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News For MRVL;KORS;COH;RIMM;GOL;MED;AEO From The Last 14 Days
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October 9, 2015
07:01 EDTKORSMichael Kors trends decelerated through September, says Piper Jaffray
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October 8, 2015
13:39 EDTMRVLAmazon Web Services announces AWS IoT
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11:18 EDTGOLBoeing reports nine new orders since last update
Boeing (BA) reported nine new orders since its last update, including nine 737s for GOL Airlines (GOL). In the changes category, Boeing reduced 737 net orders by nine.
October 7, 2015
11:12 EDTKORSCiti favors lululemon in retailing, says sell Penny and Kors
Citi analyst Paul Lejuez rolled out coverage of 20 companies in the Specialty Retailing and Department Stores space, recommending to investors that they sell J.C. Penney (JCP) and Michael Kors (KORS) shares and buy stock in lululemon (LULU). SELL J.C. PENNEY: Commenting on the "stormy sector" in general terms, Lejuez said he believes challenges to the retail industry are here to stay, but that there are still stand-outs on both the positive and negative side. Regarding J.C. Penney specifically, Lejuez told investors that the company's management is in a "tough spot," as they need to recover from a prior failed strategy but don't have the needed cash flow to invest and win back customers. The analyst think Penney will see some improvement in the top line, but that any increases in operating cash flow as a result of sales and margin improvement will be matched by increased capital expenditures, meaning that free cash flow will be "elusive for the foreseeable future. Lejuez started shares of J.C. Penney with a Sell rating and $7 price target. SELL KORS: Among the 20 stocks he started coverage on in the space, Michael Kors was the only other Sell rating the analyst issued. Lejuez believes the company has overdistributed its brand and though U.S. comparable sales have just started to decline he thinks this decline will last for the "foreseeable future." Lejuez, who contends that Europe and wholesale may be next to deteriorate, set a $38 price target on the stock. BUY LULULEMON: Among the ten Buy rating issued this morning, Lejuez said his most preferred stock in the bunch is yoga apparel maker lululemon. The analyst thinks the "athleisure" retailer has moved beyond its prior product and public relations missteps and that its international opportunities will provide the next leg of growth for the company. The analyst, who expects double-digit sales growth for the next several years for lululemon, set a $69 price target on its shares. His other Buy-rated names, in order of preference, include TJX (TJX), Tiffany (TIF), Urban Outfitters (URBN) and Ross Stores (ROST). PRICE ACTION: In morning trading, J.C. Penney fell 2.7% to $9.52, Michael Kors slipped 0.3% to $43.24 and lululemon shares rose 2.2% to $52.86.
10:01 EDTCOH, KORS, AEOOn The Fly: Analyst Initiation Summary
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07:31 EDTKORSMichael Kors initiated with a Sell at Citi
Citi analyst Paul Lejuez started shares of Michael Kors with a Sell rating and $38 price target. The company's sales per square foot and EBIT margins "have a long way to fall," Lejuez tells investors in a research note. The analyst also started shares of J.C. Penney (JCP) this morning with a Sell rating.
07:23 EDTCOHCoach initiated with a Neutral at Citi
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07:22 EDTAEOAmerican Eagle initiated with a Neutral at Citi
Target $16.
06:28 EDTMRVLIC designers: Tablet demand remains weak, DigiTimes reports
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October 5, 2015
09:33 EDTMEDMedifast upgraded to Buy from Neutral at Sidoti
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October 1, 2015
10:51 EDTCOHCoach October and November puts active
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September 25, 2015
10:59 EDTMRVLMarvell plans to lay off 17% of workforce, restructures mobile operations
Shares of Marvell Technology (MRVL) rose in morning trading after the company announced a major restructuring of its mobile platform business that will include a "significant" headcount reduction. WHAT'S NEW: Marvell Technology announced after the bell yesterday that it will cut about 17% of its global workforce as it restructures its mobile platform business. Marvel is seeking to focus its focus its mobile product line on "anticipated more profitable opportunities" and "right-size its expenses in line with corporate targets." The company plans to take a charge of $100M-$130M related to the structuring, which is currently expected to result in annualized operating expense savings of $170M-$220M. Marvell said it plans to "significantly" downsize the mobile platform organization to refocus its technology to emerging opportunities in IoT, automotive and networking. The moves have already started and the company anticipates the major activities to take place through the end of fiscal 2016. WHAT'S NOTABLE: Marvell announced on September 11 that it was conducting an internal investigation of certain accounting and internal control matters. "The investigation consists of a review of certain revenue recognition issues in the second quarter of fiscal 2016 and any associated issues with whether senior management's operating style during the period resulted in an open flow of information and communication to set an appropriate tone for an effective control environment," the company stated. Specifically, the company said it was focused on 7%-8% of revenue recognized that would have been received in the third quarter. The company forecast a preliminary second quarter net loss of (74c) on revenue of $711M, which may not compare to analysts' consensus estimates at that time for 11c and $721.9M, respectively. Marvell said the preliminary results reflected weaker-than-expected demand for certain products, particularly in the storage market. STREET RESEARCH: Commenting on Marvel's restructuring move, Craig-Hallum analyst Christian Schwab said that Marvell's exit from its mobile handset business is a positive since the unit struggled to create scale and profits, generating just $122M in revenue and $13M in gross profit in the first half of fiscal 2016. Schwab said the move will drive company-wide gross margins toward the mid-50% range and expects a strengthened product profile following the restructuring efforts. The analyst added that the risk/reward is attractive and upgraded the stock's rating to Buy while maintaining a $14 price target. PRICE ACTION: Marvell shares are up 3.05% to $9.30 in morning trading.
10:00 EDTMRVLOn 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.
09:09 EDTMRVLMarvell upgraded to Buy from Hold at Craig-Hallum
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08:58 EDTMRVLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nike (NKE), up 8% after last night's better than expected earnings report and futures orders prompted numerous price target hikes at Street research firms. Among them, Deutsche Bank raised it price target on Nike shares to $140 and UBS bumped its target up to $137... Jabil Circuit (JBL), up 9%... BlackBerry (BBRY), up 1%. ALSO HIGHER: Bellerophon Therapeutics (BLPH), up 67% after announcing data from an interim analysis of the company's Phase 2 long-term extension study of INOpulse for the treatment of Pulmonary Arterial Hypertension... Marvell (MRVL), up 5% after announcing a global headcount reduction, plans to downsize its mobile platform business... PayPal (PYPL), up 3% after being initiated with a Buy rating at Canaccord. DOWN AFTER EARNINGS: Pier 1 Imports (PIR), down 15% after Q2 results, FY16 guidance cut... Finish Line (FINL), down 5.5%. ALSO LOWER: Internap (INAP), down 17% after cutting its revenue forecast and having its shares downgraded at Oppenheimer.

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