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May 21, 2014
12:38 EDTPHH, TIF, OGZPY, AEO, TGT, BAH, PETMOn 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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November 18, 2015
10:02 EDTTIFHigh option volume stocks: CIT TDC MAR JNK EIX TIF NBG DSX FCS ARG
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09:43 EDTTGTTarget drops after earnings
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08:05 EDTTGTTarget reports Q3 SSS up 1.9%
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08:04 EDTTGTTarget says returned $1.3B to shareholders in Q3
08:04 EDTTGTTarget narrows FY15 adjusted EPS view to $4.65-$4.75 from $4.60-$4.75
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08:03 EDTTGTTarget sees Q4 adjusted EPS $1.48-$1.58, consensus $1.54
08:02 EDTTGTTarget narrows FY15 adjusted EPS view to $4.65-$4.75 from $4.60-$4.75
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08:00 EDTTGTTarget reports Q3 adjusted EPS 86c, consensus 86c
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07:59 EDTTIFTiffany price target lowered to $90 from $97 at Cowen
Cowen lowered its price target on Tiffany to $90 from $97 citing near term caution on global macro conditions. The firm remains positive longer term citing product innovation, geographic expansion of it store base and improving CRM capabilities. Cowen reiterated its Outperform rating on Tiffany shares.
November 17, 2015
15:17 EDTTGTTarget November 73 straddle priced for 6% movement into Q3
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15:13 EDTTGTNotable companies reporting before tomorrow's open
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12:53 EDTTGTEarnings Watch: Analysts bullish on Target's Q3 comps ahead of earnings report
Target (TGT) is scheduled to report third quarter results before the market open on Wednesday, November 18, 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 86c on revenue of $17.57B, according to First Call. The consensus range for EPS is 81c-89c on revenue of $17.42B-$17.76B. In its last earnings report, Target forecast Q3 adjusted EPS 79c-89c Q3 comparable sales up 1%-2%. LAST QUARTER: Target reported second quarter adjusted EPS of $1.22, beating analysts' estimates for $1.11, on revenue of $17.43B, generally in line with analysts' $17.4B consensus. The company said comparable sales increased 2.4% in Q2. Looking ahead, Target raised its fiscal year 2015 adjusted EPS view to $4.60-$4.75 from $4.50-$4.65 against estimates at that time for $4.62. On its earnings conference call, Target said it felt "great" about its fourth quarter plans and said it will be "very promotional" in that quarter. NEWS: On August 25, Target said it expects to record a pretax gain of approximately $550M after closing the transaction with CVS Pharmacy (CVS) to sell its pharmacy and clinic businesses for cash consideration of approximately $1.9B. Target also entered into a development agreement with CVS, through which it may jointly develop small-format stores, Target said. The transaction is expected to be accretive to EPS after closing. On September 10, Cherokee (CHKE) announced that Target elected not to renew the license of the Cherokee brand in the U.S., which will expire at the end of its current term on January 31, 2017. Target said on September 30 that it will update its Price Match Policy by expanding digitally and extending its timeframe to 14 days compared to 7 days. The retailer later announced plans to bring back free shipping and returns through the holiday season. STREET RESEARCH: Ahead of the company's earnings report, Piper Jaffray analyst Sean Naughton acknowledged that while sentiment is challenging on Target's stock amid the weakness being reported by a number of retailers this week, he believes Target's Q3 SSS are within the company's guidance of up 1%-2%. The analyst believes Target's fundamentals may be holding up better than some expected. He has an Overweight rating and $88 price target on the stock. Stifel also believes Target will report an above Street comp of 2% versus consensus of 1.7% and inline earnings of 86c. Analyst David A. Schick checks indicate strong merchandising and customer response to key holidays and said PCE trends suggest there is still room for comp upside. Last week, Citi analyst Kate McShane said that in a head-to-head comparison between Costco Wholesale (COST), Target and Wal-Mart Stores (WMT), three of the biggest broadlines retailers in the world, Target is the "surprising" winner. McShane said that Target "wins" on potential for EPS growth, operating margin and valuation. PRICE ACTION: Target shares are down over 7% over the past three months. In early afternoon trading ahead of Wednesday's earnings report, shares are up about 1.7% to $73.54.
10:20 EDTTIF, AEOOptions with increasing implied volatility
Options with increasing implied volatility: SGMS HZNP CSC ULTA RH BURL GME AEO BBRY TIF
09:02 EDTTGTAnalyst pans competing products, says buy Fitbit
Shares of previous high-flier Fitbit (FIT) have dropped about 30% in the last two weeks following the company's third quarter earnings report, but an analyst at Bank of America upgraded his view of the fitness tracker maker this morning, saying that now is the time to buy ahead of fourth quarter results that may be boosted by the "underwhelming" new products being launched by its competitors. UNDERWHELMING COMPETITION: Fitbit's sales guidance for this holiday quarter looks conservative, contends Bank of America analyst Nat Schindler, who notes that the company only had the launch of one new product last December but will have the Charge, Charge HR and Surge to drive sales this season. Schindler also notes that the company's international advertising has expanded into more countries ahead of the holidays this year. Key, however, may be the "underwhelming" lineup of new or updated fitness trackers launched by competitors, such as the Microsoft's (MSFT) Band 2, Jawbone's UP4 and Sony's (SNE) Smartband 2, many of which have only minor improvements and no "must have" features to pull consumers away from Fitbit, Schindler told investors in his research note. PLATFORM PICKING UP STEAM: The analyst also pointed out that Fitbit now has more than 20 companies signed onto its health and wellness platform, including big names like Target (TGT) and Barclays (BCS), which he believes should help drive revenue beats in the upcoming fiscal year due to increased device sales. Also, the additional dashboard data should help Fitbit maintain long-term user engagement, said Schindler. APPLE WATCH: Apple's (AAPL) Apple Watch is largely viewed as the biggest potential competitive threat to Fitbit's offerings, but on the fitness tracker maker's last earnings call CEO James Park said Fitbit's products differ from those of its competitors in several key aspects, including pricing, cross-platform compatibility, brand awareness and product line breadth. Other wearables makers include Garmin (GRMN) and Samsung. PRICE ACTION: Since the day after Fitbit's last earnings report after the market close on November 2, its shares have fallen about 29.5% to close yesterday at $28.80. In pre-market trading this morning, Fitbit shares rose 2% to $29.40.
November 13, 2015
14:15 EDTTGTTarget volatility elevated into Q3 and outlook
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11:05 EDTTGTTarget comparable sales likely within guidance, says Piper Jaffray
Piper Jaffray analyst Sean Naughton acknowledged that sentiment is challenging on Target's stock amid the weakness being reported by a number of retailers this week, but he asserts that Census Bureau data this morning, combined with the firm's observations, leave him thinking that Target's third quarter comparable sales are within the company's guidance of up 1%-2%. The analyst, who thinks Target's fundamentals may be holding up better than some expect, has an Overweight rating and $88 price target on the stock.
November 12, 2015
19:00 EDTTGTOn The Fly: After Hours Movers
UP AFTER EARNINGS: USA Technologies (USAT), up 15.9%... Blue Buffalo (BUFF), up 7.3%... Planet Fitness (PLNT), up 12.3%... Darling Ingredients (DAR), up 8.1%... Applied Materials (AMAT), up 3.8%... Lipocine (LPCN), up 19.9% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Syngenta (SYT), up 14.5% after Bloomberg reported that the company rejected an initial $42B bid from ChemChina... Yum! Brands (YUM), up 4.1% after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: bebe stores (BEBE), down 10.5%... Nordstrom (JWN), down 20.3%... Fossil (FOSL), down 14.7%... Cisco (CSCO), down 4.8%... El Pollo LoCo (LOCO), down 8.7%... Tahoe Resources (TAHO), down 7.2%. ALSO LOWER: Paycom Software (PAYC), down 5.2%... Netflix (NFLX) down 1% after Dow Jones reported that Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in discussions to sell a stake in the company to Time Warner (TWX)... TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%, after Nordstrom reported quarterly results and cut its fiscal 2015 guidance.
18:38 EDTTGTDepartment store stocks drop after Nordstrom reports Q3 earnings, cuts guidance
Shares of Nordstrom (JWN) slipped in after-hours trading after the department store reported its third quarter results and cut its guidance for fiscal year 2015. WHAT'S NEW: Nordstrom reported Q3 earnings per share of 42c, against analyst estimates of 72c, Q3 revenue of $3.24B below consensus estimates of $3.37B, and Q3 same-store sales of 0.9%. The company lowered its FY15 adjusted EPS view to $3.40-$3.50 from $3.70-$3.80, against analyst expectations of $3.75, lowered its FY15 revenue guidance to up 7.5%-8% from 8.5%-9.5%, and lowered its FY15 SSS view to 2.5%-3% from 3.5%-4.5%. WHAT'S NOTABLE: Nordstrom reported that Q3 EPS included a reduction of 15c, which primarily represented transaction costs associated with the closing of its credit card portfolio sale. In its Q3 earnings release, Nordstrom said that its performance was below company expectations, reflecting softer sales trends that were generally consistent across channels and merchandise categories. The company noted that its top-performing merchandise category was Cosmetics. In addition, coats, younger customer-focused departments and dresses continued to reflect strength in Women's Apparel. PRICE ACTION: Shares of Nordstrom are trading lower by 20.55% to $50.45 in the after-hours. OTHERS TO WATCH: Retailers that followed Nordstrom downward included TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%.
13:05 EDTTGTTarget to open small-format store in Manhattan next year, Fortune reports
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08:15 EDTTGTTarget names Melanie Healey to board of directors
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