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March 11, 2014
04:55 EDTMCD, MCD, SFM, SFM, JWN, JWN, THI, THI, DPZ, DPZ, SKX, SKX, PETM, PETM, CAKE, CAKE, ANF, ANF, COTY, COTY, FL, FL, M, M, DKS, DKSBofA/Merrill to host a conference
2014 Consumer & Retail Conference is being held in New York on March 11-12.
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October 2, 2015
07:26 EDTJWNNordstrom special dividend may disappoint some investors, says UBS
UBS analyst Michael Binetti believes Nordstrom's (JWN) decision to use $900M of the proceeds from its credit card transaction with TD Bank (TD) for a large special dividend may disappoint some investors, but thinks its significantly improved future free cash flow profile should balance things out for long-term holders. Binetti notes that Nordstrom shares are down about 9% since earnings amid sector fears of decelerating U.S. traffic, but he thinks the company's exposure to key growth areas within softlines and the low risk to its guidance continue to make the stock a Buy. The analyst keeps an $86 price target on Nordstrom shares.
05:42 EDTFLFinish Line upgraded to Neutral from Sell at Goldman
Goldman Sachs analyst Taposh Bari upgraded Finish Line (FINL) to Neutral citing two years of share underperformance. Since Bari downgraded the shoe retailer to Sell on October 1, 2013, the stock is down 24% versus a gain of 13% for the S&P 500 Index. More negative estimate revisions are likely already being priced into shares at current levels, Bari tells investors in a research note. The analyst sees greater risk at Sell-rated Foot Locker (FL). He keeps a $20 price target for shares of Finish Line. The stock closed yesterday down 38c to $18.92.
October 1, 2015
20:19 EDTMCDMcDonald's initiated with a Neutral at Nomura
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19:23 EDTJWNOn The Fly: After Hours Movers
UP AFTER EARNINGS: CalAmp (CAMP), up 9%... Micron Technology (MU), up 7%. ALSO HIGHER: bebe stores (BEBE), up 12.7% after reaffirming its first quarter guidance and announcing that its September Same Store Sales turned positive... Coherus Biosciences (CHRS), up 7.5% after CHS-1701 PK/PD study met primary PD endpoints... Nordstrom (JWN), up 3.6% after announcing a special cash dividend and additional $1B repurchase program. DOWN AFTER EARNINGS: Progress Software (PRGS), down 15.7%. ALSO LOWER: Keurig Green Mountain (GMCR), down 3.1% after disclosing the that president of U.S. sales and marketing, John Whoriskey, resigned... T-Mobile (TMUS), down 1.4% after Experian (EXPGY) disclosed a data breach affecting T-Mobile customers... XenoPort (XNPT), down 5.2% after announcing that the company will discontinue the development of XP23829.
16:25 EDTJWNNordstrom announces special cash dividend, additional $1B repurchase program
Nordstrom announced the closing of its credit card transaction with TD Bank U.S.A., N.A, including the sale of its credit card portfolio and the initiation of the long-term agreement under which TD is the exclusive U.S. issuer of Nordstrom-branded Visa and private label consumer credit cards. This transaction supports Nordstrom's strategy to enhance the customer experience while allowing for improvement in capital efficiency. As previously announced on May 26, Nordstrom will continue to perform all customer-facing account servicing functions, maintaining the customer-focused integration between its credit and retail operations. The Company will also continue to fund and manage the Nordstrom Rewards loyalty program, Nordstrom debit cards and Nordstrom employee accounts. This transaction is designed to have virtually no service impact on Nordstrom cardholders, customers and employees. The Company sold its credit card portfolio to TD for $2.2B, representing the gross value of the outstanding receivables. In conjunction with the transaction, the Company prepaid $325M of secured debt due October 2016 to provide the receivables free and clear.The Company intends to deploy net proceeds of $1.8B, after $325M in debt reduction and transaction costs between $35M and $45M, directly to shareholders through dividend and share repurchase. In connection with the closing, its board of directors authorized a special cash dividend and an additional $1B share repurchase program:The special cash dividend of $4.85 per share of outstanding common stock will be payable on October 27, to shareholders of record at the close of business on October 12. The Company expects the aggregate payment to be approximately $900M. The authorized share repurchase program is up to $1B of the Company's outstanding common stock, through March 1, 2017. The actual number, price, manner and timing of future share repurchases, if any, will be subject to market and economic conditions and applicable Securities and Exchange Commission rules. This program is in addition to the Company's existing repurchase program that was approved by its board in September 2014. The existing repurchase program has $591M outstanding as of September 30, and will expire on March 1, 2016.
16:23 EDTDPZDomino's Pizza initiated with a Buy at Nomura
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10:37 EDTMCDBofA/Merrill's Top 10 US Ideas for Q4 2015
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08:22 EDTDPZDomino's Pizza October volatility elevated into Q3 and outlook
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September 30, 2015
19:57 EDTMCDMcDonald's rolls out 'brand transformation' in Canada
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16:18 EDTFLFoot Locker provides pension plan litigation update
Foot Locker announced that it intends to appeal a U.S. District Court decision issued late yesterday in favor of the plaintiff in the case of Osberg v. Foot Locker, Inc., et al., which involves claims related to the conversion of the company's pension plan in 1996 to a defined benefit plan with a cash balance formula. The company disagrees with the decision. Although it cannot predict the outcome of any appeal, the company continues to believe, as previously indicated in its public filings on Forms 10-Q and 10-K, that the potential plan funding implications of this decision will not have a material adverse effect on the company's consolidated financial position, liquidity, or results of operations, as a whole. Given the company's intention to appeal, no further comments on this case from the company or its executives will be available until further notice.
10:05 EDTJWNHigh option volume stocks
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09:03 EDTJWN, MMetLife leads insurers giving $1B, 12-year loan to refinance luxury mall
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September 29, 2015
17:50 EDTMCDMcDonald's looks pricey, Barron's reports
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12:19 EDTMCDMcDonald's updates Build-Your-Own-Burger program, Bloomberg reports
McDonald's is revamping its Build-Your-Own Burger program in an effort to snap a sales slump, Bloomberg reports, citing comments from company spokeswoman Lisa McComb in an e-mail. The name of the program has been changed from TasteCrafted to Chef Crafted and will include new flavors such as maple bacon dijon and buffalo bacon, the report says. Hot jalapeno and deluxe were tossed out, the report says. "The original name 'TasteCrafted' did not resonate with consumers," McComb said. "We decided to celebrate our chefs who have created these recipes and highlight the culinary expertise of our in-house and supplier chefs." Reference Link
11:38 EDTMCDMcDonald's rises as analysts weigh in on fast food sector
Shares of McDonald's (MCD) rose in morning trading after Credit Suisse upgraded the Big Mac maker to Outperform. Some McDonald's competitors were also active after Telsey Advisory initiated coverage on multiple companies in the quick-serve and fast casual restaurant space. WHAT'S NEW: Credit Suisse analyst Jason West upgraded McDonald's to Outperform and raised his price target on its shares to $112 from $110. West said that more improvements for the company are "forthcoming" even after CEO Steve Easterbrook announced positive operational and financial steps. The analyst added that checks suggest that U.S. same-store sales trends are beginning to turn as a result of operational and menu changes, as well as some new product wins. West said he sees 5%-6% possible upside to current 2016 expectations and views a favorable risk/reward of roughly 2%-3% downside as opposed to 20% upside, even if the turnaround is "fairly modest." NOTABLE INITIATIONS: Separately, Telsey Advisory Group analyst Bob Derrington initiated coverage of several companies in the restaurant sector, stamping Panera (PNRA) with an Outperform rating and a $225 price target. The analyst noted that the company's plan to become a better dining alternative continues to build traction and that same-store sales trends are likely to speed up in 2016 and 2017. Derrington initiated Jack in the Box (JACK) with an Outperform rating and a price target of $95, as he sees it being positioned for strong appreciation in the year ahead based on management's plan to revitalize and differentiate the Jack in the Box brand. The analyst also expects the company to further differentiate, improve the returns, and position its Qdoba brand for quick growth and recycle its franchise cash flow for better shareholder returns. Derrington initiated coverage of Chipotle (CMG) with a Market Perform rating and an $800 price target, saying that despite the firm's positive prospects due to better-than-most-peer same-store sales and revenue growth, the company's margin risk makes him take a more cautious approach to his rating of the stock. The analyst also tagged Buffalo Wild Wings (BWLD) with a Market Perform rating and a $220 price target, noting that the company's strong growth prospects seem to be reflected in its premium valuation. PRICE ACTION: In morning trading, McDonald's shares rose 1.6% to $97.49, Panera shares gained 0.9% to $191, Jack in the Box advanced 1.1% to $78.24, Chipotle added 1% to $715 and Buffalo Wild Wings were 1.3% higher at $195.68.
10:00 EDTCAKEOn The Fly: Analyst Initiation Summary
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10:00 EDTMCDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Apache (APA) upgraded to Overweight from Neutral at Simmons... Autoliv (ALV) upgraded to Neutral from Sell at Goldman... Bristol-Myers (BMY) upgraded to Buy from Neutral at UBS... Bunge (BG) upgraded to Outperform from Market Perform at BMO Capital... Cerner (CERN) upgraded to Outperform from Sector Perform at RBC Capital... Continental AG (CTTAY) upgraded to Conviction Buy from Buy at Goldman... Digital Realty (DLR) upgraded to Overweight from Sector Weight at KeyBanc... FTD Companies (FTD) upgraded to Buy from Neutral at Sidoti... Intermolecular (IMI) upgraded to Outperform from Market Perform at Northland... Johnson & Johnson (JNJ) upgraded to Buy from Hold at Deutsche Bank... LDR Holding (LDRH) upgraded to Outperform from Market Perform at Northland... Lincoln National (LNC) upgraded to Overweight from Neutral at Piper Jaffray... McDonald's (MCD) upgraded to Outperform from Neutral at Credit Suisse... Micron (MU) upgraded to Outperform from Market Perform at Wells Fargo... Nautilus (NLS) upgraded to Buy from Neutral at B. Riley... Nevsun Resources (NSU) upgraded to Outperform from Sector Perform at Scotia... Nexstar (NXST) upgraded to Buy from Hold at Jefferies... Omega Protein (OME) upgraded to Buy from Neutral at DA Davidson... Raytheon (RTN) upgraded to Buy from Neutral at UBS... Republic Airways (RJET) upgraded to Buy from Hold at Deutsche Bank... Swiss Re (SSREY) upgraded to Neutral from Underweight at JPMorgan... Thor Industries (THO) upgraded on positive trends, checks at BMO Capital... Verint (VRNT) upgraded to Outperform from Market Perform at William Blair.
09:27 EDTMCDOn The Fly: Pre-market Movers
HIGHER: Yahoo (YHOO), up 4.5% after the company's board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA)... Phoenix Companies (PNX), up 164% after Nassau Reinsurance agreed to acquire Phoenix for $37.50 per share in cash... McDonald's (MCD), up 1.4% after the stock was upgraded to Outperform at Credit Suisse... Johnson & Johnson (JNJ), up 1% following upgrade at Deutsche Bank. LOWER: Esperion (ESPR), down 29% after reporting that the FDA has encouraged the company to initiate a cardiovascular outcomes trial promptly since any concern regarding the benefit/risk assessment of ETC-1002 could necessitate a completed cardiovascular outcomes trial before approval... Solera (SLH), down 2% after IHS (IHS) said on its earnings call that it is not pursuing an acquisition of the company, as previouly indicated in media reports... Zosano (ZSAN), down 54% after the company announced that it would discontinue its ZP-PTH agreement with Eli Lilly (LLY).
06:37 EDTMCDMcDonald's upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded McDonald's to Outperform and raised its price target to $112 from $110. Analyst Jason West said checks indicate U.S. same-store-sales trends are beginning to turn driven by operational and menu changes, and some new product wins. West sees 5-6% potential upside to current 2016 forecasts and sees favorable risk/reward of 2-3% downside versus 20% upside, even if the turnaround is fairly modest.
06:10 EDTCAKECheesecake Factory initiated with a Market Perform at Telsey Advisory
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