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March 13, 2014
11:22 EDTRH, KIRK, BBBY, WSM, PIRWilliams-Sonoma soars to 52-week high after results top estimates
Shares of home goods retailer Williams-Sonoma (WSM) hit a new 52-week high after the company's fourth quarter results topped expectations. In addition to its flagship brand, the company also operates the West Elm and Pottery Barn collection of chains. WHAT'S NEW: Last night, Williams-Sonoma reported Q4 earnings per share of $1.38 and revenue of $1.47B, beating expectations of $1.36 and $1.43B, respectively. Q4 comparable brand revenue increased 10.4%. The company forecast Q1 EPS of 41c-44c and revenue of $920M-$940M, compared to consensus of 46c and $943.61M, respectively. Q1 comparable brand revenue is expected to increase 4%-6%. For FY14, Williams-Sonoma expects EPS and revenue of $3.05-$3.15 and $4.63B-$4.71B, versus consensus of $3.20 and $4.64B, respectively. FY14 comparable brand revenue is expected to increase 5%-10%. The company also raised its quarterly dividend to 33c from 31c per share. ANALYST REACTION: This morning, Citigroup removed Williams-Sonoma from its U.S. Focus list following the company's Q4 results, citing the stock's strong performance over the past year. However, the firm reiterated a Buy rating on shares with a $67 price target. Another firm, RW Baird, raised their price target on the shares to $70 from $64. The firm cited robust top-line trends, leverage to housing and e-commerce, and emerging international growth. RW Baird has an Outperform rating on Williams-Sonoma. PRICE ACTION: In late morning trading, Williams-Sonoma rose $5.95, or about 10%, to $64.92 on three times its average daily trading volume. The stock continues to make new 52-week highs as the session unfolds. Including today's advance, the stock has gained about 43% over the past twelve months. OTHERS TO WATCH: Other retailers specializing in home goods include Pier 1 Imports (PIR), Bed Bath & Beyond (BBBY), and Restoration Hardware (RH). Another company in the space, Kirklands (KIRK), also reported results this morning and its shares were up about 6% in late morning trading.
News For WSM;KIRK;PIR;BBBY;RH From The Last 14 Days
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November 20, 2015
05:35 EDTRHRestoration Hardware downgraded to Neutral from Buy at Goldman
Goldman Sachs analyst Matthew Fassler downgraded Restoration Hardware to Neutral citing the "tough backdrop" for retailers and concerns the company's Q4 outlook could prove aggressive. Fassler cut his price target for shares to $98 from $120.
November 19, 2015
19:19 EDTWSMOn The Fly: After Hours Movers
UP AFTER EARNINGS: Intuit (INTU), up 8.1%... Ross Stores (ROST), up 8.2%. ALSO HIGHER: Cabela's (CAB), up 7.5% after Bloomberg reported that the company is receiving takeover interest... Nike (NKE), up 3.4% after announcing a $12B repurchase program, a two-for-one stock split, and that it will raise its dividend... Centene (CNC), up 2.4% after reiterating its fiscal 2015 earnings per share guidance... Universal Insurance (UVE), up 2.7% after announcing a new $10M share repurchase program. DOWN AFTER EARNINGS: Nimble Storage (NMBL), down 36.9%... Mentor Graphics (MENT), down 26.2%... Workday (WDAY), down 5.5%... Wesco Aircraft (WAIR), down 1.4%... Williams-Sonoma (WSM), down 3.7%... Zoe's Kitchen (ZOES), down 3.6%... Momo (MOMO), down 3.3%... Autodesk (ADSK), down 1%... Gap (GPS), down marginally.
16:33 EDTWSMWilliams-Sonoma sees FY15 EPS $3.36-$3.45, consensus $3.44
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16:31 EDTWSMWilliams-Sonoma sees Q4 EPS $1.53-$1.62, consensus $1.67
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16:30 EDTWSMWilliams-Sonoma reports Q3 EPS 77c, consensus 72c
Reports Q3 revenue $1.232B, consensus $1.22B. Reports Q3 comparable brand revenue growth of 4.5%.
15:24 EDTWSMWilliams-Sonoma November 67.5 straddle priced for 8.2% movement into Q3
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15:21 EDTWSMNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Intuit (INTU), consensus (4c)... Ross Stores (ROST), consensus (50c)... Workday (WDAY), consensus (4c)... Autodesk (ADSK), consensus 8c... Gap (GPS), consensus 63c... Splunk (SPLK), consensus 1c... Williams-Sonoma (WSM), consensus 72c... Mentor Graphics (MENT), consensus 29c.
12:19 EDTKIRKOn The Fly: Top stock stories at midday
Stocks have struggled for direction since the open and spent the morning moving in a narrow range. The Dow has held up fairly well considering the weakness seen in UnitedHealth (UNH), which has declined after the insurer cut its fiscal 2015 profit guidance, citing weakness in individual health insurance policies it markets through exchanges. Oil prices remain under pressure, with benchmark U.S. crude trading back below $42 per barrel. ECONOMIC EVENTS: In the U.S., initial jobless claims continued to hover around four-decade lows, with 271,000 first-time claims filed in the week ended November 14. The Philly Fed index rose 6.4 points to 1.9 in November, better than the forecast for a -0.5 reading. In Europe, minutes from the most recent European Central Bank policy meeting showed that some participants called for more stimulus amid deflation risks, weak oil prices and a sluggish recovery in the euro-area. In Asia, the Bank of Japan maintained its current pace of monetary stimulus, as widely expected. COMPANY NEWS: The shares of health insurer UnitedHealth and a number of other companies in the sector are falling after the Dow member lowered its profit outlook for this fiscal year, citing weakness in individual health insurance policies it markets through exchanges. UnitedHealth said it has pulled back on its marketing efforts for individual exchange products in 2016 and is "evaluating the viability of the insurance exchange product segment." Near noon, UnitedHealth fell about 5%, while Aetna (AET) declined nearly 6%, Humana (HUM) droped more than 3.5%, Anthem (ANTM) declined over 6% and Cigna (CI) slid 4%... Press reports indicate that talks between Pfizer (PFE) and Allergan (AGN) are heating up and that a deal is nearing, but simultaneously the U.S. government's rhetoric around the type of "inversion" deal the two pharmaceutical giants are discussing is getting ratcheted up as well. Last night, Bloomberg reported that Pfizer is nearing an agreement to acquire Allergan for $370 to $380 per share, citing people familiar with the matter. The two companies are aiming to announce a deal as early as Monday, sources told the publication. However, CNBC's David Faber reported, citing sources, that a deal will not be announced on Monday, but Pfizer and Allergan are in the "final innings" of merger talks. The deal will consist of all stock and Pfizer is likely to offer 11-plus shares per Allergan share, Faber noted. Amid the reports, Treasury Secretary Jacob Lew said that his department will release "targeted guidance" later this week meant to "deter and reduce further the economic benefits of corporate inversions" like the one being contemplated by the drugmakers... Square (SQ) completed its initial public offering of stock and rose about $4 per share to trade near $13 around noon after pricing last night at $9 per share. CEO Jack Dorsey, who leads both Square and Twitter (TWTR) as CEO, said in an interview following the opening that the teams behind him make him able to simultaneously hold both positions. Twitter rose about 1.4% to $26.25 in midday trading following Square's entry to the public markets. MAJOR MOVERS: Among the notable gainers was Keurig Green Mountain (GMCR), which rallied 22% after it reported better than expected quarterly earnings and guided for fiscal 2016. Also higher was (CTRP), which gained 19% after no fewer than three analysts raised their price target on the company's stock following upbeat fourth quarter earnings. Among the noteworthy losers was Kirkland's (KIRK), which fell 30% after the company reported downbeat quarterly earnings and provided lower than expected guidance. Also lower was AMAG Pharmaceuticals (AMAG), which lost over 8.5% after it received a complete response letter from the FDA for a single-dose vial of Makena, a treatment to reduce the risk of preterm birth in at-risk patients. In addition, Best Buy (BBY) fell 3% after it reported better than expected third quarter earnings but worse than expected same-store sales growth and also guided toward "near-flat" revenue for its domestic business in the holiday quarter. INDEXES: Near midday, the Dow was down 17.44, or 0.1%, to 17,719.72, the Nasdaq was up 2.36, or 0.05%, to 5,077.57, and the S&P 500 was down 3.67, or 0.18%, to 2,079.91.
11:19 EDTKIRKKirkland's: Traffic trends remain challenging in Q4 so far
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10:46 EDTRHOptions with increasing implied volatility
Options with increasing implied volatility: TERP PTCT CHK CSC GNC RH ULTA QCOM VIMC
07:04 EDTWSMWilliams-Sonoma volatility elevated into Q3 and outlook
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06:39 EDTKIRKKirkland's sees FY15 adjusted EPS 89c-96c, consensus $1.18
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06:38 EDTKIRKKirkland's sees Q4 EPS 88c-95c, consensus $1.12
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06:36 EDTKIRKKirkland's reports Q3 SSS up 1.8%
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06:35 EDTKIRKKirkland's reports Q3 EPS (2c), consensus 4c
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November 18, 2015
10:29 EDTRHOptions with increasing implied volatility
Options with increasing implied volatility: TERP CSC SGMS RH BBRY ULTA SNDK ORCL NKE VNET
09:01 EDTWSMPottery Barn Kids announces collaboration with Monique Lhuillier
Pottery Barn Kids, a member of the Williams-Sonoma, Inc. portfolio of brands, announced plans for a new product collaboration with renowned bridal, ready-to-wear and accessory designer, Monique Lhuillier. Composed of over seventy pieces for nursery, bedroom, and playroom, the 'Monique Lhuillier for Pottery Barn Kids' collection captures Lhuillier's sophisticated and glamorous design aesthetic. The capsule collection, which is Lhuillier's first entry into children's home furnishings, will debut in March 2016.
November 17, 2015
10:20 EDTRHOptions with increasing implied volatility
Options with increasing implied volatility: SGMS HZNP CSC ULTA RH BURL GME AEO BBRY TIF
November 16, 2015
08:36 EDTWSMWilliams-Sonoma price target lowered to $83 from $100 at Baird
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November 12, 2015
09:02 EDTWSMWilliams-Sonoma to close all retail stores for Thanksgiving Day
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