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January 15, 2013
11:22 EDTSKS, LTD, TJX, KSS, WMT, EBAY, JWN, COH, JCP, TGT, AMZN, ROST, GPS, SHLD, MNRF says holiday retail sales up 3% to $579.8B, trailing forecast
The National Retail Federation estimates that total holiday retail sales increased 3.0%, below NRF's projected forecast of 4.1%, to $579.8B. Additionally, the NRF said non-store holiday sales grew 11.1%. in October forecasted a 12.0% growth in online sales in the months of November and December, NRF noted. According to the National Retail Federation, December retail sales excluding automobiles, gas stations and restaurants increased 0.8% seasonally adjusted from November and increased 2.1% unadjusted year-over-year.
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November 10, 2015
12:00 EDTWMT, AMZNAb InBev, HSBC, Google, among firms to testify at EU tax hearing, Reuters says
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11:48 EDTJWNNordstrom volatility elevated into Q3 and outlook
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11:43 EDTKSSKohl's says to open at 6 pm on Thanksgiving Day
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11:25 EDTKSSStocks with call strike movement; FCX KSS
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11:06 EDTAMZN, WMT, TGTBattleground: Wayfair pits noted short sellers against Wall Street analysts
Shares of Wayfair (W), which describes itself as "one of the world's largest online destinations for home furnishings and decor," are sharply lower following its report last night of its third quarter results. The company posted a loss that was not as bad as forecast, reported better than expected revenues and guided to higher than expected sales in its upcoming quarter, but its stock is falling as bears and bulls debate its prospects for future profitability. BEARS: Whitney Tilson of Kase Capital Management, who previously accused Lumber Liquidators (LL) of selling wood with dangerous levels of formaldehyde, is making the same claims against Ark Floors, a California importer that has sold its products via Wayfair and through (WMT), reported The New York Times. Jane Carpenter, a spokeswoman for Wayfair, said the company had previously removed all of Ark's laminate from its website and said it had sold just 10 orders for Ark products since December 2014, including one order through, the report noted. According to a letter that Tilson sent to investors last night, published on Seeking Alpha, he stated that Wayfair is currently his largest short position "by far." Tilson noted that Wayfair competes head-to-head versus Amazon (AMZN), Home Depot (HD), Target (TGT), and Williams-Sonoma (WSM) and he believes the company's chances of "ever reaching breakeven, much less earning a profit, much less earning enough of a profit to justify a $4B market cap are close to zero," he wrote. Tilson predicts the stock will be below $10 within a year. Short-selling blog Citron Research, which has also previously disclosed a short position in Wayfair, linked to a Wall Street Journal article in an October 20 tweet, saying UPS (UPS) "destroys" Wayfair's core model of free shipping on oversized items. The Journal article detailed the shipping giant's plans to charge websites that share "generous shipping discounts with vendors." BULLS: Piper Jaffray analyst Neely Tamminga raised her price target for Wayfair to $73 from $60 this morning, saying the company posted "exceptional" growth in Q3 amid an otherwise "lackluster" retail environment. After the New York Times article citing Wayfair's association with a vendor viewed as at-risk given a short-seller's testing of laminate flooring, Tamminga points out that all laminate flooring accounts for 0.2% of the company's sales. She continues to recommend Wayfair as a top pick for 2015. Analysts at Wells Fargo previously said in September that reports on Wayfair by short sellers included many inaccuracies. For example, Wells said that shorts' view that Wayfair loses money on every transaction relies on a "flawed view" of the company's customer acquisition costs and payback. Shorts compare Wayfair with Overstock (OSTK), but Wayfair is growing much more quickly that the latter company, Wells stated. According to the firm, which kept an Outperform rating on the shares, Wayfair has by far the highest organic revenue growth rate among U.S. consumer companies. PRICE ACTION: In morning trading, Wayfair fell $5.08, or 11.2%, to $40.50 per share.
10:53 EDTAMZN, TGTWhitney Tilson sees Wayfair trading below $10 within a year
Noted short-seller Whitney Tilson explained in a Seeking Alpha post why Wayfair (W) is his largest short position. He predicts the stock will be below $10 within a year. The online retailer is trading down $4.74 to $41.10 after reporting Q3 results. A New York Times article on one of Wayfair's vendors producing potentially toxic Chinese-made laminate flooring shows the company's business model is "completely out of control," Tilson argues. In addition, the odds of the online retailer ever reaching breakeven are "close to zero," he contends, citing the competition Wayfair faces from (AMZN), Home Depot (HD), Target (TGT) and Williams-Sonoma (WSM). Reference Link
10:44 EDTJWNOptions with increasing implied volatility
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10:34 EDTWMTWayfair flooring vendor accused of selling tainted products, NY Times reports
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09:52 EDTKSSKohl's sales trends softened throughout Q3, says Cleveland Research
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09:37 EDTTGTActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
09:30 EDTAMZNAmazon says Prime Now expands in Los Angeles announced that Prime Now, the company's one-hour delivery service, has expanded in Los Angeles to include delivery from local restaurants, including Umami Burger, Baby Blues BBQ, Wokcano, Hurry Curry of Tokyo, Feast from the East, John O'Groats Restaurant, and many more. Prime members in Los Angeles can now enjoy delivery from their favorite local restaurants, as well as delivery on tens of thousands of items from Amazon and local stores such as Sprouts Farmers Market, Bristol Farms, Sprinkles Cupcakes, Erewhon Organic Grocer and 99 Ranch Market.
09:29 EDTGPSOn The Fly: Pre-market Movers
UP AFTER EARNINGS: SciClone Pharmaceuticals (SCLN), up 22%... Bellicum Pharmaceuticals (BLCM), up 10.4%... Canadian Solar (CSIQ), up 8%... Rackspace Hosting (RAX), up 8.9%... Opko Health (OPK), up 6%. ALSO HIGHER: Ocata Therapeutics (OCAT), up 88.3% after being acquired by Astellas Pharma (ALPMY)... Straight Path (STRP), up 8.1% after Nikos Hecht reports 9.2% passive stake in the company... TETRA Technologies (TTI), up 3.1% after being upgraded to Overweight from Neutral at JPMorgan. DOWN AFTER EARNINGS: ExOne (XONE), down 23.3%... Galena Biopharma (GALE), down 12.2%... MannKind (MNKD), down 8%... Jazz Pharmaceuticals (JAZZ), down 8.6%... Wayfair (W), down 1.9%... Gap (GPS), down 5.4%. ALSO LOWER: Magnum Hunter (MHR), down 30.8% after saying that factors raise substantial doubt about the company's ability to continue as a going concern... Barrett Business Services (BBSI), down 35.6% after receiving a letter from its independent auditor... Callon Petroleum (CPE), down 4.6% after its 12M share Spot Secondary priced at $8.40... Cyberark (CYBR), down 3.4% after being downgraded to Neutral from Buy at BofA/Merrill.
09:17 EDTKSS, M, JCP, JWNDepartment Store estimates lowered at at ITG Research
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09:16 EDTAMZN, SHLDAmazon says Amazon Echo to be available in 3,000 stores in the U.S.
Amazon (AMZN) announced that Amazon Echo will be available in more than 3,000 stores around the country in time for the holiday shopping season. Customers will be able to visit select locations of The Home Depot (HD), Staples (SPLS), Sears (SHLD), Brookstone, RadioShack (RSHCQ), Fred Meyer, P.C. Richard & Son, as well as several other retailers to experience and purchase Echo.
09:04 EDTAMZNAmazon announces tripling of selection of free apps, games at Amazon Underground
Amazon today announced that Amazon Underground has tripled the selection of free apps and games in the first two months since launch. Amazon Underground is a new app for Android phones, available exclusively from Amazon, which offers a large selection of popular apps and games for free. In Underground, customers don't have to pay for premium apps, or download a free app and spend money to complete a level more quickly, get more lives, or unlock new features.
07:27 EDTGPSGap showing less visibility on strategic turnaround, says UBS
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07:25 EDTJWNNordstrom initiated with a Buy at Guggenheim
Target $76.
07:15 EDTMMacy's volatility elevated into Q3 and outlook
Macy's November weekly call option implied volatility is at 120, November is at 85, December is at 57; compared to its 52-week range of 17 to 54, suggesting large near term price movement into the expected release of Q3 results on November 11.
07:02 EDTKSSKohl's volatility elevated into Q3 and outlook
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05:29 EDTMStocks with implied volatility above IV index mean; M ODP
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