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Stock Market & Financial Investment News

News Breaks
January 10, 2014
09:14 EDTOMC, AA, TGT, MNKD, YRCW, ICPT, M, FIVE, PUBGY, ANF, SHLD, BLDP, PSUNOn The Fly: Pre-market Movers
HIGHER: Abercrombie & Fitch (ANF), up 15% after company raises FY adjusted EPS view, shares upgraded at Janney Capital. Macy's (M), up 1.2% after upgraded at Goldman... Intercept (ICPT), up 33.5% after price targets raised at Citigroup, BofA/Merrill and Oppenheimer... Omnicom (OMC), up 2% after Reuters reported EU clears merger with Publicis (PUBGY). LOWER: Target (TGT), down 1% after lowering Q4 comparable sales view, disclosing that information from up to 70M guests taken during data breach... Sears (SHLD), down 11% after saying fourth quarter sales-to-date are down 7.6% and projecting fourth quarter and fiscal-2013 losses that were larger-than-expected... Alcoa (AA), down 6.5% after earnings miss expectations... Pacific Sunwear (PSUN), down 18.4% after sales metrics, guidance, downgrade at Janney Capital... Five Below (FIVE), down 9.7% after cutting fourth quarter guidance... YRC Worldwide (YRCW), down 20% after the International Brotherhood of Teamsters announced that employees did not approve the memorandum of understanding extension proposal made by the company... MannKind (MNKD), down 11.6% after announcing tentative date of FDA advisory committee review of Afrezza.
News For TGT;SHLD;M;AA;ANF;ICPT;OMC;PUBGY;YRCW;PSUN;FIVE;MNKD;BLDP From The Last 14 Days
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May 19, 2015
16:23 EDTICPTOn The Fly: Top stock stories for Tuesday
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16:01 EDTMNKDOptions Update; May 19, 2015
iPath S&P 500 VIX Short-Term Futures down 27c to 19.17. Option volume leaders: AAPL BAC WMT MSFT FB TWTR MNKD NFLX T PBR
15:00 EDTTGTNotable companies reporting before tomorrow's open
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14:41 EDTTGTTarget (TGT) May weekly 78 straddle priced for 3.6% movement Q1
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14:38 EDTTGTTarget volatility elevated into Q1 and outlook
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13:04 EDTTGTEarnings Watch: Lowe's sees FY15 EPS $3.29, strongest comps of year in Q1
Lowe's Companies (LOW), a home improvement retailer, is scheduled to report on its first quarter before the market open on Wednesday, May 20, with a conference call scheduled for 9:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 74c on revenue of $14.27B, according to First Call. The consensus range for EPS is 69c-80c on revenue of $13.97B-$14.52B. LAST QUARTER: Lowe's reported fourth quarter EPS of 46c on revenue of $12.54B, beating analyst's estimates of 44c and $12.31B, respectively. The company also reported Q4 same-store sales rose 7.3%, with U.S. comparable sales up 7.4%. The company forecast fiscal year 2015 EPS $3.29 against estimates at that time for $3.28 and said it expects revenue up 4.5%-5% in the fiscal year compared to last. Lowe's also forecast FY15 SSS up 4%-4.5% and said it expects to report the highest comp for FY15 in Q1. On its earnings conference call, the company said it expects higher comps in the first half of 2015 than the second half. The company said it expects jobs, incomes and household financial conditions to improve in 2015. NEWS: During the quarter, Lowe's announced a new $5B share repurchase program, which has no expiration date and adds to the previous program's balance, which was $2.4B at January 30. Seeking Alpha contributor Xuhua Zhou, described as a hedge fund analyst, recently wrote in a blog post that "research confirms Lowe's is guilty of formaldehyde noncompliance in sourcing laminate flooring from China." The Consumer Products Safety Commission and Environmental Protection Agency should include Lowe's products in their safety testing of Lumber Liquidators' (LL) wood, the writer believes. A Lowe's spokesperson told Bloomberg that the Tescun flooring is being removed from stores. Lowe's Canada recently reached an agreement to acquire the leases of 13 former Target (TGT) Canada Locations and will buy Target's Milton, Ontario distribution center for approximately C$151M. STREET RESEARCH: On the day after its last earnings report, UBS raised its price target on Lowe's to $83 from $75, citing the company's big ticket comp growth, the improving economy and pent up demand from consumers putting projects on hold since the downturn. Argus also raised its price target, to $82 from $70, and said its confidence in the company's ability to generate profitable growth has increased. In March, Oppenheimer raised its price target on Lowe's to $85 from $77 and said the stock has a number of positive catalysts, including solid U.S. consumer spending trends, significant slack in the U.S, housing recovery, improving market sentiment and investors' interest in domestic plays as the dollar strengthens. BofA/Merrill said the home improvement space is one of the more attractive areas within retail and recommends buying Lowe's. The firm remains positive on the company's earnings growth and lack of negative catalysts. PRICE ACTION: Over the last three months, Lowe's shares are up nearly 1%. In early afternoon trading ahead of Wednesday's report, Lowe's is fractionally lower at $72.77.
12:47 EDTTGTEarnings Watch: Target sees FY15 adjusted EPS $4.45-$4.65, 2%-3% sales growth
Target (TGT) is scheduled to report first quarter results before the market open on Wednesday, May 20, with a conference call scheduled for 10:30 am ET. Target offers merchandise at discounted prices through its retail stores and online business. EXPECTATIONS: Analysts are looking for earnings per share of $1.03 on revenue of $17.09B, according to First Call. The consensus range for EPS is 85c-$1.09 on revenue of $16.98B-$17.25B. LAST QUARTER: Target reported fourth quarter adjusted EPS of $1.50 on revenue of $21.75B, beating analysts' estimates for $1.46 and $21.63B, respectively. The company said comparable sales increased 3.8% in Q4, reflecting a 3.2% increase in comparable transactions. Target said digital channel sales contributed 0.9 percentage points to SSS growth. Target forecast Q1 adjusted EPS 95c-$1.05, SSS up about 2% and said its top priority is to drive digital sales growth. The company said it could be in a position to revisit stock buybacks later this year and noted that its workers' wages are "competitive." NEWS: At its Financial Community Meeting on March 3, Target forecast fiscal year 2015 adjusted EPS $4.45-$4.65, against estimates at that time for $4.50, on sales growth of 2%-3% for the fiscal year. The company also forecast 10% annual EPS growth for 2016 and beyond, as well as 5%-10% annual dividend growth. Target forecast $2B in savings in expenses and cost of goods over the next two years and 9.5%-10% EBITDA margins over the next five years. As for share repurchases, Target sees $2B this year, and said it continues to support the dividend and repurchase "billions." Looking to FY15, Target forecast FY15 capital expenditures of $2.1B and sees expected CapEx of $2B-$2.5B over the next five years. Target said its gross margin rate of 29.5% is "achievable." Target said it would focus on categories including style, baby, kids and wellness. As part of its $2B cost savings plan, Target said it will cut "several thousand jobs." Target said in a filing that on March 10, the company notified approximately 1,700 employees whose employment will be terminated as part of an overall plan to transform Targetís business. The company said it expects to incur severance costs of $10M. During the quarter, Target said it planned to raise its minimum pay for all workers to at least $9 an hour starting in April, according to The Wall Street Journal, and agreed to pay $10M to settle a class action lawsuit related to its 2013 data breach, Reuters reported. Target reached a settlement with MasterCard (MA) to resolve claims by MasterCard and its issuers related to the retailerís 2013 data breach. Under the agreement, Target will make available up to $19M in alternative recovery offers to eligible banks and credit unions across the globe. Target Canada said it would close the last 133 retail stores by April 12. Target also announced plans to sell its Target Commercial Interiors subsidiary to Omni Workspace. The retailer launched the Lilly Pulitzer for Target collection in April, which rendered its website inaccessible for short time after it was overwhelmed by customer traffic, The WSJ said. The WSJ also reported that, according to sources, Target gave notice to Campbell Soup (CPB), General Mills (GIS), Kellogg (K), Kraft Foods (KRFT) and others that it will reduce their presence in Target circulars and in-store advertisements. STREET RESEARCH: Following Target's analyst meeting, Wells Fargo said it thinks the company's operating plan sets the stage for the company to potentially beat expectations in 2015 and beyond. The firm believes that"outsized digital growth" or new products could enable Target's results to beat expectations. Piper Jaffray views Target's long term earnings algorithm, which is based on a 1% store comp and 40% growth in digital sales annually, as realistic and the company's capital deployment as encouraging. BofA/Merrill upgraded Target to Buy from Neutral in April and increased its price target to $92 from $86. The firm believes Target is well positioned to benefit from an improving middle-income core customer base. The firm said customers are responding well to improved assortment and merchandising and expects Target to continue to see increased spending at stores and online as customers trade-up to more expensive items. PRICE ACTION: Target shares are up over 1.6% over the past three months. In early afternoon trading ahead of Wednesday's earnings report, shares are down 0.51% to $77.96.
11:57 EDTICPTFollow-up: Intercept downgraded on lack of catalysts at BofA/Merrill
As previously reported, BofA/Merrill downgraded Intercept to Neutral from Buy. The firm said with the announcement of Intercept's Phase 3 REGENERATE trial to evaluate OCA for NASH removes a catalyst for shares. BofA/Merrill believes the focus will now turn to PBC approval and expected in 1H 2016 launch, which is reflected in valuation. The firm maintains its $315 price target.
11:46 EDTICPTIntercept downgraded to Neutral from Buy at BofA/Merrill
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11:09 EDTICPTIntercept trial endpoints not surprising, says Deutsche Bank
Deutsche Bank says it is not surprised by the design or size of the Phase 3 OCA trial announced this morning. The firm has a Buy rating on Intercept with a $500 price target.
10:07 EDTICPTIntercept shares defended on trial design at Cowen
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09:52 EDTICPTIntercept weakness a buying opportunity, says RBC Capital
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06:32 EDTICPTIntercept to host conference call
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06:08 EDTICPTIntercept announces international Phase 3 trial of OCA
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May 18, 2015
20:16 EDTFIVE, ANF, PSUNUrban Outfitters down over 16% after disappointing Q1 results
Urban Oufitters (URBN) is down sharply after reporting first quarter earnings per share and revenue that missed analyst estimates. WHAT'S NEW: Urban Oufitters reported Q1 EPS of 25c on revenue of $739.01M, below consensus expectations of 30c and $758.25M, respectively. Urban Outfitters also reported Q1 comparable retail segment net sales up 4%, with Q1 retail segment net sales increasing 17% at Free People, 5% at Urban Outfitters, and 1% at the Anthropologie Group. Wholesale segment net sales rose 18%. WHAT'S NOTABLE: On its Q1 earnings conference call, Urban Outfitters announced that Urban Outfitters Group CEO Ted Marlow, who oversaw the direction of the namesake brand, would retire at the end of August. While Urban Outfitters did not provide guidance, Urban Outfitters Anthropologie Group CEO David McCreight commented on the Anthropologie brand, "We're expecting we could see Q2 shaping up like Q1 in terms of low single-digit comps. We could also see being in the low-mid-single digit comps. It's hard to tell at this point." ANALYST REACTION: Two analyst firms lowered their respective price targets on Urban Outfitters following the company's earnings report. Sterne Agee, which rates Urban Outfitters a Neutral, lowered its 12-month price target to $34 from $46, noting the company has had trouble getting both its Urban Outfitters and Anthropologie brands to perform at the same time. Cantor, which maintained its Buy rating, lowered its price target to $53 from $54, saying that Anthropologie sales disappointed, but noting that a "later catalog release appears to us to have pushed some sales at Anthropologie into May." PRICE ACTION: Urban Outfitters fell 16.4% to just over $34 in after-hours trading. PEERS: Other publicly traded companies in the space include Abercrombie & Fitch (ANF), American Eagle (AEO), Five Below (FIVE), Pacific Sunwear (PSUN), and Zumiez (ZUMZ).
15:16 EDTSHLDSears Holdings May weekly volatility increases into Q1 and outlook
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07:27 EDTMMacy's management to meet with JPMorgan
Meeting to be held in Los Angeles on May 18 hosted by JPMorgan.
05:50 EDTMNKDStocks with implied volatility movement; BBRY MNKD
Stocks with implied volatility movement; BlackBerry (BBRY) 55, MannKind (MNKD) 75 according to iVolatility.
May 17, 2015
19:11 EDTTGTTarget to reduce advertising space for certain large brands, WSJ says
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18:56 EDTMGoogle to feature 'buy' button in sponsored search results, WSJ says
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