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Stock Market & Financial Investment News

News Breaks
May 15, 2014
13:34 EDTTGT, WMT, GPSRiots to delay key supplier's products, South China Morning Post says
Customers of China-based goods maker Li & Fung - including Wal-Mart (WMT), Target (TGT) and Gap (GPS) - will face delays of about a week due to anti--Chinese riots in Vietnam, Li & Fung said, according to South China Morning Post. The riots forced most factories in Vietnam's Ho Chi Minh City to cease production, the newspaper stated. Li & Fung produces about 7% of its products in Vietnam, the newspaper indicated. Reference Link
News For WMT;TGT;GPS From The Last 14 Days
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June 15, 2015
16:05 EDTGPSGap backs FY15 EPS view of $2.75-$2.80, consensus $2.77
Excluding the estimated pre-tax costs of $140M-$160M, or approximately 21c-24c per diluted share, the company is reaffirming its guidance for FY15 to be in the range of $2.75-$2.80. This guidance is provided to enhance visibility into the company’s expectations regarding its ongoing business excluding the Gap brand optimization effort.
16:03 EDTGPSGap sees annualized sales loss of about $300M associated with store closures
Gap estimates an annualized sales loss of approximately $300M associated with the store closures. Additionally, the company estimates one-time costs primarily associated with these actions to be in the range of approximately $140M-$160M, of which about $55M-$75M is non-cash. These costs are expected to be recognized primarily in the second quarter of fiscal year 2015 and include lease buyouts, asset impairments primarily related to the Gap fleet, inventory and fabric write-offs, and employee related costs associated with organizational changes. The company estimates annualized savings from these actions to be approximately $25M, beginning in 2016.
16:02 EDTGPSGap announces strategic initiatives, to close about 175 stores in North America
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16:01 EDTGPSGap announces strategic initiatives, to close about 175 stores in North America
12:30 EDTTGTOn The Fly: Top stock stories at midday
Stocks on Wall Street opened deep in negative territory, following the lead of European markets that slid after the Greek debt talks over the weekend fell apart without a deal. Another round of poor economic data, including lower than expected readings on industrial production and manufacturing in New York State, did not help the negative tone in the early going. The market began to cut its losses shortly after the open and received a boost from a homebuilder sentiment index that came in higher than expected. ECONOMIC EVENTS: In the U.S., the Empire manufacturing report for June had a reading of -1.98, versus expectations for a +6.0 reading. Industrial production declined 0.2% in May, versus expectations for a 0.2% increase in production, sending capacity utilization in the month down to 78.1%, versus expectations for 78.3% utilization. The NAHB homebuilder sentiment index jumped to 59 in June from 54 in May, which was above the expected increase to a reading of 56. In Europe, talks between Greece and its creditors, including eurozone states, the European Central Bank and the International Monetary Fund, appeared to go nowhere. The expiration of its bailout package and debt repayments due at the end of the month continue to move closer and concerns about a possible default that could trigger an exit from the euro are rising once again. COMPANY NEWS: United Technologies (UTX) slid more than 2% after announcing that it will pursue the separation of the Sikorsky Aircraft business and that a decision on whether helicopter maker will be spun off or sold is expected by the end of the third quarter. In conjunction with the announcement, United Technologies also lowered its FY15 EPS view to $6.55-$6.85 from $6.85-$7.05, explaining that the cut in its expectations reflects approximately 10c-20c of one-time separation costs along with a 10c decline in Sikorsky's operational expectations for the year due to weakness in the oil and gas markets... CVS Health (CVS) struck a deal to acquire Target's (TGT) more than 1,660 pharmacies and operate them through a store-within-a-store format. As part of the deal, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services, the companies added. CVS will buy Target's pharmacy and clinic businesses for approximately $1.9B and said it expects this transaction to generate significant sales and prescription volumes upon closing and to generate significant operating profit over the long term. CVS shares were fractionally higher/lower after the deal announcement, while Target shares rose more than 1%... Cigna (CI) shares surged and 12% higher after The Wall Street Journal said the company turned down a recent $175 per share takeover bid from peer Anthem (ANTM). The report follows a prior Wall Street Journal story that said Humana (HUM) was being eyed by rivals including Cigna and Aetna (AET). Humana has subsequently self-imposed a "quiet period" leading up to its earnings report. MAJOR MOVERS: Among the notable gainers was DealerTrack (TRAK), which jumped 57% after the company agreed to be acquired by Cox Automotive in an all-cash deal valued at $4B, or $63.25 per share. Also higher were Standard Pacific (SPF) and Ryland Group (RYL), which both advanced around 6% after the two jointly announced plans to combine in a "merger of equals" to create a single company that would have an equity market capitalization of approximately $5.2B, an enterprise value of approximately $8.2B, and would own or control roughly 74,000 homesites. The combined company, which will be 59% owned by current Standard Pacific shareholders and 41% owned by Ryland shareholders, will become the fourth-largest public U.S. homebuilder, behind D.R. Horton (DHI), Lennar (LEN) and PulteGroup (PHM). Among the noteworthy losers was iDreamSky (DSKY), which fell 10% after announcing that its board has received a preliminary non-binding proposal letter from the chairman of the board and CEO of the company to acquire it in a "going private" deal for $14 in cash per ADS. Also lower was Micron (MU), which dropped 4% after Morgan Stanley downgraded the stock to Underweight, becoming the second firm since last week to cut the stock to a sell or equivalent rating. INDEXES: Near midday, the Dow was down 118.91, or 0.66%, to 17,779.93, the Nasdaq was down 28.85, or 0.57%, to 5,022.26, and the S&P 500 was down 10.17, or 0.49%, to 2,083.94.
11:51 EDTGPSGap to hold an Investor Day with a conference call hookup
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10:17 EDTTGTTarget says 'very confident that we'll be able to close the deal'
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10:02 EDTTGTTarget says not updating quarterly, annual EPS guidance at this time
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09:56 EDTTGTTarget CEO says does not see similar deals in the future
Sees operating margins increasing meaningfully following deal. Sees regulatory review process proceeding seamlessly.
09:55 EDTTGTTarget sees CVS Health deal 'moderately accretive' to EPS immediately
Target (TGT) CEO Brian Cornell says company wants to become faster-moving, more agile organization. Says Target, CVS to develop 5-10 small format stores over a two-year period following the deal close, stores will be branded as TargetExpress and include a CVS pharmacy. Says transaction to reduce sales by more than $4B annually. Sees deal increasing store traffic, sales over time, moderately accretive to EPS immediately, says will contribute half a point or more on ROIC over time. Says transaction presents unique opportunity, says does not see potential for additional transactions similar to the CVS deal in the future. Comments made on Target's conference call discussing its plans to sell its pharmacy and clinic businesses to CVS Health.
09:37 EDTTGTWells Fargo says Target likely to use CVS deal proceeds for buybacks
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08:56 EDTTGTCVS Health anticipates continuing repurchase of $4B-$5B on an annual basis
CVS (CVS) says expects to complete transition of Target (TGT) assets to CVS Pharmacy system banners within 6-8 months. Says expanding retail reach by over 1,600 outlets at about 1/5th the capital cost of building equivalent number of full-size CVS stores.
08:48 EDTTGTCVS: Timing of Target deal close to be determined in some respects by regulators
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08:47 EDTTGTCVS Health CEO says CVS and Target to jointly build 5-10 TargetExpress stores
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08:30 EDTTGTTarget to host conference call
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08:22 EDTTGTCVS Health to host conference call
Conference call to discuss acquisition of Target's pharmacies and clinics will be held on June 15 at 8:30 am. Webcast Link
07:10 EDTTGTCVS Health says transaction with Target to be 6c dilutive to 2016 adjusted EPS
This includes the dilutive impact to 2016 from the lower 2015 share repurchase of approximately 4c per share as well as financing costs of approximately 5c per share; it excludes integration costs and any transaction or one-time costs associated with the deal. On the same basis, the transaction is expected to be approximately 10c accretive to CVS Health's Adjusted Earnings Per Share in 2017, and at least 12c accretive to CVS Health's Adjusted Earnings Per Share in 2018 and beyond.
07:09 EDTTGTCVS Health to reduce 2015 share repurchase guidance to $5B from $6B
This reduction in share repurchases reduces the company's 2015 adjusted EPS guidance by approximately 1c per share and will lower 2016 adjusted EPS by approximately 4c per share. The company's updated guidance follows its agreement to acquire Target's pharmacy and clinic businesses for $1.9B.
07:07 EDTTGTCVS Health expects transaction with Target to generate 'significant' sales
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07:05 EDTTGTCVS Health agree to acquire Target's pharmacy and clinic businesses for $1.9B
CVS Health (CVS) and Target (TGT) announced that they have entered into a definitive agreement for CVS Health to acquire Target's pharmacy and clinic businesses for approximately $1.9B. Through this agreement, CVS Health will acquire Target's more than 1,660 pharmacies across 47 states and operate them through a store-within-a-store format, branded as CVS/pharmacy. In addition, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services. Target's nearly 80 clinic locations will be rebranded as MinuteClinic, and CVS Health will open up to 20 new clinics in Target stores within three years of the close of the transaction. The new clinics will be part of CVS/minuteclinic's plan to operate 1,500 clinics by 2017. In addition, CVS Health and Target plan to develop five to 10 small, flexible format stores over a two-year period following the deal close, which will each be branded as TargetExpress and include a CVS/pharmacy.
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