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Stock Market & Financial Investment News

News Breaks
February 19, 2013
09:33 EDTPETMPetSmart estimates lowered on weak January trends at ITG Research
ITG lowered PetSmart sales estimates citing weak January sales trends.
News For PETM From The Last 14 Days
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August 22, 2014
16:42 EDTPETMMarket finishes week higher on economic data, earnings
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August 21, 2014
09:27 EDTPETMPetSmart LBO upside would be modest, says RBC Capital
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August 20, 2014
13:24 EDTPETMAnalyst outlooks on PetSmart mixed after flood of news
Analysts had mixed outlooks on PetSmart (PETM) after the retailer announced last night higher than expected second quarter profits, the acquisition of pet e-commerce website Pet360 and that it would explore strategic alternatives, including a possible sale of the company. PetSmart also reiterated its prior full-year profit guidance. WHAT'S NEW: In a note to investors today, Morgan Stanley analyst Simeon Gutman wrote that there is no obvious way for PetSmart to create value for shareholders, as a leveraged buyout of the company is "mathematically feasible," while a merger with its main competitor, Petco, could encounter regulatory hurdles. Moreover, PetSmart's comp sales fell 0.5% last quarter, and its margins and cash flow are unlikely to rise going forward, Gutman stated. He kept an Equal Weight rating on the shares. More upbeat was Stifel analyst David Schick, who wrote that PetSmart's news was positive overall. The acquisition of Pet360 will significantly enhance PetSmart's e-commerce offerings, as Pet360 has a cleaner interface than PetSmart's current website, according to Schick. Moreover, Pet360, unlike PetSmart's website, offers discounts to customers who have food automatically shipped to them, and comScore data indicates that Pet360's visitor totals are growing significantly, Schick stated. PetSmart's decision to explore strategic alternatives is also positive, as the analyst continues to believe that going private or merging with private company Petco would make sense for PetSmart. But the analyst thinks that the company's earnings beat in Q2 was mainly driven by cost cutting, while its decision to maintain its full-year guidance suggests that it sees challenges ahead. Schick kept a Hold rating on the shares. PRICE ACTION: In mid-afternoon trading, PetSmart was little changed at $70.
10:28 EDTPETMPetSmart confident in delivering double-digit sales growth in next 3-5 years
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09:07 EDTPETMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: PetSmart (PETM), up 2,1%... Staples (SPLS), up 2%... E-House (EJ), up 2.5%. HIGHER: Fairchild (FCS), up 4% after Bloomberg says Infineon (IFNNY) is near a deal to buy a U.S. semiconductor company for $2B... Amicus Therapeutics (FOLD), up 18.4% after reporting positive Phase 3 data from the Fabry study. DOWN AFTER EARNINGS: Lowe's (LOW), down 3%... Tarena (TEDU), down 9%... Leju (LEJU), down 4.2%... JA Solar (JASO), down 5%. LOWER: Hertz (HTZ), down 12.7% after downgraded at JPMorgan and Deutsche Bank following the company's decision to withdraw its FY14 guidance... NovaBay (NBY), down 35.2% after primary, secondary endpoints were not met in its NVC-422 study... RGS Energy (RGSE), down 14.9% after downgraded at Roth Capital following Q2 earnings results.
08:42 EDTPETMPetSmart LBO feasible but screens unattractive, says Morgan Stanley
Morgan Stanley said an LBO of PetSmart is possible but screens unattractive and notes its difficult to forecast margin and cash flow upside. The firm says a merger with Petco has the greatest upside but also would face regulatory hurdles. Shares are Equal Weight rated.
07:34 EDTPETMPetSmart news positive overall, says Stifel
After PetSmart announced higher than expected EPS, said that it would acquire the website Pet 360 and said it would pursue strategic alternatives, Stifel is upbeat on the Pet360 deal. The firm thinks the acquisition was a meaningful step by PetSmart to improve its lagging ecommerce offerings. But the firm thinks the company's EPS beat was mainly driven by cost cutting and it views the retailer's guidance negatively. Stifel keeps a Hold rating on the shares.
August 19, 2014
18:18 EDTPETMPetSmart to resume trading at 6:25pm ET
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18:10 EDTPETMPetSmart up 1% in after hours following earnings, strategic alternatives search
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18:06 EDTPETMPetSmart acquires Pet360
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18:01 EDTPETMPetSmart backs FY14 EPS $4.29-$4.39, consensus $4.32
The company sees FY14 net sales growth in the low single digits, FY14 SSS relatively flat, and FY14 operating cash flow $600M-$625M. This guidance does not include the impact of the Pet360 acquisition or the benefits or costs associated with the cost improvement initiatives.
17:58 EDTPETMPetSmart sees Q3 EPS 93c-97c, consensus 94c
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17:57 EDTPETMPetSmart reports Q2 EPS 98c, consensus 94c
Reports Q2 revenue $1.73B, consensus $1.73B. Total Q2 sales up 1.4%.
17:55 EDTPETMPetSmart to explore strategic alternatives, including potential sale
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15:39 EDTPETMPetSmart to explore alternatives, including potential sale, Reuters reports
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15:27 EDTPETMPetSmart spikes on potential review of alternatives, including sale
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15:25 EDTPETMPetSmart may announce intention to review alternatives, Reuters says
May include sale, Reuters added.
15:16 EDTPETMNotable companies reporting before tomorrow's open
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August 18, 2014
11:30 EDTPETMJANA says anonymous package shows PetSmart missing targets
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10:46 EDTPETMJANA discloses receipt of anonymous PetSmart presentation
JANA Partners disclosed that on August 14, it received in the mail an anonymous, unsolicited package containing a presentation prepared by PetSmart, setting forth certain business plans relating to improving third and fourth quarter results and a cover letter noting that the company "has missed internal projections and criticizing the Issuer’s actions including those described in the Presentation as not being in the long-term best interests of shareholders." JANA believes that in the interest of full disclosure such materials should be shared with all shareholders. However, given that certain portions of such materials may be deemed to be competitively sensitive, on August 18, it sent a copy of such materials to PetSmart, together with a letter asking the company to "promptly release such materials after redacting any such competitively sensitive information." JANA says it does not have any knowledge regarding who may have sent this material, and has not independently verified the authenticity of any statements made therein.

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