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Stock Market & Financial Investment News

News Breaks
August 20, 2014
12:37 EDTTGT, LOW, IRF, IFNNY, HTZ, SFLYOn The Fly: Midday Wrap
The market opened in negative territory, but within striking distance of the flat line. There was little in the way of major news that investors could use to push the market higher as they moved to the sidelines ahead of this afternoon’s release of the minutes of last month’s FOMC meeting. After spending most of the morning mixed, the each of the major equity averages has crossed into positive territory, albeit just barely. The Fed’s minutes will be released at 2:00 pm ET. ECONOMIC EVENTS: The Mortgage Bankers' Association Purchase Applications showed a week-over-week drop of -0.4% in the purchase index, but a 3% rise in the refinance index... The EIA Petroleum Status Report showed a 4.5M draw in oil inventories to 362.5M barrels during last week. COMPANY NEWS: Target (TGT) reported Q2 earnings that missed on the bottom line by 1c but beat slightly on the top line, and the company cut its FY14 EPS view to $3.10-$3.30 from $3.60-$3.90. Target is trading up over 1% in midday trading... Lowe's (LOW) reported better-than-expected Q2 earnings and said it sees FY14 EPS approximately $2.63, above the consensus of $2.61. Lowe's is trading up fractionally. MAJOR MOVERS: International Rectifier (IRF) is up 47% after being acquired by Infineon (IFNNY) for $40 per share in cash... Hertz (HTZ) is down more than 9% after the company withdrew its FY14 guidance, saying it expects to be "well below" the low end of the guidance... Shutterfly (SFLY) is up over 3% after Bloomberg reported that private equity firms are bidding on the company. INDEXES: Near midday, the Dow was up 33.38, or 0.2%, to 16,952.97, the Nasdaq was up 0.55, or 0.01%, to 4,528.07, and the S&P 500 was up 1.99, or 0.1%, to 1,983.59.
News For TGT;LOW;IRF;IFNNY;HTZ;SFLY From The Last 14 Days
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September 30, 2014
16:00 EDTHTZOptions Update; September 30, 2014
iPath S&P 500 VIX Short-Term Futures up 37c to 31.18. Option volume leaders: AAPL TSLA NFLX BAC TWTR AMZN HTZ DOW C F NFLX PBR according to Track Data.
14:53 EDTHTZAvis Budget falls after CFO calls high end of EBITDA goal 'challenging'
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September 29, 2014
06:33 EDTSFLYShutterfly shareholders would support sale at 'fair' price, WSJ reports
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September 26, 2014
10:18 EDTSFLYOptions with decreasing implied volatility
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September 25, 2014
10:33 EDTSFLYOptions with decreasing implied volatility
Options with decreasing implied volatility: VHC RPRX SFLY VNET YHOO RHT KMX BBBY CCL ACN
September 24, 2014
11:04 EDTSFLYOptions with decreasing implied volatility
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08:29 EDTLOWLowe's management to meet with Deutsche Bank
Meeting to be held in Los Angeles on September 24 hosted by Deutsche Bank.
September 23, 2014
10:33 EDTSFLYOptions with decreasing implied volatility
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08:56 EDTLOWLowe's management to meet with Deutsche Bank
Meetings to be held in San Mateo/San Francisco/Los Angeles on September 23 hosted by Deutsche Bank.
September 22, 2014
12:26 EDTSFLYShutterfly in talks to be taken private for over $50 per share, Reuters says
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12:21 EDTSFLYShutterfly calls active, in advanced talks to be bought by Silver Lake, report
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12:16 EDTSFLYShutterfly near highs of session, up about 5%
12:10 EDTSFLYShutterfly in advanced talks to be bought by Silver Lake, Reuters says
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09:54 EDTLOWLowe's management to meet with Deutsche Bank
Meeting to be held in San Francisco on September 22 hosted by Deutsche Bank.
September 19, 2014
18:20 EDTLOWLowe's CEO Niblock sells nearly $28M of company stock near record high
In regulatory filings, it was disclosed that Lowe's CEO Robert A. Niblock sold nearly $28M worth of company stock from September 9-11. Lowe's stock has been climbing steadily over the past three months, and it made both a 52-week and record high of $54.81 on Friday, September 19.
08:05 EDTHTZHertz says China partner IPOs in Hong Kong
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September 18, 2014
11:01 EDTTGTTarget to hire 70,000 seasonal workers in 2014, CNBC reports
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10:40 EDTLOWPier 1 Imports falls to 12-month low after weak Q2, lowered outlook
Shares of home furnishings retailer Pier 1 Imports (PIR) hit a 12-month low after the company's second quarter results fell below analysts' consensus estimates and it reduced its fiscal 2015 earnings per share outlook. WHAT'S NEW: Pier 1 Imports reported Q2 EPS of 10c on revenue of $418.6M, missing analysts' consensus estimates of 14c and $426.02M, respectively. Same-store-sales for the quarter were up 4.5%. The retailer lowered its FY15 EPS outlook to 95c-$1.05 from $1.14-$1.22. Analysts' consensus estimates for FY15 EPS prior to the earnings report was $1.13. The company sees FY15 SSS in the mid-to-high single digits and gross profit, as a percentage of sales, are expected to be 40.5%-41.5%. Pier 1 Imports CEO Alex Smith said that he foresees online sales to surpass $400M in 2016. WHAT'S NOTABLE: During the company's conference call, Pier 1 Imports said that it expects to see improving merchandise margins in coming quarters with fewer coupons. The company noted plans to continue returning cash to shareholders in the form of dividends and share buybacks. ANALYST REACTION: This morning, Wells Fargo analyst Matt Neemer downgraded Pier 1 Imports to Market Perform from Outperform. He feels that the stock will be a difficult one to own in the medium term as the retailer moves towards a multi-channel approach. Neemer believes that the company has a difficult journey ahead as it cuts broad-based discounters, and he feels that consumers will take time to get accustomed to the new messaging. He cut his price target range to $15-$16 from $19-$20 for the company. Barclays analyst Alan Rifkin downgraded Pier 1 Imports to Equal Weight from Overweight due to slow revenue growth and heightened promotions. He feels that that the "soft" revenues could continue. He believes that the company's elongated online profitability pipeline and increased promotions are certain to be a burden on the business in ways that the company had not initially thought. Rifkin said that growing the top line will be even harder in the absence of promotions. He reduced his price target for shares to $14 from $18. Argus analyst Christopher Graja downgraded Pier 1 Imports to Hold from Buy due to the company's lower than anticipated Q2 earnings. He feels that in terms of the home furnishings market, companies such as Williams-Sonoma (WSM), Home Depot (HD) and Lowe's (LOW) are more "resilient" for shareholders. Pier 1 Imports was also downgraded to Hold from Buy at BB&T. PRICE ACTION: In morning trading, Pier 1 Imports fell $2.63, or 16.99%, to $12.90. Including today's pull back, the stock is down approximately 45.2% over the past 12 months. OTHERS TO WATCH: Other companies in the home furnishings space include Restoration Hardware (RH), and Bed Bath & Beyond (BBBY).

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