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Stock Market & Financial Investment News

News Breaks
May 21, 2014
12:38 EDTTGT, TIF, PETM, AEO, PHH, BAH, OGZPYOn 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 19, 2014
18:18 EDTPETMPetSmart to resume trading at 6:25pm ET
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18:10 EDTPETMPetSmart up 1% in after hours following earnings, strategic alternatives search
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18:06 EDTPETMPetSmart acquires Pet360
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18:01 EDTPETMPetSmart backs FY14 EPS $4.29-$4.39, consensus $4.32
The company sees FY14 net sales growth in the low single digits, FY14 SSS relatively flat, and FY14 operating cash flow $600M-$625M. This guidance does not include the impact of the Pet360 acquisition or the benefits or costs associated with the cost improvement initiatives.
17:58 EDTPETMPetSmart sees Q3 EPS 93c-97c, consensus 94c
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17:57 EDTPETMPetSmart reports Q2 EPS 98c, consensus 94c
Reports Q2 revenue $1.73B, consensus $1.73B. Total Q2 sales up 1.4%.
17:55 EDTPETMPetSmart to explore strategic alternatives, including potential sale
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15:39 EDTPETMPetSmart to explore alternatives, including potential sale, Reuters reports
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15:27 EDTPETMPetSmart spikes on potential review of alternatives, including sale
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15:25 EDTPETMPetSmart may announce intention to review alternatives, Reuters says
May include sale, Reuters added.
15:16 EDTAEO, PETM, TGTNotable companies reporting before tomorrow's open
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14:43 EDTAEOAmerican Eagle September 11 straddle priced for 12.3% move into Q2
14:42 EDTTGTTarget August weekly 59.5 straddle priced for 2.4% move into Q2
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13:04 EDTTGTTarget technical comments before earnings
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13:00 EDTTGTEarnings Preview: Target cuts Q2 EPS view to reflect flat U.S. segment SSS
Target (TGT) is scheduled to report second quarter results before the market open on Wednesday, August 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 79c on revenue of $17.38B, according to First Call. The consensus range for EPS is 78c-91c on revenue of $17.28B-$17.5B. LAST QUARTER: Target reported first quarter adjusted EPS of 70c on revenue of $17.05B, against estimates for 71c and $17.01B, respectively. U.S. comparable sales decreased 0.3% in Q1, near the high end of the expected range. Target was unable to estimate future expenses related to the data breach that occurred in the fourth quarter of 2013, but said costs may have a "material adverse effect" on Q2 and FY14 results. NEWS: In July, Target named Brian Cornell as chairman and Chief Executive Officer, effective August 12. Cornell most recently served as the CEO of PepsiCo (PEP) Americas Foods. Chief Financial Officer and former interim CEO John Mulligan previously told CNBC that he would be "happy" transitioning back to CFO role. The company cut its Q2 adjusted EPS guidance to "within a range around 78c" from 85c-$1.00, which excluded approximately 2c related to the expected reduction of its beneficial interest asset, as well as any net expenses related to the data breach. The updated guidance reflects U.S. Segment essentially flat comparable sales with lower-than-expected EBITDA margin driven by promotional markdowns, as guests continue to spend cautiously and focus on value in the current environment, and Canadian segment's somewhat softer-than-expected sales combined with the impact of continued investments to clear excess inventory. The Q2 results are also expected to include gross expenses of $148M related to the December 2013 data breach. Mulligan commented that the environment in both the U.S. and Canada "continues to be challenging, and results arenít yet where they need to be," but noted that the retailer is making progress in efforts to drive U.S. sales and traffic and improve Canadian operations. Target plans to extend the hours at over 50% of its U.S. locations in an effort to increase the number of customers who shop later in the day, according to the Wall Street Journal, citing a spokesperson. STREET RESEARCH: Goldman downgraded Target to Neutral from Buy and cut its price target to $59 from $65 to reflect estimate cuts following the Q2 pre-announcement, lack of catalysts, and e-commerce devaluation of general merchandise retailers. Baird thinks that Target may see better results later in 2014 and could restart its share buybacks at some point in the second half of the year, but sees stiff competition in Target's space. Wells Fargo wrote that the costs related to the data breach are on track to come in well below the $1B that some had initially feared. PRICE ACTION: Target shares are up almost 2% over the past three months. In intra-day trading ahead of tomorrow's earnings report, shares are up more than 1% to $59.35.
11:53 EDTAEOAeropostale soars as Geiger returns as CEO
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11:18 EDTAEOStocks with call strike movement; AEO TSLA
American Eagle (AEO) February 14 call option implied volatility decreased 2% to 39, Tesla (TSLA) December 285 call option implied volatility decreased 3% to 39 according to IVolatility.
10:28 EDTAEOHigh option volume stocks
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07:07 EDTTGTTarget weekly volatility increases into Q2 and outlook
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05:48 EDTAEOStocks with implied volatility movement; AEO YHOO
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