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June 27, 2014
16:27 EDTDG, FINL, MTW, DD, AMED, MNKD, NKEOn The Fly: Closing Wrap
Stocks on Wall Street were higher after a late day rise allowed all of the major averages to end the week on a high note. The averages began the session in negative territory but soon turned mixed. The Nasdaq was able to hold its head above water for most of the session while the Dow struggled for most of the day under the weight of DuPont (DD) shares, which were down more than 3% after the company lowered its guidance. ECONOMIC EVENTS: In the U.S., the final University of Michigan consumer sentiment index for June rose to 82.5, which beat the consensus expectation for a reading of 81.9. COMPANY NEWS: Shares of athletic apparel and footwear giant Nike (NKE) and sports shoe retailer Finish Line (FINL) climbed after both companies reported better than expected quarterly sales and profits. Dow member Nike rose 82c, or 1.07%, to $77.68, while Finish Line advanced 41c, or 1.41%, to $29.56... Another member of the Dow Jones Industrial Average, DuPont, moved in the opposite direction, falling $2.26, or 3.34%, to $65.44 after the industrial conglomerate cut its earnings outlook for its second quarter and its current fiscal year. MAJOR MOVERS: Among the notable gainers was Amedisys (AMED), which rose $4.01, or 29.81%, to $17.46 and was upgraded at CRT Capital after the company gave Q2 guidance. Also higher was Manitowoc (MTW), which gained $3.22, or 10.84%, to $32.93 and was upgraded to Hold at Jefferies after activist Relational Investors took an 8.5% stake in the company and urged for a spin-off of its food business. Among the noteworthy losers was discount retailer Dollar General (DG), which fell $4.49, or 7.28%, to $57.19 after Chief Executive Officer Rick Dreiling announced plans to retire. Also lower were shares of MannKind (MNKD), which dropped 58c, or 5.48%, to $10.00 after the FDA approved its Afrezza inhalation powder to treat diabetes but required the drug to have a Boxed Warning and required the company to conduct several post-marketing studies on the drug. INDEXES: The Dow was up 5.71, or 0.03%, to 16,851.84, the Nasdaq was up 18.88, or 0.43%, to 4,397.93, and the S&P 500 was up 3.74, or 0.19%, to 1,960.96.
News For NKE;DD;FINL;MNKD;MTW;DG;AMED From The Last 14 Days
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September 24, 2015
16:17 EDTNKENike up about 5% following Q1 results
16:17 EDTNKENike trades to fresh life high after results
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16:17 EDTNKENike reports Q1 inventories $4.4B, up 10% YoY
Inventories for NIKE, Inc. were $4.4B, up 10% from August 31, 2014, driven primarily by an 8 percent increase in NIKE Brand wholesale unit inventories. Increases in average product cost per unit, as well as higher inventories associated with growth in DTC, were largely offset by changes in foreign currency rates.
16:16 EDTNKENike reports Q1 gross margin expanded 90 basis points to 47.5%
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16:15 EDTNKENike reports Q1 worldwide futures orders up 9%, up 17% ex-currency changes
Inventories as of August 31, 2015 up 10%.
16:15 EDTNKENike reports Q1 EPS $1.34, consensus $1.19
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15:00 EDTFINLNotable companies reporting before tomorrow's open
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15:00 EDTNKENotable companies reporting after market close
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13:27 EDTNKENike September 114 weekly straddle priced for 4.2% movement into Q1
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12:32 EDTNKEEarnings Watch: Analysts positive on Nike ahead of Q1 earnings report
Nike (NKE) is expected to report first quarter earnings after the bell on Thursday, September 24, with a conference call scheduled for 5:00 pm ET. Nike sells athletic footwear, apparel, equipment and accessories worldwide. EXPECTATIONS: Analysts are looking for earnings per share of $1.19 on revenue of $8.22B. The consensus range is $1.14-$1.26 for EPS and $8.13B-$8.33B for revenue. In its last earnings report, Nike forecast Q1 revenue growth in the low single digits. LAST QUARTER: The company reported fourth quarter EPS of 98c and revenue of $7.8B, beating the consensus expectation of 83c and $7.69B, respectively. Nike reported a Q4 gross margin of 46.2%, which was up 60 basis points. The company also reported worldwide futures orders up 2% including currency changes and up 13% excluding currency changes. Looking ahead, Nike forecast fiscal year 2016 revenue growth in the mid-single digits, and said it expected Q1 and FY16 gross margin to increase by 50bps. On its last earnings conference call, Nike said it was confident that it would be able to keep "moving margins forward." The company said it plans to deliver mid-teens EPS growth over time. NEWS: Phil Knight announced plans to step down as the company's chairman on June 30, and recommended president and Chief Executive Officer Mark Parker take over the role. Knight said he would transfer most of his stock to a limited liability company named Swoosh LLC, to be managed by himself, Parker and other Nike executives. The move that will help "maintain Nike's corporate governance," the company said. Under terms agreed upon in June, Nike will pay $2.4M to customers who purchased a FuelBand product anytime between January 19, 2012 and June 17, 2015 to settle a class action suit leveled against itself and Apple (AAPL) in 2013, AppleInsider reported in July. STREET RESEARCH: On the day after its last earnings report, Nike's price target was raised at Piper Jaffray, Nomura, Macquarie, Goldman, Deustche Bank and Baird. On July 28, Jefferies raised its price target for Nike to $128 to reflect greater likelihood of the Trans-Pacific Partnership becoming law, which could benefit Nike's margins over time. In August, Telsey Advisory upgraded Nike to Outperform from Market Perform and Susquehanna upgraded shares to Positive from Neutral. Stifel said on August 27 that Nike "continues to dominate" in all areas of footwear and predicted that Nike's revenue could increase by low single digits in FY16. Ahead of this afternoon's earnings report, Deutsche Bank, Susquehanna and UBS raised their price targets on Nike. Deutsche Bank expects Nike to post "modest" Q1 upside today. PRICE ACTION: Over the last three months, Nike shares are up about 7.15%. Ahead of this afternoon's report, shares are down 1.2% to $114.16.
09:23 EDTAMEDAmedisys management to meet with Oppenheimer
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05:06 EDTMNKDStocks with implied volatility movement; AMX MNKD
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September 23, 2015
13:23 EDTFINLFinish Line volatility elevated into Q2 and outlook
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09:18 EDTDDPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
07:34 EDTNKENike shares have room for further upside, says Deutsche Bank
Deutsche Bank analyst Dave Weiner says that despite the 20% year-to-date rally, shares of Nike have room for further upside. Nike's business in China is accelerating and operating margin strength should continue, Weiner tells investors in a research note. The analyst expects Nike to post "modest" Q1 upside when reporting results tomorrow after the close. He keeps a Buy rating on the stock with a $125 price target.
06:33 EDTFINLFinish Line upgraded to Outperform from Market Perform at FBR Capital
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September 22, 2015
10:00 EDTDDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Antero Midstream (AM) upgraded to Outperform from Neutral at Credit Suisse... China Southern Airlines (ZNH) upgraded to Neutral from Underperform at Macquarie... DuPont (DD) upgraded to Buy from Neutral at Citi... Entergy (ETR) upgraded to Overweight from Equal Weight at Barclays... HSBC (HSBC) upgraded to Conviction Buy from Buy at Goldman... KLA-Tencor (KLAC) upgraded to Buy from Neutral at Nomura... Total (TOT) upgraded to Buy from Hold at Societe Generale.
06:43 EDTNKENike September weekly volatility elevated into Q1 and outlook
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05:44 EDTDDDuPont upgraded to Buy from Neutral at Citi
Citi analyst P.J. Juvekar upgraded DuPont to Buy saying the company has "tremendous value creation levers" to pull following the 30% pullback in shares year-to-date. Options available to management include additional cost cuts, returning more cash to shareholders, potentially splitting the company, and acquisitions, Juvekar tells investors in a research note. He raised his price target for shares to $63 from $58.
September 21, 2015
07:42 EDTNKENike price target raised to $128 from $122 at UBS
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