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February 19, 2013
16:38 EDTOMX, DGIT, RRGB, FNB, PVFC, BBY, HUM, SPLS, ODP, YNDXOn The Fly: Closing Wrap
Stocks on Wall Street were higher despite a home builders confidence reading that fell a bit short of expectations. Alan Simpson and Erskine Bowles proposed a new plan for deficit reduction via tax codes changes and spending cuts with the "sequester" deadline now less than two weeks away. In spite of the political tension and looming threat, the Dow and S&P remain at multi-year highs and near their all-time highs... ECONOMIC EVENTS: In the U.S., the NAHB Housing Market Index reading of 46.0 fell short of the forecast for a reading of 48.0. In Europe, the ZEW institute's index of German investor optimism rose to 48.2 points from 31.5 in January, beating analysts' expectations... COMPANY NEWS: OfficeMax (OMX) and Office Depot (ODP) both surged after the The Wall Street Journal said the companies are in advanced talks to merge. OfficeMax gained $2.25, or 20.93%, to $13.00, while shares of Office Depot gained 43c, or 9.37%, to $5.02. Their rival Staples (SPLS) also gained $1.70, or 13.13%, to $14.65 after several research firms predicted that the company would benefit significantly if such a merger goes through and as "going private" chatter about the office retailer continues to circulate... Humana (HUM) plunged $4.98, or 6.39%, to $73.01, bearing the brunt of a decline in managed healthcare stocks after the Centers for Medicare and Medicaid Services announced preliminary 2014 Medicare Advantage benchmark payment rates. Humana said it believes the preliminary base rates in the notice would result in a mid-single-digit decline in its benchmark payment rates, while the company added that it previously expressed confidence in membership and earnings growth while assuming the Medicare Advantage payment rate would be flat to slightly down... Best Buy (BBY) shares gained 46c, or 2.73%, to $17.33 following upgrades from Stifel Nicolaus and Barclays and a Bloomberg report that said the company would make its holiday price-matching policy permanent, effective March 3... MAJOR MOVERS: Among the notable gainers was PVF Capital (PVFC), which rose $1.33, or 52.78%, to $3.85 after agreeing to be acquired by F.N.B Corp (FNB) for $3.98 per share. Also higher was Red Robin Gourmet Burgers (RRGB), up $6.88, or 18.88%, to $43.33 after its earnings and revenue beat Street expectations. Among the noteworthy losers was Digital Generation (DGIT), down $2.52, or 28.06%, to $6.46 after the company reported its quarterly results and said its special committee concluded its review of strategic alternatives without recommending any transaction. Also lower were shares of Russian search engine company Yandex (YNDX), down $2.58, or 10.08%, to $23.01 after the company's Q4 report... INDICES: The Dow was up 53.91, or 0.39%, to 14,035.67; the Nasdaq was up 21.56, or 0.68%, to 3,213.59; and the S&P 500 was up 11.15, or 0.73%, to 1,530.94.
Check below for free stories on OMX;ODP;SPLS;HUM;BBY;PVFC;FNB;RRGB;DGIT;YNDX the last two weeks.
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August 14, 2014
15:11 EDTRRGBRed Robin long-term thesis intact, says Miller Tabak
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14:21 EDTRRGBRed Robin value compelling after pullback, says Raymond James
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13:57 EDTRRGBRed Robin pullback a buying opportunity, says KeyBanc
KeyBanc views the post-earnings pullback in shares of Red Robin as a buying opportunity say its long-term thesis remains intact. Red Robin shares were just downgraded to Neutral at Longbow.
13:28 EDTRRGBRed Robin downgraded to Neutral from Buy at Longbow
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12:30 EDTRRGBOn The Fly: Midday Wrap
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11:40 EDTRRGBRed Robin, Noodles & Company crumble after earnings misses
Shares of casual dining companies Red Robin Gourmet Burgers (RRGB) and Noodles & Company (NDLS) are crumbling after both reported lower than anticipated second quarter results and projected modest outlooks for the rest of 2014. RED ROBIN: Red Robin's reported adjusted earnings per share of 68c for Q2, while analysts' had a consensus forecast of 90c. The company's Q2 revenue was $256.1M, which fell below analysts' consensus of $263.27M. Comparable restaurant revenue increased 1.2% for the quarter. The company's CEO Steve Carley said that Red Robin remains cautious in the near term but is confident in the initiatives it has in place to generate long-term value. The franchise sees FY14 comparable restaurant growth in the low single digits. The company also plans to remodel at least 65 Red Robin restaurants as part of its brand transformation initiative as well as expand patio seating in a few locations. During the company's conference call, Red Robin said that it is "cautiously optimistic" regarding its FY14 expectations. The franchise said it was disappointed in its Q2 results and noted that its market strategy fell short. Red Robin anticipates that the macro-environment will not provide any lift for the company in the immediate future. The franchise sees revenues in remodeled restaurants to continue to build later this fall and foresees "somewhat strong" comp revenue growth in Q4. Red Robin said it sees Q3 EPS growth to be about flat. NOODLES & COMPANY: Another casual dining franchise, Noodles & Company, reported lower than expected earnings and cut its 2014 outlook in response to industry trends. The company's Q2 adjusted EPS of 12c fell below analysts' 15c consensus. The company's Q2 revenue was $99.5M, which was lower than analysts' consensus of $102.9M. Comparable restaurant sales, when adjusted for the Easter holiday shift, increased 0.3% for company-owned restaurants and 0.2% system-wide. In regards to guidance, Noodles & Company lowered its FY14 adjusted EPS view to flat with prior year. The company's Chairman and CEO Kevin Reddy said, "We are seeing modest top line momentum and are making the right investments for the business long-term. However, given results during the first half of the year, we believe it is judicious to temper our 2014 outlook relative to prior expectations." PRICE ACTION: During late morning trading, shares of Red Robin fell $13.72, or 21.25% to $ 50.83, while Noodles & Company dropped $5.27, or 21% to $19.94.
10:53 EDTRRGBHigh option volume stocks
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10:33 EDTRRGBRed Robin sees Q3 EPS growth plus or minus flat
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10:23 EDTRRGBRed Robin 'cautiously optimistic' about FY14 expectations
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09:59 EDTRRGBRed Robin says 32 acquired restaurants to add $44M of revenues in FY14
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09:47 EDTRRGBRed Robin falls sharply, levels to watch
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08:36 EDTRRGBRed Robin sees FY14 comparable restaurant revenue growth in low single digits
The Company plans to open 20 new Red Robin restaurants and four to five Red Robin Burger Works resulting in operating week growth of approximately 6.5% for fiscal year 2014. The newly acquired restaurants are expected to add revenues of $44 million in the second half of 2014 and will reduce franchise royalties by approximately $1.5 million. Capital investments in fiscal year 2014 are expected to exceed $100 million, excluding approximately $51 million related to acquisitions. In addition to the new restaurant openings, the Company also plans to remodel at least 65 Red Robin restaurants as part of its brand transformation initiative as well as expand patio seating in a few locations. Restaurant-level operating profit margins in fiscal year 2014 are expected to be approximately 21.3%. General and administrative costs are expected to be approximately $94 million, while selling expenses are expected to be approximately 3.2% of sales considering increased gift card sales. Interest expense is expected to be approximately $3 million while the income tax rate in fiscal year 2014 is expected to be approximately 26%. The sensitivity of the Company’s earnings per diluted share to a 1% change in guest counts for fiscal year 2014 is estimated to be $0.30 on an annualized basis. Additionally, a 10 basis point change in restaurant-level operating margin is expected to impact earnings per diluted share by approximately $0.07, and a change of approximately $200,000 in pre-tax income or expense is equivalent to approximately $0.01 per diluted share.
08:34 EDTRRGBRed Robin reports Q2 adjusted EPS 68c, may not compare to consensus 90c
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08:06 EDTHUMHumana management to meet with Oppenheimer
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08:05 EDTHUMHumana management to meet with UBS
Meetings to be held in Denver/Minneapolis on August 14 hosted by UBS.
August 13, 2014
15:17 EDTRRGBRed Robin technical comments ahead of earnings
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15:05 EDTRRGBNotable companies reporting before tomorrow's open
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August 12, 2014
11:10 EDTODPHigh option volume stocks
08:03 EDTBBYGoldman's Retail selections for Q2
Goldman is most above Q2 consensus for Advance Auto Parts (AAP), Best Buy (BBY) and Williams-Sonoma (WSM), sees best risk/reward in Ulta Salon (ULTA) and Sportsman's Warehouse (SPWH), and low visibility in Dick's Sporting (DKS) and Wal-Mart (WMT).
06:35 EDTHUMManged Care recent pullback a buying opportunity, says Leerink
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