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April 29, 2014
04:55 EDTKR, KR, HOG, HOG, ICON, ICON, LB, LB, MTN, MTN, PENN, PENN, PIR, PIR, SIG, SIG, TSCO, TSCO, UA, UA, SVU, SVU, PLKI, PLKI, UNFI, UNFI, FDO, FDO, EAT, EAT, WAG, WAGBarclays to hold a conference
2014 Retail & Consumer Discretionary Conference is being held in New York on April 29-30.
News For WAG;EAT;FDO;UNFI;PLKI;SVU;UA;TSCO;SIG;PIR;PENN;MTN;LB;ICON;HOG;KR From The Last 14 Days
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January 27, 2016
14:30 EDTUAUnder Armour January weekly 69 straddle priced for 8.8% movement into Q4
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11:41 EDTHOGHarley-Davidson volatility elevated into Q4 and outlook
Harley-Davidson February call option implied volatility is at 48, March is at 41; compared to its 52-week range of 19 to 49, suggesting large near term price movement into the expected release of Q4 results on January 28.
11:31 EDTHOGEarnings Watch: Analysts remain bearish on Harley-Davidson ahead of Q4 earnings
Harley-Davidson (HOG) is scheduled to report fourth quarter results before the market open on Thursday, January 28, with a conference call scheduled for 9:00 am EDT. Harley-Davidson is a motorcycle manufacturer that produces heavyweight bikes and a complete line of motorcycle parts, accessories, and general merchandise. EXPECTATIONS: Analysts are looking for earnings per share of 19c on revenue of $1.03B, according to First Call. The consensus range for EPS is 11c-24c on revenue of $972.2M-$1.08B. LAST QUARTER: Harley-Davidson reported third quarter EPS of 69c, missing analysts' estimates for 78c, on revenue of $1.32B, which beat the consensus of $1.21B. The company said that dealers worldwide sold 72,178 new Harley-Davidson motorcycles in Q3 compared to 73,217 motorcycles in the year-ago period. In the U.S., dealers sold 48,918 new Harley-Davidson motorcycles in the quarter compared to sales of 50,167 motorcycles in the year-ago period. Harley-Davidson said at the time that it expects to ship 47,000-52,000 motorcycles in Q4 compared to 47,157 motorcycles shipped in the year-ago period. Additionally, the company lowered its motorcycle shipment guidance for fiscal 2015 to 265,000-270,000, which is about flat to down 2% from 2014, a decline from FY shipment guidance of 275,000-281,000 motorcycles. The company said it expects FY15 operating margin of approximately 16%-17% for the motorcycles segment, compared to prior guidance of 18%-19% for full-year operating margin. NEWS: On its last earnings conference call, Harley-Davidson said that due to headwinds in recalls, currency and ramped up competition, its Q3 performance did not meet expectations. CEO Matthew Levatich noted that "We know we can do better, and we will." Recently, The Wall Street Journal said that Levatich plans to ramp up the company's efforts to appeal to younger adults and women in general, planning to raise its marketing spending by 65% in 2016. STREET RESEARCH: On the day after its last earnings report, several analysts were bearish on Harley-Davidson, including BMO Capital and JPMorgan, which downgraded the stock. In November, Barclays analyst Felicia R. Hendrix said the company's management is "too optimistic near-term" on a recovery. On January 21, William Blair analyst Sharon Zackfia believes Harley-Davidson's domestic retail sales trends remained soft in Q4, even as the company began to lap currency-related discounting by competitors that began late last year. Zackfia sees a low-single-digit decline in retail sales growth in the U.S. in Q4, which would be the fifth consecutive quarter of retail sales declines. Zackfia sees Harley's 2016 production growth guidance being cut to 1%-2% from 3%-5%. PRICE ACTION: Over the last three months, Harley-Davidson shares are down about 19%. In late morning trading ahead of its Q4 earnings report, shares are down fractionally.
11:20 EDTPIRBed Bath & Beyond slips after Citi, Keybanc both say sell
Home goods retailer Bed Bath & Beyond (BBBY) is declining in late morning trading after being downgraded to Sell-equivalent ratings at both Keybanc and Citi. WHAT'S NEW: KeyBanc analyst Bradley Thomas downgraded Bed Bath & Beyond to Underweight from Sector Weight after his firm's work on housing showed growth has slowed. The analyst noted that the home furnishings sector is growing increasingly competitive, and he took a more cautious view on Hardline retailers whose growth is predicated primarily on same-store sales. Thomas kept a $35 price target on shares of Bed Bath & Beyond. Citi analyst Kate McShane downgraded Bed Bath & Beyond to Sell from Neutral on expectations the retailer's earnings will continue to decline over the next two years. McShane also noted that competition in home furnishings remains intense, while Bed Bath's e-commerce operations continue to be unprofitable. McShane cut her price target for the shares to $37 from $51. OTHERS TO WATCH: The analysts, in their respective notes, also opined on Bed Bath & Beyond's peers. Keybanc's Thomas downgraded Haverty Furniture (HVT) and Pier 1 Imports (PIR) to Sector Weight from Overweight. Meanwhile, Citi's McShane recommended a pair trade of long Dick's Sporting Goods (DKS), which the firm is Overweight on due to valuation, and short Bed Bath & Beyond. PRICE ACTION: Shares of Bed Bath & Beyond are down 1.6% to $43.34, while Haverty Furniture and Pier 1 Imports are down 3.8% and 3.9%, respectively. Dick's Sporting Goods, meanwhile, is down 0.7% to $37.84.
11:17 EDTHOGStocks with call strike movement; AMZN HOG
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10:49 EDTICONIconix Brand adopts short-term shareholder rights plan
Iconix Brand announced that its board has adopted a short-term shareholder rights plan, which will expire following the 2016 annual meeting of shareholders, absent an extension being approved by shareholders. The board adopted the Rights Plan in light of recent activity in the company's shares, including the recent accumulation of meaningful positions by holders of derivative securities, and what the Iconix Board and management believes is a currently depressed share price for the company's common stock. The Rights Plan is intended to protect the interests of the company and Iconix shareholders by reducing the likelihood that any person or group gains control of Iconix through open market accumulation or other tactics without paying an appropriate control premium and by providing the Board and shareholders with time to make informed decisions. The Rights Plan applies equally to all current and future shareholders and is not intended to deter offers that are fair and otherwise in the best interests of the Company and its shareholders. The Rights Plan is similar to plans adopted by numerous publicly-traded companies and was not adopted in response to any specific takeover bid or other proposal to acquire control of the company.
10:00 EDTPIROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BG Group (BRGYY) downgraded to Neutral from Outperform at Credit Suisse... Bed Bath & Beyond (BBBY) downgraded to Sell from Neutral at Citi... Bill Barrett (BBG) downgraded to Neutral from Buy at Ladenburg... Brown & Brown (BRO) downgraded to Underweight at Morgan Stanley... Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at BTIG... Canadian National (CNI) downgraded to Market Perform from Outperform at Raymond James... DreamWorks (DWA) downgraded to Sell from Hold at Topeka... FirstMerit (FMER) downgraded at RBC Capital... Gentex (GNTX) downgraded to Neutral from Outperform at Baird... Haverty Furniture (HVT) downgraded to Sector Weight from Overweight at KeyBanc... Hercules Technology (HTGC) downgraded to Neutral from Buy at Compass Point... Horizon Technology (HRZN) downgraded to Market Perform from Outperform at Raymond James... Installed Building downgraded to Sector Weight from Overweight at KeyBanc... Jarden (JAH) downgraded to Neutral from Buy at Citi... K+S (KPLUF) downgraded to Sell from Hold at Berenberg... La-Z-Boy (LZB) downgraded at BB&T... Legacy Reserves (LGCY) downgraded to Market Perform from Outperform at FBR Capital... Medivation (MDVN) downgraded to Hold from Buy at Canaccord... Merck (MRK) downgraded to Neutral from Buy at BofA/Merrill... Metaldyne Performance (MPG) downgraded to Neutral from Outperform at Baird... Pier 1 Imports (PIR) downgraded to Sector Weight from Overweight at KeyBanc... Priceline (PCLN) downgraded to Neutral from Buy at Goldman... Profire Energy (PFIE) downgraded to Neutral from Buy at Chardan... Regeneron (REGN) downgraded to Hold at Canaccord... Starwood (HOT) downgraded to Underperform from Outperform at CLSA... Swiss Re (SSREY) downgraded to Equal Weight from Overweight at Morgan Stanley... TSYS (TSS) downgraded to Equal-Weight from Overweight at First Analysis... Talmer Bancorp (TLMR) downgraded to Sector Perform from Outperform at RBC Capital... TopBuild (BLD) downgraded to Sector Weight from Overweight at KeyBanc... TripAdvisor (TRIP) downgraded to Sell from Neutral at Goldman... VMware (VMW) downgraded to Hold from Buy at Summit Research... W.R. Grace (GRA) downgraded to Buy from Conviction Buy at Goldman... WEC Energy (WEC) downgraded to Neutral from Conviction Buy at Goldman... Welltower (HCN) downgraded to Underperform from Market Perform at BMO Capital... Yamana Gold (AUY) downgraded to Neutral from Overweight at JPMorgan.
08:40 EDTUAUnder Armour volatility elevated into Q4 and outlook
Under Armour January weekly call option implied volatility is at 123, February is at 59, March is at 48; compared to its 52-week range of 21 to 55, suggesting large near term price movement into the expected release of Q4 results on January 28.
05:49 EDTPIRBed Bath & Beyond downgraded to Underweight from Sector Weight at KeyBanc
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05:48 EDTPIRPier 1 Imports downgraded to Sector Weight from Overweight at KeyBanc
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05:25 EDTUAStocks with implied volatility movement; UA SWN
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January 26, 2016
14:10 EDTTSCOTractor Supply technical comments before earnings news
The key level on the downside for the shares is at the $80 area. If the news is bearish and there is a breakdown below that level, it would snap the long-term uptrend support line. Technically this would be bearish for future price. Support below $80 would be at $78.17, and then at the 52-week low at $75. If the news is instead a positive surprise, next resistance levels above the current price in the $85 area would be at $87.82, $90.98, and $92.69.
13:53 EDTHOGHarley-Davidson volatility elevated into Q4 and outlook
Harley-Davidson February call option implied volatility is at 48, March is at 39; compared to its 52-week range of 18 to 49, suggesting large near term price movement into the expected release of Q4 results on January 27.
11:00 EDTUAAnalysts divided on Under Armour ahead of results
Analysts have made Under Armour (UA) a "battleground" stock ahead of its fourth quarter results, with Deutsche Bank and SunTrust taking a bullish view and Piper Jaffray adopting a bearish stance towards the shares of the athletic apparel and footwear maker. Under Armour is slated to report its Q4 results before the market open on January 28. BULLISH TAKE: Although Under Amour probably discounted its products more than previously expected in Q4 due to the warm weather, that development is probably well understood by investors now, wrote Deutsche Bank analyst Dave Weiner. Moreover, although the growth of the company's apparel sales probably slowed, its momentum in footwear probably did not weaken, Weiner believes. "Investors will overlook less than stellar Q4 results" if the company reiterates its 2016 guidance of 25% revenue growth and 23% operating profit growth, wrote Weiner, who cut his price target on the name to $95 from $110 but kept a Buy rating on the shares. SunTrust analyst Pamela Quintiliano was more upbeat. After the stock fell 26% over the last three months, the bad news regarding weather and increased competition is "largely priced into the shares," the analyst stated. Noting that the company is trading at valuation levels below its five year averages, the analyst says that "its fundamentals and brand integrity remain intact." She thinks the company can meet its fiscal 2018 sales target of $7.5B and views the recent weakness in the shares as a buying opportunity. Quintiliano reiterated a $110 price target and Buy rating on the shares. BEARISH TAKE: Taking a cautious view on Under Armour was Piper Jaffray analyst Erinn Murphy. The stock is still expensive, while footwear inventories are still high. In addition to the warm weather, the company faces an overhang from Sports Authority's struggles, the analyst stated. Murphy expects the company's Q4 EPS to come in at 44c, 2c below the consensus outlook. Although Under Armour will maintain its guidance, the company's year-end inventory will be high and the stock's multiple could continue to decline, she warned. The analyst cut her price target on the name to $64 from $88 and kept a Neutral rating on the shares. PRICE ACTION: In late morning trading, Under Armour fell 1.7% to $67 per share.
08:35 EDTUAUnder Armour recent weakness creates buying opportunity, says SunTrust
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07:00 EDTUAUnder Armour price target lowered to $64 from $88 at Piper Jaffray
Piper Jaffray analyst Erinn Murphy lowered her price target for shares of Under Armour to $64 ahead of the company's Q4 results on Thursday. The analyst remains cautious on the stock near-term given concerns over valuation, footwear inventory in the channel, challenges with partner Sports Authority and the warmer winter season. While the stock is down 36% from the highs, rich multiple stocks are not "finding their footing on less-than-pristine reports," Murphy tells investors in a pre-earnings research note. She keeps a Neutral rating on Under Armour.
06:45 EDTUAUnder Armour price target lowered to $95 from $110 at Deutsche Bank
Deutsche Bank analyst Dave Weiner lowered his price target for Under Armour to $95 ahead of the company's Q4 results on Thursday. The analyst believes discounting was likely worse than expected in Q4 given Under Armour's exposure to cold weather product, but he believes this is well known with the stock down 25% since the Q3 earnings report. Investors will likely "overlook less than stellar" Q4 results so long as management reiterates their 2016 plan, Weiner tells investors in a research note. He keeps a Buy rating on Under Armour.
January 25, 2016
12:33 EDTUAUnder Armour announces partnership with Dwayne 'The Rock' Johnson
Under Armour announced a global partnership with Dwayne "The Rock" Johnson. As part of the long-term partnership, Johnson will work with the performance brand to create a range of products across footwear, apparel and accessories as well as support Under Armour's Connected Fitness platforms, including the recently debuted Under Armour HealthBox and Record application. Additionally, the brand will develop product capsules including footwear, apparel and accessories inspired by the films Johnson is currently working on. The first product capsule will feature a Rock-inspired backpack and duffle bag that will launch on UA.com and be available in select Brand Houses in the next few weeks.
07:55 EDTUAUnder Armour price target lowered to $95 from $110 at Cowen
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07:47 EDTUAUnder Armour weakness an attractive buying opportunity, says Canaccord
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