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News Breaks
January 30, 2013
12:16 EDTNFLX, JCPStocks with call strike movement; NFLX JCP
Netflix (NFLX) February 205 call option implied volatility decreased 7% to 71, J.C. Penney (JCP) March 23 call option implied volatility increased 1% to 71 according to iVolatility.
News For NFLX;JCP From The Last 14 Days
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November 13, 2015
09:27 EDTJCPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Blue Buffalo (BUFF), up 8.2%... Applied Materials (AMAT), up 3.8%... Planet Fitness (PLNT), up 9.8%... Lipocine (LPCN), up 16.2% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Mylan (MYL), up 10.9% after Perrgo (PRGO) shareholders did not tender enough shares for the hostile takeover bid to succeed... Plug Power (PLUG), up 7.3% after entering into a strategic supply agreement with 3M (MMM)... Yum! Brands (YUM), up after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: Fossil (FOSL), down 24.5%... Fossil (JWN), down 20.6%... El Pollo LoCo (LOCO), down 15.1%... Cisco (CSCO), down 4.1%.... Tyco (TYC), down 4.1%... J.C. Penney (JCP), down 6.8%. ALSO LOWER: Fitbit (FIT), down 8.4% after 17M share Secondary priced at $29.00... GameStop (GME), down 8% after being downgraded to Sector Weight from Overweight at Pacific Crest... Lions Gate (LGF), down 2.6% after 3.4M share Spot Secondary priced at $39.43... Perrigo is down 10.5% after shareholders did not tender enough shares for the hostile takeover bid to succeed.
08:59 EDTJCPJ.C. Penney says to 'significantly' accelerate growth of Sephora inside stores
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08:43 EDTJCPJ.C. Penney confirms comany recently cut 300 positions in Plano office
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08:39 EDTJCPJ.C. Penney sees Q4 comps to be in line with FY expectations
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08:18 EDTJCPJ.C. Penney still sees being free cash flow breakeven in FY15
Notes that due to significant store investments in 2012 and 2013, average spend on store level projects is ~$200M lower in 2014/2015 compared to historical levels. Says IT as a % of total is planned at 33% in 2015 which is above the historical average of ~22%. Still targeting to achieve $1.2B EBITDA in 2017. Comments from slides that will be presented on the Q3 earnings conference call.
08:06 EDTJCPJ.C. Penney: 'Well positioned' to compete effectively during key holiday period
For Q3, all merchandise divisions had positive comp sales gains over last year. Men's, Home, Footwear, Handbags, and Sephora were among the Company's top performing divisions. Geographically, all regions experienced sales growth compared to the same period last year, with the best performance in the southern and western regions of the country.
08:04 EDTJCPJ.C. Penney reports Q3 adjusted EPS (47c), consensus (55c)
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07:36 EDTJCPJ.C. Penney sees FY15 SSS up 4%-5%
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07:34 EDTJCPJ.C. Penney reports Q3 EPS (45c), consensus (55c)
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06:41 EDTNFLXJohn Malone wishes he had made hostile bid for Netflix in 2012, NY Post reports
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November 12, 2015
19:00 EDTNFLX, JCPOn The Fly: After Hours Movers
UP AFTER EARNINGS: USA Technologies (USAT), up 15.9%... Blue Buffalo (BUFF), up 7.3%... Planet Fitness (PLNT), up 12.3%... Darling Ingredients (DAR), up 8.1%... Applied Materials (AMAT), up 3.8%... Lipocine (LPCN), up 19.9% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Syngenta (SYT), up 14.5% after Bloomberg reported that the company rejected an initial $42B bid from ChemChina... Yum! Brands (YUM), up 4.1% after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: bebe stores (BEBE), down 10.5%... Nordstrom (JWN), down 20.3%... Fossil (FOSL), down 14.7%... Cisco (CSCO), down 4.8%... El Pollo LoCo (LOCO), down 8.7%... Tahoe Resources (TAHO), down 7.2%. ALSO LOWER: Paycom Software (PAYC), down 5.2%... Netflix (NFLX) down 1% after Dow Jones reported that Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in discussions to sell a stake in the company to Time Warner (TWX)... TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%, after Nordstrom reported quarterly results and cut its fiscal 2015 guidance.
18:38 EDTJCPDepartment store stocks drop after Nordstrom reports Q3 earnings, cuts guidance
Shares of Nordstrom (JWN) slipped in after-hours trading after the department store reported its third quarter results and cut its guidance for fiscal year 2015. WHAT'S NEW: Nordstrom reported Q3 earnings per share of 42c, against analyst estimates of 72c, Q3 revenue of $3.24B below consensus estimates of $3.37B, and Q3 same-store sales of 0.9%. The company lowered its FY15 adjusted EPS view to $3.40-$3.50 from $3.70-$3.80, against analyst expectations of $3.75, lowered its FY15 revenue guidance to up 7.5%-8% from 8.5%-9.5%, and lowered its FY15 SSS view to 2.5%-3% from 3.5%-4.5%. WHAT'S NOTABLE: Nordstrom reported that Q3 EPS included a reduction of 15c, which primarily represented transaction costs associated with the closing of its credit card portfolio sale. In its Q3 earnings release, Nordstrom said that its performance was below company expectations, reflecting softer sales trends that were generally consistent across channels and merchandise categories. The company noted that its top-performing merchandise category was Cosmetics. In addition, coats, younger customer-focused departments and dresses continued to reflect strength in Women's Apparel. PRICE ACTION: Shares of Nordstrom are trading lower by 20.55% to $50.45 in the after-hours. OTHERS TO WATCH: Retailers that followed Nordstrom downward included TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%.
18:32 EDTNFLXHulu in talks to sell stake to Time Warner, WSJ says
Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in talks to sell a stake in the company to Time Warner (TWX) that would value the service at more than $5B, reports the Wall Street Journal, citing sources. The potential deal would see Time Warner becoming an equal stakeholder alongside the aforementioned companies, with Disney, Comcast, and Fox each reducing their stakes 25% from roughly 33%, said the report. The news comes as Hulu and other players in the media space aim to compete with Netflix (NFLX) and Amazon (AMZN), said the Journal. Reference Link
17:21 EDTNFLXNetflix down 1% after DJ reports Hulu in talks to sell stake to Time Warner
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16:00 EDTNFLXOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
14:55 EDTJCPJ.C. Penney November weekly 9 straddle priced for 7.8% movement into Q3
14:35 EDTJCPEarnings Watch: J.C. Penney CEO says Q3 EPS, gross marin 'exceeded expectations'
J.C. Penney (JCP) is scheduled to third quarter earnings before the market opens on Friday, November 13 with a conference call scheduled for 8:30 am ET. J.C. Penney operates about 1,100 retail stores and EXPECTATIONS: Analysts are looking for a loss per share of (55c) on revenue of $2.88B, according to First Call. The consensus range for EPS is (64c)-(43c) on revenue of $2.79B-$2.95B. LAST QUARTER: J.C. Penney reported second earnings per share of (45c) on revenue of $2.88B, slightly beating estimates for (48c) and $2.86B, respectively. Comparable store sales were up 4.1% in the quarter. The retailer backed its fiscal year 2015 same-store sales view of up 4%-5% and raised its FY15 EBITDA guidance to approximately $620M from about $600M. The company also backed its FY15 gross margin view of a 100-150 basis point improvement. On its earnings conference call, J.C. Penney said it was "confident" in its ability to achieve its long-term financial targets, and forecast an improvement in second half SSS vs. first half. Further, J.C. Penney sees Q3 SSS up sequentially from Q2. The company expects to be free cash flow breakeven in FY15. NEWS: During the quarter, J.C. Penney named John Tighe as its chief merchant, succeeding Elizabeth Sweeney. J.C. Penney cut 300 jobs at its Plano, Texas, headquarters in October as it progresses on its strategic framework. On November 11, J.C. Penney reported stronger than expected SSS growth of 6.4% for Q3. Chief Executive Officer Marvin Ellison said that the company's Q3 EPS and gross margin performance "exceeded our expectations." Separately, the retailer also announced the settlement of a class action lawsuit alleging false advertising. The company will make $50M in cash available for claims under the terms of the settlement. STREET RESEARCH: On September 28, Sterne Agee CRT upgraded J.C. Penney to Buy from Neutral with a $13 price target. After meeting with the company's new CEO, the firm thinks he has the ability to lead a turnaround at the company. The firm believes that the retailer's initiatives will boost its EBITDA, and Sterne thinks the company can surpass its $1.2B 2017 EBITDA guidance while its same-store sales growth can accelerate. On October 7, Citi analyst Paul Lejuez started shares of J.C. Penney with a Sell rating and $7 price target. The company's goals are aggressive while its free cash flow is "elusive," Lejuez told investors in a research note. PRICE ACTION: Over the last three months, J.C. Penney shares are up 7.5%. In trading ahead of Friday's Q3 report, J.C. Penney is up about 4.25% to $8.88.
14:30 EDTJCPNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include J. C. Penney (JCP), consensus (55c)... Edgewell Personal Care (EPC), consensus 69c.
13:24 EDTNFLXEarnings Watch: Cisco seeks to break out of trading rut with Q1 report
Cisco Systems (CSCO) is scheduled to report results of its fiscal first quarter after the market close on Thursday, November 12 with a conference call scheduled for 4:30 pm ET. Cisco, a member of the Dow Jones Industrial Average, sells Internet protocol-based networking and other products related to the communications and IT industry and provides related services. EXPECTATIONS: Analysts are looking for earnings per share of 56c on revenue of $12.65B, according to First Call. The consensus range for EPS is 55c-59c on revenue of $12.55B-$12.81B. Along with its quarterly report, Cisco guided to Q1 EPS of 55c-57c and said it expects its revenue to increase 2%-4% year over year. LAST QUARTER: On August 12, Cisco reported fourth quarter EPS of 59c on revenue of $12.8B, beating consensus estimates of 56c and $12.65B for EPS and revenue, respectively. NEWS: On its Q4 earnings conference call, Cisco said that it was looking at acquisitions at the right price, particularly in areas like software and security. On August 31, Apple (AAPL) and Cisco announced a partnership to build a "fast lane" for iOS business users by optimizing Cisco networks for iOS devices and apps, integrating iPhone with Cisco enterprise environments and providing unique collaboration on iPhone and iPad. The next day, Cisco was among multiple other companies, including Amazon (AMZN), Google (GOOG), Intel (INTC), Microsoft (MSFT), Mozilla, and Netflix (NFLX), announcing the formation of the Alliance for Open Media to build next-generation media formats, codecs, and technologies in the public interest. On September 3, Business Insider reported that people at Cisco still though that chairman John Chambers was running the show as chief executive officer after appointing Chuck Robbins to that role last May. On September 15, Mandiant, a FireEye (FEYE) subsidiary, said in a blog post that researchers discovered previously unknown attacks on certain routers and that such attacks replace the operating system used in Cisco equipment. About a week later, the Wall Street Journal reported that Cisco was aiming to strengthen its business in China by joining forces with Inspur group, a move which was confirmed on September 24. On October 29, Cisco announced its intention to acquire 1 Mainstream. CNBC later reported that the company paid $100M-$150M to acquire 1 Mainstream. On November 9, Ericsson (ERIC) and Cisco announced a global business and technology partnership to "create the networks of the future." The companies said that the strategic partnership will be a key driver of growth and value for the next decade, with each company benefiting from incremental revenue in calendar year 2016 and expected to ramp to $1B or more for each by 2018. STREET RESEARCH: On August 17, Morgan Stanley downgraded Cisco to Equal Weight from Overweight and maintained a $30 price target on the stock, saying it did not believe improved growth is "secular" and anticipates growth will revert to GDP like levels as the upgrade cycle concludes. Wells Fargo said on August 28 that a 10% selloff in communication tech stocks, including Cisco, had created an attractive buying opportunity. Bernstein said a week later that Cisco, Juniper (JNPR), and F5 Networks (FFIV) should be bought on wider macro economic weakness. On October 6, Citi initiated coverage of Cisco with a Buy rating and $30 price target. A week later, Barclays initiated coverage of Cisco with an Overweight rating and a $32 price target. On November 9, RBC Capital maintained an Outperform rating and $33 price target on Cisco, saying it expects the company to report slightly better than expected results. The next day, SunTrust maintained a Buy rating on Cisco, saying its partnership with Ericsson was a positive and should strengthen Cisco's service provider business. PRICE ACTION: In afternoon trading ahead of tonight's report, Cisco shares were up 0.5% to $27.97. In the last three months, Cisco shares are fractionally higher and virtually unchanged when discounting this afternoon's slight rise.
09:36 EDTNFLXActive equity options trading on open
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