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October 7, 2015
12:31 EDTTUPNu Skin plummets after cutting Q3 revenue outlook
Shares of Nu Skin (NUS), a global direct selling company, are sinking after the company lowered its third quarter revenue outlook. WHAT'S NEW: Tuesday after the bell, Nu Skin lowered its Q3 revenue view to $570M-$573M from $600M-$620M, well below analysts' consensus estimates of $621.55M. Foreign currency headwinds associated with the strengthening of the U.S. dollar negatively impacted revenue by more than $60M compared to the prior-year period. The revised revenue range is expected to represent continued improvement on a sequential basis, and the company continues to forecast constant-currency revenue growth in the fourth quarter of 2015 versus the prior year. WHAT'S NOTABLE: Truman Hunt, Nu Skin's Chief Executive Officer, noted, "Third quarter results were impacted by lower-than-expected sales of our new cosmetic oils in China during August and September, which may be a reflection of economic conditions in China." Hunt continued, "Our third quarter results will be in-line with expectations, with the exception of the Greater China region. Revenue growth in the third quarter was particularly strong in South Asia/Pacific, where our first introduction of ageLOC Youth drove more than 20% growth in that region, or more than 40% on a constant-currency basis. Given the successful launch of ageLOC Youth in South Asia/Pacific, we look forward to the introduction of ageLOC Youth as well as ageLOC Me in most of our regions during the fourth quarter. We forecast year-over-year constant-currency revenue growth of between 7%-10% in the fourth quarter." ANALYST REACTION: Sentiment on the Street was cautious at midday. Research firm Stifel downgraded Nu Skin to Sell from Hold, citing the company's negative pre-announcement and its deteriorating trends in Greater China. Its price target for shares is $35. Another firm, Canaccord, noted that NuSkin pre-announced revenue numbers that were below guidance, which suggests softer trends in China and the long awaited sustainable turn in momentum has failed to materialize. The firm expects a new product cycle to help support the return to growth. Canaccord maintained its Hold rating and lowered its price target to $45 from $48 on NuSkin shares. PRICE ACTION: In midday trading, Nu Skin fell $12.13, or about 26%, to $34.45 on about six times its average daily trading volume. OTHERS TO WATCH: Other companies in the direct selling business include Herbalife (HLF), down 9.2%, Estee Lauder (EL), down fractionally, USANA Health Sciences (USNA) down 8.4%, Avon Products (AVP) up almost 8%, and Tupperware Brands (TUP), up 2.5%.
12:20 EDTBUDOn The Fly: Top stock stories at midday
Stocks on Wall Street opened with gains as investors grew optimistic about economic growth as oil prices continued to rally. The market moved to sharply higher gains at the outset and then stalled following the release of the weekly energy inventory report. The larger than expected build of crude oil inventories pushed the price of oil lower and took the broader equity market with it. Each of the major indices has crossed back into the green, but they are all trading close to the flat line near midday. ECONOMIC EVENTS: In the U.S., the greater than expected build up in crude oil inventories pushed WTI crude back below $48 per barrel. The EIA reported that crude oil inventories rose by 3.07M barrels, versus the consensus forecast for a 2.25M barrel build. A report on consumer credit in August is scheduled for 3 pm EDT. COMPANY NEWS: Yum! Brands (YUM) was the worst performer in the S&P 500, falling 18% after the restaurant brand owner reported worse than expected third quarter financial results and gave weaker than expected guidance amid a slower than expected recovery in its sales in China... Monsanto (MON) shares initially dropped following the company's report of worse than expected quarterly losses, but the stock recovered to be flat near noon. The genomics giant gave ongoing earnings guidance for the new fiscal year that missed expectations, but it also confirmed its five-year plan to more than double ongoing earnings per share along with announcing a new $3B accelerated share repurchase program and saying it sees cutting 2,600 jobs over next 18-24 months as part of its restructuring plans... Anheuser-Busch InBev (BUD) made a third proposal to combine with SABMiller (SBMRY), upping its offer for the rival brewing giant to 42.15 pounds a share. Altria Group (MO), SABMiller's largest shareholder, said it supports a proposal of GBP 42.15, or higher, with a partial share alternative, and would be prepared to elect the partial share alternative. However, SABmiller, said this morning that the new overture still undervalues it "very substantially." MAJOR MOVERS: Among the notable gainers was Freeport-McMoran (FCX), which jumped 10% after the company added two Carl Icahn representatives to its board. Also higher was SunEdison (SUNE), which gained 8% after the Wall Street Journal reported that the company won't complete its planned $700M purchase of Latin American Power. Among the noteworthy losers was GoPro (GPRO), which dropped 7% after Morgan Stanley lowered its price target on the stock to $35 from $62 due to disappointing Session sales. Also lower was Nu Skin (NUS), which dropped 25% after cutting its guidance for the third quarter, citing lower than expected sales of its new cosmetic oils in China during August and September. INDEXES: Near midday, the Dow was up 23.38, or 0.14%, to 16,813.57, the Nasdaq was up 0.89, or 0.02%, to 4,749.25, and the S&P 500 was up 3.28, or 0.17%, to 1,983.20.
10:12 EDTBUDAB InBev CEO does not want to talk about hostile SABMiller bid, Reuters says
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10:01 EDTMJNOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abbott (ABT) upgraded to Overweight from Equal Weight at Barclays... Anglo American (AAUKY) upgraded to Equal Weight from Underweight at Morgan Stanley... Autohome (ATHM) upgraded to Buy from Neutral at UBS... BHP Billiton (BHP) upgraded to Overweight from Equal Weight at Morgan Stanley... CME Group (CME) upgraded to Buy from Neutral at BofA/Merrill... (CTRP) upgraded to Buy from Neutral at BofA/Merrill... Delek US (DK) upgraded to Outperform from Market Perform at Wells Fargo... E.W. Scripps (SSP) upgraded to Buy from Hold at Evercore ISI... HollyFrontier (HFC) upgraded to Buy from Hold at Deutsche Bank... Kimberly-Clark de Mexico (KCDMY) upgraded to Overweight from Neutral at JPMorgan... Lazard (LAZ) upgraded to Buy from Hold at Sandler ONeill... Lexmark (LXK) upgraded to Neutral from Sell at Citi... Lundbeck (HLUYY) upgraded to Neutral from Sell at Goldman... Marathon Petroleum (MPC) upgraded to Outperform from Market Perform at Wells Fargo... Mead Johnson (MJN) upgraded to Buy from Neutral at Nomura... Morgan Stanley (MS) upgraded at RBC Capital... RELX (RELX) upgraded to Buy from Hold at Deutsche Bank... Rio Tinto (RIO) upgraded to Overweight from Equal Weight at Morgan Stanley... Suez Environnement (SZEVY) upgraded to Buy from Hold at Societe Generale... Trustco Bank (TRST) upgraded to Market Perform from Underperform at Keefe Bruyette.
07:59 EDTBUDSABMiller says it previously decided to turn down GBP 42 per share takeover bid
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06:38 EDTMJNMead Johnson upgraded to Buy from Neutral at Nomura
Nomura upgraded Mead Johnson to Buy with a $93 price target. Analyst Mark Howden expects Mead Johnson to cut guidance at the October 22 investor day/Q3 results due to deteriorating pricing in China but said valuation has better incorporated the realty of lower baby formula prices and China/Hong Kong shares erosion. Howden now views risk/reward as profitable and said it the price could encourage consolidation in the sector.
05:45 EDTBUDAB InBev proposes to acquire SABMiller for GBP 42.15 per share
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05:43 EDTBUDAB InBev proposes to acquire SABMiller for GBP 42.15 per share
05:41 EDTBUDAltria says AB Inbev's proposal for SABMiller would create 'significant' value
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October 6, 2015
15:07 EDTRADRite Aid discloses West Virginia grand jury subpoena relating to CMEA
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15:01 EDTRADRite Aid extends tolling agreement until April 7, 2016
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08:03 EDTVFCWeather suggests weak end to quarter for footwear and apparel, says Canaccord
Canaccord said the warm September weather suggests a weak end to Q3 for the footwear and apparel space. The firm believes Q3 estimates will be safe but expects softer guidance for Q4. Canaccord categorized its covered stocks into three risk buckets with regards to earnings risk, with Steve Madden (SHOO) and VF Corp. (VFC) in the low risk category, Deckers Outdoor (DECK) in the medium risk and Columbia Sportswear (COLM) in the high risk category.
06:47 EDTBUDAB InBev not expected to make hostile offer for SABMiller, NY Post says
As rumors swirl that SABMiller (SBMRY) has rejected an informal proposal from AB InBev (BUD), The New York Post reports that AB InBev has "decided internally" not to make a hostile offer for the brewer and that it will only make an offer SAB is prepared to accept. According to a source cited by The Post, there is a 60% change AB InBev will make an offer for SAB "that will be rich enough for SAB to accept." Reference Link
06:22 EDTBUDAB InBev's informal offer rejected by SABMiller, Bloomberg reports
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October 4, 2015
14:14 EDTRADUFCW 8-Golden State and partner unions reach tentative agreements with Rite Aid
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October 2, 2015
18:07 EDTBUDCoca-Cola, other blue chips, call for Blatter to step down, WSJ says
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06:56 EDTBUDHSBC CEO met with AB InBev over SABMiller deal financing, Sky News reports
HSBC (HSBC) CEO Stuart Gulliver has met with executives from AB InBev (BUD) about playing a major role in financing the possible takeover of SABMiller (SBMRY), Sky News reports. AB InBev is expected to make a formal bid for SABMiller next week, the report says. Reference Link
October 1, 2015
08:32 EDTRADRite Aid reports September SSS up 1.5%
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September 30, 2015
11:45 EDTBUDAB InBev initiated with a Buy at UBS
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September 29, 2015
12:12 EDTBUDAB InBev taps BofA, Santander for SABMiller offer financing, Bloomberg says
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