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Stock Market & Financial Investment News

News Breaks
August 12, 2014
13:43 EDTMSO, JCP, MEarnings Preview: Analyst sees Macy's lowering EPS, SSS guidance for FY14
Macy's (M) is scheduled to report second quarter earnings before the market open on Wednesday, August 13, 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 86c on revenue of $6.3B, according to First Call. The consensus range for EPS is 79c-89c on revenue of $6.2B-$6.38B. LAST QUARTER: Macy's reported first quarter EPS of 60c, against estimates for 59c, on revenue of $6.28B, against estimates for $6.46B. Same-store sales in the quarter were down 1.6% for the quarter. Macy's backed its fiscal year 2014 EPS guidance of $4.40-$4.50. The consensus for FY14 EPS is $4.47. The company, which announced a 25% increase to its dividend and a $1.5B increase to its share repurchase authorization, forecast FY14 SSS growth of 2.5%-3%. NEWS: On its last earnings conference call, Macy's forecast margins for the full year "flattish" to down slightly, and said that underlying consumer demand was strong enough to enable the company to achieve annual guidance. During the quarter, J.C. Penney (JCP) appealed a New York state court decision that ruled the company interfered with a contract between Macy's and Martha Stewart (MSO) by selling the celebrity's home products. STREET RESEARCH: Morgan Stanley added Macy's to the Best Ideas List citing consistent execution, leading free-cash-flow yield, strong management and strategies, and superior omni-channel capabilities. Deutsche Bank believes Macy's FY14 same-store-sales guidance of up 2.5%-3% is likely to be revised lower and its earnings outlook of $4.40-$4.50 could be cut by 5c-10c given the shortfall in Q1 and the promotional environment. PRICE ACTION: Over the last three months, Macy's shares are up almost 5%. The stock is trading down fractionally to $60.09 ahead of tomorrow's report.
News For M;JCP;MSO From The Last 14 Days
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July 28, 2015
09:00 EDTMMacy's downgraded to Sell due to 'speculative froth' at Gilford Securities
As previously reported, Gilford Securities downgraded Macy's two notches to Sell from Buy. Analyst Bernard Sosnick would use the "speculative froth" in the stock to take profits at attractive prices. Macy's shares rose to a high when Starboard Value announced its belief that Macy's is worth $125 per share based on real estate monetization. Sosnick believes its a "fool's errand" to hold on to shares for real estate value extraction and expects the speculative premium in the stock to disappear.
08:45 EDTMMacy's downgraded to Sell from Buy at Gilford Securities
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July 24, 2015
10:00 EDTMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abaxis (ABAX) downgraded to Hold from Buy at Canaccord... Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at Dougherty... CF Industries (CF) downgraded on nitrogen outlook at RBC Capital... Capital One (COF) downgraded to Neutral from Overweight at JPMorgan... Cepheid (CPHD) downgraded to Sell from Hold at Evercore ISI... Constant Contact (CTCT) downgraded to Neutral from Outperform at Baird... Equifax (EFX) downgraded to Neutral from Outperform at Baird... Hannover Re (HVRRY) downgraded to Underweight from Neutral at JPMorgan... IAMGOLD (IAG) downgraded to Underperform from Market Perform at Raymond James... MSA Safety (MSA) downgraded to Neutral from Accumulate at Global Hunter... MTU Aero (MTUAY) downgraded to Underperform from Buy at BofA/Merrill... Macy's (M) downgraded to Underweight from Neutral at Atlantic Equities... Sunesis (SNSS) downgraded to Hold from Buy at Cantor... Superior Drilling (SDPI) downgraded to Hold from Buy at Wunderlich... TrueCar (TRUE) downgraded to Equal Weight from Overweight at Stephens... United Rentals (URI) downgraded to Outperform from Top Pick at RBC Capital... WESCO (WCC) downgraded to Equal Weight from Overweight at Stephens.
06:45 EDTMMacy's downgraded to Underweight from Neutral at Atlantic Equities
Atlantic Equities analyst Danlela Nedlalkova downgraded Macy's to Underweight with a $64 price target based on expectations of weaker topline trends. Nedlalkova said recent industry commentary and data and global tourist spending decline will likely weigh on Q2 results. The analyst believes annual comp guidance of 2% is likely optimistic with Q1 comps at (0.1%) and expectations for about a flat comp in Q2, indicating 2H comps need to accelerate to 3%-4% to meet guidance. Nedlalkova said shares have been supported by speculation of real estate monetization, but with shares at historic levels, the analyst expects weaker operating results to pressure the stock.
July 22, 2015
10:01 EDTJCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AMC Entertainment (AMC) upgraded to Buy at MKM Partners... Agnico Eagle (AEM) upgraded to Buy from Hold at HSBC... Allegiant Travel (ALGT) upgraded to Outperform from Market Perform at Raymond James... Amazon.com (AMZN) upgraded on positive outlook at JMP Securities... Bank of Ireland (IRE) upgraded to Buy from Neutral at Nomura... Canadian Pacific (CP) upgraded to Buy at Canaccord... Carrizo Oil & Gas (CRZO) upgraded to Outperform from Neutral at Credit Suisse... Concho Resources (CXO) upgraded to Outperform from Neutral at Credit Suisse... Crown Castle (CCI) upgraded to Buy from Neutral at Citi... Exxon Mobil (XOM) upgraded to Conviction Buy from Buy at Goldman... Fidelity & Guaranty Life (FGL) upgraded to Outperform from Neutral at Macquarie... First Interstate (FIBK) upgraded to Buy from Hold at Sandler O'Neill... Hess Corp. (HES) upgraded to Outperform from Neutral at Credit Suisse... Intuitive Surgical (ISRG) upgraded to Buy at Canaccord... J.C. Penney (JCP) upgraded to Buy from Neutral at Buckingham... Murphy Oil (MUR) upgraded to Neutral from Underperform at Credit Suisse... Noble Energy (NBL) upgraded to Outperform at Credit Suisse... Packaging Corp. (PKG) upgraded to Outperform from Market Perform at BMO Capital... Prologis (PLD) upgraded to Outperform from Neutral at Baird... Signature Bank (SBNY) upgraded to Strong Buy from Outperform at Raymond James... Sonic Automotive (SAH) upgraded to Buy from Neutral at BofA/Merrill... Tate & Lyle (TATYY) upgraded to Neutral from Sell at Goldman... Technip (TKPPY) upgraded to Neutral from Sell at Goldman... Union Bankshares (UBSH) upgraded to Buy from Neutral at Compass Point... Yamana Gold (AUY) upgraded to Buy from Hold at HSBC... Yara (YARIY) upgraded to Neutral from Underweight at JPMorgan.
08:38 EDTJCP, MNRF cuts 2015 retail sales growth forecast to 3.5% from 4.1%
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08:09 EDTJCPJ.C. Penney upgraded to Buy from Neutral at Buckingham
Buckingham upgraded J.C. Penney to Buy and increased its price target to $12 from $9. The firm believes 2H comps could accelerate as initiatives take hold and has increased confidence it the company's ability to hit its 2017 EBITDA target of $1.2B. Buckingham believes FY15 sales comp guidance of 4%-5% is achievable and sees continued gross margin improvement and reduced SG&A levels.
July 20, 2015
13:46 EDTMAmazon seen eclipsing Macy's as top U.S. clothing retailer
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08:08 EDTMMacy's price target to $78 on likelihood of a REIT transaction at BofA/Merrill
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July 19, 2015
18:13 EDTMMacy's considered, rejected sale/lease-backs in past, WSJ says
Macy's (M) executives have considered sale/lease-backs "over the years" and have come to negative conclusions, reports the Wall Street Journal, citing people familiar with the company. The report comes in the wake of Starboard Value pressuring Macy's to spin off its real estate, and sources said the activist investor sees several options, including a REIT, a Hudsonís Bayís-style real estate partnership, a sale/lease-back, or borrowing money against the properties. Separately, a source said Target (T) is still reluctant to relinquish control over its real estate. Reference Link
July 17, 2015
16:41 EDTMStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
July 16, 2015
11:44 EDTMMacy's price target raised to $76 from $67 at JPMorgan
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July 15, 2015
19:08 EDTMStarboard announces stake in Macy's, pushes for real estate spin off, WSJ says
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16:28 EDTMOn The Fly: Top stock stories for Wednesday
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16:00 EDTMOptions Update; July 15, 2015
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12:06 EDTMMacy's calls active, says evaluating real estate ownership structures
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12:00 EDTMMacy's says evaluating real estate ownership structures, Bloomberg reports
Macy's issued the statement to Bloomberg in response to comments made earlier about the value of its real estate assets by Starboard Value CEO Jeff Smith while he spoke at the "Delivering Alpha" conference.
11:37 EDTM, JCPJ.C. Penney rises after Starboard CEO names Macy's 'best idea'
Shares of department store operator Macy's (M) are sharply higher in morning trading after Starboard Value CEO and CIO Jeff Smith revealed his firm has taken a stake in the company and believes its stock could be worth $125 per share. Smith, while speaking at the Delivering Alpha conference, contended that Macy's real estate assets are worth $21B and that it could separate its real estate from its retail business. Shares of Macy's, which Smith called his "best idea" for 2015, is up about 45 to $69.24 after the comments, while J.C. Penney (JCP), which is also a department store operator with real estate assets, is up 1.7% at $9.16. Another peer, Sears (SHLD), is down 2.8% at $23.17, but that is well off its session low of $22.66.
11:28 EDTMStarboard's Smith targeting Macy's, says shares worth $125 each, Bloomberg says
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July 14, 2015
11:33 EDTJCPStocks with call strike movement; CHK JCP
Chesapeake (CHK) January 14 call option implied volatility decreased 3% to 55, J.C. Penney (JCP) November 10 call option implied volatility increased 6% to 44 according to IVolatility.
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