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Stock Market & Financial Investment News

News Breaks
June 12, 2014
11:30 EDTRH, PIR, HVT, WSM, BBBYRestoration Hardware soars to 52-week high after raising outlook
Shares of home furnishings retailer Restoration Hardware (RH) are soaring after the company's first quarter quarter results topped analysts' consensus estimates and it raised its fiscal 2014 outlook. WHAT'S NEW: Last night, Restoration Hardware reported Q1 adjusted earnings per share of 18c and revenue of $366.3M, topping estimates of 11c and $347.73M, respectively. Q1 comparable brand revenue increased 18%. For FY14, Restoration Hardware raised its adjusted EPS view to $2.24-$2.30 from $2.14-$2.22, compared to consensus of $2.20. Its FY14 revenue outlook was raised to $1.86B-$1.89B from $1.83B-$1.86B, versus consensus of $1.85B. CEO Gary Friedman said, "While we are still in the early stages of reading the results of our 2014 Source Books, we are very pleased with the initial response to our new products, and continue to believe that the design and presentation of these new books will be transformative to our business," adding that the company believes it will be able to deliver "$4 billion to $5 billion in annual sales" once its real estate transformation is complete in North America. ANALYST REACTION: This morning, research firm RW Baird raised its price target on Restoration Hardware to $90 from $84 following the company's "beat and raise" quarter. Baird kept its Outperform rating on the stock. Another firm, Wells Fargo, thinks the stock's valuation remains attractive and raised its price target range on the shares to $85-$88 from $82-$85. It kept an Outperform rating on the shares. PRICE ACTION: In late morning trading, Restoration Hardware rose about 14% to $81.37 on nearly four times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week high of $83.75. Including today's advance, the stock is up approximately 40% over the past 12 months. OTHERS TO WATCH: Other companies in the home furnishings space include Pier 1 Imports (PIR), Haverty Furniture (HVT), Williams Sonoma (WSM), and Bed Bath & Beyond (BBBY).
News For RH;PIR;HVT;WSM;BBBY From The Last 14 Days
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September 19, 2014
17:18 EDTPIRPoint72 Asset reports 5.0% passive stake in Pier 1 Imports
16:24 EDTPIRStocks rise after Fed keeps pledge for 'considerable time' before rate hike
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11:06 EDTBBBYBed Bath and Beyond weekly volatility elevated into Q2 and outlook
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10:06 EDTRH, WSMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Abtech Holdings (ABHD) initiated with a Buy at Chardan... Alibaba (BABA) initiated with a Buy at ... Cherokee (CHKE) initiated with a Buy at Brean Capital... Columbia Property Trust (CXP) initiated with a Sell at Goldman... Emerge Energy (EMES) initiated with a Buy at Goldman... GrubHub (GRUB) initiated with a Buy at BofA/Merrill... Iconix Brand (ICON) initiated with a Hold at Brean Capital... Ideal Power (IPWR) initiated with a Buy at Roth Capital... NorthStar Asset Management (NSAM) initiated with a Hold at MLV & Co.... Restoration Hardware (RH) initiated with a Buy at CRT Capital... Sequential Brands (SQBG) initiated with a Buy at Brean Capital... Sprouts Farmers Markets (SFM) initiated with an Overweight at Barclays... Urban Outfitters (URBN) initiated with a Neutral at Buckingham... Williams-Sonoma (WSM) initiated with a Fair Value at CRT Capital... Xcel Brands (XELB) initiated with a Buy at Brean Capital.
September 18, 2014
16:27 EDTPIROn The Fly: Closing Wrap
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16:24 EDTRHRestoration Hardware initiated with a Buy at CRT Capital
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16:24 EDTWSMWilliams-Sonoma initiated with a Fair Value at CRT Capital
Target $72.
12:45 EDTPIROn The Fly: Midday Wrap
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12:12 EDTPIRStocks with call strike movement; PIR GILD
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10:40 EDTRH, WSM, BBBY, PIRPier 1 Imports falls to 12-month low after weak Q2, lowered outlook
Shares of home furnishings retailer Pier 1 Imports (PIR) hit a 12-month low after the company's second quarter results fell below analysts' consensus estimates and it reduced its fiscal 2015 earnings per share outlook. WHAT'S NEW: Pier 1 Imports reported Q2 EPS of 10c on revenue of $418.6M, missing analysts' consensus estimates of 14c and $426.02M, respectively. Same-store-sales for the quarter were up 4.5%. The retailer lowered its FY15 EPS outlook to 95c-$1.05 from $1.14-$1.22. Analysts' consensus estimates for FY15 EPS prior to the earnings report was $1.13. The company sees FY15 SSS in the mid-to-high single digits and gross profit, as a percentage of sales, are expected to be 40.5%-41.5%. Pier 1 Imports CEO Alex Smith said that he foresees online sales to surpass $400M in 2016. WHAT'S NOTABLE: During the company's conference call, Pier 1 Imports said that it expects to see improving merchandise margins in coming quarters with fewer coupons. The company noted plans to continue returning cash to shareholders in the form of dividends and share buybacks. ANALYST REACTION: This morning, Wells Fargo analyst Matt Neemer downgraded Pier 1 Imports to Market Perform from Outperform. He feels that the stock will be a difficult one to own in the medium term as the retailer moves towards a multi-channel approach. Neemer believes that the company has a difficult journey ahead as it cuts broad-based discounters, and he feels that consumers will take time to get accustomed to the new messaging. He cut his price target range to $15-$16 from $19-$20 for the company. Barclays analyst Alan Rifkin downgraded Pier 1 Imports to Equal Weight from Overweight due to slow revenue growth and heightened promotions. He feels that that the "soft" revenues could continue. He believes that the company's elongated online profitability pipeline and increased promotions are certain to be a burden on the business in ways that the company had not initially thought. Rifkin said that growing the top line will be even harder in the absence of promotions. He reduced his price target for shares to $14 from $18. Argus analyst Christopher Graja downgraded Pier 1 Imports to Hold from Buy due to the company's lower than anticipated Q2 earnings. He feels that in terms of the home furnishings market, companies such as Williams-Sonoma (WSM), Home Depot (HD) and Lowe's (LOW) are more "resilient" for shareholders. Pier 1 Imports was also downgraded to Hold from Buy at BB&T. PRICE ACTION: In morning trading, Pier 1 Imports fell $2.63, or 16.99%, to $12.90. Including today's pull back, the stock is down approximately 45.2% over the past 12 months. OTHERS TO WATCH: Other companies in the home furnishings space include Restoration Hardware (RH), and Bed Bath & Beyond (BBBY).
10:34 EDTPIRPier 1 Imports downgraded to Perform from Outperform at Oppenheimer
Note this is the fifth downgrade of the day.
10:34 EDTPIRHigh option volume stocks
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10:00 EDTPIROn The Fly: Analyst Downgrade Summary
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09:48 EDTPIRPier 1 Imports tumbles after results, levels to watch
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09:36 EDTPIRActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL YHOO TWTR VVUS RAD PWE WFM TSLA PIR SHLD
09:24 EDTPIRPier 1 Imports downgraded to Hold from Buy at BB&T
Note this is the fourth downgrade of the day.
08:59 EDTPIROn The Fly: Pre-market Movers
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07:35 EDTPIRPier 1 Imports downgraded to Hold from Buy at Argus
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05:25 EDTPIRPier 1 Imports downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded Pier 1 Imports to Equal Weight citing accelerating expenses and slower revenue growth following the company's Q2 earnings report. The firm lowered its price target for shares to $14 from $18. Pier 1 was also downgraded this morning at Wells Fargo.
05:23 EDTPIRPier 1 Imports downgraded to Market Perform from Outperform at Wells Fargo
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