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Stock Market & Financial Investment News

News For RIMM;BLOX;KR;GES;DIS;ARO;TIF;LQDT;GPS;TGT;M;TKR From The Last 14 Days
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February 24, 2015
15:21 EDTTGTNotable companies reporting before tomorrow's open
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14:47 EDTTGTTarget technical comments ahead of earnings
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12:53 EDTTGTEarnings Preview: Target sees Q4 adjusted EPS $1.43-$1.47, above prior view
Target (TGT) is scheduled to report fourth quarter results before the market open on Wednesday, February 25, with a conference call scheduled for 10:30 am ET. Target offers merchandise at discounted prices through its retail stores and online business. EXPECTATIONS: Analysts are looking for earnings per share of $1.46 on revenue of $21.64B, according to First Call. The consensus range for EPS is $1.44-$1.49 on revenue of $21.42B-$21.94B. LAST QUARTER: Target reported third quarter adjusted EPS of 54c on revenue of $17.73B, against estimates for 47c and $17.56B, respectively. The company said U.S. segment comparable store sales were up 1.2% in Q3, reflecting digital sales growth of over 30%, with Canadian segment SSS up 1.6%. In an interview with CNBC following the earnings report, Chief Executive Officer Brian Cornell said that the company was "not happy" with Target Canada's performance and that the company has "upped our game" with respect to data security. Cornell said the company viewed Q4 as a "notable inflection point." NEWS: In January, Target announced that it plans to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada. The company said it expects to report approximately $5.4B of pre-tax losses on discontinued operations in Q4, driven primarily by the write-down of the company's investment in Target Canada, along with costs associated with exit or disposal activities and quarter-to-date Canadian Segment operating losses prior to today. Target expects to report approximately $275M of pre-tax losses on discontinued operations in FY15. Target expects this decision will increase its earnings in FY15 and beyond, and increase its cash flow in fiscal year 2016 and beyond. Based on performance through November and December, Target now expects to report Q4 U.S. comparable sales of approximately 3%, better than prior guidance of approximately 2%, driven primarily by increased traffic and stronger-than-expected digital sales. The company raised its Q4 adjusted EPS view to $1.43-$1.47 from $1.13-$1.23. The company said GAAP results are expected to include losses related to liquidation of Target Canada,net of taxes, net expenses related to the 2013 data breach, which are not expected to be material, the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the company’s credit card portfolio, which is expected to reduce GAAP EPS by approximately 2c. The company noted that the "vast majority" of exit costs from Canada are non-cash and said the exit will allow a quicker return to share repurchases. During the quarter, Target named Mike McNamara as executive VP and Chief Information Officer. Target said it is planning open 15 stores in FY15, including three distinct store formats: eight TargetExpress locations, one CityTarget and six general merchandise stores. The U.S. Supreme Court declined to hear a challenge by retailers including Target to the Federal Reserve's rules for debit card "swipe fees," meaning the U.S. Court of Appeals for the District of Columbia Circuit decision, which upheld the rules, will must be followed, said Reuters. New York Attorney General Eric Schneiderman sent a letter to Target and other retailers for "allegedly selling store brand herbal supplement products in New York that either could not be verified to contain the labeled substance, or which were found to contain ingredients not listed on the labels." The letters call for the retailers to "immediately stop the sale of certain popular products," including Echinacea, Ginseng, St. John’s Wort, and others. Target recently announced that all online orders of $25 or more now qualify for free shipping. Target agreed to pay $3.9M to settle a lawsuit alleging the company used inaccurate price scanners, misrepresented product weight, and charged higher prices than advertised, The San Francisco Gate reported, citing prosecutor statements. Target announced on its website that it will shutter its online streaming service Target Ticket on March 7. STREET RESEARCH: BofA/Merrill upgraded Target to Neutral from Underperform. The firm sees a more stable outlook for Target with the exit of the Canada division and expects the U.S. improvements to continue. RW Baird says that while Target's decision to exit Canada should help cash flows longer term, its view on the company's U.S. fundamentals remain unchanged. The firm says it's hard to call the company's above-plan Q4 comps "robust" given the easy compare. Wells Fargo believes that Target's decision to exit Canada came sooner than expected and removes a major ''weight off the shoulders'' of the company. The firm estimates Target's U.S. earnings can grow to as high as $5.50 in 2016. Stifel downgraded Target to Hold from Buy. The firm believes near-term tactical opportunities are play out and management commentary indicates investments will be necessary in order to modernize. PRICE ACTION: Target shares are up over 6.5% over the past three months. In early afternoon trading ahead of Wednesday's earnings report, shares are down 0.5% to $76.27.
11:06 EDTMMacy's says will continue to be aggressive in buying back stock
10:54 EDTMMacy's doesn't see Bluemercury accretive to EPS in 2015
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10:52 EDTMMacy's says 2015 a 'transition' year
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09:33 EDTMMacy's expects to launch offprice outlet stores in 2015
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08:39 EDTMMacy's sees completing Bluemercury transaction in Q1
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08:05 EDTMMacy's reports Q4 EPS $2.44 ex-charges, consensus $2.41
Reports Q4 revenue $9.36B, consensus $9.4B. Comparable sales growth on an owned plus licensed basis for the fourth quarter was 2.5%. On an owned basis, fourth quarter comparable sales grew 2%. The fourth quarter charges of $87 million were lower than the estimate of $100 million to $110 million provided in the company’s Feb. 3 news release on investments for sales growth. This was primarily the result of lower severance expense as the company was able to place more associates than expected in new jobs within the company in the course of its workforce reductions.
08:03 EDTMMacy's sees FY15 EPS $4.70-$4.80, consensus $4.84
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07:37 EDTTGTTarget February weekly volatility elevated into Q4 and outlook
Target February weekly call option implied volatility is at 57, March is at 25, April is at 23, July is at 20; compared to its 26-week average of 20 according to Track Data, suggesting larger near term price movement into the expected release of Q4 results on February 25.
06:40 EDTMMacy's March volatility elevated into Q4 and outlook
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05:57 EDTMStocks with implied volatility movement; AMAT M
Stocks with implied volatility movement; Applied Materials (AMAT) 43, Macy's (M) 28 according to iVolatility.
February 23, 2015
18:13 EDTDISBob Chapek named Chairman, Walt Disney Parks and Resorts
Bob Chapek has been named Chairman, Walt Disney Parks and Resorts, it was announced by Robert A. Iger, Chairman and CEO, and Thomas O. Staggs, COO, The Walt Disney Company. A 22-year veteran of The Walt Disney Company, Chapek has served since 2011 as President of Disney Consumer Products, driving a technology-led transformation of the company’s consumer products, retail and publishing operations. He assumes his new role effective immediately.
15:23 EDTMNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Comcast (CMCSA), consensus 78c... Home Depot (HD), consensus 89c... American Tower (AMT), consensus 51c... Ecolab (ECL), consensus $1.20... Macy's (M), consensus $2.40... Pall Corp. (PLL), consensus 87c... Windstream (WIN), consensus 3c.
14:03 EDTMMacy's technical comments before earnings release
The shares are in a topping pattern, with the $62 area a key support level. If there were a break below $62, the topping pattern would be confirmed. Next support in that event would be at $60.57, and then at $59 to $57.03. If the news is a positive surprise, next resistance would be at $65.74 and then at the 52-week high and life high at $68.30.
13:56 EDTMEarnings Preview: Macy's sees FY14 EPS $4.35-$4.37, SSS up 2.5%
Macy's (M) is scheduled to report fourth quarter earnings before the market open on Tuesday, February 24, with a conference call scheduled for 10:30 am ET. Macy's is a retailer that sell a range of merchandise, including apparel and accessories, cosmetics, home furnishings and other consumer goods. EXPECTATIONS: Analysts are looking for earnings per share of $2.40 on revenue of $9.4B, according to First Call. The consensus range for EPS is $2.21-$2.59 on revenue of $9.32B-$9.56B. LAST QUARTER: Macy's reported third quarter EPS of 61c, above estimates for 50c, on revenue of $6.2B, slightly below estimates for $6.34B. Same-store sales, together with comparable sales of departments licensed to third parties, were down 0.7% from the prior year. Q3 comparable sales exclusive of licensed businesses were down 1.4%. Macy's chairman and Chief Executive Officer Terry Lundgren said the company was "optimistic" for Q4, though the company commented on the Q3 earnings conference call that it was "not counting on a lot of help from the economy" for the holiday season. Macy's said Q4 gross margin "could be flat or could be down." NEWS: In early February, Macy's raised its fiscal year 2014 EPS view to $4.35-$4.37 from its previous outlook of $4.25-$4.35. Estimates at that time called for FY14 EPS of $4.35. Macy's said the outlook excludes charges of approximately $100M-$110M related to the previously announced merchandising and marketing restructuring, store and field adjustments, store closings and asset impairment charges, as well as approximately $17M of interest expense related to the make-whole premium for the previously announced early retirement of debt. Macy's said Q4 comparable sales growth on an owned plus licensed basis was 2.5%. This calculates to growth in comparable sales on an owned plus licensed basis 2014 of 1.4%. On an owned basis, Q4 comparable sales were 2%. The retailer said its Q4 performance represents a "strengthening trend" from Q3 and spring season. The company said Jeff Gennette, president of Macy’s, will oversee Macy’s merchandise planning, as well as maintain oversight responsibility for merchandising and marketing of Macy’s stores and digital, and private brand product development. Gennette relinquished his day-to-day responsibilities as Macy’s chief merchandising officer. Peter Sachse, Macy’s chief stores officer since 2012, moved to a new role as Macy’s Chief for Innovation and Business Development. Jeff Kantor, previously chairman of macys.com, was named Macy’s Chief Stores Officer. The company also said R.B. Harrison would continue in his role as Macy’s. Chief Omnichannel Officer and that Julie Greiner, Macy’s Chief Merchandise Planning Officer since 2009, will retire from the company in August. During the quarter, Macy's said it would close 14 stores and restructure merchandising and marketing functions at Macy’s and Bloomingdale’s. In conjunction with the merchandising and marketing restructuring and store and field adjustments, as well as store closings and asset impairment charges, an estimated $100M-$110M of charges, of which approximately $80M-$90M is expected to be cash, will be booked in Q4. The retailer named RLJ Lodging Trust (RLJ) Chief Financial Officer Leslie Hale to its board of directors, sued Strategic Marks after the company attempted to acquire certain Macy's brand names and acquired Bluemercury for $210M in cash. STREET RESEARCH: Morgan Stanley downgraded Macy's to Equal Weight and removed shares from the Best Ideas List based on share and earnings outperformance. The analyst believes valuation appropriately values Macy's superior execution and sees balanced risk/reward going forward. Evercore ISI initiated Macy's with a Buy and $74 price target given its scale and stability, competitive advantages, strong vendor relationships and significant cash-flow generation. During the quarter, Macy's was also downgraded to Neutral from Buy at Northcoast. PRICE ACTION: Over the last three months, Macy's shares are up fractionally. In afternoon trading, he stock is down 0.3% to $63.51 ahead of Tuesday's report.
11:35 EDTDISAmazon picks Benson to head advertising for original TV series, Variety says
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08:32 EDTTGTTarget lowers online free shipping minimum to $25
Target announced that, effective immediately, all online orders of $25 or more now qualify for free shipping, with virtually no exclusions. The new minimum is decreased from $50.
08:11 EDTTKRSonoco elects Timken CEO Richard Kyle to board
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