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Stock Market & Financial Investment News

News Breaks
June 27, 2014
11:04 EDTFL, M, FINL, DKS, NKEAthletic footwear companies rise after earnings run past expectations
Shares of athletic apparel and footwear giant Nike (NKE) and sports shoe retailer Finish Line (FINL) are climbing after both companies reported better than expected quarterly sales and profits. NIKE: Nike's Q4 earnings per share of 78c beat analysts' consensus forecast by 3c while its revenue of $7.4B topped expectations of $7.34B. Nike's Q4 worldwide futures orders rose 11% compared to the prior year's quarter to $13.3B, or 12% higher on a currency neutral basis. Inventories as of May 31 for Nike were up 13% to $3.9B. The retailer reported that its Q4 gross margin expanded 170 basis points to 45.6%, with the increase being primarily attributable to higher average selling prices and continued growth in the higher margin Direct to Consumer business. During Nike's earnings conference call, the company said it sees FY15 China revenue growth up in the high-single digit range and faster revenue growth in Q1. Nike said that it anticipates FY15 revenue growth at a high single digit rate and expects Q1 reported revenue to grow at a low double digit rate. FINISH LINE: Finish Line reported that its Q1 EPS excluding certain items was 28c, which was 7c higher than analysts' consensus view. The company's Q1 revenue of $406.5M topped analysts' expectations of $394.5M. Finish Line reported that its Q1 same-store sales were up 5% and that it expects FY15 SSS to be up in the mid single digits. The retailer said it expects its FY15 EPS to increase in the high single to low double digit range over FY14 non-GAAP diluted EPS of $1.66. During Finish Line's earnings conference call, the company said that it feels "comfortable" with the upper end of it annual guidance range and it is "bullish" about its Macy's (M) business. The retailer sees the Macy's deal to be slightly accretive for this year. Finish Line noted that it feels "comfortable" with current Q2 EPS estimates. Consensus for Q2 EPS stands at 21c. The company believes comps to date in June are up in the low single digits, but Finish Line said that it foresees July and August to be stronger and it anticipates double digit earnings growth on a long-term basis. OTHERS TO WATCH: Rivals to Finish Line in the athletic market that also sell Nike products include Foot Locker (FL) and Dick's Sporting Goods (DKS). PRICE ACTION: During morning trading, Dow member Nike was up $1.43 or 1.9%, to $78.29 and Finish Line was up 93c, or 3.2%, to $30.08. Meanwhile, Foot Locker rose $1.38, or 2.8% to $50.69 and shares of Dicks were up 0.4% to $45.78.
News For NKE;FINL;FL;DKS;M From The Last 14 Days
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February 24, 2015
10:52 EDTMMacy's says 2015 a 'transition' year
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09:33 EDTMMacy's expects to launch offprice outlet stores in 2015
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08:39 EDTMMacy's sees completing Bluemercury transaction in Q1
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08:05 EDTMMacy's reports Q4 EPS $2.44 ex-charges, consensus $2.41
Reports Q4 revenue $9.36B, consensus $9.4B. Comparable sales growth on an owned plus licensed basis for the fourth quarter was 2.5%. On an owned basis, fourth quarter comparable sales grew 2%. The fourth quarter charges of $87 million were lower than the estimate of $100 million to $110 million provided in the company’s Feb. 3 news release on investments for sales growth. This was primarily the result of lower severance expense as the company was able to place more associates than expected in new jobs within the company in the course of its workforce reductions.
08:03 EDTMMacy's sees FY15 EPS $4.70-$4.80, consensus $4.84
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06:40 EDTMMacy's March volatility elevated into Q4 and outlook
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05:57 EDTMStocks with implied volatility movement; AMAT M
Stocks with implied volatility movement; Applied Materials (AMAT) 43, Macy's (M) 28 according to iVolatility.
February 23, 2015
15:23 EDTMNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Comcast (CMCSA), consensus 78c... Home Depot (HD), consensus 89c... American Tower (AMT), consensus 51c... Ecolab (ECL), consensus $1.20... Macy's (M), consensus $2.40... Pall Corp. (PLL), consensus 87c... Windstream (WIN), consensus 3c.
14:03 EDTMMacy's technical comments before earnings release
The shares are in a topping pattern, with the $62 area a key support level. If there were a break below $62, the topping pattern would be confirmed. Next support in that event would be at $60.57, and then at $59 to $57.03. If the news is a positive surprise, next resistance would be at $65.74 and then at the 52-week high and life high at $68.30.
13:56 EDTMEarnings Preview: Macy's sees FY14 EPS $4.35-$4.37, SSS up 2.5%
Macy's (M) is scheduled to report fourth quarter earnings before the market open on Tuesday, February 24, with a conference call scheduled for 10:30 am ET. Macy's is a retailer that sell a range of merchandise, including apparel and accessories, cosmetics, home furnishings and other consumer goods. EXPECTATIONS: Analysts are looking for earnings per share of $2.40 on revenue of $9.4B, according to First Call. The consensus range for EPS is $2.21-$2.59 on revenue of $9.32B-$9.56B. LAST QUARTER: Macy's reported third quarter EPS of 61c, above estimates for 50c, on revenue of $6.2B, slightly below estimates for $6.34B. Same-store sales, together with comparable sales of departments licensed to third parties, were down 0.7% from the prior year. Q3 comparable sales exclusive of licensed businesses were down 1.4%. Macy's chairman and Chief Executive Officer Terry Lundgren said the company was "optimistic" for Q4, though the company commented on the Q3 earnings conference call that it was "not counting on a lot of help from the economy" for the holiday season. Macy's said Q4 gross margin "could be flat or could be down." NEWS: In early February, Macy's raised its fiscal year 2014 EPS view to $4.35-$4.37 from its previous outlook of $4.25-$4.35. Estimates at that time called for FY14 EPS of $4.35. Macy's said the outlook excludes charges of approximately $100M-$110M related to the previously announced merchandising and marketing restructuring, store and field adjustments, store closings and asset impairment charges, as well as approximately $17M of interest expense related to the make-whole premium for the previously announced early retirement of debt. Macy's said Q4 comparable sales growth on an owned plus licensed basis was 2.5%. This calculates to growth in comparable sales on an owned plus licensed basis 2014 of 1.4%. On an owned basis, Q4 comparable sales were 2%. The retailer said its Q4 performance represents a "strengthening trend" from Q3 and spring season. The company said Jeff Gennette, president of Macy’s, will oversee Macy’s merchandise planning, as well as maintain oversight responsibility for merchandising and marketing of Macy’s stores and digital, and private brand product development. Gennette relinquished his day-to-day responsibilities as Macy’s chief merchandising officer. Peter Sachse, Macy’s chief stores officer since 2012, moved to a new role as Macy’s Chief for Innovation and Business Development. Jeff Kantor, previously chairman of macys.com, was named Macy’s Chief Stores Officer. The company also said R.B. Harrison would continue in his role as Macy’s. Chief Omnichannel Officer and that Julie Greiner, Macy’s Chief Merchandise Planning Officer since 2009, will retire from the company in August. During the quarter, Macy's said it would close 14 stores and restructure merchandising and marketing functions at Macy’s and Bloomingdale’s. In conjunction with the merchandising and marketing restructuring and store and field adjustments, as well as store closings and asset impairment charges, an estimated $100M-$110M of charges, of which approximately $80M-$90M is expected to be cash, will be booked in Q4. The retailer named RLJ Lodging Trust (RLJ) Chief Financial Officer Leslie Hale to its board of directors, sued Strategic Marks after the company attempted to acquire certain Macy's brand names and acquired Bluemercury for $210M in cash. STREET RESEARCH: Morgan Stanley downgraded Macy's to Equal Weight and removed shares from the Best Ideas List based on share and earnings outperformance. The analyst believes valuation appropriately values Macy's superior execution and sees balanced risk/reward going forward. Evercore ISI initiated Macy's with a Buy and $74 price target given its scale and stability, competitive advantages, strong vendor relationships and significant cash-flow generation. During the quarter, Macy's was also downgraded to Neutral from Buy at Northcoast. PRICE ACTION: Over the last three months, Macy's shares are up fractionally. In afternoon trading, he stock is down 0.3% to $63.51 ahead of Tuesday's report.
08:01 EDTDKSDick's Sporting board increases quarterly dividend by 10%
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February 20, 2015
09:23 EDTNKEGoldman sees select Apparel and Footwear opportunities due to FX risk
Goldman said translation currency exposure in the Apparel and Footwear has created volatility and opportunity to gain exposure to this theme. Goldman's analyst sees a positive near-term set-up for Nike (NKE) and Tiffany (TIF) and a negative set-up for Crocs (CROX) and Abercrombie & Fitch (ANF) and of upcoming earnings reports.
February 19, 2015
06:55 EDTMMacy's March volatility elevated into Q4 and outlook
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February 18, 2015
16:41 EDTFLFoot Locker approves $220M capital expenditure program for 2015
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16:39 EDTFLFoot Locker raises dividend 14% to 25c, approves $1B share buyback
Foot Locker announced that its board authorized capital allocation initiatives that "simultaneously provide meaningful returns to shareholders and maintain a significant investment in its business operations." The board declared a quarterly cash dividend on the company's common stock of 25c per share, which will be payable on May 1 to shareholders of record on April 17. This dividend declaration represents a 14% increase over the company's previous quarterly per-share amount. The board also approved a new 3-year, $1B common share repurchase program extending through January 2018, replacing the company's previous $600M program. The company spent $305M under the previous program in 2014, and as of yesterday had substantially completed the full program amount, Foot Locker said.
10:42 EDTNKEApparel makers beyond Perry Ellis seen hurt by port slowdown
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03:20 EDTMOn The Fly: Analyst Initiation Summary
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February 17, 2015
10:00 EDTMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Box, Inc. (BOX) initiated with a Hold at Canaccord... Euronav NV (EURN) initiated with an Overweight at Morgan Stanley... GoPro (GPRO) initiated with an Outperform at Northland... M/A-COM (MTSI) initiated with a Neutral at BofA/Merrill... Macy's (M) initiated with an Underweight at Barclays... NetSuite (N) initiated with an Underperform at Exane BNP Paribas... Omega Healthcare (OHI) initiated with a Neutral at BofA/Merrill... Pandora (P) initiated with a Neutral at Macquarie... Pattern Energy (PEGI) coverage resumed with an Outperform at BMO Capital... Regeneron (REGN) initiated with an Outperform at Bernstein... Trovagene (TROV) initiated with an Overweight at Piper Jaffray... Vista Outdoor (VSTO) initiated with a Market Perform at Cowen.
04:58 EDTMNordstrom downgraded to Underweight from Equal Weight at Barclays
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04:54 EDTMMacy's initiated with an Underweight at Barclays
Barclays started shares of Macy's with an Underweight rating saying it expects comps to remain under 2% as the retailer lacks exposure to the growing off-price segment. The firm put a $55 price target on shares. Shares of Macy's closed Friday down 34c to $64.32.
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