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Stock Market & Financial Investment News

News For WMT;TGT;COST;DG;FDO From The Last 14 Days
Check below for free stories on WMT;TGT;COST;DG;FDO the last two weeks.
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September 2, 2014
16:25 EDTDG, FDOOn The Fly: Closing Wrap
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12:09 EDTDG, FDOOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
08:36 EDTDG, FDOFamily Dollar confirms receipt of revised unsolicited proposal from Dollar General
Family Dollar Stores (FDO) confirmed that it has received a revised, non-binding, unsolicited proposal from Dollar General (DG) to acquire all of the outstanding common shares of Family Dollar. Consistent with its fiduciary duties and subject to the terms of its existing merger agreement with Dollar Tree (DLTR), Family Dollarís Board of Directors, in consultation with its legal and financial advisors, will review and consider the revised proposal. The company's Board of Directors has not changed its recommendation in support of the merger with Dollar Tree. Family Dollar will have no further comment on Dollar Generalís proposal until the Board has completed its review.
06:16 EDTFDO, DGDollar General increases proposal to board of Family Dollar to $80 per share
Dollar General (DG) announced that it has sent an enhanced acquisition proposal to the board of Family Dollar Stores (FDO). Under the terms of the revised proposal, Dollar General would increase its all-cash proposal for all outstanding shares of Family Dollar to $80.00 per share. Dollar General also increased the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC, as further evidence of its confidence in its ability to obtain antitrust approval, has agreed to pay a $500M reverse break-up fee to Family Dollar relating to antitrust matters. All other terms and conditions of the proposal remain unchanged. Dollar Generalís revised proposal provides Family Dollarís shareholders with approximately $640M of additional aggregate value over Dollar Treeís offer and represents a premium of 31.9 percent over the closing price of $60.66 for Family Dollar stock on the day prior to the Dollar Tree announcement. In addition, Dollar General has engaged additional counsel, Boies, Schiller & Flexner LLP, to independently review its antitrust work. The independent review validated Dollar Generalís analysis that the proposed transaction can be completed on the terms previously proposed.
06:04 EDTFDO, DGDollar General to raise offer for Family Dollar to $80/share, CNBC reports
Dollar General (DG) is going to raise its all-cash bid for Family Dollar (FDO) to $80 per share or around $9.1B, CNBC's Andrew Ross Sorkin reports, citing sources. Dollar General is willing to sell up to 1,500 stores if required by the FTC under the new offer, Sorkin adds. Family Dollar has continued to recommend a merger with Dollar Tree (DLTR). Reference Link
06:01 EDTDG, FDODollar General raises offer for Family Dollar to $80/share, CNBC reports
August 29, 2014
10:34 EDTFDOBig Lots slumps as retailer predicts Q3 EPS loss
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08:07 EDTWMTWal-Mart challenges Alibaba with additions to online site in China, WSJ says
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August 28, 2014
11:01 EDTDGDollar General sees 'heightened' competitive environment moving through 2H
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10:35 EDTDG, FDODollar General CEO says doesn't 'want to give up' on Family Dollar deal
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10:24 EDTFDO, DGDollar General sees sales improving, comps easing through year
Says competitive environment remained "elevated" in Q2. Says seeing sales momentum pick up in Q3. Says share repurchase currently on hold as it awaits the outcome of Family Dollar (FDO) deal. Sees sales improvement continuing throughout the year, sees quarterly comparisons continuing to ease. Says believes proposal for Family Dollar is "superior proposal" for FDO shareholders. Sees Family Dollar deal immediately accretive to earnings in the low double digits. Sees benefits in first year, but expects synergies would ramp up consistently across three years. CEO Dreiling says prepared to remain as CEO through May 2016. Sees "quickly" resolving any anti-trust issues. Comments made on the Q2 earnings conference call.
07:03 EDTDG, FDODollar General says 'firmly committed' to Family Dollar acquisition
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07:02 EDTDGDollar General sees FY14 adjusted EPS $3.45-$3.55, consensus $3.51
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07:01 EDTDGDollar General reports Q2 EPS 83c, consensus 83c
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August 27, 2014
15:27 EDTDGNotable companies reporting before tomorrow's open
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15:10 EDTDGDollar General August 64 straddle priced for 4.6% move into Q2
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06:36 EDTTGTNordstrom, Target launching Instagram platform, CNBC says
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06:09 EDTCOSTCostco implied volatility of 12 at lower end of index mean range
August 25, 2014
14:37 EDTDGDollar General weekly volatility elevated into Q2 and outlook
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13:47 EDTWMTWal-Mart launching chip-enabled store-brand MasterCard
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06:19 EDTTGTU.S. DHS warns of 'Backoff' malware, WSJ reports
The Department of Homeland Security is urging all companies to check for a "Backoff" malware infection, which targets cash registers, and said over 1,000 businesses in the U.S. have been affected by the cyberattack, the Wall Street Journal reports. The DHS said Friday that the malware has likely infected many victims who "aren't aware" that they have been compromised. Reference Link
August 24, 2014
21:53 EDTTGT, WMT, FDONational Association of Chain Drug Stores to hold an expo
2014 NACDS Total Store Expo to be held in Boston on August 23-25.
August 22, 2014
16:42 EDTFDO, DGMarket finishes week higher on economic data, earnings
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07:30 EDTFDO, DGDollar General CEO comment to be noted by FTC, NY Post reports
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August 21, 2014
13:42 EDTDG, FDODollar General reaffirms commitment to acquisition of Family Dollar
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13:23 EDTWMTWal-Mart cut iPhone prices, Washington Post says
Wal-Mart (WMT) today began selling Apple's (AAPL) iPhone 5s for $79, and cut the price of the iPhone 5c to just 97c, according to The Washington Post. The devices previously cost $99 and $29 respectively at Wal-Mart, the newspaper stated. Reference Link
12:06 EDTFDODollar Tree sell-off a buying opportunity, says Deutsche Bank
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10:34 EDTWMTOptions Update; August 21, 2014
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09:37 EDTWMTActive equity options trading on open
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09:26 EDTFDODollar Tree says 'committed' to transaction with Family Dollar
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09:05 EDTDG, FDODollar Tree sees Family Dollar deal closing by early 2015
Says continuing to work on proposed transaction with Family Dollar (FDO). Sees deal closing by early 2015. Will not make any further comments at this time on Family Dollar/Dollar General (DG). Comments made on the Q2 earnings conference call.
08:04 EDTDG, FDOFamily Dollar: Dollar General declined to schedule talks on antitrust issues
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08:03 EDTFDO, DGFamily Dollar: Dollar General's letter contained 'blatant mischaracterizations'
08:02 EDTFDO, DGFamily Dollar reaffirms recommendation in support of merger with Dollar Tree
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08:01 EDTDG, FDOFamily Dollar board rejects Dollar General proposal based on antitrust issues
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08:00 EDTFDO, DGFamily Dollar board rejects Dollar General proposal based on antitrust issues
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07:55 EDTFDO, DGFamily Dollar to reject Dollar General takeover bid, CNBC reports
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07:24 EDTTGTTarget margins likely to remain under significant pressure, says MKM Partners
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07:08 EDTTGTTarget shares attractive, says Wells Fargo
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05:35 EDTFDO, DGDollar General sends letter to Family Dollar board
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August 20, 2014
12:37 EDTTGTOn The Fly: Midday Wrap
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11:11 EDTTGTTarget sees Q3 EBITDA to benefit from expense optimization, Q3 SSS flat to up 1%
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08:30 EDTWMTWal-Mart management to meet with MKM Partners
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08:04 EDTTGTTarget reports Q2 U.S. segment SSS flat
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08:03 EDTTGTTarget cuts FY14 adjusted EPS view to $3.10-$3.30 from $3.60-$3.90
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08:02 EDTTGTTarget sees Q3 adjusted EPS 40c-50c, consensus 65c
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08:01 EDTTGTTarget says better U.S. sales have continued into August
"While results from the quarter didnít meet our expectations, we are seeing some early signs of progress as we work to improve results in the U.S. and Canada,Ē said John Mulligan, executive vice president and CFO of Target Corporation. ďIn the U.S., traffic trends continue to recover and monthly sales are improving, with July comparable sales up more than 1 percent. Better U.S. sales have continued into August, driven by early back-to-school results. In Canada, the team is making important changes to operations and the merchandise assortment with a focus on delivering improved results by this holiday season.Ē
08:01 EDTTGTTarget reports Q2 adjusted EPS 78c, consensus 79c
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August 19, 2014
15:16 EDTTGTNotable companies reporting before tomorrow's open
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14:42 EDTTGTTarget August weekly 59.5 straddle priced for 2.4% move into Q2
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14:13 EDTDGDollar General upgraded to Outperform from Peer Perform at Wolfe Research
13:04 EDTTGTTarget technical comments before earnings
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13:00 EDTTGTEarnings Preview: Target cuts Q2 EPS view to reflect flat U.S. segment SSS
Target (TGT) is scheduled to report second quarter results before the market open on Wednesday, August 20, with a conference call scheduled for 10:30 am ET. Target offers merchandise at discounted prices through its retail stores and online business. EXPECTATIONS: Analysts are looking for earnings per share of 79c on revenue of $17.38B, according to First Call. The consensus range for EPS is 78c-91c on revenue of $17.28B-$17.5B. LAST QUARTER: Target reported first quarter adjusted EPS of 70c on revenue of $17.05B, against estimates for 71c and $17.01B, respectively. U.S. comparable sales decreased 0.3% in Q1, near the high end of the expected range. Target was unable to estimate future expenses related to the data breach that occurred in the fourth quarter of 2013, but said costs may have a "material adverse effect" on Q2 and FY14 results. NEWS: In July, Target named Brian Cornell as chairman and Chief Executive Officer, effective August 12. Cornell most recently served as the CEO of PepsiCo (PEP) Americas Foods. Chief Financial Officer and former interim CEO John Mulligan previously told CNBC that he would be "happy" transitioning back to CFO role. The company cut its Q2 adjusted EPS guidance to "within a range around 78c" from 85c-$1.00, which excluded approximately 2c related to the expected reduction of its beneficial interest asset, as well as any net expenses related to the data breach. The updated guidance reflects U.S. Segment essentially flat comparable sales with lower-than-expected EBITDA margin driven by promotional markdowns, as guests continue to spend cautiously and focus on value in the current environment, and Canadian segment's somewhat softer-than-expected sales combined with the impact of continued investments to clear excess inventory. The Q2 results are also expected to include gross expenses of $148M related to the December 2013 data breach. Mulligan commented that the environment in both the U.S. and Canada "continues to be challenging, and results arenít yet where they need to be," but noted that the retailer is making progress in efforts to drive U.S. sales and traffic and improve Canadian operations. Target plans to extend the hours at over 50% of its U.S. locations in an effort to increase the number of customers who shop later in the day, according to the Wall Street Journal, citing a spokesperson. STREET RESEARCH: Goldman downgraded Target to Neutral from Buy and cut its price target to $59 from $65 to reflect estimate cuts following the Q2 pre-announcement, lack of catalysts, and e-commerce devaluation of general merchandise retailers. Baird thinks that Target may see better results later in 2014 and could restart its share buybacks at some point in the second half of the year, but sees stiff competition in Target's space. Wells Fargo wrote that the costs related to the data breach are on track to come in well below the $1B that some had initially feared. PRICE ACTION: Target shares are up almost 2% over the past three months. In intra-day trading ahead of tomorrow's earnings report, shares are up more than 1% to $59.35.
12:18 EDTFDO, DGDollar General could have bought Family Dollar last year, CNBC reports
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12:16 EDTDG, FDOFamily Dollar board frustrated with Dollar General tactics, CNBC reports
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11:41 EDTFDO, DGIcahn says Family Dollar throwing away $300M in fees, Reuters says
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10:13 EDTFDOOn The Fly: Analyst Upgrade Summary
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09:46 EDTDG, FDOFamily Dollar board likely to meet this week, CNBC's Faber reports
Family Dollar's (FDO) board is likely to meet this week to discuss the takeover bid by Dollar General (DG), CNBC's David Faber reports, citing people close to the matter. The board has long focused on antitrust implications and is likely to reject the Dollar General proposal, Faber added. Dollar Tree (DLTR) and Family Dollar previously announced a merger agreement.
09:43 EDTDG, FDOFamily Dollar board likely to reject Dollar General bid, CNBC's Faber reports
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07:29 EDTFDO, DGDollar Tree may raise bid for Family Dollar, says RBC Capital
RBC Capital thinks that Dollar Tree (DLTR) could increase its bid for Family Dollar (FDO) given the revenue and gross margin synergies that the firm thinks the deal would generate. However, the firm believes that Dollar General (DG) would ultimately win a bidding war for Family Dollar, leading to wins for the shareholders of Dollar General and Family Dollar.
07:07 EDTTGTTarget weekly volatility increases into Q2 and outlook
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06:52 EDTFDOFamily Dollar upgraded to Equal Weight from Underweight at Barclays
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