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March 7, 2014
12:18 EDTHAWK, SWY, KR, BIG, FL, COO, ALOG, PRGSOn 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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September 26, 2014
13:55 EDTFLFoot Locker, Finish Line downgraded to Neutral at BofA/Merrill
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13:48 EDTFLFoot Locker downgraded to Neutral from Buy at BofA/Merrill
10:58 EDTFLFinish Line left out of sports footwear rally after earnings miss
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10:31 EDTFLNike runs higher after results, guidance beat expectations
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10:23 EDTFLFoot Locker trades up on the heels of strong Nike earnings
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06:22 EDTFLNike updated FY15 outlook 'surprisingly bullish,' says Citigroup
Citigroup says Nike (NKE) reported "impressive" Q1 results with a "surprisingly bullish" update to FY15 guidance on global momentum and gross margin gains. Citi raised its price target for shares to $93 from $92 and reiterates a Buy rating on the name. The firm views the results as a positive read-through for Foot Locker (FL).
September 25, 2014
18:21 EDTPRGSOn The Fly: After Hours Movers
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16:18 EDTPRGSProgress Software reports Q3 EPS 39c vs.27c
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15:29 EDTPRGSNotable companies reporting after market close
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11:37 EDTHAWKBlackhawk purchase of Parago an incremental positive, says Wells Fargo
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09:57 EDTBIGBig Lots management to meet with Piper Jaffray
Meeting to be held in Boston on October 1 hosted by Piper Jaffray.
08:44 EDTHAWKBlackhawk to host conference call
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08:36 EDTHAWKBlackhawk to acquire Parago for $290M
Blackhawk Network will acquire all outstanding shares of Parago, Inc. for approximately $290M. Parago is provider of end-to-end engagement management programs for consumers, sales channels and employees. Its client roster includes more than 250 customers. Parago will operate as a subsidiary of Blackhawk Network and will remain headquartered in Dallas, Texas. Blackhawk is acquiring the shares of Parago for approximately $290M in cash, subject to adjustment, and plans to finance the purchase using cash on hand and approximately $200M in new borrowings under an expansion of its current credit facility. The company expects the acquisition to be meaningfully accretive in 2015, adding $24M-$28M in adjusted EBITDA and $8M-$10M in adjusted net income. The transaction is expected to close by October 31.
September 24, 2014
10:39 EDTALOGAnalogic to host investor day
Investor Day to be held in Peabody, MA on October 1 at 10 am.Webcast Link
September 19, 2014
12:00 EDTPRGSTIBCO slumps after Q3 earnings miss, weaker than expected Q4 outlook
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September 18, 2014
14:52 EDTKRKroger testing online ordering, pick-up service, Progressive Grocer says
Kroger is testing a "click-and-collect system" in Cincinnati which allows customers to submit their orders online and pick them up at a drive-thru windows, Progressive Grocer reports. The technology that Kroger is utilizing is the same technology that has been deployed by Harris Teeter, a company that Kroger acquired last year. "Harris Teeter has successfully scaled this model in their stores and we are learning a lot from them about it. Our approach with new technologies and systems is to test small and work out the kinks before scaling more widely," said Rachel Betzler, public relations manage for Kroger's Cincinnati division. Reference Link
14:06 EDTKRKroger price target raised to $58 from $55 at Argus
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10:44 EDTKRKroger board raises quarterly dividend by 12% to 18.5c
Kroger's Board raised the quarterly dividend by 12% to 18.5¢ per share, to be paid on December 1 to shareholders of record as of the close of business on November 14. The company continues to expect an increasing dividend over time.
09:22 EDTFLBack to school season healthy for footwear, says Sterne Agee
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07:36 EDTFLFoot Locker management to meet with UBS
Meeting to be held in Dublin, Ireland on September 18 hosted by UBS.
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