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Stock Market & Financial Investment News

News Breaks
August 20, 2014
12:37 EDTIFNNY, TGT, SFLY, IRF, HTZ, LOWOn 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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August 19, 2015
09:24 EDTLOWLowe's sees FY15 EBIT increase of 80-100 basis points
Expects choppiness throughout the year. Most of EBIT improvement will come from SG&A. Expects fixed cost leverage associated with sales growth.
09:19 EDTLOW, TGTOn The Fly: Pre-market Movers
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09:06 EDTLOWLowe's expects to open 70 stores in Canada by 2017
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09:05 EDTLOWLowe's sees FY15 cash flow from operations $5B, CapEx $1.3B
The company expects to repurchase $3.8B of stock in 2015. Sees FY15 effective income tax rate of 38.1%.
09:04 EDTLOWLowe's says key drivers in home improvement include disposable personal income
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08:02 EDTTGTTarget says SSS in signature categories grew 3x faster than company average
"We're very pleased with our second quarter financial results, as traffic growth, strong sales in our signature categories and continued expense discipline drove better-than-expected profitability," said Brian Cornell, chairman and CEO of Target. "While the momentum in our financial results is encouraging, we have much more to accomplish. Looking ahead, we are focused on making further progress against our strategic priorities and are committed to improving operations as we move through the important back-to-school, back-to-college and holiday seasons." Says comparable sales in signature categories -- Style, Baby, Kids and Wellness -- grew three times faster than the company average, resulting in comparable sales growth of four to five percent in both Home and Apparel.
08:01 EDTTGTTarget raises FY15 adjusted EPS view to $4.60-$4.75 from $4.50-$4.65
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08:01 EDTTGTTarget reports Q2 EPS $1.22, consensus $1.11
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07:34 EDTLOWLowe's weakness a buying opportunity, says Baird
Baird said weakness in Lowe's shares following its Q2 earnings miss is a buying opportunity. The firm cited management's confidence in their unchanged full year guidance implying a significant flow through improvement and 30%+ earnings growth over the second half of the year. Baird reiterated its Outperform rating and $83 price target on Lowe's shares.
06:06 EDTLOWLowe's sees FY15 EPS about $3.29, consensus $3.28
Sees FY15 revenue up 4.5%-5%. Sees FY15 SSS up 4%-4.5%. The company expects to add 15-20 stores in FY15.
06:05 EDTLOWLowe's reports Q2 EPS $1.20, consensus $1.24
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August 18, 2015
14:54 EDTTGTTarget technical comments before earnings
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14:52 EDTTGTTarget August 79.5 straddle priced for 3.2% movement into Q2
14:51 EDTTGT, LOWNotable companies reporting before tomorrow's open
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14:08 EDTLOWLowe's August 72.50 straddle priced for 3.5% movement into Q2
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13:01 EDTTGTEarnings Watch: Target to report Q2 results after management changes
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12:54 EDTLOWEarnings Watch: Analysts bullish on Lowe's ahead of Q2 earnings
Lowe's Companies (LOW), a home improvement retailer, is scheduled to report its second quarter earnings before the market open on Wednesday, August 19, with a conference call scheduled for 9:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of $1.24 on revenue of $17.27B, according to First Call. The consensus range for EPS is $1.21-$1.27 on revenue of $16.97B-$17.48B. LAST QUARTER: On May 20, Lowe's reported first quarter EPS of 70c on revenue of $14.13B, falling short of analysts' estimates of 74c and $14.28B, respectively. The company also said Q1 same-store sales rose 5.3% year-over-year. The company forecast fiscal year 2015 EPS of about $3.29 against estimates at the time of $3.31 and said it expects revenue to grow 4.5%-5%. Lowe's also forecast FY15 SSS to grow 4%-5% and added that it expected to open 15-20 home improvement and hardware stores in FY15. On its Q1 conference call, Lowe's forecast FY15 effective tax rate of approximately 38.1%, operating margin up 80-100 basis points, capital expenditures of roughly $1.4B, and cash flow from operations of approximately $5.1B. The company added that it continues to expect steady recovery within the housing market including positive trends in turnover and moderate home price appreciation. NEWS: On May 29, Lowe's announced that its board declared a 21.7% increase in its quarterly cash dividend to 28c per share, payable August 5 to shareholders of record as of July 22. On June 10, the company said at the Piper Jaffray Consumer Conference that it was seeing modestly improving wages and saw the income environment as constructive to the industry. It added that it was starting to see pickup from the bottom in housing and modest home price appreciation in 2015. At the Oppenheimer Global Consumer Conference on June 24, Lowe's said it was more focused on asset productivity than square footage, that it was contemplating new geographies, and that it expected to further capitalize on market opportunity in 2015. STREET RESEARCH: The day Lowe's reported Q1 earnings, Cantor Fitzgerald analyst Laura Champine lowered her price target for the company's shares to $68 from $75 due to lower-than-expected results. Cantor maintained its Hold rating on the stock. The same day, Bank of America Merrill Lynch said the company was still a top pick and reiterated its Buy rating, saying that, despite the Q1 earnings miss, it continued to expect Lowe's to benefit from investments. The day after Lowe's reported Q1 earnings, UBS said it believed the company's shares had room to run from at the time current levels. UBS reiterated its Buy rating for the company and lowered its price target to $82 from $83 on its shares. On June 8, Atlantic Equities initiated its coverage on Lowe's shares with a Neutral rating and a $79 price target. Exactly one week later, Wedbush upgraded Lowe's to Outperform from Neutral, saying it thought at the time that the company was benefiting from strong housing trends as well as Sears' (SHLD) increasing share losses, its previous investments, and macro tailwinds. Wedbush said the company will be a "winner" as long as interest rates remain low and increased its price target for the company's shares to $82 from $80. On June 30, BMO Capital upgraded Lowe's to Outperform and increased its price target to $81 from $73, citing expectations of stronger relative housing improvement and overall economic activity in Southeastern states, where Lowe's has a larger store footprint. BMO added that sales in the Pro segment could accelerate and potentially narrow the gap in comp-store sales with Home Depot (HD) if growth broadens in the coming months. On July 20, Deutsche Bank lowered its Q2 comparable sales and earnings estimates for both Lowe's and Home Depot below consensus to reflect "weak" industry data for building material, garden equipment, and supplies. Deutsche cut its Q2 comp estimate for Lowe's to 3.0% from 4.5% and earnings estimate to $1.23, below the consensus at the time of $1.25. Deutsche maintained its Buy rating on Lowe's stock. PRICE ACTION: Over the last three months, Lowe's shares are up fractionally. In early trading ahead of Wednesday's report, Lowe's are up over 1% to $73.34.
11:36 EDTTGTTarget reaches settlement with Visa over data breach, WSJ reports
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08:20 EDTTGTTarget August volatility elevated into Q2 and outlook
Target August call option implied volatility is at 42, September is at 23; compared to its 52-week range of 14 to 27 suggesting large price movement into the expected release of Q2 results on Aug 19.
08:03 EDTLOWLowe's August volatility elevated into Q2 and outlook
Lowe's August call option implied volatility is at 48, September is at 23; compared to its 52-week range of 16 to 29, suggesting large price movement into the expected release of Q2 results on Aug 19.
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