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January 24, 2013
12:59 EDTROSTRoss Stores advances following Credit Suisse upgrade
Ross Stores (ROST) is climbing after Credit Suisse analyst Michael Exstein upgraded the stock to Outperform from Neutral in a note to investors earlier today. Ross Stores is benefiting from transitions at competitors J.C. Penney (JCP) and Kohl's (KSS), as well as recent bankruptcies by other discount retailers, including SYMS and Daffy's, Exstein wrote. Moreover, Exstein expects Ross Stores to launch an e-commerce initiative "sooner rather than later," as many of its peers have already done. An e-commerce strategy is becoming increasingly important for retailers, the analyst believes. Exstein increased his price target on the stock to $68 from $60 and named it a Top Pick for 2013. In early afternoon trading, Ross rose $1.92, or 3.24%, to $61.01.
News For ROST From The Last 14 Days
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November 23, 2015
10:41 EDTROSTOptions with decreasing implied volatility
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November 20, 2015
12:37 EDTROSTOptions with decreasing implied volatility
Options with decreasing implied volatility: GMCR JMEI ANF JD ETE SYF ROST TJX BBY CSC
10:52 EDTROSTOptions with decreasing implied volatility
Options with decreasing implied volatility: GMCR JMEI ANF JD ETE SYF ROST TJX BBY CSC
November 19, 2015
19:19 EDTROSTOn The Fly: After Hours Movers
UP AFTER EARNINGS: Intuit (INTU), up 8.1%... Ross Stores (ROST), up 8.2%. ALSO HIGHER: Cabela's (CAB), up 7.5% after Bloomberg reported that the company is receiving takeover interest... Nike (NKE), up 3.4% after announcing a $12B repurchase program, a two-for-one stock split, and that it will raise its dividend... Centene (CNC), up 2.4% after reiterating its fiscal 2015 earnings per share guidance... Universal Insurance (UVE), up 2.7% after announcing a new $10M share repurchase program. DOWN AFTER EARNINGS: Nimble Storage (NMBL), down 36.9%... Mentor Graphics (MENT), down 26.2%... Workday (WDAY), down 5.5%... Wesco Aircraft (WAIR), down 1.4%... Williams-Sonoma (WSM), down 3.7%... Zoe's Kitchen (ZOES), down 3.6%... Momo (MOMO), down 3.3%... Autodesk (ADSK), down 1%... Gap (GPS), down marginally.
16:09 EDTROSTRoss Stores up 4.3% to $48.20 in after-hours trading following Q3 results
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16:08 EDTROSTRoss Stores sees FY15 EPS $2.45-$2.48, consensus $2.46
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16:08 EDTROSTRoss Stores backs Q4 EPS view of 60c-63c, consensus 64c
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16:07 EDTROSTRoss Stores reports Q3 EPS 53c, consensus 50c
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15:21 EDTROSTNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Intuit (INTU), consensus (4c)... Ross Stores (ROST), consensus (50c)... Workday (WDAY), consensus (4c)... Autodesk (ADSK), consensus 8c... Gap (GPS), consensus 63c... Splunk (SPLK), consensus 1c... Williams-Sonoma (WSM), consensus 72c... Mentor Graphics (MENT), consensus 29c.
November 18, 2015
08:02 EDTROSTRoss Stores volatility elevated into Q3 and outlook
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November 13, 2015
16:24 EDTROSTOn The Fly: Top stock stories for Friday
Stocks on Wall Street ended a tough week on a down note, falling after the Commerce Department reported that retail sales grew by an anemic 0.1% last month. This data comes on the heels of this week's downbeat quarterly report from Macy's (M) and a similarly disappointing report last night from peer Nordstrom (JWN). ECONOMIC EVENTS: In the U.S., retail sales rose 0.1% in the month of October, versus expectations for an increase of 0.3%. When autos and gas are removed, the core reading was up 0.3%, versus expectations for a rise of 0.4%. Producer prices fell 0.4%, versus expectations for them to be up 0.2%. When food and energy are removed, the core reading was down 0.3%, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in September while sales were flat compared to August. Consumer sentiment, as measured by the preliminary print from the University of Michigan survey, improved 3.1 points to 93.1 in November, which was better than the 91.5 reading that was expected. In Europe, data showed that eurozone's economy grew by just 0.3% in the third quarter, which was a slowdown from the 0.4% GDP growth recorded three months earlier and weaker than the 0.4% consensus growth forecast. COMPANY NEWS: Shares of retailers broadly declined following the weaker than expected retail sales data reported by the government as well as third quarter earnings reports from Nordstrom and J.C. Penney (JCP), which fell 15% and 15.5% respectively. Virtually every mass-market, brick-and-mortar retailer was down today, from giants like Wal-Mart (WMT) and Costco (COST), to smaller retailers like Ross Stores (ROST) and Urban Outfitters (URBN)... Shares of Mylan (MYL) jumped 12.9% to $48.78 after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drug makers. Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer and the company added that it will immediately commence its previously announced $2B share buyback program, but its shares slid 6.16% to $146.90 in the wake of the shareholder vote... Cisco (CSCO) fell 5.8% after its first quarter earnings and revenue beat expectations but its guidance for the new quarter disappointed. A number of analysts that had been bullish on the name trimmed their price targets in response but also recommended the post-earnings weakness as a buying opportunity. MAJOR MOVERS: Among the notable gainers was Springleaf Holdings (LEAF), which surged $5.07, or 11.5%, to $49.27 after reaching a settlement with the U.S. Department of Justice that will allow the company to proceed with closing its previously announced acquisition of OneMain Financial from Citi (C). On the closing of the acquisition, the company will be renamed OneMain Holdings and has applied to the New York Stock Exchange to change its ticker symbol to "OMF," Springleaf noted. Also higher was Illumina (ILMN), which gained $10.26, or 6.6%, to $165.65 after being selected to replace Sigma-Aldrich (SIAL) in the S&P 500. Among the noteworthy losers was Fossil (FOSL), which plunged $18.62, or 36.5%, to $32.39 after the watchmaker gave lower than expected profit guidance for the upcoming quarter and said it continues to expect this fiscal year's results to be "significantly" negatively impacted by foreign currency changes. Also lower were shares of Vipshop (VIPS), which fell $5.03, or 27%, to $13.60 after issuing weaker than expected preliminary third quarter revenue guidance, which it said was partially driven by the warmer-than-expected fall weather in China. INDEXES: The Dow dropped 202.83, or 1.16%, to 17,245.24, the Nasdaq lost 77.20, or 1.54%, to 4,927.88, and the S&P 500 declined 22.93, or 1.12%, to 2,023.04.
10:19 EDTROSTRetailer weakness renewed following Nordstrom, J.C. Penney reports
Shares of department store retailers, and others in the retail space, plunged on Friday morning following third quarter earnings reports from Nordstrom (JWN) and J.C. Penney (JCP). WHAT'S NEW: Nordstrom reported Q3 earnings per share of 42c, against analyst estimates of 72c, Q3 revenue of $3.24B below consensus estimates of $3.37B. Same-store sales for the quarter increased 0.9%. Nordstrom said its quarterly performance reflected softer trends that were generally consistent across channels and merchandise categories. The company also lowered its FY15 adjusted EPS view to $3.40-$3.50 from $3.70-$3.80, against analysts' expectations of $3.75, lowered its FY15 revenue guidance to up 7.5%-8% from 8.5%-9.5% and lowered its FY15 SSS view to 2.5%-3% from 3.5%-4.5%. Meanwhile, J.C. Penney reported a smaller than expected loss, with adjusted EPS of (47c) on revenue of $2.9B, beating analysts' estimates of (55c) and $2.88B, respectively. Same-store sales for the quarter were up 6.4%. The company reaffirmed its fiscal year 2015 view for a 4%-5% increase in SSS and said on its earnings conference call that it believes fourth quarter comps will be in line with FY15 expectations and also reaffirmed expectations of $1.2B in EBITDA in 2017. The company still expects to be cash flow breakeven in FY15 and confirmed reports that it recently cut 300 positions at its Plano, Texas office. WHAT'S NOTABLE: Macy's (M), which generally competes more with Nordstrom, reported Q3 revenue that missed analysts' expectations on Wednesday, and the retailer cut its FY15 EPS view to $4.20-$4.30 excluding charges from $4.70-$4.80, also well below estimates calling for $4.65, with total sales down 2.7%-3.1%, compared to previous guidance of down about 1%. Macy's now sees FY15 SSS on an owned plus licensed basis down by 1.8% to 2.2%, compared with previous guidance of approximately flat. Macy's noted "tepid" spending by U.S. customers in Q3, and provided Q4 EPS of $2.54-$2.64, well below analysts' consensus estimates of $2.90. Kohl's (KSS), which competes more closely with J.C. Penney, reported Q3 results that beat analysts' estimates on Thursday, with EPS of 75c on revenue of $4.43B, against estimates for 69c and $4.4B, respectively, and SSS up 1%. The company said it believes it can "hit" FY15 EPS guidance of the low end of $4.40-$4.60, but forecast negative weather trends in Q4. Macy's is more dependent on tourist spending than Kohl's. ANALYSTS' REACTION: Deutsche Bank analyst Paul Trussell says he's "disappointed and shaken" by Nordstrom's weaker than expected Q3 results and guidance and cut his price target to $66 from $84. Citi analyst Paul Lejuez cut his price target on Nordstrom to $65 from $92 and called the retailer's results a "sucker punch." Credit Suisse analyst Michael Extein also lowered his target on Nordstrom to $60 from $75. Stifel maintained its price target on Nordstrom and said it expects ROIC to improve and EPS growth to accelerate over the longer term. REPORTS TO COME: TJX Companies (TJX) and Ross Stores (ROST), which are also being hit by the plunge in the retail sector, will report quarterly earnings on November 17 and November 19, respectively. PRICE ACTION: In morning trading, shares of Nordstrom are down 17% to $52.56 and shares of J.C. Penney are lower by nearly 9% to $8.01. Much of the rest of the retail sector is lower this morning, with Macy's down over 3%, Kohl's plunging 8%, TJX down more than 5% and Ross down nearly 5%. Fossil (FOSL), which also reported earnings yesterday, is down almost 32%.

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