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News For MSO;JCP;M From The Last 14 Days
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August 21, 2014
10:35 EDTM, JCPSears falls after reporting Q2 loss that more than doubled analyst projections
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10:22 EDTJCPOptions with decreasing implied volatility
Options with decreasing implied volatility: AMPE FOLD VHC ACHN JCP WB JD YPF
August 20, 2014
11:42 EDTJCPOptions with decreasing implied volatility
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08:31 EDTMMacy's reaches agreement with NY AG on racial profiling allegations
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05:51 EDTJCPStocks with implied volatility movement; JCP VHC
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August 19, 2014
10:42 EDTJCPOptions with decreasing implied volatility
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August 18, 2014
11:57 EDTJCPStocks with call strike movement; JCP GPRO
J.C. Penney (JCP) November 11 call option implied volatility decreased 4% to 43, GoPro (GPRO) January 48 call option implied volatility decreased 8% to 45 according to IVolatility.
August 17, 2014
18:10 EDTMInvestors should buy Nordstrom over Macy's, Barron's says
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August 15, 2014
17:02 EDTM, JCPStocks end week slightly higher despite flare-up in Russian tensions
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16:38 EDTJCPOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory despite some soft economic data points, including a weaker than expected report on manufacturing in the New York area and a lower than expected consumer confidence reading. The market short circuited following reports of a skirmish in the Ukraine where a Russian convoy was supposedly fired upon when it crossed the border. The averages quickly dropped and were only able to partially recover, as investors moved to the sidelines to avoid additional geopolitical risk over the weekend. ECONOMIC EVENTS: The NY Fed's Empire manufacturing survey had a reading of 14.69, versus expectations for a 20.0 reading. The Producer Price Index increased 0.1% overall, matching expectations. The core reading was up 0.2%, which was also in-line with the consensus forecast. Industrial production increased 0.4% in July, beating the consensus 0.2% growth forecast. That nudged up capacity utilization to 79.2%, versus 79.1% previously. The first University of Michigan consumer confidence reading for August fell 2.6 points to 79.2, versus expectations for it to have edged up to 82.0. Treasury international capital data showed foreigners dumped $153.5B in total U.S. assets in July after buying a revised $33.1B in June. COMPANY NEWS: Shares of Monster Beverage (MNST) surged $21.84, or 30.48%, to $93.49 after Coca-Cola (KO) bought a stake in the energy drink maker and the companies announced a long-term strategic partnership and asset swap. Coca-Cola will pay $2.15B for a 16.7% stake in Monster, the companies announced last night. Under the terms of their agreement, Coca-Cola will add two directors to Monster's board. Coke will transfer ownership of its worldwide energy business including brands like NOS, Full Throttle, Burn, Mother, Play and Power Play, and Relentless to Monster, in trade for which Monster will transfer its non-energy business to Coke. MAJOR MOVERS: Among the notable gainers was Achillion Pharmaceuticals (ACHN), which rose 81c, or 9.6%, to $9.25 after the company announced interim results from an ongoing Phase 2 proxy study of a potential chronic hepatitis C virus regimen that analysts at Piper Jaffray called "impressive." Also higher was Paylocity (PCTY), which advanced $2.17, or 9.79%, to $24.34 after reporting better than expected fourth quarter revenue and guiding to higher than expected sales in its first quarter. Among the noteworthy losers was retailer J.C. Penney (JCP), which fell 24c, or 2.46%, to $9.50 despite posting a narrower than expected loss for the second quarter. Also lower were shares of another department store owner, Dillard's (DDS), which dropped $9.49, or 8.21%, to $106.11 after reporting quarterly results that missed expectations. INDEXES: The Dow dropped 50.67, or 0.3%, to 16,662.91, the Nasdaq gained 11.92, or 0.27%, to 4,464.93, and the S&P 500 slipped 0.12, or 0.01%, to 1,955.06.
12:53 EDTJCPStocks with call strike movement; JCP SINA
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12:39 EDTJCPOn The Fly: Midday Wrap
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10:30 EDTJCP, MJ.C. Penney falls despite posting a narrower than expected Q2 loss
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09:35 EDTJCPActive equity options trading on open
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09:10 EDTJCPOn The Fly: Pre-market Movers
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08:48 EDTJCPJ.C. Penney comps get more difficult from here, says Maxim
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08:47 EDTJCPJ.C. Penney comp run rates does not support quick recovery, says Morgan Stanley
Morgan Stanley said J.C. Penney's underlying comp run-rate of 4% does not support a quick turnaround and believes comps will decelerate from current levels. The firm trimmed its 2015-2017 base assumptions and believes the company will struggle to reach +6% comps. Shares are Underweight rated with a reduced price target of $7 from $7.50.
07:19 EDTJCPWells says 'no reason to get too excited' about J.C. Penney
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06:41 EDTJCPJ.C. Penney turnaround 'very much underway,' says Piper Jaffray
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August 14, 2014
19:08 EDTJCPOn The Fly: After Hours Movers
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17:18 EDTJCPJ.C. Penney off session highs, now up 2.7%
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16:57 EDTJCPJ.C. Penney sees some anomalies in expense in Q3
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16:52 EDTJCPJ.C. Penney says 'Kids' unit had a challenging spring
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16:37 EDTJCPJ.C. Penney says CEO unable to attend conference call, recovering from surgery
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16:05 EDTJCPJ.C. Penney expects profitable sales this back to school season
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16:03 EDTJCPJ.C. Penney rallies 9% to $9.74 after Q2 earnings beat
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16:03 EDTJCPJ.C. Penney sees 2014 SSS up mid-single digits
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16:02 EDTJCPJ.C. Penney sees Q3 SSS up mid-single digits
Sees Q3 gross margin in-line with Q2 and SG&A expenses slightly above last year's levels.
16:01 EDTJCPJ.C. Penney reports Q2 adjusted EPS (75c), consensus (93c)
Reports Q2 revenue $2.8B, consensus $2.79B. Same store sales increased 6.0 %. Online sales through jcp.com were $249M for the quarter, up 16.7 % versus the same period last year.
15:03 EDTJCPNotable companies reporting after market close
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14:24 EDTJCPJ.C. Penney technical comments ahead of earnings
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13:16 EDTJCPJ.C. Penney August 9.5 straddle priced for 11.2% move into Q2
12:00 EDTJCPStocks with call strike movement; JCP KING
J.C. Penney (JCP) November 12 call option implied volatility decreased 2% to 53, King Digital (KING) February 17 call option implied volatility decreased 2% to 52 according to IVolatility.
10:36 EDTMSO, M, JCPEarnings Preview: Analyst sees J.C. Penney reporting positive Q2 comps
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05:54 EDTJCPStocks with implied volatility movement; JCP P
Stocks with implied volatility movement; J.C. Penney (JCP) 67. Pandora (P) 59 according to iVolatility.
August 13, 2014
16:19 EDTMOn The Fly: Closing Wrap
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14:51 EDTJCPJ.C. Penney August 9.5 straddle priced for 11.2% move into Q2
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12:07 EDTMOn The Fly: Midday Wrap
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11:56 EDTJCPStocks with call strike movement; JCP DDD
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11:46 EDTJCP, MMacy's shares trading lower as Q2 results fall short of expectations
Shares of Macy's (M), a retailer that sells a range of merchandise, including apparel, accessories and home furnishings, are lower after the company's second earnings missed analysts' expectations. WHAT'S NEW: The company reported Q2 earnings per share 80c on revenue of $6.23B, falling short of analysts' estimates of 86c and $6.3B, respectively. Comparable sales were up 3.4% for the quarter and comparable sales together with comparable sales of departments licensed to third parties were up 4%. Chief Executive Officer Terry Lundgren noted that even with an improved sales trend in Q2, the company could not make up its sales shortfall from the first quarter. Looking ahead, Macy's reaffirmed its fiscal year 2014 EPS view of $4.40-$4.50 against estimates of $4.47, but cut its FY14 SSS view to 1.5%-2% from 2.5%-3%. Second half same store sales are expected to be up 2%-3%, and the company said expectations for the second half of the year are "on track." Lundgren said the company is approaching 2H with "confident optimism." WHAT'S NOTABLE: On the company's earnings conference call, Macy's Chief Financial Officer Karen Hoguet said the retail expects third quarter SSS to be lower than fourth quarter, adding that it "feels good" about the back half of the year. Macy's said that it sees fall season EPS, or the combined EPS for Q3 and Q4, of $3.04-$3.14 and expects total sales for the second half of the year to be about 30 basis points lower than comp growth. Macy's sees gross margins flat to down slightly for the year and fall season. ANALYST OPINION: This morning, UBS analysts said the Q2 miss could signal Macy's have been unable to generate incremental margin support from brands into increasingly promotional sales trends. Morgan Stanley analysts, meanwhile, believes the Q2 miss and the pullback in shares will be temporary and it presents a buying opportunity. The firm expects more margin misses over the next few weeks due to the promotional environment and remains convinced that Macy's key strategies are still in the early stages of delivering results. PRICE ACTION: In late-morning trading, shares of Macy's dropped $2.89, or 4.84%, to $56.88. OTHERS TO WATCH: J.C. Penney (JCP), which reports earnings tomorrow, is down 2.15%. Nordstrom (JWN), which also reports earnings tomorrow, is relatively flat.
11:14 EDTMMacy's CFO says early back-to-school sales very strong, particularly active
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10:47 EDTMMacy's sees fall season EPS $3.04-$3.14
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10:44 EDTMMacy's sees Q3 SSS lower than Q4
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09:15 EDTMOn The Fly: Pre-market Movers
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08:09 EDTMMacy's cuts FY SSS view to up 1.5%-2% vs. previous 2.5%-3% view
08:02 EDTMMacy's still sees FY14 EPS $4.40-$4.50, consensus $4.47
“We are approaching the second half of 2014 with confident optimism in our business strategies, merchandise assortments and marketing plans, tempered with the reality that many customers still are not feeling comfortable about spending more in an uncertain economic environment,” CEO Terry Lundgren said. “Thus, we remain focused on outperforming our competitors through innovation in omnichannel, which has added new dimensions in how consumers can shop us and how our company can satisfy customer demand. This includes a robust Buy Online Pickup in Store process, which has been rolled out to all full-line Macy’s stores nationwide so that it is fully available this fall and into the holiday shopping season. Moreover, our Millennial strategies have sharpened our merchandising and marketing to customers in the age range of 13 to 30. This has created new positive energy as our customers begin back-to-school shopping.”
08:02 EDTMMacy's says expectations for 2H14 'on track'
Expectations for the second half of 2014 remain on track, with guidance for comparable store growth of 2%-3%. However, even with an improved sales trend in the second quarter, the company was unable to make up its sales shortfall from the first quarter. This calculates to expectations for a full-year 2014 comparable sales increase of 1.5%-2%. Full-year 2014 comparable sales together with comparable sales of departments licensed to third parties now are expected to increase by 2%-2.5%. Previous guidance was for full-year comparable sales to increase by 2.5%-3%. The company continues to expect full-year 2014 earnings per diluted share in the range of $4.40 to $4.50, consistent with guidance previously provided.
08:01 EDTMMacy's reports Q2 EPS 80c, consensus 86c
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05:58 EDTMStocks with implied volatility movement; SFUN M
Stocks with implied volatility movement; SouFun (SFUN) 65, Macy's (M) 26 according to iVolatility.
August 12, 2014
15:23 EDTMNotable companies reporting before tomorrow's open
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15:22 EDTMMacy's technical comments before earnings release
In the past three months the shares have moderately outperformed the broader averages. The trend has been neutral for the most part with range-bound trading at $56.50 at the low and $60 at the high. This range is the last portion of a broader range of similar magnitude stretching back to late February of this year. As a result, a break of this range whether to the upside or downside will be significant technically and would resolve the range bearishly or bullishly Ranges that take long periods of time to form tend to persist in the direction of the break for an extended period. On a move above $60 on better than expected news there is only one established resistance level, which is the life high and 52-week high at $61.26. Additional upside moves would likely be anchored to common options strike prices such as $62.50 and $65. A breakdown below the low of the range at $56.50 on worse than expected news or outlook would break the uptrend in place since March 2009. Support below $56.50 would be at $55.10 and then at $53.20.
13:43 EDTM, MSO, JCPEarnings Preview: Analyst sees Macy's lowering EPS, SSS guidance for FY14
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13:32 EDTMMacy's August 60 straddle priced for 4% move into Q2
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10:25 EDTJCPJ.C. Penney August volatility elevated into Q2 and outlook
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06:53 EDTMMacy's August volatility elevated into Q2 and outlook
Macy's August call option implied volatility is at 50, September is at 24, January is at 23; compare to its 26-week average of 24 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on August on 13.
August 11, 2014
10:19 EDTJCPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Achillion (ACHN) upgraded to Outperform from Market Perform at Wells Fargo... Alon USA Partners (ALDW) upgraded to Outperform from Neutral at Credit Suisse... Buenaventura (BVN) upgraded to Buy from Underperform at BofA/Merrill... CNO Financial (CNO) upgraded to Overweight from Equal Weight at Morgan Stanley... Central European Media (CETV) upgraded to Neutral from Sell at Goldman... Cepheid (CPHD) upgraded to Neutral from Cautious at ISI Group... Chuy's (CHUY) upgraded to Outperform from Market Perform at Raymond James... Compressco (GSJK) upgraded to Strong Buy from Market Perform at Raymond James... Concho Resources (CXO) upgraded to Overweight from Equal Weight at Stephens... Frank's International (FI) upgraded to Neutral from Sell at Goldman... Freeport McMoRan (FCX) upgraded to Buy from Hold at Argus... GNC Holdings (GNC) upgraded to Outperform from Neutral at Credit Suisse... Genworth (GNW) upgraded to Equal Weight from Underweight at Morgan Stanley... Gulfport Energy (GPOR) upgraded at Stifel... Huntington Ingalls (HII) upgraded to Buy from Neutral at UBS... Hyatt Hotels (H) upgraded at Stifel... J.C. Penney (JCP) upgraded to Hold from Sell at Craig-Hallum... Kinder Morgan (KMI) upgraded to Buy from Neutral at BofA/Merrill... Krispy Kreme (KKD) upgraded to Outperform from Neutral at Wedbush... Oasis Petroleum (OAS) upgraded to Buy from Neutral at Sterne Agee... PepsiCo (PEP) upgraded to Buy from Neutral at UBS... Regency Centers (REG) upgraded to Neutral from Underperform at BofA/Merrill... SandRidge Energy (SD) upgraded to Reduce from Sell at KLR Group... Southwest Gas (SWX) upgraded to Buy from Hold at Brean Capital... Tesla (TSLA) upgraded to Buy from Hold at Deutsche Bank.
09:10 EDTJCPJ.C. Penney upgraded to Hold from Sell at Craig-Hallum
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August 8, 2014
08:39 EDTMGoldman says to buy Macy's and sell Kohl's
Goldman continues to recommend Buy rated Macy's and expects it to beat on the top and bottom line and reiterate fiscal year guidance and views it as one of the cheapest names under coverage. The analyst reiterated its Sell rating on Kohl;s given premium valuation, execution risk, margin pressures and increased competitive threats.
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