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Stock Market & Financial Investment News

News Breaks
March 21, 2014
12:22 EDTNKE, V, ECYT, ANN, SYMC, RALYOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Dow and S&P rising to record highs and the Nasdaq a bit below its starting level. Stocks began the session in positive ground as traders rolled out positions due to “quadruple witching,” when stock index futures, stock index options, stock options, and single stock futures expire. The market soon found a level and has moved in a fairly narrow range during the morning, which is typical as quadruple expirations days tend to be more volatile at the open and the close. ECONOMIC EVENTS: In the U.S., no notable economic reports were released. COMPANY NEWS: Shares of Dow-member Nike (NKE) fell 3% despite the company reporting third quarter adjusted profits that beat analysts’ forecast. Nike said it expect its revenue to come in at the top end of its high-single digit growth target range in this fiscal year, but cautioned that the devaluation of developing market currencies will be a "significant drag" on reported revenue, gross margin and profit growth in fiscal year 2015... Visa (V) shares gained over 2.5% after Bloomberg and Reuters reported that a federal appeals court ruled the Federal Reserve was authorized to cap debit card swipe fees, reserving a prior lower court ruling in favor of retailers who oppose the cap. MAJOR MOVERS: Among the notable gainers was Endocyte (ECYT), which was up more than 90% near midday after the company announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency issued "positive opinions" for conditional authorizations for its Vynfinit, Folcepri and Neocepri treatments. The company also announced a Phase 2b lung cancer trial met its primary endpoint. Following both pieces of news, no fewer than three analyst firms increased their price target on the stock. Also higher was Ann Inc. (ANN), which gained 14% after Golden Gate Capital last night disclosed a 9.5% stake in the retailer and said it plans to leverages its retail and equity experience to create value for shareholders. Among the noteworthy losers was Symantec (SYMC), which sunk 14% near noon after the company last night announced it terminated its CEO, Steve Bennett. No fewer than five analysts downgraded shares of the company following the news. Also lower was Rally Software (RALY), which fell more than 8% after the cloud software company gave a first quarter and fiscal 2015 outlook that came in below expectations. INDEXES: Near midday, the Dow was up 102.79, or 0.63%, to 16,433.84, the Nasdaq was down 0.48, or 0.01%, to 4,318.80, and the S&P 500 was up 9.26, or 0.49%, to 1,881.27.
News For NKE;V;ECYT;ANN;SYMC;RALY From The Last 14 Days
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September 25, 2014
16:15 EDTNKENike reports Q1 EPS $1.09, consensus 88c
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16:01 EDTSYMCSymantec names Michael Brown as CEO
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15:29 EDTNKENotable companies reporting after market close
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14:59 EDTNKENike technical comments ahead of results
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12:55 EDTNKENike September weekly 80 straddle priced for 3.9% move into Q1
12:42 EDTNKEEarnings Preview: Analyst sees Nike reporting better than expected Q1 results
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September 24, 2014
13:29 EDTNKENike September weekly volatility increases into Q1 and outlook
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11:19 EDTVVisa creates 2K technologists positions, new India technology center
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September 23, 2014
11:38 EDTANNAscena Retail plummets to 52-week low after results, guidance trail consensus
Shares of Ascena Retail (ASNA), a national specialty retailer of apparel for women and teen girls, are falling after the company's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. WHAT'S NEW: Last night, Ascena Retail reported Q4 adjusted EPS of 13c and revenue of $1.18B, far below analysts' consensus estimates of 18c and $1.21B, respectively. Same store sales for the period declined 2%. Looking ahead, Ascena Retail forecast FY15 adjusted EPS of 90c-$1.00 excluding any acquisition-related, integration and restructuring costs that may be incurred during the fiscal year, significantly trailing the consensus of $1.25. The company sees EPS down compared to last year in the first half, but expects growth in the second half. The company sees flat to modest positive total comparable store growth for the year, with Fall flat to down low-single digits, and Spring up low-single digits. EBITA growth for the year is seen in the mid-to-high single digits, with the EBITDA rate flat to up 20 basis points, with 80-100 basis points of improvement in gross margin rate mostly offset by operating expense rate de-leverage. Ascena also sees a net new store increase of 30-40 units, capital expenditures of $350M-$375M and an effective tax rate of 37% vs. 32% in fiscal year 2014. The company sees FY15 double digit growth in depreciation, with projected expenses between $210M-$215M. The company's guidance is based on an ongoing challenging retail environment. WHAT'S NOTABLE: Ascena President and Chief Executive Officer David Jaffe commented that Q4 EPS was "in line" with expectations, despite mixed results across its portfolio and soft traffic patterns. Jaffe said the company is maintaining a conservative outlook for the Fall season, as the company has "yet to see sustained evidence of market improvement." Ascena also said it plans to increasingly focus on adjusted EBITDA as an indicator of underlying financial performance because it normalizes for major changes in non-cash depreciation and tax rates. ANALYST REACTION: This morning, research firm SunTrust lowered its price target on Ascena Retail to $17 from $21 after the company reported results that were weak across the board. The firm believes that the company is making appropriate changes and seems well-positioned for the future, while its brand integrity is intact across divisions. SunTrust reiterated a Buy rating on shares. Another firm, Oppenheimer, said Ascena's retail strategies should help stem margin pressure. The firm added that the profitability of the company's new brands is rising significantly, while its guidance looks conservative. Oppenheimer cut its price target on the shares to $19 from $22, but kept an Outperform rating on the stock. PRICE ACTION: In late morning trading, Ascena Retail fell $2.69, or 16.24%, to $13.85 on nearly four times its average daily trading volume. Earlier in the session, the stock notched a fresh 52-week low of $13.72. Including today's pull-back, the shares have lost approximately 22% over the past 12 months. OTHERS TO WATCH: Other specialty retailers catering to women include Christopher & Banks (CBK), Chico's FAS (CHS), and Ann Inc. (ANN).
September 22, 2014
07:14 EDTVGSM Association to hold a conference
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September 19, 2014
06:48 EDTNKENike investors convey sponsorship worries amid suspensions, WSJ says
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06:04 EDTNKENike marketing exec Eric Toda departs for Snapchat, Re/code reports
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September 18, 2014
09:33 EDTNKENike mentioned positively at OTR Global
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09:22 EDTNKEBack to school season healthy for footwear, says Sterne Agee
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07:26 EDTNKEGartner: Smartwatch market ready to expand, poised for takeoff, DigiTimes says
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05:31 EDTVVisa to undertake assessment of stake in Monitise
Visa (V) and Monitise entered into an alliance agreement in 2009. At the same time, Visa began investing in Monitise. Given the maturation of Monitise as a company, Visa is considering its options with respect to the investment and has engaged J.P. Morgan Securities (JPM) to assist. Visa will also be lessening its dependence on external mobile development resources. In 2009, in conjunction with its commercial partnership, Visa invested in Monitise as a 14.4% owner of the company in order to provide capital support to a leader in the evolution of the mobile payments sector. Over time, Visa’s holdings have been reduced to its current 5.5% stake in the company. This reduction in ownership and associated influence is consistent with Visa’s investment practice to seed emerging players and, over time, taper that influence as the partner company grows. Under their agreement, Monitise will provide Visa with mobile platform development services through 2016. As both Visa and the payments industry evolve at a rapid pace, Visa intends to continue increasing its investment in its own in-house capabilities and, as a result, reducing its use of external resources.
September 17, 2014
13:34 EDTNKENike September weekly volatility elevated into Q1 and outlook
Nike September weekly option implied volatility is at 34, October is at 22, January is at 19; compared to its 26-week average of 21 according to Track Data, suggesting large near term price movement into the expected release of Q1 results on September 25.
12:01 EDTNKENike suspends contract with Adrian Peterson
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10:00 EDTNKE, ANNOn The Fly: Analyst Initiation Summary
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07:30 EDTNKENike September weekly volatility elevated into Q1 and outlook
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