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July 1, 2014
11:04 EDTFIO, NXST, UNXL, BKS, BBBY, APOL, MNKD, IRM, CBS, SBGIOptions with decreasing implied volatility
Options with decreasing implied volatility: MNKD UNXL SBGI APOL NXST CBS BBBY FIO IRM BKS
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September 28, 2015
06:50 EDTNXSTNexstar proposes to acquire Media General for $14.50 per share
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06:35 EDTNXSTNexstar Broadcasting offers to buy Media General for $14.50 per share, WSJ says
Nexstar Broadcasting (NXST) Chairman and CEO Perry Sook has sent a letter to the board of Media General (MEG) offering to buy the local-television station owner for $14.50 per share, The Wall Street Journal reports. According to the letter, which was seen by the publication, includes $10.50 in cash and 0.0898 Nexstar shares for each Media General share. Media General previously announced a deal to buy Meredith Corp (MDP). Reference Link
September 25, 2015
11:48 EDTBBBYPier 1 Imports plunges to 52-week low after cutting FY16 outlook
Shares of home furnishings retailer Pier 1 Imports (PIR) are sinking after the company's second quarter results missed analysts' consensus estimates. The company also lowered its outlook for fiscal year 2016. WHAT'S NEW: After the close on Thursday, Pier 1 Imports reported Q2 earnings per share of 4c and revenue of $430M, missing analysts' consensus estimates of 7c and $435.38M, respectively. Company comparable sales increased 2.5% in Q2, or 3.8% on a constant currency basis. Alex Smith, the company's president and chief executive officer, commented in the earnings report that top line growth in the period was "below our expectations." Smith noted that margins were impacted by higher promotional and clearance activity, as well as inventory-related issues within its distribution center network. Looking ahead, Pier 1 Imports expects third quarter EPS of 10c-14c, far short of analysts' consensus estimates of 23c. Company comparable sales growth, which includes e-commerce, is expected in the low-single digits for the quarter. WHAT'S NOTABLE: Pier 1 lowered its FY16 EPS view to 56c-64c from 83c-87c, well below analysts' estimates of 83c. The company also cut its FY16 company comparable sales growth view, including e-commerce, to low single-digits from its prior view of mid-single digits. For FY16, Pier One sees capital expenditures of approximately $60M, EBITDA margins of approximately 7.5%-8% and merchandising margin, as a percentage of sales, of 55.5%-56%. Smith said the company is on track to end FY16 with year-over-year inventory levels "down meaningfully," but noted that operating with elevated inventories "has been a challenge." PRICE ACTION: In late morning trading, Pier 1 Imports fell $1.45, or 16.71%, to $7.23 on more than seven times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $6.84. Including today's pull back, the shares have lost approximately 40% over the past year. OTHERS TO WATCH: Other home furnishing retailers include Williams-Sonoma (WSM), up 0.73% and Restoration Hardware (RH), up 0.11%.
10:53 EDTBBBYOptions with decreasing implied volatility
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10:48 EDTCBSMorgan Stanley cautious on media, but sees several stocks punished too hard
Morgan Stanley cut its price targets on a number of media companies, citing the impact of cord cutting and skinny bundles. The firm also reduced its outlook for the pay-TV sector due to its belief that the adoption of skinny bundles will accelerate, while the outlook for cable TV ads has deteriorated slightly, given macro pressures. The firm kept a Cautious view on the media sector, but also identified several stocks in the space that it thinks have been punished too harshly by investors recently. WHAT'S NEW: TV networks in general, and cable networks in particular, have the highest margins in media and are encountering increased top and bottom line competitive pressures, Morgan Stanley analyst Benjamin Swinburne believes. On the top line, they are being hit by ratings and ad pressures as well as cord cutting and distribution consolidation, the analyst stated. Meanwhile, their profit is being hurt by the increased need to obtain new content and intensified competition for content from new sources like Netflix (NFLX) and Google's (GOOG) YouTube, Swinburne said. However, the analyst thinks that media stocks are "starting to get" cheap, given the leverage that many of the companies carry. Swinburne cuts his price target on 21st Century Fox (FOXA) to $31 from $37, on AMC Networks (AMCX) to $86 from $88, on CBS (CBS) to $46 from $56, on Time Warner (TWX) to $72 from $87 and on Viacom (VIAB) to $48 from $60. He kept Overweight ratings on Fox, AMC and CBS, an Equal Weight rating on Time Warner and an Underweight rating on Viacom. OVERDONE DECLINES: Swinburne believes that the declines in three media stocks - CBS, 21st Century Fox, and AMC Networks - have been overdone, while the decline in Comcast's (CMCSA) stock has also been excessive. CBS and 21st Century Fox are "best positioned for the skinny bundle" and have the cheapest valuations relative to their growth rates, Swinburne believes. Meanwhile, AMC Networks has "content momentum" and its EPS can exceed expectations, the analyst believes. Comcast is gaining share in the broadband Internet market, could take share in video soon, and has sufficient scale and offerings to benefit from the increased popularity of skinny bundles, according to the analyst, who kept an Overweight rating on the stock. The media sector could benefit from consolidation going forward, added Swinburne, who recommended that investors interested in buying potential takeover targets in the space focus on AMC Networks, MSG Networks (MSG) and Dreamworks Animation (DWA). He kept Overweight ratings on all three of those stocks. OTHERS TO WATCH: Besides Comcast, other pay TV companies include DISH Network (DISH) and Charter Communications (CHTR). PRICE ACTION: In early trading, Fox A shares lost 0.5% to $25.83, AMC fell 0.3% to $73.29, CBS added 0.2% to $41, Time Warner was little changed at $67.66 and Comcast A shares added 0.6% to $57.17.
10:00 EDTBBBYOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 3M (MMM) upgraded to Outperform from Neutral at Credit Suisse... ACE Limited (ACE) upgraded to Buy from Neutral at Goldman... Applied Materials (AMAT) upgraded to Buy from Outperform at CLSA... Autoliv (ALV) upgraded to Sector Perform from Underperform at RBC Capital... Bed Bath & Beyond (BBBY) upgraded to Market Perform at Telsey Advisory... Box (BOX) upgraded to Buy at Canaccord... Chevron (CVX) upgraded to Peer Perform from Underperform at Wolfe Research... CyberArk (CYBR) upgraded to Buy from Neutral at Nomura... Exelon (EXC) upgraded to Buy from Neutral at Guggenheim... General Growth (GGP) upgraded to Outperform from Market Perform at BMO Capital... Intel (INTC) upgraded on positive checks, developments at JMP Securities... KLA-Tencor (KLAC) upgraded to Outperform from Underperform at CLSA... Lam Research (LRCX) upgraded to Buy from Outperform at CLSA... Marvell (MRVL) upgraded to Buy from Hold at Craig-Hallum... Nike (NKE) upgraded on share gains at Sterne Agee CRT... Spirit Airlines (SAVE) upgraded to Outperform from Market Perform at Cowen... United Rentals (URI) upgraded to Neutral from Underperform at BofA/Merrill.
08:49 EDTBBBYBed Bath & Beyond shares attractive, says SunTrust
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06:35 EDTBBBYBed Bath & Beyond upgraded to Market Perform at Telsey Advisory
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September 24, 2015
19:14 EDTBBBYOn The Fly: After Hours Movers
HIGHER AFTER EARNINGS: Jabil Circuit (JBL), up 9.6%... Nike (NKE), up 8%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 92% after announcing "positive" data from its interim Phase 2 study of INOpulse... Reynolds American (RAI), up 1% after Bloomberg reported the company may sell $5B in assets to Japan Tobacco... Marvell (MRVL), up 5.15% after announcing a 17% global headcount reduction. LOWER AFTER EARNINGS: Pier 1 Imports (PIR), down 7.5%... Bed Bath & Beyond (BBBY), down 1%. ALSO LOWER: Internap (INAP), down 15.1% after cutting its FY15 revenue forecast... Emerge Energy Services (EMES), down 3.25% after withdrawing its distribution guidance due to "difficult market conditions."
16:23 EDTBBBYBed Bath & Beyond falls to fresh 52-week low after results
In the after hours session the shares are currently down 4% to $56.95. At that price next support is at $56.18 and then at $54.96. Resistance is at $58.28.
16:21 EDTBBBYBed Bath & Beyond announces new $2.5B share repurchase program
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16:19 EDTBBBYBed Bath & Beyond sees FY15 EPS flat to up a mid-single digit, consensus $5.22
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16:18 EDTBBBYBed Bath & Beyond sees Q3 EPS $1.14-$1.21, consensus $1.19
Comparable sales are modeled to increase between 1.0% and 3.0% for the third and fourth quarters of fiscal 2015.
16:17 EDTBBBYBed Bath & Beyond reports Q2 EPS $1.21, consensus $1.21
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15:12 EDTBBBYBed Bath & Beyond September 59 weekly straddle priced for 5.3% movement
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15:00 EDTBBBYNotable companies reporting after market close
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14:07 EDTBBBYPride Brands recalls 13,900 Bed Bath & Beyond hammock stands
Pride Family Brands has recalled roughly 13,900 hammock stands sold under the Bed Bath & Beyond Destination Summer private label. The firm has received 13 reports of the stands' hooks bending or breaking, resulting in consumers falling to the ground and injuring various body parts. The stands were sold in Bed Bath & Beyond stores nationwide and online from March 2014 through July 2015 for approximately $100. Reference Link
11:05 EDTBKSSEC charges G Asset Management over Barnes & Noble press release
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08:52 EDTIRMIron Mountain announces debt offering
Iron Mountain Incorporated announced a proposed private offering of $800M in aggregate principal amount of its Senior Notes due 2020. The Notes will be senior unsecured obligations of the company and will be guaranteed by certain of its subsidiaries. The company intends to use the net proceeds from the offering and borrowings under its revolving credit facility for the redemption of all of its outstanding 6.75% Euro Senior Subordinated Notes due 2018, 7.75% Senior Subordinated Notes due 2019 and 8.375% Senior Subordinated Notes due 2021. The exact terms and timing of the offering will depend upon market conditions and other factors.
05:06 EDTMNKDStocks with implied volatility movement; AMX MNKD
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