|January 10, 2014|
|13:00 EDT||YRCW, HTH, SHLD, SWS, TGT, CHTP, ICPT||On The Fly: Midday Wrap|
Stocks on Wall Street were lower at midday after a report showed that U.S. hiring slowed markedly in December. The averages began the session in positive territory, as a "bad news is good news" attitude appeared to breifly return to the market, but the market never gained upside momentum. The averages crossed into negative territory before the end of the first hour of trading and have drifted in negative ground since then. ECONOMIC EVENTS: In the U.S., employers added 74K jobs in December, which was the smallest jobs gain since January 2011 and fell well short of expectations for 200K jobs to have been added. The unemployment rate unexpectedly fell to 6.7% from 7% in November, but the drop occurred largely because more people stopped looking for work. In China, the nation's trade surplus of $25.6B for December was below the $32.2B surplus expected. Export growth of 4.3% was slower than the prior month and missed expectations, while imports rose by 8.3%, which was more than expected. In Europe, S&P reaffirmed at its AAA rating on Germany with a stable outlook. COMPANY NEWS: Target (TGT) shares slipped 1% after the company increased its estimate of people affected by its recent security breach to 70 million and said additional information may have been stolen. The company also cut its forecast for the fourth quarter performance of its U.S. unit, noting that it now expects same-store sales will fall about 2.5%, compared with a prior view that they would be flat compared to last year. Target stated that its new expectation reflects stronger-than-expected Q4 sales prior to the companyís announcement of its data breach and "meaningfully weaker-than expected" sales since the announcement... Another department store owner, Sears Holdings (SHLD), plunged 12% after forecasting worse than expected fourth quarter losses and saying domestic comparable store sales for the quarter-to-date fell 5.7% at Kmart and 9.2% at Sears stores in the U.S. MAJOR MOVERS: Among the notable gainers was Intercept Pharmaceuticals (ICPT), which rose another 70% after its stock nearly tripled yesterday following the company's trial of obeticholic acid for the treatment of non-alcoholic steatohepatitis being stopped early for efficacy. Also higher was SWS Group (SWS), which rose about 21% to $7.33 near midday after Hilltop Holdings (HTH) offered to buy the rest of SWS that it doesn't already own for $7 a share in cash and Hilltop stock. Hilltop shares also rose nearly 9% after making the proposal. Among the noteworthy losers was Chelsea Therapeutics (CHTP), which fell 29% after the FDA posted briefing documents related to a review of a resubmission for the company's Northera drug. Also lower were shares of trucker YRC Worldwide (YRCW), which declined 13% after members of the International Brotherhood of Teamsters did not approve the memorandum of understanding extension proposal made by the company. INDEXES: Near 1 pm ET, the Dow was down 35.43, or 0.22%, to 16,409.33, the Nasdaq was down 1.71, or 0.04%, to 4,154.49, and the S&P 500 was down 1.10, or 0.06%, to 1,837.03.
News For TGT;SHLD;ICPT;SWS;HTH;CHTP;YRCW From The Last 14 Days
|July 1, 2015|
|09:46 EDT||TGT||Criteo rises after said to add Alibaba, Target as customers|
Shares of digital marketing solutions provider Criteo (CRTO) are rising in early trading after research firm Pacific Crest raised its price target on the stock. The firm also notes that it appears Criteo has recently added Alibaba (BABA) and Target (TGT) as customers. WHAT'S NEW: In a note to investors this morning, Pacific Crest analyst Evan Wilson said that the firm's checks indicate that Criteo now has cookies on 49% of the top 100 retail and travel websites in the U.S. Wilson noted that Google (GOOG) has 76% of the top 100, but suggested also that its heavy overlap with Criteo reinforces the view that the two companies' cookies serve different purposes. Wilson said Target was a notable Criteo win in the U.S. during Q2, while also saying the firm discovered that some Alibaba sites outside of China now have a Criteo cookie for the first time. Wilson raised his 2016 estimates for Criteo citing the continued strong checks and increased the firm's price target on the stock to $65 from $55. PRICE ACTION: In early trading, Criteo grained $2.30, or 4.8%, to $49.97.
|June 29, 2015|
|16:13 EDT||ICPT||Intercept submits applications for marketing approval of Obeticholic Acid |
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|June 26, 2015|
|10:00 EDT||TGT||On The Fly: Analyst Downgrade Summary|
Today's noteworthy downgrades include: ARM Holdings (ARMH) downgraded to Underperform from Market Perform at Bernstein... Apogee Enterprises (APOG) downgraded to Market Perform from Outperform at Northland... Atlas Resource Partners (ARP) downgraded to Underperform from Neutral at BofA/Merrill... Bank of the Ozarks (OZRK) downgraded to Hold from Buy at Drexel Hamilton... China Cord Blood (CO) downgraded to Neutral from Buy at Roth Capital... Citizens Financial (CFG) downgraded to Neutral from Buy at Guggenheim... Community Health (CYH) downgraded to Market Perform from Outperform at Raymond James... Eagle Bancorp (EGBN) downgraded to Hold from Buy at Sandler O'Neill... Fifth Street Senior (FSFR) downgraded to Neutral from Buy at UBS... FireEye (FEYE) downgraded to Equal Weight from Overweight at Barclays... Insight Enterprises (NSIT) downgraded to Underperform at Raymond James... Micron (MU) downgraded to Neutral from Buy at Mizuho... SYNNEX (SNX) downgraded to Hold from Buy at Needham... Swatch Group (SWGAY) downgraded to Equal Weight from Overweight at Barclays... Target (TGT) downgraded to Market Perform from Outperform at BMO Capital... Zoetis (ZTS) downgraded to Market Perform from Outperform at BMO Capital.
|07:40 EDT||TGT||Target downgraded to Market Perform from Outperform at BMO Capital|
BMO Capital downgraded Target to Market Perform citing near-term leadership uncertainty at a time when shares are trading near 52 week and all-time highs. BMO Capital's analyst said it was surprised by the announcement that Kathee Tesija, EPV and Chief Merchandising and Supply Chain Officer will transition into an advisory role but does not view it as a disagreement in strategic direction.
|June 25, 2015|
|09:03 EDT||TGT||Target: Chief Merchandising and Supply Chain Officer to move to advisory role|
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|08:26 EDT||TGT||Target management to meet with Evercore ISI|
Field trip to company headquarters to be held in Minneapolis on June 29 hosted by Evercore ISI.
|June 24, 2015|
|11:11 EDT||SHLD||Analyst says Best Buy shares poised to rise|
Best Buy's (BBY) stock is poised to advance after the company reports its second quarter results, research firm B. Riley predicted. WHAT'S NEW: Best Buy's forecast for increased margins in the second half of the year, along with easing comparisons, should cause the stock to rise, predicted B. Riley in a note to investors earlier today. The shares will be particularly well-positioned to climb after the company updates its guidance following its Q2 results, the firm believes. Best Buy's initiatives should help increase its revenue and profits heading into fiscal 2017 and the retailer can continues to increase its market share at the expense of Sears (SHLD), RadioShack and others. Additionally, macro economic trends remain favorable for Best Buy and its key product categories continue to perform well, according to B. Riley. The firm, which is particularly confident about the company's ability to beat Q4 consensus estimates, keeps a $47 price target on the name and reiterates a Buy rating on the shares. WHAT'S NOTABLE: In their own note to investors this morning, SunTrust analysts David Magee and D. Mitch Van Zelfden speculated on potential M&A activity in the specialty retail space, noting that "Wall Streetís appetite for acquisitions has strengthened recently." In their opinion, Best Buy acquiring GameStop (GME) is among the "most compelling relationships" in the sector, the note explained. PRICE ACTION: In mid-morning trading, Best Buy slid 0.4% to $34.72, while GameStop rose 1.3% to $44.92.
|07:35 EDT||SHLD||CFA Society of Chicago to hold a meeting|
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|June 23, 2015|
|07:31 EDT||HTH||Stephens to hold a field trip|
Bank Field Trip travels throughout Texas to visit with various banking companies on June 23-25.