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Stock Market & Financial Investment News

News Breaks
August 21, 2014
10:35 EDTJCP, SHLD, BONT, MSears falls after reporting Q2 loss that more than doubled analyst projections
Shares of retailer Sears (SHLD) are slumping after the company reported a second quarter loss that was more than double what analysts projected. WHAT'S NEW: Sears' Q2 earnings per share was a loss of $5.39, which far surpassed analysts' consensus estimates of a $2.63 loss. The company's Q2 revenue was $8.01B, also missing analysts' consensus estimates of $8.13B. Same-store sales for the quarter at its full-line stores were up 0.1% and Kmart SSS for the quarter declined 1.7%. Sears' Chief Executive Officer Edward S. Lampert said that the company has shown progress in transformation, but added that the Q2 earnings "are unacceptable." Lampert said the company is "taking steps" to address its performance on several levels, including reducing costs, investing in its Shop Your Way and Integrated Retail customer initiatives, rationalizing our physical footprint and improving pricing and promotions. WHAT'S NOTABLE: During the company's conference call, the company said that it expects domestic pension contributions to decline after FY14, providing relief from funding pressures created by artificially low interests rates. During the FY14 holiday season, Sears expects that its domestic inventory will be at a level that the borrowing base will not limit the amount it can draw under the credit facility. The retailer said that it is taking steps to reduce costs, invest in acceleration of transformation, and improve pricing and promotional design. As Sears continues to adjust its store footprint, it expects to further reduce lease obligations. A main goal for the company is to focus on investments and acquisitions that will enhance shareholder value. Sears noted that it sees additional revenue and margin benefit in the future. The retailer expects to close 130 stores in FY14 and has closed 95 to date. OTHERS TO WATCH: Competitors of Sears include Macy's (M), Bon-Ton Stores (BONT) and J.C. Penney (JCP). PRICE ACTION: During morning trading, shares of Sears fell $2.51, or 7.15%, to $33.38. Macy's was up 0.4%, Bon-Ton Stores rose 10% and J.C. Penney rose 1.02%.
News For SHLD;M;BONT;JCP From The Last 14 Days
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February 26, 2015
06:44 EDTSHLDSears says targeting REIT formation in May or June
Sears said "We are continuing our efforts to develop Sears Holdings as a membership company, without the significant asset intensity of its traditional retail business. To this end, we announced in November that we have been exploring the formation of a Real Estate Investment Trust to purchase some of our properties and to manage them like a pure real estate company. While we can offer no assurances that such a transaction will be consummated, we have made progress and are proceeding towards its formation and separation, which is projected to occur in May or June of this year. We are currently targeting between 200 and 300 Sears and Kmart stores to be sold to the REIT with expected proceeds to Sears Holdings in excess of $2B. The REIT itself would be funded by equity and debt with the equity raised through a rights offering. The subscription rights would be distributed pro rata to all stockholders of record of the company, and every stockholder would have the right to participate, except that holders of the company's restricted stock that is unvested as of the record date would be expected to receive cash awards in lieu of subscription rights."
06:09 EDTSHLDSears reports Q4 EPS ($1.50), one estimate ($1.89)
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February 25, 2015
15:05 EDTSHLDNotable companies reporting before tomorrow's open
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08:59 EDTSHLDSears Holdings volatility elevated into Q4 and outlook
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February 24, 2015
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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06:48 EDTJCPPiper reiterates J.C. Penney as top pick for 2015
Piper Jaffray analyst Neely Tamminga reiterates J.C. Penney as a top pick for 2015 ahead of the retailer's year-end 2014 earnings report. Tamminga believes Penny's comp for February, the first month of its fiscal year, could be tracking up 4%. The analyst also thinks Penny management could express conviction in the retailer's plan to recapture share among moderate consumers on Thursday's earnings call. Tamminga has an Overweight rating on Penny with a $12 price target.
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
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.
February 20, 2015
14:46 EDTSHLDSears Holdings volatility elevated into Q4 and outlook
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February 19, 2015
14:41 EDTJCPJ.C. Penney volatility elevated into Q4 and outlook
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06:55 EDTMMacy's March volatility elevated into Q4 and outlook
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