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News Breaks
January 10, 2014
09:15 EDTSHLDSears falls after guidance, levels to watch
The stock has fallen sharply in the pre-market, though it is trading off the lows of last night's extended session. At the current price of $37.87, the stock is at a fresh 52-week low, previously at $38.88 and now resistance. Support is at $36.75.
News For SHLD From The Last 14 Days
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November 17, 2014
10:06 EDTSHLDSears Canada, JPMorgan Chase announce changes to credit card program
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10:01 EDTSHLDSears introduces 'Reserve It' service
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November 10, 2014
09:08 EDTSHLDSears announces plans for mixed-use development in Aventura
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07:11 EDTSHLDOpen Mobile Media to hold a summit
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07:05 EDTSHLDMarket too upbeat on Sears report, Reuters columnist says
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November 7, 2014
16:24 EDTSHLDOn The Fly: Closing Wrap
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12:20 EDTSHLDOn The Fly: Midday Wrap
Stocks on Wall Street opened in relatively quiet fashion and trading has remained that way throughout the morning. The highly anticipated nonfarm payrolls report showed fewer than expected jobs were added last month, but the figures from the prior two months were also upwardly revised. The market has moved in a narrow range and for the most part has remained near the flat line, with the S&P and Dow little changed and the Nasdaq lagging near noon. ECONOMIC EVENTS: In the U.S., nonfarm payrolls rose 214K in October, which was below the consensus estimate for 235K jobs to have been added. However, back revisions boosted September's job gain to 256K from the 248K previously reported, while August's prior 180K reading was pushed up to 203K. The unemployment rate slid to 5.8% from 5.9%, its lowest level since July 2008. Later this afternoon, the Federal Reserve Board’s report on consumer credit growth in September is expected, with total credit projected to grow $16B. COMPANY NEWS: Shares of Disney (DIS) led all decliners on the Dow, as the stock fell 2.5% after the company reported earnings and revenue for its fourth quarter that were nearly in-line with consensus estimates. Along with its report, the company confirmed 2015's Star Wars movie will be entitled "The Force Awakens" and announced plans for another sequel in the "Toy Story" franchise. MAJOR MOVERS: Among the notable gainers was ChannelAdvisor (ECOM), which rose 46% after delivering generally in-line Q3 results, giving better than expected fiscal year revenue guidance and announcing the acquisition of U.K. based E-Tale Holdings. Also higher were shares of Sears Holdings (SHLD), which jumped 26% after the company disclosed it is actively exploring a REIT transaction involving 200-300 owned properties through a rights offering to shareholders. Among the noteworthy losers was Salix (SLXP), which plunged 36% and was downgraded by at least four firms after the company reported worse than expected Q3 results, gave lower than expected guidance and announced its CFO had resigned amid the company revising its view of the current inventory levels for its drugs. Also lower were shares of Intercept Pharmaceuticals (ICPT), which fell 33% after results from the FLINT trial evaluating obeticholic acid, or OCA, for the treatment of nonalcoholic steatohepatitis, or NASH, were published in The Lancet. Oppenheimer said it believes that data disclosed last night was in-line with previous data from Intercept, but that a Bloomberg story "cherry picked" negative aspects of the data, contributing to the share decline. INDEXES: Near midday, the Dow was virtually unchanged at 17,555.12, the Nasdaq was down 13.72, or 0.3%, to 4,624.75, and the S&P 500 was up 0.42, or 0.02%, to 2,031.63.
09:16 EDTSHLDOn The Fly: Pre-market Movers
HIGHER: Sears (SHLD), up 22.5% after reporting Q3 same-store sales were flat with prior year, saying company is actively exploring a REIT transaction involving 200-300 owned properties through a rights offering... Gap (GPS), up 2.9% after reporting October same-store sales fell 3%, giving Q3 EPS guidance that beat estimates... Zynga (ZNGA), up 9%, upgraded at Needham following the company's Q3 earnings report... King Digital (KING), up 8.6% after Q3 results top expectations, company announces $150M share repurchase program... ChannelAdvisor (ECOM), up 30% after earnings, guidance, announcing acquisition of U.K. based E-Tale Holdings... Rockwell Medical (RMTI), up 25% after FDA committee recommends Triferic to treat iron loss in certain patients with chronic kidney disease... Repros Therapeutics (RPRX), up 23% following meeting with FDA regarding Androxal NDA filing. LOWER: Salix (SLXP), down 35%, downgraded at Mizuho, Stifel and William Blair after the company reported worse than expected Q3 earnings, gave lower than expected guidance and announced its CFO had resigned... Intercept (ICPT), down 19% after FLINT trial results published... CTI BioPharma (CTIC), down 20% after filing convertible preferred stock offering... Transocean (RIG), down 5% after delaying its Q3 earnings release and conference call, stating the company expects Q3 to include a non-cash charge of $1.97B for impairment of goodwill... General Mills (GIS), down 4% after lowering FY15 outlook. DOWN AFTER EARNINGS: Abercrombie & Fitch (ANF), down 12.6%... Ubiquiti Networks (UBNT), down 17%... Arista Networks (ANET), down 10.5%... First Solar (FSLR), down 6%... Magnum Hunter (MHR), down 2%.
08:11 EDTSHLDOptions expected to be active
07:34 EDTSHLDSears reports $400M reduction of debt in Q3
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07:30 EDTSHLDSears sees Q3 domestic adjusted EBITDA similar to 2013
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07:28 EDTSHLDSears sees Q3 SSS flat with prior year
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07:25 EDTSHLDSears rises after saying REIT transaction being explored
Shares of Sears Holdings (SHLD) are higher in pre-market trading after the company disclosed in a regulatory filing that the company is actively exploring a REIT transaction involving 200-300 owned properties through a rights offering to Holdings shareholders. WHAT'S NEWS: Sears stated that it is actively exploring the monetization of a portion of its owned real estate portfolio, potentially in the range of 200-300 stores, through a sale-leaseback transaction, with the selected stores to be sold to a newly-formed real estate investment trust, or REIT. The company would continue to operate in the store locations sold to the REIT under one or more master leases. In the event such sale-leaseback transaction were to occur, the company would realize substantial proceeds from such sale, which would further enhance its liquidity. Additionally, if the company determines to pursue such a sale-leaseback transaction, the company expects to distribute to its shareholders, on a pro rata basis, rights to purchase shares of common stock or other equity interests of the REIT, funding a portion of the purchase price for the stores from the subscription proceeds of such shares or interests, with the balance from mortgage or other debt financing. "There can be no assurance that the company will pursue such a transaction, nor can there be any assurance that, even if pursued, such a transaction could be entered into and consummated on satisfactory financial and other terms," Sears noted. The REIT exploration comes as the company continues to evaluate its capital structure with the objective of enhancing its financial flexibility and liquidity, Sears said. "Consistent with previous statements, the company intends to proactively right-size, redeploy and highlight the value of its assets, including its substantial real estate portfolio, in its transition from an asset-intensive, store-focused retailer to an asset-light, integrated retail member-focused company," Sears added. WHAT'S NOTABLE: In the same filing, Sears disclosed that its comparable store sales for the third quarter were flat, comprised of an increase of 0.5% at Kmart offset by a decrease of -0.7% at Sears Domestic. Kmart’s third quarter comparable store sales increase reflects improvements in most categories, most notably apparel, outdoor living and toys, partially offset by declines in the grocery & household and consumer electronics categories. Sears Domestic’s third quarter comparable store sales decline is primarily attributable to decreases in consumer electronics, apparel and Sears Auto Centers, partially offset by increases in home appliances and mattresses. Excluding consumer electronics, a business that the company said it is transforming from largely focused on televisions to connected solutions, comparable store sales would have increased 1.2% at Kmart, 1.0% at Sears Domestic and 1.1% overall in the third quarter, Sears said. Sears also said that the company expects domestic Adjusted EBITDA for Q3 will be between ($275M) and ($325M), which is consistent with ($310M) million in last year’s third quarter, noting that the consistency is a "meaningful change in the downward trend of our year–over-year domestic Adjusted EBITDA performance relative to the prior six quarters." PRICE ACTION: In early pre-market trading, shares of Sears are up 10.7% to $36.18.

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