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February 19, 2013
16:38 EDTYNDX, FNB, HUM, OMX, DGIT, PVFC, SPLS, RRGB, BBY, ODPOn 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.
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November 19, 2015
10:23 EDTHUMUnitedHealth selloff on guidance presents buying opportunity, says Leerink
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09:34 EDTBBYActive equity options trading on open
Active equity options trading on open: AAPL CHK BAC FB PFE MU GMCR AMZN NFLX BBY BABA CRM QCOM
09:16 EDTBBYOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Keurig Green Mountain (GMCR), up 19%... (CTRP), up 11.8%... (CRM), up 5.4%... Perry Ellis (PERY), up 4%. ALSO HIGHER: Celladon (CLDN), up 55.9% after signing a merger agreement with Eiger BioPharmaceuticals... StemCells (STEM), up 45.7% after Phase II Pathway Study data shows motor improvement in SCI patients... UniPixel (UNXL), up 36.1% after receiving an initial mass production order from a Japanese PC manufacturer... Anavex Life Sciences (AVXL), up 16% after announcing preparation of regulatory filings based on guidance from FDA... Plug Power (PLUG), up 3.7% after securing Colruyt Group as its next GenDrive fuel cell customer in Europe. DOWN AFTER EARNINGS: Stage Stores (SSI), down 14.7%... JinkoSolar (JKS), down 7.5%... Best Buy (BBY), down 5.2%... Semtech (SMTC), down 7.5%. ALSO LOWER: AMAG Pharmaceuticals (AMAG), down 8.4% after receiving a complete response letter from the FDA its application seeking approval for a single-dose vial of Makena... Titan International (TWI), down 8.3% after being downgraded to Sell from Neutral at Goldman... Sunedison (SUNE), down 5.5% after Reuters reported that Blackstone (BX) is not interested in SunEdison investment.
07:46 EDTHUMOptions expected to be active; UNH AET ANTM CI WCG HUM HNT CNC
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07:04 EDTBBYBest Buy sees 'near-flat' revenue for Domestic business in Q4
The company says, "Our year-over-year non-GAAP outlook for Q4 FY16 is as follows. In the Domestic business we are expecting (1) near flat revenue assuming an approximate 4% industry decline in the NPD-reported categories, in line with Q3, and the timing of the Super Bowl shifts approximately 40 basis points of sales out of Q4 into Q1 FY17; and (2) a non-GAAP operating income rate decline of 20 to 35 basis points driven by gross profit rate pressure and higher SG&A. The gross profit rate pressure is primarily driven by (1) a 25-basis point investment in services pricing; (2) higher distribution costs associated with our growth in the online channel and the appliance and large-screen television categories; and (3) product mix and product cycle pressures. Largely offsetting these gross profit pressures is an expected 55-basis point periodic profit sharing benefit from our externally-managed extended service plan portfolio. The higher SG&A is due to our investment in growth initiatives, partially offset by cost savings. In the International business, due to the ongoing impacts of the Canadian brand consolidation, foreign currency fluctuations and softness in the Canadian market, we are expecting (1) an International revenue decline of approximately 30%; and (2) an International non-GAAP operating income rate in the range of positive 2% to 3%. Based on the above expectations, our Enterprise level outlook is as follows: (1) a negative low-single digit revenue growth rate; and (2) a non-GAAP operating income rate decline of 25 to 45 basis points. From a tax rate perspective, we expect the non-GAAP effective income tax rate from continuing operations to be in the range of 36% to 37%, versus 34.2% last year, which is expected to result in a negative $0.04 to negative $0.06 year-over-year non-GAAP diluted EPS impact in Q4 FY16."
07:03 EDTBBYBest Buy reports Q3 Enterprise and Domestic SSS up 0.8%
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07:02 EDTBBYBest Buy reports Q3 adjusted EPS 41c, consensus 35c
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06:19 EDTODP, SPLSFTC looking over Staples, Office Depot transaction, NY Post reports
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05:20 EDTSPLSStocks with implied volatility above IV index mean; NBG SPLS
Stocks with implied volatility above IV index mean; National Bank of Greece (NBG) 601, Staples (SPLS) 59 according to iVolatility.
November 18, 2015
14:38 EDTBBYNotable companies reporting before tomorrow's open
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13:41 EDTBBYBest Buy November 31 straddle priced for 10% movement into Q3
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13:37 EDTBBYBest Buy technical comments ahead of results
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12:33 EDTSPLSOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session in positive territory and have moved higher throughout the morning. All eyes continue to be fixed on Paris and successful police action in a raid of the dwellings of suspects from the bombing over the weekend may have added to today's positive sentiment. There was little help from the day's economic data, however, as the housing starts report for October came in with the lowest reading in seven months and the energy inventories data showed another buildup in crude. ECONOMIC EVENTS: In the U.S., housing starts fell 11.0% to a 1.06M pace in October, weaker than the expected rate of 1.16M. Building permits, however, rose 4.1% to a 1.15M rate, versus an expected rise of 3.8%. The day's big economic event may be yet to come, as investors await the minutes from the Fed's last FOMC meeting, which are scheduled for release at 2:00 pm ET. COMPANY NEWS: Shares of Target (TGT) fell more than 5% after the retailer reported in-line quarterly sales and profits and narrowed the range of its fiscal year earnings view. Target, which guided for same-store sales in its holiday quarter to be up 1%-2%, added that it sees "indications of heavy inventory levels" at some competitors into the holiday season... Shares of railroad operator Norfolk Southern (NSC) spiked in the after-hours trading after rival Canadian Pacific (CP) announced that it had sent an offer letter proposing a business combination, but failed to outline the details of its proposal. Norfolk Southern then confirmed Canadian Pacific to acquire the company for $46.72 in cash and a fixed exchange ratio of 0.348 Canadian Pacific shares per Norfolk share, calling the indication of interest "unsolicited, low-premium, non-binding and highly conditional." CNBC's David Faber, citing sources, subsequently reported that Norfolk Southern has no interest in pursuing a merger, but Norfolk shares remain up more than 6% early this afternoon, while Canadian Pacific is up nearly 6% as well... Shares of Apple (AAPL) climbed about 3% after Goldman Sachs added the stock to its Conviction Buy List, predicting that investors should begin to focus on the company's monetization and recurring revenue opportunities over the next year, which would be a boon to its valuation. MAJOR MOVERS: Among the notable gainers was Aramark (ARMK), which rallied 8% after it reported upbeat quarterly earnings and guided for fiscal 2016. Also higher was Fairchild Semicondcutor (FCS), which gained 8.5% after it agreed to be acquired for approximately $2.4B by ON Semiconductor (ON), which fell 8% following the deal announcement. Another noteworthy losers was Qualcomm (QCOM), which fell nearly 10% after it said that allegations from Korea's FTC that the company did not properly negotiate "aspects" of its licenses are "not supported by the facts." Also lower was Staples (SPLS), which was down 4% after it reported Q3 earnings and provided an earnings outlook for Q4. INDEXES: Near midday, the Dow was up 132.98, or 0.76%, to 17,622.48, the Nasdaq was up 43.00, or 0.86%, to 5,029.01, and the S&P 500 was up 15.62, or 0.76%, to 2,066.06.
11:22 EDTBBYBest Buy management to meet with Jefferies
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10:08 EDTBBYGoPro sinks after analyst finds cameras on flash sales sites
The shares of action camera maker GoPro (GPRO) are sinking and hit a new 52-week low after research firm Piper Jaffray reported that the company has been offering significant discounts on its cameras. WHAT'S NEW: GoPro's cameras have been selling on flash sales websites such as Zulily (ZU) and Groupon (GRPN) at price discounts of 16%-34%, Piper analyst Erinn Murphy wrote in a note to investors today. As a result of these discounts and the 147% increase in GoPro's inventory at the end of the third quarter, the analyst is concerned that the company's gross margin could be pressured. In addition to the discounts GoPro is offering on the flash websites, the camera maker cut the price of its GoPro Session camera on Amazon to $299 from $399 in September and there has been "select downward price movement" on two more of its cameras on Amazon, Murphy reported. The analyst continues to expect GoPro's Q4 earnings per share to come in at 34c, versus analysts' consensus estimate of 41c. She slashed her fiscal 2016 EPS estimate for the company to $1.03 from $1.35, versus the consensus outlook of $1.37. Murphy reduced her price target on the stock to $15 from $20 and kept an Underweight rating on the name. WHAT'S NOTABLE: Ambarella (AMBA) makes chips used in GoPro's cameras. Best Buy (BBY), which is due to report its results tomorrow, sells GoPro's cameras. PRICE ACTION: In early trading, GoPro fell 8% to $19.19. Earlier today, it hit a new 52-week low of $19.04.
09:22 EDTSPLSOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Vipshop (VIPS), up 8%. ALSO HIGHER: Anavex Life Sciences (AVXL), up 27.5% after announcing preparation of regulatory filings based on guidance from FDA... Universal Insurance (UVE), up 7.7% after issuing a statement saying that Lakewood Capital Management's statement was misleading... Actinium Pharmaceuticals (ATNM), up 14.9% after submitting an Investigational New Drug application with the FDA for Iomab-B... Fairchild Semiconductor (FCS), up 8.8% after being acquired by ON Semiconductor (ON)... Norfolk Southern (NSC), up 5% after confirming a merger offer from Canadian Pacific (CP). DOWN AFTER EARNINGS: SouFun (SFUN), down 2.9%... Staples (SPLS), down marginally. ALSO LOWER: GoPro (GPRO), down 4.4% after price target lowered to $15 from $20 at Piper Jaffray... Citrix Systems (CTXS), down 3.5% after announcing operational review and the spin off of its GoTo family of products.
06:19 EDTBBYUPS, FedEx peers see business in bulky item deliveries, WSJ says
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06:03 EDTSPLSStaples sees Q4 non-GAAP EPS 26c-30c, consensus 28c
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06:02 EDTSPLSStaples reports Q3 non-GAAP EPS 35c, consensus 35c
Reports Q3 revenue $5.6B, consensus $5.67B. Closed 18 stores in North America during Q3.
05:37 EDTBBYStocks with implied volatility above IV index mean; CRM BBY
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