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Stock Market & Financial Investment News

News Breaks
March 18, 2014
06:00 EDTTGT, WMT, BBY, GMEWal-Mart makes play for used videogame business, WSJ reports
Wal-Mart (WMT) will next week begin allowing shoppers to trade in used videogames for gift cards based on the value of the games they turn in, the Wall Street Journal reports. The gift cards will be redeemable in stores and online. Though Best Buy (BBY) and Target (TGT) have trade-in programs for games, analysts believe GameStop (GME) is the most vulnerable to Wal-Mart's plans. Reference Link
News For WMT;GME;BBY;TGT From The Last 14 Days
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December 18, 2014
10:00 EDTGMEGameStop offers holiday deals on Call of Duty, Xbox One, Gamespot reports
GameStop announced yesterday a number of deals on games and hardware, including Activision's (ATVI) Call of Duty: Advanced Warfare being offered for $40 and a $50 gift card being offered with all new Xbox One (MSFT) purchases, reported video game blog Gamespot. Reference Link
December 17, 2014
17:47 EDTTGTTarget names Laysha Ward as chief corporate social responsibility officer
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17:44 EDTTGTTarget names Casey Carl as Chief Strategy and Innovation Officer
Target announced that Casey Carl, president, omnichannel and senior vice president, strategy, will assume the role of chief strategy and innovation officer.
December 16, 2014
10:41 EDTWMTWal-Mart initiated with a Market Perform at Cowen
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10:03 EDTTGTTarget initiated with an Outperform at Cowen
Target $85.
09:41 EDTWMTWal-Mart sees 6c impact to Q4 EPS from Pennsylvania Supreme Court ruling
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09:39 EDTWMTWal-Mart says Pennsylvania Supreme Court largely upholds class action ruling
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December 12, 2014
08:43 EDTWMTWal-Mart cuts prices on iPhone, BGR reports
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05:38 EDTGMENovember NPD video game software sales fell 2%, says Piper Jaffray
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December 11, 2014
19:50 EDTGMENovember new video game sales up 14% from last year, Game Informer says
November sales of newly launched video games rose 14% from the same period last year, but overall software sales were down 2%, according to Game Informer, citing NPD data. Publicly traded companies in the space include Activision Blizzard (ATVI), Electronic Arts (EA), GameStop (GME) and Take-Two (TTWO). Reference Link
09:08 EDTWMTWal-Mart China troubles brewing, hid for years, Bloomberg says
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06:34 EDTWMTJudge says Wal-Mart managers at two stores violated labor laws, NY Times reports
Managers at two of Wal-Mart's (WMT) California stores illegally punished employees for striking and unlawfullythreatened to close a store in retaliation for higher compensation demands by workers, a judge ruled yesterday, according to The New York Times. The company said it would appeal the ruling. Reference Link
December 10, 2014
14:31 EDTWMTWal-Mart names Judith McKenna as COO of Wal-Mart U.S.
McKenna succeeds Gisel Ruiz, who has been appointed executive vice president of Walmart’s International People Division.
08:08 EDTBBYBest Buy field checks show good November, says Jefferies
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December 8, 2014
16:24 EDTWMTOn The Fly: Closing Wrap
Stocks on Wall Street were lower amid another drop in crude oil prices, which tumbled to five-year lows. The market opened slightly lower following weaker than expected data from China and Japan, with nothing of note on the domestic calendar to get buyers involved in the day’s activity. Near noon, the averages gained downside momentum and though the market pared its losses several times, it was never able to gain any steam to pull the indexes back into the green. ECONOMIC EVENTS: In the U.S., no major economic data was released. In Asia, Chinese exports rose 4.7% from a year earlier in November, which missed the consensus estimate for an 8% increase. Chinese imports fell 6.7% from the prior year last month, compared with projections for a 3.8% increase. Additionally, Japan's revised third quarter gross domestic product estimate showed the economy shrank more than initially thought, with growth contracting an annualized 1.9%. COMPANY NEWS: Shares of Cubist Pharmaceuticals (CBST) surged $26.24, or 35.29%, to $100.60 after Merck (MRK) agreed to acquire the maker of next-generation antibiotics for $102 per share in cash, or $8.4B and the assumption of $1.1B in debt. A number of other antibiotic makers also climbed, including Tetraphase (TTPH), which rose $2.45, or 8.82%, to $30.24, and Cempra (CEMP), which advanced $1.64, or 11.37%, to $16.06, while shares of Merck finished fractionally higher, adding 39c, or 0.63%, to $61.88 following the deal announcement. MAJOR MOVERS: Among the notable gainers following their presentations at the American Society of Hematology, or ASH, annual meeting were Calithera Biosciences (CALA), which gained $2.38, or 22.52%, to $12.95, and Acceleron Pharma (XLRN), which jumped $5.11, or 13.6%, to $42.67. Among the noteworthy losers was McDonald's (MCD), which fell $3.70, or 3.84%, to $92.61 after the Dow member reported a 2.2% decline in global same-restaurant sales in November. Additionally, the fast-food giant warned that its fourth quarter results would be hurt by its sales pressures, supplier issues in China and a stronger U.S. dollar. Also lower were shares of Liquidity Services (LQDT), which plunged $2.77, or 27.0%, to $7.49 after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with surplus merchandise. INDEXES: The Dow fell 106.31, or 0.59%, to 17,852.48, the Nasdaq dropped 40.06, or 0.84%, to 4,740.69, and the S&P 500 slipped 15.06, or 0.73%, to 2,060.31.
12:40 EDTWMTOn The Fly: Midday Wrap
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10:49 EDTWMTLiquidity Services plunges after Wal-Mart seeks to end supply deal
Shares of Liquidity Services (LQDT) are tumbling after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with merchandise. Liquidity Services operates an auction marketplace that features surplus and salvaged items. WHAT'S NEW: Liquidity Services reported after Friday's market close in a regulatory filing that Wal-Mart had decided to stop supplying products to Liquidity Services.The auction company noted that it had previously had the right to purchase certain consumer items that have been removed from Wal-Mart's shelves. However, Wal-Mart, on December 1, reported to the company that it would terminate the deal, effective today. Wal-Mart is alleging that Liquidity Services violated certain requirements of the agreement between the companies, Liquidity Services stated. However, the auction company disputed Wal-Mart's assertions and said it was "evaluating all its options" before determining how to proceed. Liquidity Services indicated that it still expects to meet its guidance for its December quarter results. ANALYST REACTION: In a note to investors today, Colin Sebastian, an analyst at research firm Robert W. Baird, predicted that the loss of the contract would have a significant impact on Liquidity Services' results starting in 2015. However, he believes that the extent of the impact on the company's earnings before interest taxes depreciation and amortization will depend on its ability to manage its expenses. The analyst cut his price target on the name to $9 from $12 and kept a Neutral rating on the shares. Meanwhile, Janney Capital analyst Shawn Milne wrote that Liquidity Services had previously disclosed that Wal-Mart accounted for 11% of its gross merchandise volume in fiscal 2014. Milne predicted that the termination of the deal would reduce Liquidity Services' annual EBITDA by less than $10M. He also kept a Neutral rating on the stock. PRICE ACTION: In early trading, Liquidity Services sank 25% to $7.70.
10:03 EDTWMTLiquidity Services price target lowered to $9 from $12 at RW Baird
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09:20 EDTWMTLiquidity Services estimate cuts possible on Wal-Mart fight, says Janney Capital
After Liquidity Services (LQDT) disclosed that Wal-Mart (WMT) terminated its return agreement and that the two are now in dispute over the deal, Janney Capital noted Liquidity 's recent 10K filing indicated that Wal-Mart accounted for 11% of FY14 gross merchandise volume, including Commercial Capital assets. Janney estimates the full year EBITDA impact from the contract to be somewhere below $10M, but said there is a potential for further estimate cuts given the dispute. The firm maintains its Neutral rating on Liquidity Services shares.
09:13 EDTWMTLiquidity Services reports Walmart terminates return agreement
Liquidity Services (LQDT) had previously acquired from ILJ Enterprises its business of purchasing closeouts, excess merchandise and customer returns for resale to retailers, wholesalers, and other third parties and consumers. In connection with the acquisition, the company, through one of its subsidiaries, assumed ILJ’s rights and obligations with Wal-Mart Stores (WMT). Under the Wal-Mart agreement, Liquidity Services has the exclusive right to purchase certain consumer products from Wal-Mart that have been removed from the sales stream of Wal-Mart’s retail operations. On December 1, Wal-Mart provided Liquidity Services written notice terminating the Wal-Mart Agreement, effective December 8. The termination notice alleges that the company failed to comply with certain provisions under the Wal-Mart agreement with respect to service level requirements and restrictions on the disposition of merchandise, Liquidity disclosed in a regulatory filing late Friday. The company disputes these allegations and is contesting the termination of the agreement with Wal-Mart. The company had been in negotiations with Wal-Mart to address Wal-Mart’s failure to honor the company’s exclusive right to purchase selected merchandise from Wal-Mart but was unable to reach a satisfactory resolution. The company is currently evaluating all of its options, reserves all rights with respect to this matter and will continue to seek appropriate relief from Wal-Mart for its failure to honor the company’s exclusive rights to purchase selected merchandise and any related actual damages the company has incurred. The company does not believe that the purported termination of the Wal-Mart Agreement will result in the company being unable to meet its financial guidance for its first fiscal quarter ending December 31, 2014, Liquidity Services stated.
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