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December 21, 2012
12:21 EDTRHT, MU, HLF, PNK, NKE, NOK, ASCA, RIMMOn The Fly: Midday Wrap
Stocks on Wall Street were sharply lower at midday after Republicans failed to back Speaker Boehner's "Plan B" fiscal cliff bill, meaning lawmakers will go home for the Christmas holiday with the cliff still looming. Today's volume is heavy, as is typical for options expiration day, but investors seem to care less about the latest economic reports and remain focused on the impact the fiscal cliff may have on the economy next year... ECONOMIC EVENTS: Reports showed U.S. personal income rose 0.6% in November, versus the expected increase of 0.3%. Consumer spending climbed 0.4% in the month, which matched expectations. Durable goods orders rose 0.7% in November, versus the expected increase of 0.3%. Excluding transportation items, orders jumped 1.6%, versus the expected decline of 0.2%. The final University of Michigan Consumer Confidence reading for December was revised down to 72.9 from a prior 74.5 reading. Analysts called for it to rise slightly to 75.0... COMPANY NEWS: Research in Motion (RIMM) jumped higher in after-market trading immediately after its report that Q3 revenue beat consensus estimates and its quarterly losses were not as steep as feared. However, shares reversed and the weakness extended into today's trading session after the company said on its conference call that it plans to introduce a lower enterprise service tier, which multiple Wall Street analysts said may cut into one of its highest margin revenue streams. The company also agreed to a patent deal with Nokia (NOK), under which it will make a one-off payment and pay ongoing fees to it smartphone rival. Shares of Research in Motion plunged over 18% in afternoon trade, while Nokia slid nearly 5%... MAJOR MOVERS: Among the notable gainers were Pinnacle Entertainment (PNK) and Ameristar Casinos (ASCA), which both rose after Pinnacle agreed to purchase its fellow casino operator for $26.50 per share, or $2.8B. Shares of the buyer rose over 18%, while Ameristar jumped nearly 20%. Also higher were shares of Nike (NKE), which rose almost 5%, and Red Hat (RHT), up nearly 4%, after their earnings reports. Among the noteworthy losers were Herbalife (HLF), down more than 14% as the company's public fight with Bill Ackman intensifies, and Micron (MU), down 8% following its worse than expected quarterly results... INDICES: Near noon, the Dow was down 175.99, or 1.32%, to 13,135.73; the Nasdaq was down 45.81, or 1.50%, to 3,004.58; and the S&P 500 was down 19.77, or 1.37%, to 1,423.92.
News For RIMM;NOK;PNK;ASCA;NKE;RHT;HLF;MU From The Last 14 Days
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September 24, 2015
16:18 EDTNKENike repurchased 5.5M shares in Q1
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16:17 EDTNKENike up about 5% following Q1 results
16:17 EDTNKENike trades to fresh life high after results
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16:17 EDTNKENike reports Q1 inventories $4.4B, up 10% YoY
Inventories for NIKE, Inc. were $4.4B, up 10% from August 31, 2014, driven primarily by an 8 percent increase in NIKE Brand wholesale unit inventories. Increases in average product cost per unit, as well as higher inventories associated with growth in DTC, were largely offset by changes in foreign currency rates.
16:16 EDTNKENike reports Q1 gross margin expanded 90 basis points to 47.5%
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16:15 EDTNKENike reports Q1 worldwide futures orders up 9%, up 17% ex-currency changes
Inventories as of August 31, 2015 up 10%.
16:15 EDTNKENike reports Q1 EPS $1.34, consensus $1.19
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15:00 EDTNKENotable companies reporting after market close
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13:27 EDTNKENike September 114 weekly straddle priced for 4.2% movement into Q1
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12:39 EDTMUMicron to benefit from Samsung DRAM capex reduction, says Stifel
Stifel said published reports indicate Samsung plans to cut investment in semiconductors by up to 20% next year, with most of the cuts in DRAM. The firm expects other DRAM manufacturers to act rationally, which should help stabilize DRAM prices and keep supply/demand in balance. Stifel views the news as a positive for Micron and reiterates its Buy rating.
12:32 EDTNKEEarnings Watch: Analysts positive on Nike ahead of Q1 earnings report
Nike (NKE) is expected to report first quarter earnings after the bell on Thursday, September 24, with a conference call scheduled for 5:00 pm ET. Nike sells athletic footwear, apparel, equipment and accessories worldwide. EXPECTATIONS: Analysts are looking for earnings per share of $1.19 on revenue of $8.22B. The consensus range is $1.14-$1.26 for EPS and $8.13B-$8.33B for revenue. In its last earnings report, Nike forecast Q1 revenue growth in the low single digits. LAST QUARTER: The company reported fourth quarter EPS of 98c and revenue of $7.8B, beating the consensus expectation of 83c and $7.69B, respectively. Nike reported a Q4 gross margin of 46.2%, which was up 60 basis points. The company also reported worldwide futures orders up 2% including currency changes and up 13% excluding currency changes. Looking ahead, Nike forecast fiscal year 2016 revenue growth in the mid-single digits, and said it expected Q1 and FY16 gross margin to increase by 50bps. On its last earnings conference call, Nike said it was confident that it would be able to keep "moving margins forward." The company said it plans to deliver mid-teens EPS growth over time. NEWS: Phil Knight announced plans to step down as the company's chairman on June 30, and recommended president and Chief Executive Officer Mark Parker take over the role. Knight said he would transfer most of his stock to a limited liability company named Swoosh LLC, to be managed by himself, Parker and other Nike executives. The move that will help "maintain Nike's corporate governance," the company said. Under terms agreed upon in June, Nike will pay $2.4M to customers who purchased a FuelBand product anytime between January 19, 2012 and June 17, 2015 to settle a class action suit leveled against itself and Apple (AAPL) in 2013, AppleInsider reported in July. STREET RESEARCH: On the day after its last earnings report, Nike's price target was raised at Piper Jaffray, Nomura, Macquarie, Goldman, Deustche Bank and Baird. On July 28, Jefferies raised its price target for Nike to $128 to reflect greater likelihood of the Trans-Pacific Partnership becoming law, which could benefit Nike's margins over time. In August, Telsey Advisory upgraded Nike to Outperform from Market Perform and Susquehanna upgraded shares to Positive from Neutral. Stifel said on August 27 that Nike "continues to dominate" in all areas of footwear and predicted that Nike's revenue could increase by low single digits in FY16. Ahead of this afternoon's earnings report, Deutsche Bank, Susquehanna and UBS raised their price targets on Nike. Deutsche Bank expects Nike to post "modest" Q1 upside today. PRICE ACTION: Over the last three months, Nike shares are up about 7.15%. Ahead of this afternoon's report, shares are down 1.2% to $114.16.
11:08 EDTPNKOptions with increasing implied volatility
Options with increasing implied volatility: PTCT CZR KITE HZNP NAV CREE VRX PNK
10:25 EDTRHTOptions with decreasing implied volatility
Options with decreasing implied volatility: HRTX ATML ARRY YY OVTI RHT KMX
08:23 EDTMUMicron target cut to $17, remain cautious on memory, says Morgan Stanley
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05:11 EDTPNKStocks with implied volatility above IV index mean; PNK BBRY
Stocks with implied volatility above IV index mean; Pinnacle Entertainment (PNK) 46, BlackBerry (BBRY) 54 according to iVolatility.
September 23, 2015
16:00 EDTMUOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
10:20 EDTRHTOptions with decreasing implied volatility
Options with decreasing implied volatility: CVC HRTX NWBO ATML RHT KMX OVTI ADBE ORCL DRI
09:11 EDTNOKNokia's HERE selected by Georgia, Alabama, Missouri transportation departments
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07:34 EDTNKENike shares have room for further upside, says Deutsche Bank
Deutsche Bank analyst Dave Weiner says that despite the 20% year-to-date rally, shares of Nike have room for further upside. Nike's business in China is accelerating and operating margin strength should continue, Weiner tells investors in a research note. The analyst expects Nike to post "modest" Q1 upside when reporting results tomorrow after the close. He keeps a Buy rating on the stock with a $125 price target.
05:28 EDTPNKStocks with implied volatility above IV index mean; PNK HRTX
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