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March 1, 2012
12:27 EDTHUSA, GM, GPS, WMT, VE, F, TGT, DGI, PEGA, FIATY, MOn The Fly: Mid-Day Wrap
Stocks on Wall Street were higher at mid-day, as unemployment claims remained relatively low and retail sales rose. Each of the major indices is higher, with the Nasdaq near its highs of the day. The futures received a boost following in-line jobless claims data, and after the bell rang investors generally ignored the worse-than-expected construction spending number and the ISM data which also fell short of forecasts. The market weakened ever so slightly but continues to show it is resiliency, with the Nasdaq poised to overtake the 3000 level again... ECONOMIC EVENTS: Domestically, 351,000 initial jobless claims were reported, versus the expected 355,000. Personal income for the month of January showed an increase of 0.3%, versus the expected increase of 0.5%, while personal spending was up 0.2%, versus the expected increase of 0.4%. Construction spending fell 0.1% in January, versus expectations for an increase of 1.0%. The ISM manufacturing index read 52.4, which was below the expected 54.5. In Europe, sovereign debt yields declined following the latest LTRO and ISDA ruled that no "credit event" had occurred due to Greece's debt swap arrangements. In China, the official PMI reading came in at 51, which was a month-over-month improvement and indicated expansion... MARKET NEWS: Wal-Mart (WMT) raised its dividend by about 9%. In other retail news, February same store sales were generally strong, with Macy's (M) reporting comparable sales up 4.6% and Target (TGT) saying SSS were up 7%. Among clothing retailers, Gap (GPS) was one of the biggest beneficiaries of a report that surprised to the upside... All the auto makers reporting so far this morning announced increased sales, with Chrysler (FIATY) saying sales were up 40% in February, Ford (F) up 14% and General Motors (GM) up 1% in spite of forecasts that its sales would have declined... MAJOR MOVERS: Among the notable gainers were Pegasystems (PEGA), after its earnings and revenue beat Street expectations, and Veolia Environment (VE), after it reaffirmed its 2012-2013 goal to sell EUR5B in assets and said it is in exclusive talks with an undisclosed investor to sell its stake in its transport unit. Noteworthy losers included Houston American Energy (HUSA), after revealing that its Tamandua #1 well has been plugged, and DigitalGlobe (DGI), following a report of adjusted earnings that missed estimates... INDICES: Near 12:20 pm ET, the Dow was up 49.38, or 0.38%, to 13,001.45; the Nasdaq was up 22.73, or 0.77%, to 2,989.62; and the S&P 500 was up 8.74, or 0.64%, to 1,374.42.
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November 11, 2015
09:45 EDTMMacy's says will be 'selective' about M&A opportunities
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09:45 EDTMMacy's says views on M&A have not changed
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09:38 EDTMActive equity options trading on open
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09:32 EDTMMacy's sees Q4 gross margin 'well below last year'
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09:29 EDTMMacy's tumbles after results disappoint
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09:28 EDTMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: AlarmCom (ALRM), up 13.3%... Full House Resorts (FLL), up 7.4%. ALSO HIGHER: J.C. Penney (JCP), up 3.2% after reporting third quarter Same-Store Sales up 6.4%... Amira Nature Foods (ANFI), up 32.2% after an independent review found that allegations against the company are unsubstantiated... Intrexon (XON), up 1.9% after being upgraded to Neutral from Underperform at Mizuho. DOWN AFTER EARNINGS: Boot Barn (BOOT), down 16.6%... Westport Innovations (WPRT), down 12.8%... Macy's (M), down 9.8%. ALSO LOWER: Horizon Pharma (HZNP), down 14.3% following a lawsuit and allegations by Express Scripts (ESRX)... AmTrust Financial (AFSI), down 5.5% after 5M share Secondary priced at $64.00... Premier (PINC), down 1.6% after 4.03M share Spot Secondary priced at $34.50.
09:22 EDTMMacy's CFO says 'anxious' to see how other retailers fared in the quarter
CFO Karen Hoguet says sales "unexpectedly weakened" in Q3. Estimates impact of lower international tourist sales to be approx. 1.5 points in Q3. Says that in spite of disappointing overall sales, says there were some "bright spots," including digital growth, Active, furniture and mattresses business, as well as kids and younger millennials businesses. Says will need to liquidate elevated inventory in Q4.
09:14 EDTMMacy's says exploring JVs, other deals to redevelop flagship real estate assets
Says flagship real estate assets include Union Square, Herald Square.
09:13 EDTMMacy's says 'not enough value' to be created from establishment of REIT
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09:08 EDTMMacy's CEO says retail industry going through 'tough period'
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08:10 EDTMMacy's says to reduce CapEx to less than $1B in 2016
Macy's, Inc. is continuing to execute a number of key strategies and actions going forward to adapt its business model as an omnichannel retailer committed to outstanding stores as a competitive differentiator. These adjustments are rooted in Macy's MOM strategies and Bloomingdale's focus on omnichannel opportunities, contemporary style and personalized service -- which have proven to be a powerful driver of success. The company is: Accelerating investments in Macy's, Bloomingdale's and Bluemercury's digital and mobile capabilities to mirror the shift to increased online shopping, where the company continues to see double-digit, year-over-year sales increases. Concentrating its resources in top stores in the best locations so each store is a more compelling magnet for customer activity and uses its selling space more productively. Best stores will see intensified merchandise assortments in key destination departments such as jewelry and watches, strategically selected licensed departments, strengthened visual presentation, enhanced staffing and more local marketing. Meanwhile, in early 2016, the company will be closing 35 to 40 of its current portfolio of about 800 Macy's and Bloomingdale's stores, as previously announced, and expects it will continue to reduce the number of stores over time. Reducing expense and tightening capital spending to operate more efficiently and fund the highest-potential growth initiatives. Macy's, Inc.'s target is to reduce annual SG&A by $500 million from previously planned levels by 2018, with incremental progress in 2016 and 2017 toward that goal. These structural expense reductions will result in charges to be taken in each of the three years. Specific plans to achieve these savings are being formulated. Macy's, Inc. will reduce capital spending to less than $1 billion in 2016 from the $1.2 billion expected in 2015. The company also is quickly building-out new directions for the longer-term future: Expand Macy's Backstage as an exciting new dimension in retailing across America. Over the next two years, the company will roll out about 50 free-standing Macy's Backstage stores in off-mall locations, building on the pilot launch this fall. In addition, in spring 2016 the company will pilot Backstage stores within up to 10 existing Macy's store locations, creating a new hybrid store. Open approximately 40 additional Bluemercury self-standing beauty specialty stores, bringing the total store base to approximately 115 by the end of 2017. Appropriately expand Macy's internationally based on the learnings we expect from the Macy's China Limited pilot with Alibaba's Tmall Global beginning in the fourth quarter.
08:09 EDTMMacy's says has decided not to pursue formation of a REIT at this time
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08:06 EDTMMacy's cuts FY15 EPS view to $4.20-$4.30 ex-charges from $4.70-$4.80
Consensus is $4.65. Guidance is for full-year 2015 comparable sales on an owned plus licensed basis to decrease by 1.8 percent to 2.2 percent, compared with previous guidance of approximately flat. The company expects 2015 total sales to be down by 2.7 percent to 3.1 percent, compared to previous guidance for total sales to be down approximately 1 percent.
08:04 EDTMMacy's sees Q4 EPS $2.54-$2.64, consensus $2.90
Sees fourth quarter comparable sales on an owned plus licensed basis to decline by 2.0 percent to 3.0 percent. Full-year and fourth quarter 2015 comparable sales on an owned basis will be approximately 50 basis points lower than on an owned plus licensed basis.
08:02 EDTMMacy's reports Q3 comaprable sales on owned plus licensed basis down 3.6%
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08:02 EDTMMacy's CEO says 'disappointed' sales did not improve in Q3
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08:01 EDTMMacy's, Luxottica agree to open LensCrafters in as many as 500 Macy's stores
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08:01 EDTMMacy's reports Q3 EPS 56c ex-items, consensus 54c
Reports Q3 revenue $5.87B, consensus $6.09B. Macy's reported earnings per share of 36 cents in the third quarter of 2015, ended Oct. 31, 2015. Excluding asset impairment charges of $111 million, or 20 cents per share, primarily related to the previously-announced plans to close 35 to 40 stores in early 2016, third quarter earnings per share were 56 cents per share. This compares with 61 cents per diluted share in the third quarter of 2014.
07:07 EDTWMTWal-Mart volatility elevated into Q3 and outlook
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06:24 EDTGMNissan testing driverless cars in Japan, Business Insider reports
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