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June 27, 2014
11:04 EDTM, FINL, DKS, NKE, FLAthletic 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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November 17, 2015
10:16 EDTDKSDick's Sporting says this is a 'difficult environment' for many retailers
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10:14 EDTDKSDick's Sporting sees margin pressure in Q4
Says working with key vendors to return slow moving product as well as canceling some orders. Says warm weather putting pressure on sales and traffic, affecting inventory levels. Says more promotional holiday season to create additional margin pressure.
10:11 EDTMOptions with decreasing implied volatility
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10:07 EDTDKSDick's Sporting says 'off to a slow start' in Q4
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10:02 EDTDKSHigh option volume stocks
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10:01 EDTNKE, FL, DKS, FINLUnder Armour, Nike slide after Dick's outlook misses expectations
Shares of Under Armour (UA) and Nike (NKE) slipped after Dick's Sporting Goods (DKS) provided guidance for the fourth quarter and fiscal 2015 that both missed consensus estimates. WHAT'S NEW: Dick's Sporting Goods reported Q3 adjusted earnings per share of 45c on revenue of $1.64B, mostly in-line with analyst estimates of 47c on revenues of $1.64B. The company guided for Q4 EPS of $1.10-$1.25, short of the consensus estimate of $1.43. Dick's also said it anticipates FY15 adjusted EPS of $2.85-$3.00, lower than current analyst expectations of $3.19. STREET RESEARCH: Following the report, Baird analyst Justin Kleber said that Dick's Sporting Goods is the "strongest player" in its segment, which should enable the company to grow its sector-leading 10% market share at the expense of smaller competitors. The analyst added that profitability for the company should improve as volumes increase and as the company leverages its store base to fulfill further orders. Kleber said that Dick's Sporting Goods' e-commerce business will be more profitable than its brick-and-mortar business by 2017. The analyst maintained a Neutral rating and $48 price target on Dick's Sporting Goods' stock. PRICE ACTION: In morning trading, Dick's Sporting Goods dropped 17.5% to $33.67, while supplier Under Armour fell 5.6% to $84.95 and Nike was down 2% to $121.08. Dick's peers fell as well, with Finish Line (FINL) dropping 1%, Foot Locker (FL) slid 1.3% and Cabela's (CAB) dipping marginally in morning trading.
09:20 EDTDKSDick's Sporting drops sharply after earnings and outlook
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09:15 EDTDKSOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nuance (NUAN), up 9.1%... Cheetah Mobile (CMCM), up 7.7%... Eros International (EROS), up 12.8%... Home Depot (HD), up 3.1%...Wal-Mart (WMT), up 2.2%. ALSO HIGHER: Ocera Therapeutics (OCRX), up 14.8% after announcing Phase 1 study results for the company's oral formulation of OCR-002... Fitbit (FIT), up 2.4% after being upgraded to Buy from Neutral at BofA/Merrill. DOWN AFTER EARNINGS: Dicks Sporting Goods (DKS), down 15.4%... Urban Outfitters (URBN), down 12.8%. ALSO LOWER: Osiris Therapeutics (OSIR), up 25.5% after being downgraded to Sell from Hold at Brean Capital... Angie's List (ANGI), down 8.7% after board unanimously determines not to pursue IAC (IACI) proposal... Clovis Oncology (CLVS), down 4.1% after receiving downgrades from Goldman and WallachBeth... Chesapeake Energy (CHK), down 2.5% after being downgraded to Neutral from Buy at Sterne Agee CRT... Cooper Companies (COO), down 2% after being downgraded to Market Perform from Outperform at Wells Fargo.
07:33 EDTDKSDick's Sporting sees FY15 CapEx $245M on net basis, $365M on gross basis
07:33 EDTDKSDick's Sporting sees Q4 EPS $1.10-$1.25, consensus $1.43
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07:33 EDTDKSDick's Sporting sees FY15 non-GAAP EPS $2.85-$3.00, consensus $3.19
The company's consolidated earnings per diluted share guidance contemplates the $300M of share repurchases executed in 2015.
07:32 EDTDKSDick's Sporting opened 27 new Dick's Sporting Goods stores in Q3
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07:31 EDTDKSDick's Sporting reports Q3 non-GAAP EPS 45c, consensus 47c
Reports Q3 revenue $1.64B, consensus $1.64B. Reports Q3 SSS up 0.4%.
November 16, 2015
16:43 EDTMGreenlight Capital added Apple, sold some SunEdison
Greenlight Capital gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: CNX Coal Resources (CNXC), Garmin (GRMN), Terraform Global (GLBL), and Liberty Global (LILA). INCREASED STAKES: Apple (AAPL), Michael Kors (KORS), Dillard's (DDS), UIL Holdings (UIL), and Twenty-First Century Fox (FOXA). DECREASED STAKES: SunEdison (SUNE), Micron (MU), Voya (VOYA), Applied Materials (AMAT), and SunEdison Semiconductor (SEMI). LIQUIDATED STAKES: Citizens Financial (CFG), Lam Research (LRCX), Spirit AeroSystems (SPR), Hertz (HTZ), and Macy's (M).
15:08 EDTDKSDick's Sporting November 41 straddle priced for 9.4% movement into Q3
15:02 EDTDKSNotable companies reporting before tomorrow's open
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11:35 EDTMDillard's sinks to 52-week low after joining chorus of 'disappointed' retailers
Shares of Dillard's (DDS), a retailer of fashion apparel, cosmetics and home furnishing, are falling to their worst level in a year after the company became the latest in its industry to report lower than expected third quarter results. WHAT'S NEW: This morning, Dillard's reported Q3 earnings per share of $1.19 and revenue of $1.435B, narrowly missing analysts' consensus estimates of $1.20 and $1.49B, respectively. Same-store sales for the quarter fell 4%. Total merchandise sales decreased 3% for the 13-week period ended October 31. Weaker performing categories were men's apparel and accessories and ladies' accessories and lingerie with notable weakness in home and furniture the company explained. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program." WHAT'S NOTABLE: Gross margin from retail operations improved 11 basis points of sales for the 13 weeks ended October 31 compared to the prior year third quarter. Consolidated gross margin for the 13 weeks ended October 31 declined 30 basis points of sales compared to the prior year third quarter. The disparity between retail and consolidated gross margin performance is attributable to increased revenue at CDI, which is a substantially lower margin business. Inventory increased 6% at October 31 compared to November 1, 2014. For FY15, the company expects capital expenditures of $150M. PRICE ACTION: In late morning trading, Dillard's fell $5.81, or 7.5%, to $71.79 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $68.05. Including today's pull back, the shares have lost about 36% over the past 12 months. OTHERS TO WATCH: Other apparel, cosmetics and home furnishing retailers include Macy's (M), Kohl's (KSS), JC Penny (JCP), Sears (SHLD) and Nordstrom (JWN).
10:25 EDTMOptions with decreasing implied volatility
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07:41 EDTFLFoot Locker weakness a buying opportunity, says Canaccord
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05:09 EDTNKEStocks with implied volatility movement; TJX NKE
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