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Stock Market & Financial Investment News

News Breaks
August 5, 2014
12:37 EDTSALE, FDO, TGT, ECOM, DG, CHGG, DLTR, WFMOn The Fly: Midday Wrap
Stocks on Wall Street were lower at the open and remained in negative ground throughout the morning. The market broke its losing streak yesterday but is on track to give back those gains if the levels near noon hold into the closing bell. The move lower comes in spite of the day's economic data generally beating expectations. ECONOMIC EVENTS: In the U.S., Markit's services PMI dipped to 60.8 for the final July print from the 61.0 flash estimate for the month. A similar reading from ISM, its non-manufacturing index, climbed to 58.7 in July from June's 56.0 reading. Factory orders rebounded 1.1% in June, which was better than the expected 0.5% increase. COMPANY NEWS: Shares of Target (TGT) fell about 3% after the company pre-announced that it now expects its earnings per share in the second quarter, excluding some items, to come in at 78c, versus its previous guidance of 85c-$1.00. The company expects its comparable sales in the U.S. to be "essentially flat," and it believes the profit margin on its earnings before interest taxes depreciation and amoritzation were lower than expected in Q2. Discounts weighed on the company's margins, as consumers continued to spend cautiously at the company's stores and focus on value, Target reported. The retailer also estimated that the after-effects of its December 2013 data breach cost it $110M in the second quarter... Shares of Whole Foods (WFM) jumped in early trading, with the strength attributed to speculation that activist investor Carl Icahn may have taken a stake in the natural foods grocer, potentially fueled by a tweet from TheStreet's Douglas Kass. Following the circulation of the rumors early in the trading day, Yahoo Finance's Kevin Chupka reported that Carl Icahn has "absolutely no interest in Whole Foods whatsoever," citing sources familiar with the situation. Near noon, shares of Whole Foods were off their highs, but remained up about 2% near $39 per share. MAJOR MOVERS: Among the notable gainers was Chegg (CHGG), which gained 17% after reporting higher than expected quarterly results and that it formed a strategic alliance with Ingram Content Group, the world's largest book distributor. Also higher was Dollar General (DG), which rose 3% after Bloomberg said that the company is exploring a bid for Family Dollar (FDO), which it had previously passed on before the latter announced a deal to be acquired by Dollar Tree (DLTR). Among the noteworthy losers was ChannelAdvisor (ECOM), which dropped 28% after its earnings report was followed by analysts at Stifel and RW Baird lowering their respective price targets on the stock to the low $30 area from $40 per share, where both firms previously had their targets pegged. Also lower following its earnings report was RetailMeNot (SALE), which tumbled 26% after the company last night reported weaker than expected results and cut its guidance and saw RBC Capital downgrade its stock to Sector Perform from Outperform. INDEXES: Near midday, the Dow was down 87.69, or 0.53%, to 16,481.59, the Nasdaq was down 20.02, or 0.46%, to 4,363.87, and the S&P 500 was down 10.89, or 0.56%, to 1,928.10.
News For TGT;WFM;DG;FDO;DLTR;ECOM;SALE;CHGG From The Last 14 Days
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August 19, 2015
11:23 EDTTGTTarget says feels 'great' about Q4 plans
Says will be "very promotional" in Q4. Says "will not get beat" on promotions in Q4. Says will update guidance for Q4 at a later date.
11:17 EDTTGTTarget says seeing 'really positive response' to Cartwheel
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11:15 EDTTGTTarget sees Q3 adjusted EPS 79c-89c, consensus 86c
11:03 EDTTGTTarget says sees Q3 SSS up 1%-2%
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10:51 EDTTGTTarget CEO says supply chain being 'stretched beyond core capabilities'
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09:19 EDTTGTOn The Fly: Pre-market Movers
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08:02 EDTTGTTarget says SSS in signature categories grew 3x faster than company average
"We're very pleased with our second quarter financial results, as traffic growth, strong sales in our signature categories and continued expense discipline drove better-than-expected profitability," said Brian Cornell, chairman and CEO of Target. "While the momentum in our financial results is encouraging, we have much more to accomplish. Looking ahead, we are focused on making further progress against our strategic priorities and are committed to improving operations as we move through the important back-to-school, back-to-college and holiday seasons." Says comparable sales in signature categories -- Style, Baby, Kids and Wellness -- grew three times faster than the company average, resulting in comparable sales growth of four to five percent in both Home and Apparel.
08:01 EDTTGTTarget raises FY15 adjusted EPS view to $4.60-$4.75 from $4.50-$4.65
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08:01 EDTTGTTarget reports Q2 EPS $1.22, consensus $1.11
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August 18, 2015
14:54 EDTTGTTarget technical comments before earnings
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14:52 EDTTGTTarget August 79.5 straddle priced for 3.2% movement into Q2
14:51 EDTTGTNotable companies reporting before tomorrow's open
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13:01 EDTTGTEarnings Watch: Target to report Q2 results after management changes
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11:36 EDTTGTTarget reaches settlement with Visa over data breach, WSJ reports
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08:20 EDTTGTTarget August volatility elevated into Q2 and outlook
Target August call option implied volatility is at 42, September is at 23; compared to its 52-week range of 14 to 27 suggesting large price movement into the expected release of Q2 results on Aug 19.
August 17, 2015
13:30 EDTTGTOn The Fly: Top stock stories at midday
Stocks began the session deep in negative territory after a disappointing Empire Manufacturing report. The data got the market off to a weak start as optimism over last week's finish began to fade. The averages continued to drift in a narrow range for the opening hour before reversing and capturing the opening losses. Each of the major equity indices is now back in positive territory sporting slight gains across the board. ECONOMIC EVENTS: In the U.S., the Empire State manufacturing index plunged to -14.92 in August after rebounding to 3.86 in July from June's -1.98. The consensus estimate was 4.75, and the surprising drop puts the index at its lowest point since April 2009. The employment component slid to 1.82, while new orders crashed to -15.70. Meanwhile, the U.S. NAHB homebuilder sentiment index rose to 61 in August from 60 in June and and is the highest since November 2005. The single family sales index edged up to 66 versus a revised 65 last month, while the index of prospective buyer traffic improved to 45 versus 43 previously. In Europe, various Eurozone parliaments prepare to vote on Greece's new EUR86B bailout plan this week. COMPANY NEWS: Liberty Interactive (QVCA) announced this morning an agreement to acquire zulily (ZU) for $18.75 per share in a deal valuing the online shopping site at $2.4B, driving zulily shares up more than 47% in intraday trading. The acquisition will be attributed to Liberty's QVC Group tracking stock, though QVC and zulily will be operated as separate consumer facing brands. On a conference call discussing the acquisition, Liberty Interactive executives noted that the "highly efficient" deal will allow Liberty to reach a younger base. MAJOR MOVERS: Among the notable gainers AVEO Oncology (AVEO), which rose roughly 50% after announcing a license agreement with Novartis (NVS) for the development and commercialization of AVEO's AV-380 drug and related antibodies. Also higher was Kite Pharma (KITE), which advanced roughly 5.4% after clarifying that an earlier patient death in its Phase 1/2 KTE-C19 trial for non-Hodgkin's lymphoma was unrelated to Kite's therapy. Additionally, shares of Target (TGT) have gained roughly 10c despite lingering in negative territory early Monday after the company promoted CFO John Mulligan to the newly created role of EVP and COO and appointed Cathy Smith as EVP and CFO. Prior to joining Target, Smith served as EVP and CFO at St. Louis-based Express Scripts (ESRX). Among the noteworthy losers was KKR (KKR), which lost roughly 2.4% after Samson Resources announced a restructuring agreement late Friday, adding that it expects to file for bankruptcy within 30 days. Also lower was Estee Lauder (EL), which declined nearly 6.5% after its quarterly guidance missed analysts' estimates. INDEXES: Near midday, The Dow was up 65.11, or 0.37%, to 17,542.51, the Nasdaq gained 34.73, or 0.69%, to 5,082.96, and the S&P 500 advanced 8.80, or 0.42%, to 2,101.03.
13:11 EDTSALE, ECOMAlibaba unlikely to make competing offer for zulily, say Baird
zulily (ZU) shareholder Alibaba (BABA) is unlikely to make a competing takeover bid for the online retailer, Baird analyst Colin Sebastian tells investors in a research note. Alibaba, which upped its stake in zulily to 9% in May, likely views the company as an investment rather than a vehicle to enter the U.S. market, Sebastian argues. This morning, Liberty Interactive (QVCA) announced it had reached an agreement to acquire zulily for $18.75 per share or $2.4B. The analyst sees strategic benefits from the deal. Increased takeover activity in the small-cap internet space could support the valuations of the remaining independents, including ChannelAdvisor (ECOM), Yelp (YELP), Groupon (GRPN), Angie's List (ANGI) and RetailMeNot (SALE), Sebastian writes. Shares of zulily are soaring 47% to $18.50 following the takeover agreement.
11:27 EDTTGTTarget promotes Mulligan to COO, names Smith to CFO role
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08:48 EDTTGTTarget names John Mulligan as EVP, COO, Cathy Smith as EVP, CFO
Target Corporation (TGT) promoted John Mulligan to the newly created role of EVP and COO, effective Sept. 1. Mulligan will assume oversight of stores, supply chain and properties. Joining Target as EVP and CFO will be Cathy Smith. Both Mulligan and Smith will report to Target's chairman and chief executive officer, Brian Cornell. Mulligan has worked at the Minneapolis-based company since 1996, when he began as a financial analyst. He has served as the company's CFO since 2012. In 2014, he led the company as the retailer's interim president and CEO from May to August while continuing to act as CFO. Prior to joining Target, Smith served as EVP and CFO at St. Louis-based Express Scripts (ESRX).
08:47 EDTTGTTarget names John Mulligan as EVP, COO, Cathy Smith as EVP, CFO
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