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January 11, 2013
12:21 EDTARQL, UPIP, AXP, JCP, INFY, WFC, BV, ERIC, BBYOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Dow managing to cross back into positive ground near noon. The averages began the session in relatively quite fashion and traded in a narrow range throughout the morning. There was little reaction to the pre-market release of both the trade balance report for November and import and export price data for December. The focus for investors was more on the release of earnings from banking giant Wells Fargo (WFC), the first of the big U.S. banks to report... ECONOMIC EVENTS: In the U.S., the trade deficit grew in November to $48.7B, after analysts called for the deficit to shrink to $41.3B. However the gap's widening was driven by an increase in consumer goods imports, which is a potentially positive signal for consumer spending. Import prices decreased 0.1% in December, versus an expected increase of 0.1%, while export prices were similarly down 0.1% in the month, which matched expectations. In Asia, Japan's government approved $116B in new stimulus spending. Also, China's consumer price index grew 2.5% in December from the prior year, overshooting expectations for a less pronounced pick-up from the 2.0% growth rate of November. Producer prices, however, fell 1.9% from the prior year, which was roughly in-line with expectations... COMPANY NEWS: Wells Fargo's headline results topped expectations, as its EPS of 91c and $21.9B revenue both beat consensus. However, Wells’ Q4 net interest margin slid 10 basis points from the prior quarter to 3.56% and its stock declined 1% in midday trading... Shares of another newsmaker in the financial sector, American Express (AXP), fared a bit better, rising about 0.35%. AmEx said it plans to cut 5,400 jobs, with the largest cuts to come in its travel business. The company also said last night that cardmember spending rose 8% in Q4 and reported preliminary quarterly profit that beat Street expectations... MAJOR MOVERS: Among the notable gainers was Best Buy (BBY), which rose over 12% after reporting its domestic same-store sales were flat during the holiday season, but also cutting its view of free cash flow for this year. Also higher were shares of Infosys (INFY), up 17% after its results and guidance topped expectations, and Unwired Planet (UPIP), up 30% after the company announced a patent purchase agreement with Ericsson (ERIC) and the stock was upgraded to Outperform at Northland. Shares of J.C. Penney (JCP) sunk nearly 6% after UBS said the retailer's earnings outlook is deteriorating and downgraded the stock to Sell. Among the other noteworthy losers were ArQule (ARQL), down 15% after a Phase 2 trial for its cancer treatment failed to meet its primary endpoint, and Bazaarvoice (BV), down 11% after the Department of Justice filed an antitrust suit against the company and its stock was downgraded to Market Perform at BMO Capital... INDICES: Near noon, the Dow was up 6.12, or 0.05%, to 13,477.34; the Nasdaq was down 2.29, or 0.07%, to 3,119.47; and the S&P 500 was down 1.81, or 0.12%, to 1,470.31.
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November 20, 2015
09:08 EDTBBYBest Buy weakness creates buying opportunity, says BB&T
BB&T believes that Best Buy reported "impressive" Q3 results. The firm notes that the company's comp sales rose 0.8%, while the company said that its sales trends improved in early November. BB&T views the company's worse than expected Q4 results as an attempt by the company to "under promise and over deliver." The firm recommends that investors focus on management's positive track record, and it keeps a Buy rating on the shares.
08:10 EDTBBYBest Buy valuation 'looks opportunistic,' says SunTrust
After Best Buy reported higher than expected Q3 EPS but its Q4 guidance came in below expectations, SunTrust calls the company's valuation "opportunistic," as the firm expects the consumer electronics category to continue to grow in coming years. The firm cut its price target on the name to $40 from $46 but keeps a Buy rating.
November 19, 2015
12:19 EDTBBYOn The Fly: Top stock stories at midday
Stocks have struggled for direction since the open and spent the morning moving in a narrow range. The Dow has held up fairly well considering the weakness seen in UnitedHealth (UNH), which has declined after the insurer cut its fiscal 2015 profit guidance, citing weakness in individual health insurance policies it markets through exchanges. Oil prices remain under pressure, with benchmark U.S. crude trading back below $42 per barrel. ECONOMIC EVENTS: In the U.S., initial jobless claims continued to hover around four-decade lows, with 271,000 first-time claims filed in the week ended November 14. The Philly Fed index rose 6.4 points to 1.9 in November, better than the forecast for a -0.5 reading. In Europe, minutes from the most recent European Central Bank policy meeting showed that some participants called for more stimulus amid deflation risks, weak oil prices and a sluggish recovery in the euro-area. In Asia, the Bank of Japan maintained its current pace of monetary stimulus, as widely expected. COMPANY NEWS: The shares of health insurer UnitedHealth and a number of other companies in the sector are falling after the Dow member lowered its profit outlook for this fiscal year, citing weakness in individual health insurance policies it markets through exchanges. UnitedHealth said it has pulled back on its marketing efforts for individual exchange products in 2016 and is "evaluating the viability of the insurance exchange product segment." Near noon, UnitedHealth fell about 5%, while Aetna (AET) declined nearly 6%, Humana (HUM) droped more than 3.5%, Anthem (ANTM) declined over 6% and Cigna (CI) slid 4%... Press reports indicate that talks between Pfizer (PFE) and Allergan (AGN) are heating up and that a deal is nearing, but simultaneously the U.S. government's rhetoric around the type of "inversion" deal the two pharmaceutical giants are discussing is getting ratcheted up as well. Last night, Bloomberg reported that Pfizer is nearing an agreement to acquire Allergan for $370 to $380 per share, citing people familiar with the matter. The two companies are aiming to announce a deal as early as Monday, sources told the publication. However, CNBC's David Faber reported, citing sources, that a deal will not be announced on Monday, but Pfizer and Allergan are in the "final innings" of merger talks. The deal will consist of all stock and Pfizer is likely to offer 11-plus shares per Allergan share, Faber noted. Amid the reports, Treasury Secretary Jacob Lew said that his department will release "targeted guidance" later this week meant to "deter and reduce further the economic benefits of corporate inversions" like the one being contemplated by the drugmakers... Square (SQ) completed its initial public offering of stock and rose about $4 per share to trade near $13 around noon after pricing last night at $9 per share. CEO Jack Dorsey, who leads both Square and Twitter (TWTR) as CEO, said in an interview following the opening that the teams behind him make him able to simultaneously hold both positions. Twitter rose about 1.4% to $26.25 in midday trading following Square's entry to the public markets. MAJOR MOVERS: Among the notable gainers was Keurig Green Mountain (GMCR), which rallied 22% after it reported better than expected quarterly earnings and guided for fiscal 2016. Also higher was (CTRP), which gained 19% after no fewer than three analysts raised their price target on the company's stock following upbeat fourth quarter earnings. Among the noteworthy losers was Kirkland's (KIRK), which fell 30% after the company reported downbeat quarterly earnings and provided lower than expected guidance. Also lower was AMAG Pharmaceuticals (AMAG), which lost over 8.5% after it received a complete response letter from the FDA for a single-dose vial of Makena, a treatment to reduce the risk of preterm birth in at-risk patients. In addition, Best Buy (BBY) fell 3% after it reported better than expected third quarter earnings but worse than expected same-store sales growth and also guided toward "near-flat" revenue for its domestic business in the holiday quarter. INDEXES: Near midday, the Dow was down 17.44, or 0.1%, to 17,719.72, the Nasdaq was up 2.36, or 0.05%, to 5,077.57, and the S&P 500 was down 3.67, or 0.18%, to 2,079.91.
09:34 EDTBBYActive equity options trading on open
Active equity options trading on open: AAPL CHK BAC FB PFE MU GMCR AMZN NFLX BBY BABA CRM QCOM
09:21 EDTWFCConsolidated Tomoka buys office complex in Raleigh for $42.3M
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09:16 EDTBBYOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Keurig Green Mountain (GMCR), up 19%... (CTRP), up 11.8%... (CRM), up 5.4%... Perry Ellis (PERY), up 4%. ALSO HIGHER: Celladon (CLDN), up 55.9% after signing a merger agreement with Eiger BioPharmaceuticals... StemCells (STEM), up 45.7% after Phase II Pathway Study data shows motor improvement in SCI patients... UniPixel (UNXL), up 36.1% after receiving an initial mass production order from a Japanese PC manufacturer... Anavex Life Sciences (AVXL), up 16% after announcing preparation of regulatory filings based on guidance from FDA... Plug Power (PLUG), up 3.7% after securing Colruyt Group as its next GenDrive fuel cell customer in Europe. DOWN AFTER EARNINGS: Stage Stores (SSI), down 14.7%... JinkoSolar (JKS), down 7.5%... Best Buy (BBY), down 5.2%... Semtech (SMTC), down 7.5%. ALSO LOWER: AMAG Pharmaceuticals (AMAG), down 8.4% after receiving a complete response letter from the FDA its application seeking approval for a single-dose vial of Makena... Titan International (TWI), down 8.3% after being downgraded to Sell from Neutral at Goldman... Sunedison (SUNE), down 5.5% after Reuters reported that Blackstone (BX) is not interested in SunEdison investment.
07:55 EDTAXPAmerican Express management to meet with Deutsche Bank
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07:04 EDTBBYBest Buy sees 'near-flat' revenue for Domestic business in Q4
The company says, "Our year-over-year non-GAAP outlook for Q4 FY16 is as follows. In the Domestic business we are expecting (1) near flat revenue assuming an approximate 4% industry decline in the NPD-reported categories, in line with Q3, and the timing of the Super Bowl shifts approximately 40 basis points of sales out of Q4 into Q1 FY17; and (2) a non-GAAP operating income rate decline of 20 to 35 basis points driven by gross profit rate pressure and higher SG&A. The gross profit rate pressure is primarily driven by (1) a 25-basis point investment in services pricing; (2) higher distribution costs associated with our growth in the online channel and the appliance and large-screen television categories; and (3) product mix and product cycle pressures. Largely offsetting these gross profit pressures is an expected 55-basis point periodic profit sharing benefit from our externally-managed extended service plan portfolio. The higher SG&A is due to our investment in growth initiatives, partially offset by cost savings. In the International business, due to the ongoing impacts of the Canadian brand consolidation, foreign currency fluctuations and softness in the Canadian market, we are expecting (1) an International revenue decline of approximately 30%; and (2) an International non-GAAP operating income rate in the range of positive 2% to 3%. Based on the above expectations, our Enterprise level outlook is as follows: (1) a negative low-single digit revenue growth rate; and (2) a non-GAAP operating income rate decline of 25 to 45 basis points. From a tax rate perspective, we expect the non-GAAP effective income tax rate from continuing operations to be in the range of 36% to 37%, versus 34.2% last year, which is expected to result in a negative $0.04 to negative $0.06 year-over-year non-GAAP diluted EPS impact in Q4 FY16."
07:03 EDTBBYBest Buy reports Q3 Enterprise and Domestic SSS up 0.8%
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07:02 EDTBBYBest Buy reports Q3 adjusted EPS 41c, consensus 35c
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05:54 EDTERICEricsson and Inmarsat sign strategic maritime agreement
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05:38 EDTERICEricsson and Inmarsat sign strategic maritime agreement
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November 18, 2015
14:38 EDTBBYNotable companies reporting before tomorrow's open
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13:41 EDTBBYBest Buy November 31 straddle priced for 10% movement into Q3
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13:37 EDTBBYBest Buy technical comments ahead of results
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11:22 EDTBBYBest Buy management to meet with Jefferies
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10:08 EDTBBYGoPro sinks after analyst finds cameras on flash sales sites
The shares of action camera maker GoPro (GPRO) are sinking and hit a new 52-week low after research firm Piper Jaffray reported that the company has been offering significant discounts on its cameras. WHAT'S NEW: GoPro's cameras have been selling on flash sales websites such as Zulily (ZU) and Groupon (GRPN) at price discounts of 16%-34%, Piper analyst Erinn Murphy wrote in a note to investors today. As a result of these discounts and the 147% increase in GoPro's inventory at the end of the third quarter, the analyst is concerned that the company's gross margin could be pressured. In addition to the discounts GoPro is offering on the flash websites, the camera maker cut the price of its GoPro Session camera on Amazon to $299 from $399 in September and there has been "select downward price movement" on two more of its cameras on Amazon, Murphy reported. The analyst continues to expect GoPro's Q4 earnings per share to come in at 34c, versus analysts' consensus estimate of 41c. She slashed her fiscal 2016 EPS estimate for the company to $1.03 from $1.35, versus the consensus outlook of $1.37. Murphy reduced her price target on the stock to $15 from $20 and kept an Underweight rating on the name. WHAT'S NOTABLE: Ambarella (AMBA) makes chips used in GoPro's cameras. Best Buy (BBY), which is due to report its results tomorrow, sells GoPro's cameras. PRICE ACTION: In early trading, GoPro fell 8% to $19.19. Earlier today, it hit a new 52-week low of $19.04.
08:55 EDTWFCMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:19 EDTBBYUPS, FedEx peers see business in bulky item deliveries, WSJ says
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05:37 EDTBBYStocks with implied volatility above IV index mean; CRM BBY
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