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Stock Market & Financial Investment News

News Breaks
March 26, 2014
07:03 EDTMOVMovado reports Q4 EPS 28c, consensus 30c
Reports Q4 revenue $132.3M, consensus $143.50M.
News For MOV From The Last 14 Days
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August 27, 2014
09:57 EDTMOVMovado post-earnings weakness an overreaction, says Barrington
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09:53 EDTMOVOn The Fly: Analyst Downgrade Summary
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08:45 EDTMOVMovado downgraded to Equal Weight at Stephens
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07:47 EDTMOVMovado downgraded to Equal Weight from Overweight at Stephens
August 26, 2014
11:31 EDTMOVMovado tumbles after second quarter results, outlook miss estimates
Shares of luxury watch maker Movado (MOV) are falling after the company's second quarter results and fiscal 2015 outlook missed analysts' consensus estimates. WHAT'S NEW: This morning, Movado reported Q2 adjusted earnings per share of 44c and revenue of $143.6M, missing analysts' consensus estimates of 54c and $152.99M, respectively. Q2 gross profit was 54% of sales, compared to 54.1% of sales, in the prior year period. Gross margin percentage remained relatively flat as a result of the unfavorable impact of changes in foreign currency exchange rates, offset by the leverage gained on certain fixed costs due to increased sales. WHAT'S NOTABLE: Movado forecast FY15 EPS of $2.44, slightly short of the consensus of $2.46. FY15 revenue was seen at $640M, compared to consensus of $640.17M, while FY15 gross margin is expected to be approximately flat, year over year. Efraim Grinberg, Chairman and CEO, stated , "We anticipate our sales growth to accelerate during the second half of the year, as strong sell-through rates at retail are expected to drive new shipments and replenishment growth and we continue to benefit from the expansion of our Movado and licensed brands around the world. We will also continue to invest in our infrastructure and growth initiatives, including investments in Asia and Latin America. We continue to believe that our strategies have us positioned to achieve our goal of delivering sustainable profitable growth." PRICE ACTION: In late morning trading, Movado fell $3.08, or about 7%, to $40.96 on heavy trading volume. Despite today's pull back, the stock is up almost 8% over the past 12 months. OTHERS TO WATCH: Movado's peer, Fossil Group (FOSL), is up 0.2% on the session.
08:56 EDTMOVOn The Fly: Pre-market Movers
HIGHER: Tim Hortons (THI), up 10.5% after announcing merger agreement with Burger King (BKW), which is up 4% after the news. Burger King CEO Schwartz will become group CEO of the new company and Berkshire Hathaway (BRK.A) has committed $3B of preferred equity financing for the deal... DSW (DSW), up 12% after reporting Q2 earnings beat, FY14 outlook above consensus... Kite Pharma (KITE), up 17% after announcing phase 1-2a results from trial of potential treatment of non-Hodgkin's lymphoma... Mobileye (MBLY), up 4.4% after coverage of stock initiated at several research firms, including Morgan Stanley which started with an Overweight rating and $46 price target and named it a new top pick... Kandi Technologies (KNDI), up 9% following Bloomberg report on Chinese government considering funding for electric car chargers. LOWER: Best Buy (BBY), down 3.7% after reporting Q2 revenue below consensus, Q2 same-store sales decline of 2.7%... Sanderson Farms (SAFM), down 5.9% after Q3 earnings, revenue miss estimates... Movado (MOV), down 5.1% after Q2 revenue miss expectations... DOWN AFTER EARNINGS: Prospect Capital (PSEC), down 3.5%... Trina Solar (TSL), down 7.6%.
07:06 EDTMOVMovado backs FY15 EPS view $2.44, consensus $2.46
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07:05 EDTMOVMovado reports Q2 adjusted EPS 44c, consensus 54c
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August 25, 2014
15:27 EDTMOVMovado technical comments ahead of earnings
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15:18 EDTMOVNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Best Buy (BBY), consensus 31c; Golar LNG (GLNG), consensus (7c); DSW (DSW), consensus 32c; Tech Data (TECD), consensus 77c; Sanderson Farms (SAFM), consensus $3.82; Movado (MOV), consensus 54c; Trina Solar (TSL), consensus 14c.

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