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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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May 22, 2015
09:25 EDTFLOn The Fly: Pre-market Movers
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09:19 EDTFLFoot Locker sees mid single-digit SSS gain in Q2
Foot Locker said it has been planning a mid single-digit comp gain in Q2 and that it is off to a "very solid start" with a double-digit month to date comparable sales gain in May. There are some launches coming up that will likely impact that month to date comp rate, the company noted. Q2 being a relatively low sales volume quarter will likely make it the quarter most negatively impacted by the stronger dollar, the company added.
09:17 EDTFLFoot Locker sees double-digit EPS growth in FY15, consensus $3.93
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09:10 EDTFLFoot Locker says March SSS up low double digits, April SSS up mid-single digit
Easter at the beginning of April benefited March sales, which were up low double digits, while April's comp gain was back to mid-single digits, Foot Locker stated on its Q1 earnings conference call.
07:07 EDTFLFoot Locker opened 37 stores and closed 41 stores in Q1
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07:06 EDTFLFoot Locker reports Q1 comparable store sales up 7.8%
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07:06 EDTFLFoot Locker reports Q1 EPS $1.29, consensus $1.23
Reports Q1 revenue $1.92B, consensus $1.91B.
May 21, 2015
18:03 EDTHAWKBlackhawk shareholders approve conversion into single class of common stock
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15:01 EDTFLNotable companies reporting before tomorrow's open
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12:21 EDTFLFoot Locker volatility elevated into Q1 and outlook
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May 20, 2015
17:48 EDTFLFoot Locker appoints Nicholas DiPaolo as non-executive chairman
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10:44 EDTKRKroger CEO says economics of delivery to home 'difficult'
Kroger CEO W. Rodney McMullen says he believes it will always be an "and," not an "or," choice for customers regarding grocery store visits and online purchases. McMullen spoke on CNBC.
10:42 EDTKRKroger CEO says consumer spending still 'fragile'
Kroger (KR) CEO W. Rodney McMullen says the company will continue to spend on stores. McMullen said it will be "fascinating" to see how Whole Foods (WFM) customers react to its plans for a smaller, lower-cost format. Kroger's CEO says food inflation has been tracking a 1%-2% and the company expects it to continue at that level. McMullen says Kroger looks at "just about anything that is available" in terms of M&A, but doesn't bid on many things. McMullen is speaking on CNBC.
10:00 EDTHAWKOn The Fly: Analyst Initiation Summary
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08:42 EDTFLGoldman says to buy Deckers Outdoor, sell Foot Locker
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07:07 EDTKRBMO Capital to hold a conference
10th Annual Farm to Market Conference is being held in New York on May 20-21 with webcasted company presentations to begin on May 20 at 8 am; not all company presentations may be webcasted. Webcast Link
May 19, 2015
16:48 EDTHAWK, HAWKBlackhawk initiated with an Underperform at CLSA
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May 18, 2015
08:48 EDTFLUBS sees multiple sources of upside for Foot Locker
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May 12, 2015
08:05 EDTKRGoldman Sachs to hold a forum
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May 10, 2015
14:12 EDTKRWhole Foods stock unlikely to outperform in near-term, Barron's says
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