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March 7, 2014
12:18 EDTHAWK, COO, KR, PRGS, FL, SWY, ALOG, BIGOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday despite a surprisingly better than expected report on job growth in February. Most market watchers were gearing up for a miss due to weather related issues and when the number came out ahead of forecasts the buyers stepped in, which led the broader market to open sharply higher. The averages held their gains through the first hour of trading but began to weaken and turned mixed before 10 am ET. Only the bluechip Dow had been able to remain in positive ground by midday. ECONOMIC EVENTS: In the U.S., 175K non-farm jobs were added last month, beating the expected increase of 150K jobs. The unemployment rate rose to 6.7% from last month’s 6.6% rate. The trade balance report for January showed a deficit of $39.1B, versus the expected $38.5B deficit. A report on consumer credit growth in January is expected at 3:00 pm ET. COMPANY NEWS: Grocery store owner Safeway (SWY) agreed to be acquired by Albertsons, which is owned by private equity firm Cerberus, for a total value estimated at $40 per Safeway share. Safeway shareholders will receive $32.50 per share in cash, will have the right to receive pro-rata distributions of proceeds from primarily non-core assets with an estimated value of $3.65 per share, and Safeway's shares of Blackhawk (HAWK), with a current value of $3.95 per Safeway share, will still be distributed. Analysts were mixed in their opinions about the deal, with Deutsche Bank saying it views the $40 per share price as too low and adding it believes grocery peer Kroger (KR) should bid during the deal's 21 day go-shop period. Conversely, UBS upgraded Safeway to Neutral following the acquisition news and said it does not expect a counter bid by Kroger. At midday, Safeway shares were down nearly 3% to $38.40, while Kroger was up 1.5% to trade near $44 per share... Shares of closeout retailer Big Lots (BIG) spiked 19% after the company reported fourth results, said the wind-down of its Canadian operations is on schedule, and approved a $125M share repurchase program... Shoe and apparel retailer Foot Locker's (FL) shares rose 7% after the company reported fourth quarter earnings that beat the consensus estimate. Following the company's report, analysts at Deutsche Bank raised their price target on Foot Locker shares to $48, noting that the company's FY14 guidance was in-line with Street expectations, unlike most retailers. MAJOR MOVERS: Among the notable gainers was Cooper Companies (COO), which was up more than 5% near noon following its quarterly report. The results prompted analysts from at least two research firms to raise their price target on Cooper shares. Among the noteworthy losers following a disappointing quarterly report was medical technology company Analogic (ALOG), down nearly 17%. Also lower was Progress Software (PRGS), which fell 10% after cutting its first quarter profit and sales outlook last night. INDEXES: Near midday, the Dow was up 29.16, or 0.18%, to 16,451.05, the Nasdaq was down 21.37, or 0.49%, to 4,330.76, and the S&P 500 was down 0.82, or 0.04%, to 1,876.21.
News For SWY;KR;BIG;FL;COO;ALOG;PRGS;HAWK From The Last 14 Days
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November 20, 2015
09:09 EDTFLFoot Locker says remodeled stores are doing 'quite well'
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06:46 EDTFLFoot Locker reports Q3 EPS $1.00, consensus 95c
Reports Q3 revenue $1.79M, consensus $1.78B. Reports Q3 SSS up 8.7%
November 19, 2015
15:37 EDTFLFoot Locker volatility elevated into Q3 and outlook
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15:24 EDTFLNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Foot Locker (FL), consensus 94c... Sirona Dental (SIRO), consensus $1.10... Abercrombie & Fitch (ANF), consensus 22c... Hibbett Sport (HIBB), consensus 68c.
10:00 EDTFLOn The Fly: Analyst Initiation Summary
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08:50 EDTFLFoot Locker pullback leads to more favorable risk/reward, says Baird
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07:44 EDTFLFoot Locker trends appear mixed quarter to date, says UBS
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07:07 EDTHAWKBlackhawk acquires Netherlands-based DIDIX Gifting & Promotions
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November 18, 2015
19:27 EDTFLFoot Locker initiated with an Outperform at Wells Fargo
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17:35 EDTALOGAnalogic sees low-single digit revenue growth in FY16
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17:33 EDTALOGAnalogic reports preliminary Q1 EPS 55c, consensus 77c
Reports preliminary Q1 revenue approximately $115M, consensus $122.3M.
November 17, 2015
10:01 EDTFLUnder Armour, Nike slide after Dick's outlook misses expectations
Shares of Under Armour (UA) and Nike (NKE) slipped after Dick's Sporting Goods (DKS) provided guidance for the fourth quarter and fiscal 2015 that both missed consensus estimates. WHAT'S NEW: Dick's Sporting Goods reported Q3 adjusted earnings per share of 45c on revenue of $1.64B, mostly in-line with analyst estimates of 47c on revenues of $1.64B. The company guided for Q4 EPS of $1.10-$1.25, short of the consensus estimate of $1.43. Dick's also said it anticipates FY15 adjusted EPS of $2.85-$3.00, lower than current analyst expectations of $3.19. STREET RESEARCH: Following the report, Baird analyst Justin Kleber said that Dick's Sporting Goods is the "strongest player" in its segment, which should enable the company to grow its sector-leading 10% market share at the expense of smaller competitors. The analyst added that profitability for the company should improve as volumes increase and as the company leverages its store base to fulfill further orders. Kleber said that Dick's Sporting Goods' e-commerce business will be more profitable than its brick-and-mortar business by 2017. The analyst maintained a Neutral rating and $48 price target on Dick's Sporting Goods' stock. PRICE ACTION: In morning trading, Dick's Sporting Goods dropped 17.5% to $33.67, while supplier Under Armour fell 5.6% to $84.95 and Nike was down 2% to $121.08. Dick's peers fell as well, with Finish Line (FINL) dropping 1%, Foot Locker (FL) slid 1.3% and Cabela's (CAB) dipping marginally in morning trading.
10:00 EDTCOOOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Airgas (ARG) downgraded on valuation at KeyBanc... BHP Billiton (BHP) downgraded to Neutral from Buy at Clarksons Platou... Chesapeake (CHK) downgraded to Neutral from Buy at Sterne Agee CRT... ChipMOS (IMOS) downgraded to Equal Weight from Overweight at Morgan Stanley... Clovis (CLVS) downgraded to Neutral from Conviction Buy at Goldman... Cooper Companies (COO) downgraded to Market Perform from Outperform at Wells Fargo... Five Below (FIVE) downgraded to Neutral from Buy at Sterne Agee CRT... Grainger (GWW) downgraded to Underweight from Neutral at Atlantic Equities... Hess Corp. (HES) downgraded to Perform from Outperform at Oppenheimer... J Sainsbury (JSAIY) downgraded to Neutral from Buy at Citi... Kindred Biosciences (KIN) downgraded to Market Perform from Outperform at BMO Capital... Leju (LEJU) downgraded to Neutral from Buy at BofA/Merrill... Lombard Medical (EVAR) downgraded to Equal Weight from Overweight at Barclays... Osiris (OSIR) downgraded to Sell from Hold at Brean Capital... Polaris Industries (PII) downgraded on anemic ORV growth at Wedbush... SQM (SQM) downgraded to Hold from Buy at HSBC... Southwestern Energy (SWN) downgraded to Underperform from Neutral at Sterne Agee CRT... Starwood (HOT) downgraded to Outperform from Buy at CLSA... Urban Outfitters (URBN) downgraded to Hold from Buy at Cantor... WM Morrison (MRWSY) downgraded to Sell from Neutral at Citi... adidas (ADDDY) downgraded to Sector Perform from Outperform at RBC Capital... athenahealth (ATHN) downgraded to Underweight from Equal Weight at Barclays.
09:15 EDTCOOOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nuance (NUAN), up 9.1%... Cheetah Mobile (CMCM), up 7.7%... Eros International (EROS), up 12.8%... Home Depot (HD), up 3.1%...Wal-Mart (WMT), up 2.2%. ALSO HIGHER: Ocera Therapeutics (OCRX), up 14.8% after announcing Phase 1 study results for the company's oral formulation of OCR-002... Fitbit (FIT), up 2.4% after being upgraded to Buy from Neutral at BofA/Merrill. DOWN AFTER EARNINGS: Dicks Sporting Goods (DKS), down 15.4%... Urban Outfitters (URBN), down 12.8%. ALSO LOWER: Osiris Therapeutics (OSIR), up 25.5% after being downgraded to Sell from Hold at Brean Capital... Angie's List (ANGI), down 8.7% after board unanimously determines not to pursue IAC (IACI) proposal... Clovis Oncology (CLVS), down 4.1% after receiving downgrades from Goldman and WallachBeth... Chesapeake Energy (CHK), down 2.5% after being downgraded to Neutral from Buy at Sterne Agee CRT... Cooper Companies (COO), down 2% after being downgraded to Market Perform from Outperform at Wells Fargo.
06:03 EDTCOOCooper Companies downgraded to Market Perform from Outperform at Wells Fargo
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November 16, 2015
10:28 EDTPRGSProgress Software management to meet with JMP Securities
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07:41 EDTFLFoot Locker weakness a buying opportunity, says Canaccord
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November 13, 2015
08:05 EDTKRRoundy's buyout shows Fresh Market undervalued, sayst Jefferies
Jefferies analyst Mark Wiltamuth says Kroger's (KR) acquisition of Roundy's (RNDY) reaffirms his view that The Fresh Market (TFM) is undervalued. Fresh Market shares trade at 6 times EV/EBITDA, below the 6.9 times EV/EBITDA paid by Kroger for Roundy's, and the company has a "superior" margin, free cash flow and growth profile, Wiltamuth tells investors in a research note. With a new CEO exploring strategic options, either a "buyout or a new turnaround effort are brewing" for Fresh Market, the analyst contends. He keeps a Buy rating on the stock with a $29 price target.
November 12, 2015
16:31 EDTBIGBig Lots extends holiday hours
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10:50 EDTFLOptions with increasing implied volatility
Options with increasing implied volatility: FTK MW NLNK MNK GOGO LULU RAD FL
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