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Stock Market & Financial Investment News

News Breaks
May 21, 2014
12:38 EDTBAH, PETM, PHH, TIF, OGZPY, AEO, TGTOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, with the Dow's triple digit gain recapturing most of what had been lost by the blue chip index yesterday. Stock futures improved during pre-market trading, leading to a positive open for the broader market, but the averages have moved in a narrow range since the opening half hour of trading. Investors now await the release of the minutes from the Fed's last rate-setting meeting to see if there was any change in the language surrounding itís monetary policy. ECONOMIC EVENTS: In the U.S., the Federal Reserve will release the minutes from its April FOMC meeting at 2 pm ET. In Asia, the Bank of Japan left its policies unchanged, as was widely expected, but its outlook on capital spending was upgraded. Also, central bank head Haruhiko Kuroda signaled he wasn't preparing further monetary easing soon and reiterated his optimism that Japan is on track to meet the bank's 2% inflation target. Also, China and Russia's Gazprom (OGZPY) signed a natural gas contract said to be worth a total of $400B over the 30-year life of the agreement. COMPANY NEWS: Shares of Target (TGT) were marginally lower near noon after the retailer reported slightly lower than expected adjusted earnings for its first quarter and lowered its adjusted profits outlook for the fiscal year. The company said that while it was pleased with its "continued recovery" from its well-publicized data breach, that its needs to "move more quickly" and is investing additional resources to drive U.S. traffic and sales, resulting in its lowered earnings expectations. MAJOR MOVERS: Among the notable gainers was luxury retailer Tiffany (TIF), which climbed 8.5% after the company reported significantly stronger than expected results and raised its full-year profit guidance. Also higher was PHH Corp. (PHH), which rose more than 16% after Reuters said a Canadian equipment finance company is in exclusive talks to buy PHH's fleet leasing business for about $1.35B in cash. Among the noteworthy losers was pet products and services supplier PetSmart (PETM), whose shares sunk over 7.5% after the company reported mixed first quarter results and issued a weaker than expected profit outlook. Also lower following their earnings reports were government consultant Booz Allen Hamilton (BAH), which fell 10%, and apparel retailer American Eagle Outfitters (AEO), which dropped more than 5%. INDEXES: Near midday, the Dow was up 134.02, or 0.82%, to 16,508.33, the Nasdaq was up 21.40, or 0.52%, to 4,118.29, and the S&P 500 was up 10.56, or 0.56%, to 1,883.39.
News For TGT;TIF;PETM;AEO;PHH;BAH;OGZPY From The Last 14 Days
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August 27, 2015
07:03 EDTTIFTiffany now sees FY15 EPS 2%-5% below $4.20 last year
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07:02 EDTTIFTiffany CEO: Adverse effects from strong dollar 'more significant' than expected
Frederic Cumenal, CEO, said, "We entered this year expecting translation and tourism-related pressures on sales and earnings from the exceptionally strong U.S. dollar, as well as challenging economic conditions in certain markets. While the adverse effects from the strong dollar have been even more significant than initially expected, we met our overall expectations in the first half of the year. We are pleased with responses to new designs, including our Tiffany T jewelry and CT60 watch collections, and are excited about upcoming additions being made to bolster sales across jewelry categories and price points. Tiffany also expanded its global presence during the quarter by opening six stores across the Americas, Asia-Pacific and Europe."
07:01 EDTTIFTiffany reports Q2 adjusted EPS 86c, consensus 91c
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August 26, 2015
15:00 EDTTIFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Dollar General (DG), consensus 94c... J. M. Smucker (SJM), consensus $1.23... Tiffany (TIF), consensus 91c... Signet Jewelers (SIG), consensus $1.15... Patterson (PDCO), consensus 54c... Michaels (MIK), consensus 16c... Burlington Stores (BURL), consensus 12c.
13:39 EDTTIFTiffany technical comments before earnings
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11:01 EDTAEOAbercrombie & Fitch surges after posting surprise Q2 profit
Abercrombie & Fitch spiked in early trading after the clothing retailer posted second quarter profit and revenue that exceeded analysts' expectations. WHAT'S NEW: Abercrombie & Fitch reported Q2 earnings per share of 12c, excluding items, on revenue of $817.8M, beating analysts' consensus estimates of a loss per share of (4c) and $811.46M, respectively. Including items, EPS was (1c). Abercrombie said the quarter included a comparable sales decrease of 4% and an adverse impact from changes in foreign currency exchange rates of about 5%. For the quarter, SSS declined 7% at the Abercrombie brand and 1% at Hollister. Executive Chairman Arthur Martinez commented that the quarterly results exceeded what the retailer signaled on its first quarter earnings call and said he is confident "that we are on the right track, although we recognize that we still have much to achieve." Looking ahead, Abercrombie & Fitch sees SSS trends improving in the second half of 2015, skewed towards the fourth quarter. The company expects continued headwinds from foreign currency exchange rates, a gross margin rate approximately flat to last year and flat operating expense compared to last year. Additionally, Abercrombie said it plans to open 15 full-price stores this fiscal year, in markets including China and Japan, and will close about 60 stores in the U.S. during the year. WHAT'S NOTABLE: Abercrombie is in the midst of a massive turnaround and announced the creation of six new positions as it restructures the management of its Abercrombie brand. The move is part of an effort to organize executives by brand rather than product after announcing last year that it would move away from logos. On its earnings conference call this morning, Abercrombie executives said that the company is "not naive" about the challenges it faces, but believes it is "on the right track" to restoring the business to health. Abercrombie said a new chief executive officer will be appointed "in due time." OTHERS TO WATCH: Abercrombie & Fitch peers include Urban Outfitters (URBN), American Eagle (AEO) and Express (EXPR). PRICE ACTION: Abercrombie & Fitch is up 11.75% in morning trading to $19.30.
August 25, 2015
16:01 EDTTGTTarget sees $550M pretax gain after closing CVS transaction
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08:28 EDTAEOAmerican Eagle upgraded to Outperform on valuation, execution at FBR Capital
As previously reported, FBR Capital upgraded American Eagle to Outperform from Market Perform. The firm upgraded shares based on valuation, consistent execution in a declining backdrop, reduced expectations, and potential 2H upside. The firm is cautious on the environment beyond 2H 2015 but believes strong brand recognition, product execution, right-sized fleet, and international growth position it for upside in a competitive environment.
08:27 EDTAEOAmerican Eagle should be bought at current levels, says Oppenheimer
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06:05 EDTAEOAmerican Eagle upgraded to Outperform from Market Perform at FBR Capital
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August 24, 2015
15:01 EDTTGTWyndham slips after FTC given go-ahead for data breach lawsuit
Shares of Wyndham (WYN) have slipped in afternoon trading after an appeals court ruled that the FTC can sue the company over its allegedly poor cybersecurity practices. WHAT'S NEW: According to a Reuters report of court proceedings, the 3rd U.S. Circuit Court of Appeals in Philadelphia has ruled that the FTC may proceed with its lawsuit against Wyndham over data breaches in 2008 and 2009, saying the hotel company failed to take reasonable steps to protect customer information. Wyndham's allegedly lackluster data protection policies constitute "unfair and deceptive trade practices," granting the Federal Trade Commission authority to step in, said Judge Thomas Ambro. FTC Chairwoman Edith Ramirez commented, "It is not only appropriate, but critical, that the FTC has the ability to take action on behalf of consumers when companies fail to take reasonable steps to secure sensitive consumer information," according to the report. WHAT'S NOTABLE: Today's ruling comes in the wake of numerous high-profile "hack attacks," with American Airlines (AAL), Anthem (ANTM), United Airlines (UAL) and Target (TGT) all reporting digital security breaches in recent years. Though no final verdict has been reached in the case between the FTC and Wyndham, Judge Ambro may have established the beginnings of a legal precedent potentially allowing the Commission to sue companies for not going far enough to protect consumer data and Chairwoman Ramirez appeared to share that broader tone. PRICE ACTION: Shares of Wyndham are down about 4% in intraday trading. Cybersecurity firms FireEye (FEYE) and Palo Alto Networks (PANW) are down roughly 2% and 2.7% for the afternoon.
14:44 EDTTIFTiffany August weekly volatility elevated into Q2 and outlook
Tiffany August weekly call option implied volatility is at 46, October is at 37, November is at 33; compared to its 52-week range of 17 to 41, suggesting large near term price movement into the expected release of Q2 results on August 27.
13:17 EDTTGTTarget to pay $2.8M to resolve EEOC discrimination finding
Target has agreed to pay $2.8M to resolve a Commissioner's charge of discrimination which was investigated in the Minneapolis Area Office of the U.S. Equal Employment Opportunity Commission, or EEOC. Based on the investigation, EEOC found reasonable cause to believe that three employment assessments formerly used by Target disproportionately screened out applicants for exempt-level professional positions based on race and sex. The tests were not sufficiently job-related and consistent with business necessity, and thus violated Title VII of the Civil Rights Act of 1964, EEOC found. In addition, EEOC found that one of the assessments Target formerly used in its hiring process also violated the Americans with Disabilities Act. The EEOC determined that this particular assessment performed by psychologists on behalf of Target was a pre-employment medical examination. Employers are prohibited by the ADA from subjecting applicants to medical examinations prior to an offer of employment. EEOC found that Target also committed record-keeping violations by failing to maintain records sufficient to assess the impact of its hiring procedures. EEOC's investigation revealed that thousands were adversely affected when Target used these assessments in its hiring process. The monetary settlement will be divided among these individuals as appropriate. Target will pay for a claims administrator to distribute the funds.
07:15 EDTAEOAmerican Eagle risk/reward remains compelling, says Susquehanna
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August 20, 2015
19:53 EDTTGTRetailers, others question heightened fees at Port of Oakland, WSJ says
After the Port of Oakland said it is considering implementing additional fees, the Retail Industry Leaders Association told the Federal Maritime Commission that it is "troubled" due to the lack of details regarding the fees, according to the Wall Street Journal. The retailer group also questioned the general effectiveness of such a program, and the Agriculture Transportation Coalition echoed the criticism, said the report. Note that executives from Lowe's (LOW), Best Buy (BBY), Target (TGT), Coca-Cola (KO), J.C. Penney (JCP), Tyson Foods (TSN), SunOpta (STKL), and Whole Foods (WFM) serve on the boards of the aforementioned associations. Reference Link
16:18 EDTAEOAmerican Eagle CMO Michael Leedy resigning
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11:04 EDTAEOAnalysts split on outlook for American Eagle after results
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10:00 EDTAEOOn The Fly: Analyst Downgrade Summary
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09:02 EDTAEOAmerican Eagle should be bought on weakness, says SunTrust
After American Eagle reported stronger than expected Q2 results, SunTrust thinks the company's Q3 guidance was strong and conservative. The firm notes that some were disappointed that the retailer's Q3 comp guidance came in below expectations, but the firm says its recent checks on the company have been favorable, while its fundamentals should continue to improve. SunTrust reiterates a $19 price target and Buy rating on the shares.
08:00 EDTAEOAmerican Eagle downgraded to Equal Weight from Overweight at Stephens
Stephens downgraded American Eagle to Equal Weight with an $18 price target to reflect balanced risk/reward and high expectations. The firm expects comp growth to decelerate, limiting share upside.
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