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Stock Market & Financial Investment News

News Breaks
November 29, 2012
12:05 EDTARO, JWN, AAP, RIMM, M, BKS, BLOX, TGT, LQDT, GES, GPS, KSS, LTD, TIFOn The Fly: Midday Wrap
Stocks on Wall Street were higher throughout the morning but fell sharply after tough words from House Speaker John Boehner aimed at Democrats and the White House. The initial reading on gross domestic product growth in the third quarter was revised up and October pending home sales were higher than expected, but the economic data was largely overshadowed by the ongoing political drama that continues to drive the market's swings. The averages quickly recovered a bit after the end of Boehner's press conference but head into the second half of the trading day well off their earlier highs... ECONOMIC EVENTS: In the U.S., weekly jobless claims dropped 23,000 from last week's upwardly revised level to 393,000, versus expectations for claims to fall to 390,0000. The Commerce Department revised its estimate for the gain in Q3 GDP to 2.7% from the previously reported 2% gain. Analysts expected growth to be revised to a 2.8% rate. However, within the report, Q3 consumer spending was lowered to a 1.4% growth rate from the 2% gain previously reported. Pending home sales rose 5.2% in October from the prior month, versus expectations for an increase of 1%. In Europe, the Bank of England urged commercial banks to bolster their capital levels. Also, the European Commission's monthly business and consumer survey showed a measure of economic sentiment rose to 85.7, beating forecasts, with Germany and France gaining strongly... COMPANY NEWS: Among retailers reporting November same store sales, Limited (LTD) was one of the few to beat expectations and its shares advanced 1%. Among those declining after reporting worse than expected November comparable sales were Kohl's (KSS), Gap (GPS), Macy's (M), Target (TGT) and Nordstrom (JWN)... Several retail stocks also moved following earnings reports, with Tiffany (TIF) and Aeropostale (ARO) among the notable decliners. Guess (GES), however, advanced after its quarterly report and the declaration of a $1.20 per share special dividend... MAJOR MOVERS: Among the notable gainers were Infoblox (BLOX), up 36% following its better than expected earnings and guidance, and Research in Motion (RIMM), up 6% after Goldman Sachs raised its rating on shares to Buy with a $16 price target. Among the noteworthy losers were Liquidity Services (LQDT), down 17%, and Barnes & Noble (BKS), down 10%, after their earnings reports. Also lower were shares of Advance Auto Parts (AAP), down 6% after Reuters and the New York Post said private equity bids for the company fell short of Advance's expectations, and that a sale may now be unlikely... INDICES: Near noon, the Dow was down 1.11, or 0.01%, to 12,984.00; the Nasdaq was up 9.83, or 0.33%, to 3,001.61; and the S&P 500 was up 2.09, or 0.15%, to 1,412.02.
News For TIF;KSS;GES;LTD;GPS;JWN;TGT;M;ARO;BLOX;RIMM;LQDT;BKS;AAP From The Last 14 Days
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January 15, 2015
08:41 EDTTGTTarget raises Q4 adjusted EPS view to $1.43-$1.47, may not compare to $1.21
Based on performance through November and December, Target now expects to report Q4 U.S. comparable sales of approximately 3%, better than prior guidance of approximately 2%, driven primarily by increased traffic and stronger-than-expected digital sales. Sees Q4 adjusted EPS, reflecting results from continuing operations, of $1.43-$1.47, about 6c ahead of expectations for U.S. Segment performance at the beginning of the quarter. The company is not able to provide an estimate of its expected Q4 GAAP EPS. However, GAAP results are expected to include: Losses related to liquidation of Target Canada,net of taxes; Net expenses related to the 2013 data breach, which are not expected to be material; the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the company’s credit card portfolio, which is expected to reduce GAAP EPS by approximately 2c.
08:28 EDTTGTTarget to report Canadian operations as discontinued starting in Q4
As a result of the Canada decision, Target Corporation will operate as a single segment that includes all U.S. operations. Beginning with the company’s Q4 financial results, Target will report adjusted earnings per share reflecting operating results from its U.S. operations, excluding discontinued Canadian operations, the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the Company’s U.S. consumer credit card portfolio, net expenses related to the 2013 data breach, and the resolution of certain tax matters.
08:27 EDTTGTTarget to exit Canadian operations, sees move raising earnings in FY15 and after
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08:24 EDTTGTTarget volatility flat into discontinuation of Canadian operations
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08:23 EDTTGTTarget jumps after announcing plans to exit Canadian operations
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08:21 EDTTGTTarget sees reporting $5.4B pre-tax losses on discontinued operations in Q4
08:19 EDTTGTTarget to discontinue Canadian operations
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January 13, 2015
10:20 EDTTIFTiffany test support of long-term uptrend, levels to watch
The stock was hammered yesterday after the company cut its FY14 EPS view to a range of $4.15 to $4.20. Today the downtrend continues with the shares last at $88.08. At that price the bottom of the bullish price channel that began in June 2012 is being tested. A breakdown below $88 would be long-term bearish for price. Next support below $88 is at $85.69. Resistance is at $89.01.
09:45 EDTTIFTiffany downgraded to Equal Weight from Overweight at Stephens
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09:00 EDTMMacy's names RLJ Lodging Trust CFO Leslie Hale to board of directors
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January 12, 2015
11:41 EDTTIFTiffany plummets after cutting fiscal 2014 profit outlook
Shares of jewelry and accessories retailer Tiffany (TIF) are sinking after the company lowered its profit outlook for fiscal 2014. Additionally, the company reported holiday sales for the two-month period ended December 31 were 1% below prior year levels. WHAT'S NEW: Tiffany this morning reported sales results for the two-month holiday period ended December 31. For the period, the company reported worldwide net sales of $1.02B, 1% below the prior year. Worldwide net sales increased 3% and comparable sales were even with the prior year on a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars. WHAT'S NOTABLE: Tiffany cut its FY14 net earnings per share view to $4.15-$4.20 from $4.20-$4.30, trailing analysts' consensus estimates of $4.32. Tiffany President and Chief Executive Officer Federic Cumenal said that the company is planning "cautiously" for the coming year. Cumenal noted that the company anticipates "significant headwinds from the stronger U.S. dollar against all of our key currencies that, as we experienced in the holiday period, negatively affects both the translation of results and sales to tourists in the U.S." Cumenal said that these factors are expected to result in the company planning low-to-mid single-digit sales and earnings growth in 2015. Cumenal also commented that "Despite these and other global economic pressures that we anticipate in the short-term, we believe that, when they abate, Tiffany will resume higher earnings growth rates based on stronger sales growth and increasing operating margins." ANALYST REACTION: This morning, research firm Sterne Agee lowered its price target for Tiffany to $110 from $121 citing the company's "disappointing" holiday comps and "soft" initial 2015 guidance. However, he firm kept a Buy rating on the name, and said it is encouraged by the company's relative strength in Asia-Pacific and Europe. PRICE ACTION: In late morning trading, Tiffany fell $12.15, or about 11.7%, to $91.30 on more than three times its average daily trading volume. Despite today's pull back, the shares have gained approximately 1% over the past 12 months. OTHERS TO WATCH: Tiffany & Co peers include Signet Jewelers (SIG), down 0.6%, and Blue Nile (NILE), down 2.2%.
10:17 EDTTIFTiffany price target lowered to $110 from $121 at Sterne Agee
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10:15 EDTTIFOptions with decreasing implied volatility
Options with decreasing implied volatility: NBIX APOL NPSP BBBY INFY JCP MU TIF
09:30 EDTTIFOn The Fly: Pre-market Movers
HIGHER: Foundation Medicine (FMI) up 138.9% following transaction with Roche (RHHBY)... Celator Pharmaceuticals (CPXX), up 19.1% after announcing promising Phase 2 data for CPX-351... Second Sight (EYES), up 16.7% after Health Canada approves Argus II retinal prosthesis system... Aegerion (AEGR), up 7.8% after reporting preliminary fourth quarter results and guidance... Express (EXPR), up 4.5% after reporting preliminary fourth quarter results. NOTABLE: NPS Pharmaceuticals (NPSP), up 8.5% following acquisition by Shire (SHPG)... Shire is down 1.1% in pre-market trading. LOWER: Arrowhead (ARWR), down 20.9% after FDA clears company to begin modified study of ARC-520 in a preliminary call of a partial clinical hold... Tiffany (TIF), down 10.4% after lowering fiscal 2014 net EPS guidance... SanDisk (SNDK), down 10.1% after lowering fourth quarter outlook... Ascena Retail (ASNA), down 5.8% after lowering fiscal 2015 adjusted EPS view... Sarepta Therapeutics (SRPT), down 5.9% after reporting long-term outcomes from Phase IIb Eteplirsen study... Loral Space & Communications (LORL), down 3.6% following a NY Post article that reported that talks to sell itself to the Ontario Teachers’ Pension Plan have ended... Southwestern Energy (SWN), down 4.2% after filing to sell 20.3M shares of stock and 26M depository shares.
09:26 EDTLTDUBS events at 17th Annual ICR XChange Conference
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09:08 EDTGESJefferies Events at 17th Annual ICR XChange Conference
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07:47 EDTTIFTiffany volatility elevated into lower 2014 earnings outlook
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07:04 EDTTIFTiffany cuts FY14 net EPS view to $4.15-$4.20 from $4.20-$4.30
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07:03 EDTTIFTiffany reports holiday period worldwide net sales $1.02B
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06:35 EDTJWN, M, KSSObama to press for law requiring disclosure of hacking, NY Times says
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