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Stock Market & Financial Investment News

News Breaks
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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December 19, 2014
16:08 EDTSWYSafeway, Albertsons confirm agreements to sell 168 stores to four buyers
AB Acquisition LLC and Safeway (SWY) announced that they have entered into agreements, subject to approval by the Federal Trade Commission to sell 168 stores across eight states to four buyers: Associated Food Stores will purchase eight stores in Montana and Wyoming; Associated Wholesale Grocers / Minyards will purchase 12 stores in Texas; SUPERVALU (SVU) will purchase two stores in Washington; and Haggen will purchase 146 stores across Arizona, California, Nevada, Oregon and Washington. Divestiture of these stores is being undertaken in order to secure FTC clearance of the companies' proposed merger, which was announced in March and is expected to close in January 2015. The purchase agreements with the four buyers are all subject to approval by the FTC. Under the terms of the purchase agreements, the buyers will acquire the stores, equipment and inventory, and they intend to hire most, if not all, of the store employees upon the closing of the purchase of the stores.
12:27 EDTFLOn The Fly: Midday Wrap
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11:53 EDTFLFoot Locker heads lower with peers, levels to watch
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10:39 EDTFLNike leads footwear space lower after futures growth slows
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10:02 EDTFLFoot Locker downgraded to Underperform from Neutral at BofA/Merrill
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December 17, 2014
09:31 EDTBIGBig Lots upgraded to Buy from Neutral at Northcoast
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December 15, 2014
16:11 EDTCOOCooper Companies initiated with a Perform at Oppenheimer
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December 11, 2014
14:01 EDTKRKroger announces David Dillon to retire as Chairman of the Board on December 31
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December 10, 2014
12:24 EDTALOGOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there throughout the morning. The averages have moved in a narrow range as the price of crude continues to fall. Near noon, WTI crude was down another 5% to roughly $60 per barrel. The weakness is effecting equities, as investors are concerned the oil price weakness is indicative of the slowing global economy. ECONOMIC EVENTS: In the U.S., House and Senate lawmakers reportedly reached a deal on a nearly $1.1T bill to fund most of the government through September and avert a shutdown. The EIA estimated crude oil supplies grew 1.5 Mmbbls last week, while consensus expected a 2.7 Mmbbls decrease. The Treasury budget statement for November is expected at 2:00 pm ET, with the consensus expectation for a deficit of $63B. COMPANY NEWS: Shares of JPMorgan (JPM) declined 2% after guidelines proposed yesterday by the Federal Reserve would likely result in the firm managing to a higher capital buffer. Additionally, JPMorgan CFO Marianne Lake, speaking earlier at a Goldman Sachs conference, said the bank sees its Q4 reported markets revenues down by a "high teens" percentage and that its "core" markets performance in Q4, excluding the sale of physical commodities and allocation of preferred dividend expense, is indicated down 4% to-date compared to last year's quarter. Lake became the latest bank executive to discuss a Q4 trading slump, after Bank of America (BAC) CEO Brian Moynihan, speaking yesterday at the same financial conference, said the bank expects its Q4 trading revenue to be down on both a linked-quarter and year-over-year basis. Also yesterday, Citigroup (C) CEO Michael Corbat estimated that the bank's Q4 markets revenue would be down year-over-year by about 5%. MAJOR MOVERS: Among the notable gainers was Analogic (ALOG), which rose 12% after the company reported better than expected quarterly earnings. Also higher was Novadaq (NVDQ), which gained 11.5% after the company signed a multi-year distributor agreement with LifeNet Health that analysts at Canaccord said could potentially be a big deal and materially help its near and long-term prospects. Among the noteworthy losers was Yum! Brands (YUM), which dropped nearly 5% after the owner of the KFC, Pizza Hut and Taco Bell brands issued a negative preannouncement on its China business and provided lower than expected 2015 EPS guidance. Also lower were shares of Krispy Kreme (KKD), which sunk 8% after the donut maker reported weaker than expected earnings and revenue. INDEXES: Near midday, the Dow was down 164.41, or 0.92%, to 17,636.79, the Nasdaq was down 32.79, or 0.69%, to 4,733.68, and the S&P 500 was down 17.43, or 0.85%, to 2,042.39.
10:20 EDTKROptions with decreasing implied volatility
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10:00 EDTKROn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 3D Systems (DDD) initiated with an Underperform at Longbow... AutoZone (AZO) initiated with a Buy at Nomura... C.H. Robinson (CHRW) initiated with a Neutral at Nomura... CSX (CSX) initiated with a Buy at Nomura... CVS Health (CVS) initiated with a Neutral at Citigroup... Canadian National (CNI) initiated with a Neutral at Nomura... Carrizo Oil & Gas (CRZO) initiated with a Buy at Canaccord... CenterPoint Energy (CNP) initiated with a Neutral at Nomura... Con-way (CNW) initiated with a Neutral at Nomura... Cornerstone OnDemand (CSOD) initiated with a Buy at BofA/Merrill... Depomed (DEPO) initiated with an Outperform at RBC Capital... Dollar General (DG) initiated with a Buy at Citigroup... Dollar Tree (DLTR) initiated with a Neutral at Citigroup... Dynagas LNG (DLNG) initiated with a Buy at ABN Amro... EMC (EMC) initiated with a Neutral at JPMorgan... Energy Focus (EFOI) initiated with a Buy at Roth Capital... Expeditors (EXPD) initiated with a Neutral at Nomura... GasLog (GLOG) initiated with a Buy at ABN Amro... Genesee & Wyoming (GWR) initiated with a Neutral at Nomura... Golar LNG (GLNG) initiated with a Sell at ABN Amro... HII Technologies (HIIT) initiated with a Buy at Roth Capital... Hudbay Minerals (HBM) initiated with an Overweight at Barclays... J.B. Hunt (JBHT) initiated with a Buy at Nomura... Kansas City Southern (KSU) initiated with a Buy at Nomura... Kroger (KR) initiated with a Buy at Citigroup... Lear (LEA) initiated with a Buy at Northcoast... Lundin Mining (LUNMF) initiated with an Overweight at Barclays... NetApp (NTAP) initiated with a Neutral at JPMorgan... Norfolk Southern (NSC) initiated with a Neutral at Nomura... PROS (PRO) initiated with an Outperform at Pacific Crest... Qlik Technologies (QLIK)initiated with a Buy at BofA/Merrill... Rentokil (RTOKY) initiated with a Neutral at UBS... Revolution Lighting (RVLT) initiated with a Buy at Roth Capital... ServiceNow (NOW) initiated with a Buy at BofA/Merrill... Stratasys (SSYS) initiated with a Neutral at Longbow... Suburban Propane (SPH) initiated with a Hold at Stifel... Tableau (DATA) initiated with a Buy at BofA/Merrill... Teekay LNG (TGP) initiated with a Buy at ABN Amro... Tessera (TSRA) initiated with a Buy at Sidoti... Union Pacific (UNP) initiated with a Buy at Nomura... Viper Energy (VNOM) initiated with a Buy at Stifel... Visteon (VC) initiated with a Buy at Northcoast... Walgreen (WAG) initiated with a Buy at Citigroup... Werner (WERN) initiated with a Neutral at Nomura.
08:18 EDTKRDeutsche Bank to hold a conference
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06:17 EDTKRKroger initiated with a Buy at Citigroup
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December 9, 2014
18:21 EDTALOGOn The Fly: After Hours Movers
UP AFTER EARNINGS: Korn/Ferry (KFY), up 3.1%... Analogic (ALOG), up 2.7%. DOWN AFTER EARNINGS: Freshpet (FRPT), down 8.5% after reporting quarterly results... Krispy Kreme (KKD), down 4.9%... Broadcom (BRCM), reverses to down just below 1%. ALSO LOWER: Agios Pharmaceuticals (AGIO), down 1.9% after filing to sell $175M of common stock... Yum! Brands (YUM), down 4.6% after providing fiscal 2015 operating guidance.
16:19 EDTALOGAnalogic up 2.6% after reporting Q1 results
16:19 EDTALOGAnalogic reports Q1 EPS 63c, consensus 50c
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15:18 EDTALOGNotable companies reporting after market close
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09:04 EDTHAWKBlackhawk and USPS announce distribution deal
Blackhawk Network announced a new distribution deal with the United States Postal Service. Blackhawk's closed loop gift cards are available at select USPS locations, just in time for the holidays. Coming in 2015, Blackhawk Network expects to expand distribution to additional USPS locations as well as offer open loop gift cards from a variety of payment networks which can be redeemed anywhere that network is accepted.
December 8, 2014
14:44 EDTHAWKBlackhawk price target increased to $44 from $31 at Argus
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08:26 EDTBIGBig Lots sell-off unwarranted at FBR Capital
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