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August 1, 2014
16:51 EDTWMT, AMGN, EXPE, GLW, BYI, FDO, S, PEP, ALL, GPRO, UPS, TRLA, DLTR, TMUS, TGT, PG, GRMN, SGMS, Z, TWTRMarket finishes week lower as Fed, geopolitical worries weigh
Stocks ended the week lower amid worries about the Fed tightening sooner than expected and continued geopolitical uncertainty. MACRO NEWS: In a statement released following their latest meeting, the Federal Open Market Committee said that "the likelihood of inflation running persistently below 2% has diminished somewhat." Meanwhile, the employment cost index jumped 0.7% in the second quarter, it was reported on Thursday. Wages and salaries rose 0.6% in Q2, according to the report. Following the release of the index and the Fed's statement, investors worried that the central bank could start tightening monetary policy sooner than expected. The Commerce Department estimated that U.S. Gross Domestic Product grew at a seasonally adjusted annual rate of 4.0% in the second quarter, easily beating expectations for a growth rate of 3.0%. Non-farm payrolls rose 209K in July, missing the 230K forecast. Other U.S. economic data was largely upbeat, as two consumer confidence indexes for July and weekly jobless claims were all better than expected... In overseas news, China's official purchasing managers' index reached its highest level in 27 months in July, beating expectations by a small amount. Argentina failed to head off its second default in the past 13 years, sending its stock and bond markets sharply lower and causing ripples throughout global debt and equity markets. The U.S. and EU leveled new, tougher sanctions against Russia, leading to concerns that Moscow's struggle with the West could intensify. Meanwhile, Israel continued to battle Hamas. COMPANY NEWS: Among the noteworthy companies that fell after reporting their results were shipping giant UPS (UPS), glass maker Corning (GLW), navigation device specialist Garmin (GRMN) and newly-listed action camera maker GoPro (GPRO). On the other other side of the coin, Twitter (TWTR), Expedia (EXPE), Procter & Gamble (PG), Allstate (ALL), and Amgen (AMGN) were among the companies whose stocks rose in the wake of their earnings reports... The M&A news flow continued to be strong, as Dollar Tree (DLTR) agreed to buy Family Dollar (FDO) and real estate website operator Trulia (TRLA) agreed to be acquired by its peer Zillow (Z) and casino equipment maker Bally Technologies (BYI) agreed to be acquired by Scientific Games (SGMS). Meanwhile, France's Iliad (ILIAF) confirmed that it had offered $15B in cash for a 56.6% stake in T-Mobile US (TMUS) for $33 per share for $83.30 per share, which negatively impacted the stock of Sprint (S), which has been widely viewed as on track to buy T-Mobile as the two seek to grow and better challenge the number one and two mobile carriers in the U.S., Verizon (VZ) and AT&T (T)... Target Corporation (TGT) announced that its Board of Directors had named Brian Cornell as the company's next chairman of the Board of Directors and CEO, effective August 12. Cornell most recently served as the CEO of PepsiCo Americas Foods (PEP) where he oversaw Pepsi's global food business. Before joining PepsiCo in 2012, Cornell served as president and CEO of Sam's Club, a division of Wal-Mart (WMT). INDEXES: The Dow dropped 2.75% to 16,493.37, the S&P 500 fell 2.16% to 1,925.15, and the Nasdaq declined 2.69% to 4,352.64.
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November 17, 2015
09:15 EDTWMTOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Nuance (NUAN), up 9.1%... Cheetah Mobile (CMCM), up 7.7%... Eros International (EROS), up 12.8%... Home Depot (HD), up 3.1%...Wal-Mart (WMT), up 2.2%. ALSO HIGHER: Ocera Therapeutics (OCRX), up 14.8% after announcing Phase 1 study results for the company's oral formulation of OCR-002... Fitbit (FIT), up 2.4% after being upgraded to Buy from Neutral at BofA/Merrill. DOWN AFTER EARNINGS: Dicks Sporting Goods (DKS), down 15.4%... Urban Outfitters (URBN), down 12.8%. ALSO LOWER: Osiris Therapeutics (OSIR), up 25.5% after being downgraded to Sell from Hold at Brean Capital... Angie's List (ANGI), down 8.7% after board unanimously determines not to pursue IAC (IACI) proposal... Clovis Oncology (CLVS), down 4.1% after receiving downgrades from Goldman and WallachBeth... Chesapeake Energy (CHK), down 2.5% after being downgraded to Neutral from Buy at Sterne Agee CRT... Cooper Companies (COO), down 2% after being downgraded to Market Perform from Outperform at Wells Fargo.
09:02 EDTTGT, GRMNAnalyst 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.
08:08 EDTWMTWal-Mart completes commitment to reduce 20M metric tons of GHC emissions
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07:56 EDTGLWUBS to hold a conference
Global Technology Conference is being held in San Francisco on November 16-18 with webcasted company presentations to begin on November 17 at 10:45 am.; not all company presentations may be webcasted. Webcast Link
07:52 EDTPGMorgan Stanley to hold a conference
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07:36 EDTWMTSam's Club sees Q4 comp sales ex-fuel flat to up 1%
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07:34 EDTWMTWal-Mart U.S. sees Q4 comp sales increase of around 1%
On Wal-Mart's Q3 earnings call, Wal-Mart U.S. President and CEO Greg Foran said "We know the holidays will be competitive. Additionally, we expect food inflation to remain low relative to last year, and we'll lap last year's significant drop in fuel prices, which will make the comparison for the fourth quarter more difficult. But we're confident in our strategy and in the actions we're taking, and believe they'll help offset some of these pressures." For Q4, Wal-Mart expects a comp sales increase of around 1%, which Foran said would represent a 50 basis point improvement in its 2-year comp stack from third quarter.
07:17 EDTWMTWal-Mart rises 2.8% to $59.50 after Q3 earnings top expectations
07:10 EDTWMTWal-Mart reports total U.S. SSS up 1.4% without fuel
Reports total U.S. SSS up 0.7% with fuel.
07:10 EDTWMTWal-Mart reports Q3 Sam's Club SSS up 0.4% without fuel
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07:08 EDTWMTWal-Mart sees FY16 Walmart U.S. SSS up about 1%
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07:07 EDTWMTWal-Mart sees 'relatively flat' total sales growth for the year
Sees FY15 total net sales growth ex-currency about 3%.
07:07 EDTWMTWal-Mart narrows FY16 EPS view to $4.50-$4.65 from $4.40-$4.70
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07:06 EDTWMTWal-Mart reports Q3 Walmart U.S. SSS up 1.5%
Comp sales at Walmart U.S. were positive for the fifth consecutive quarter, up 1.5%. Traffic increased 1.7%. Customer experience scores continued to strengthen. Neighborhood Market comps increased approximately 8%, with strong growth from newer stores. Walmart International net sales were $29.8 billion. On a constant currency basis, sales reached $34.7 billion, led by Mexico and Canada. Operating income decreased 6.4%. On a constant currency basis, operating income increased 8.5%. E-commerce sales and GMV globally increased approximately 10% on a constant currency basis. Growth was pressured by challenges in key international markets. Investments in people and technology continued. Consolidated operating income declined 8.8%. On a constant currency basis1, consolidated operating income declined 5.4%.
07:05 EDTWMTWal-Mart narrows FY16 EPS view to $4.50-$4.65 from $4.40-$4.70
CFO Charles Holley says, "We delivered solid earnings per share that was well within our guidance. Looking ahead, we are narrowing our full-year earnings per share guidance to range between $4.50 and $4.65, including a range of $1.40 to $1.55 for the fourth quarter. This includes ongoing headwinds from currency, which we now expect will impact earnings per share by $0.16, compared to $0.15 from last quarter's guidance. We continue to expect relatively flat total sales growth for the year. Without the currency impact, our full-year total net sales growth would be around 3 percent."
07:04 EDTWMTWal-Mart sees Q4 EPS $1.40-$1.55, consensus $1.43
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07:03 EDTWMTWal-Mart reports Q3 continuing ops EPS $1.03, consensus 98c
Reports Q3 revenue $117.41B, consensus $117.79B. Q3 diluted EPS from continuing operations was $1.03, benefited by approximately 4c from an adjustment for certain leases. Currency negatively impacted EPS by 4c. On a constant currency basis1, total revenue was $122.4 billion, an increase of 2.8%.
06:57 EDTEXPEExpedia enters strategic technology partnership with SilverRail Technologies
SilverRail Technologies and Expedia announced a strategic technology partnership to power Expedia's global expansion in the rail business. SilverRail's global rail ticketing platform simplifies the process of accessing multiple rail companies through a standard interface. This will enable Expedia to deliver a simple, consistent search and booking experience to which their customers have become accustomed. Development has already begun, with platform launch expected in 2016.
06:39 EDTWMTWal-Mart Asia CEO: China to drive over half of sector growth, CNBC says
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06:27 EDTWMTWal-Mart may see worst y/y decline since 1973, WSJ says
Wal-Mart's stock has slumped roughly 40% since reaching over $90 in January, setting the company up for its worst year over year decline since 1973, Steven Russolillo of the Wall Street Journal's Ahead of the Tape reports. There is not much reason to believe that the retailer's shares will rebound ahead of Tuesday's quarterly report, Russolillo says. Deflationary concerns and the growing e-commerce market represent two structural issues hindering Wal-Mart's ability to stage swift turnaround, the report says. Reference Link
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