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Stock Market & Financial Investment News

News Breaks
March 7, 2014
12:18 EDTHAWK, BIG, COO, KR, PRGS, FL, SWY, ALOGOn 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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April 29, 2015
09:25 EDTHAWKBlackhawk says taking "cautious" approach to forecast for rest of year
Sees FY15 adjusted effective tax rate around 38%, consistent with previous guidance. Notes that the first three quarters of the year represent overall smaller proportion of FY earnings. Says taking "cautious" approach to forecast for rest of year. Says forecasting further deterioration in FX rates for rest of year. Sees FY CapEx around $50M. Sees FY cash flow around $100M+. Comments made on the Q1 earnings conference call. Blackhawk shares are up 6.3% in pre-market trading.
08:52 EDTHAWKBlackhawk raises upper end of FY15 adjusted EPS view, now sees $2.13-$2.23
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08:50 EDTHAWKBlackhawk sees Q2 adjusted EPS 31c-33c, consensus 33c
Sees Q2 adjusted operating revenue $171M-$181M, consensus $169.22M. Sees Q2 adjusted EBITDA $25M-$27M. Sees FX impact worsening, sees FY15 adjusted EBITDA impact of $3.8M vs. $2.5M impact per guidance. Says synergies on track to yield cost savings of $8M for FY16. Sees FY15 projected adjusted EBITDA margins 22%-24%. Sees FY15 "pro forma organic" transaction dollar volume growth of 15%-20%. Comments from slides that will be presented on the Q1 earnings conference call.
April 28, 2015
19:10 EDTHAWKOn The Fly: After Hours Movers
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17:25 EDTHAWKBlackhawk reports Q1 adjusted EPS 34c, consensus 18c
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10:05 EDTKR, BIGOn The Fly: Analyst Initiation Summary
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April 27, 2015
16:53 EDTKRKroger initiated with a Sector Perform at RBC Capital
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16:12 EDTBIGBig Lots initiated with a Neutral at Sterne Agee CRT
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11:11 EDTKRdunnhumby and Kroger announce new alliance
dunnhumbyUSA joint venture partners dunnhumby and Kroger announced a new chapter in their alliance that will aim to provide greater flexibility for both parties to use data to create substantial opportunities for innovation and growth. Under the new arrangements dunnhumby Ltd and Kroger will replace their existing exclusive joint venture with a new long-term license and service agreement and the acquisition of certain assets from dunnhumbyUSA by Kroger. A new business called 84.51° will operate with those assets as its foundation.
08:21 EDTFLBofA/Merrill retail/consumer analysts hold analyst/industry conference call
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06:15 EDTKRWal-Mart fighting for right to sell more alcohol in Texas, WSJ reports
Wal-Mart (WMT) is fighting for the right to sell more alcohol in Texas, The Wall Street Journal reports. The retailer is suing the Texas Alcoholic Beverage Commission, claiming legal limits on sales of hard liquor are "unconstitutional," the publication says. Wal-Mart has also joined fellow retailers Costco (COST) and Kroger (KR), as well as other groups, to back legislation that would override the current state beverage laws. Reference Link
April 23, 2015
08:55 EDTBIGBig Lots weakness creates buying opportunity, says MKM Partners
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April 21, 2015
10:27 EDTFLFoot Locker announces partnership with PENSOLE
Foot Locker announced that they have entered into a collaboration with PENSOLE Footwear Design Academy to invest in the next generation of footwear by fostering innovation and creativity in the classroom. Foot Locker and PENSOLE will partner with ASICS Tiger on their first initiative this summer.
April 20, 2015
17:49 EDTPRGSProgress Software reports Chief Product and Technology Officer to resign
In a regulatory filing, Progress Software reports that John Goodson, SVP, Chief Product and Technology Officer, resigned effective May 1 to pursue another opportunity. "Goodson will not receive any severance or other benefits in connection with his termination of employment," said the company.
15:16 EDTSWYGreenlight starts new GM long position, rolls Lorillard short bet to Reynolds
David Einhorn's Greenlight Capital hedge fund said in its latest quarterly letter to investors that it had established new long positions in General Motors (GM), Chicago Bridge & Iron (CBI) and AerCap Holdings (AER) last quarter. WHAT'S NEW: Greenlight believes GM should benefit from low gas prices, low raw material costs, and its decision to launch share buybacks, Greenlight stated. GM has an excellent chance of beating 2015 EPS expectations, added the firm. Einhorn's group said they found the valuation of Chicago Bridge and Iron, an engineering and construction company with significant exposure to energy, attractive following the stock's decline. Although energy prices may stay low for some time, the company has a significant backlog that should support its earnings for several years, Greenlight stated. Additionally, the market is overestimating how much of the cost overruns for two nuclear energy projects with be shouldered by the company, Greenlight contended. AerCap, the largest publicly traded aircraft leasing company, bought AIG's (AIG) aircraft leasing business last year at a bargain price, Greenlight stated. The combined business will benefit from AerCap's low tax rate, as well as efficiencies, the hedge fund believes. WHAT'S NOTABLE: Greenlight exited its short position in Lorillard (LO). Greenlight noted that it has rolled its short bet on Lorillard into a fresh position in Reynolds American (RAI), since it still believes that the FDA is gearing up to do "something major" in terms of regulation of menthol cigarettes, but is moving "slowly and deliberately" because it anticipates an extremely aggressive industry response. The firm also exited two other short positions because the companies agreed to takeovers: Safeway (SWY) and Freescale Semiconductor (FSL), which has agreed to sell itself to NXP Semicondictors (NXPI).
April 19, 2015
12:41 EDTKRKroger, Dollar General, others can be bought and held for 3 years, Barron's says
Shares of PACCAR (PCAR), Lam Research (LRCX), Kroger (KR), Autoliv (ALV), Archer Daniels (ADM), and Dollar General (DG) should be bought and held for the next three years due to high return on invested capital, Barron's contends in a feature article. Reference Link

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