatohepatitis, NASH, primary sclerosing cholangitis, PSC, and other chronic liver diseases.
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