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News Breaks
July 10, 2014
11:40 EDTCOSI, PNRA, PBPBPotbelly plummets to 52-week low after outlook falls short
Shares of sandwich maker Potbelly (PBPB) are tanking after the company's second quarter and fiscal 2014 outlook fell significantly short of analysts' consensus estimates. WHAT'S NEW: Last night, Potbelly forecast Q2 adjusted earnings per share of approximately 6c and revenue of approximately $83.6M, far short of the consensus estimate of 12c and $86.66M, respectively. The company expects to report a decrease in company-operated comparable store sales of 1.6%, or a decrease of 0.9% when excluding the shift of the Easter holiday from the first fiscal quarter to the second fiscal quarter. WHAT'S NOTABLE: Based on the preliminary results for its second fiscal quarter, management revised its financial outlook for fiscal 2014. FY14 adjusted EPS is now expected to be 18c-21c, far below the consensus of 34c. For the fiscal year, Potbelly sees flat to negative low single-digit comparable store sales, compared to its previous guidance of low single-digit company-operated comparable store sales growth. PRICE ACTION: In late morning trading, Potbelly fell $3.50, or about 24%, to $11.15 on nearly seven times its average daily trading volume. Earlier in the session, the stock hit a new 52-week low of $10.95. Including today's pull back, the stock is down approximately 64% from its first day of public trading. Potbelly opened for trade at $28.66 on October 4 of last year after pricing its initial public offering at $14.00 per share. OTHERS TO WATCH: Other companies in the sandwich space include Panera Bread (PNRA) and Cosi (COSI), both of which are down about 1%.
News For PBPB;PNRA;COSI From The Last 14 Days
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February 26, 2015
17:07 EDTPBPBPotbelly CFO Charles Talbot resigning
Potbelly CFO Charles Talbot will be leaving the company to accept a senior leadership position with another company outside of the restaurant industry. Talbot will continue to serve as Potbelly's CFO, while an external search is underway, until his departure on March 27.
February 19, 2015
09:59 EDTPBPBOn The Fly: Analyst Downgrade Summary
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07:35 EDTPBPBPotbelly downgraded at BofA/Merrill
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06:33 EDTPBPBPotbelly downgraded to Underperform from Neutral at BofA/Merrill
February 18, 2015
12:31 EDTPBPBOn The Fly: Midday Wrap
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10:21 EDTPBPBHigh option volume stocks
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10:07 EDTPBPBPotbelly gaps up sharply on earnings beat, outlook, levels to watch
Shares are up over 11.6% to $15.85 at time of writing, off the earlier high at $16.25 which is currently resistance. Resistance above that high of the day is at $16.50. Support is at $15.66. The breakout today has filled the bearish gap down in price from July of last year, which is bullish for future price.
09:10 EDTPBPBOn The Fly: Pre-market Movers
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February 17, 2015
18:36 EDTPBPBOn The Fly: After Hours Movers
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16:15 EDTPBPBPotbelly expects at least 20% annual adjusted net income growth in FY15
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16:14 EDTPBPBPotbelly reports Q4 adj. EPS 6c, consensus 3c
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05:16 EDTPBPBPotbelly volatility elevated into Q4 and outlook
Potbelly February call option implied volatility is at 146, March is at 61, July is at 51; compared to its 19-week average of 48 according to Track Data, suggesting larger near term price movement into the expected release of Q4 results today.
February 12, 2015
10:12 EDTPNRAHigh option volume stocks
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