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12:21 EDTHON, DDHoneywell responds to EC statement of objections
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12:16 EDTSUNEEinhorn says SunEdison can go to $32 per share
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12:16 EDT$NYENYSE market internals summary
Volume is extremely heavy for this time of day. Breadth is bullish across the board. Advancing Issues: 3470 / Declining Issues: 859 -- for a ratio of 4.0 to 1. Advancing Volume: 1,714,931,000 / Declining Volume: 440,700,000 -- for a ratio of 3.9 to 1. New 52-Week Highs: 58 / New 52-Week Lows: 19.
12:16 EDT$NSDNASDAQ market internals summary
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12:15 EDTOCN, WAC, NSM, HLSS, PFSI, ASPSOcwen falls after accused of backdating letters by NY regulator
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12:11 EDTMUEinhorn says bought some Micron back last week, trimmed at higher levels
David Einhorn of Greenlight Capital is speaking on CNBC.
12:10 EDTMDXGMiMedx provides update on outstanding patent litigation
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12:10 EDTFed Policy Outlook: the meeting is a week away
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12:09 EDTAAPLEinhorn says Apple 'pretty much working on all cyliinders'
David Einhorn of Greenlight Capital is speaking on CNBC.
12:08 EDTGM, TSLAGeneral Motors says supports Michigan House Bill 5606
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12:08 EDTATHNEinhorn says athenahealth 'doesn't earn any money'
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12:06 EDTATHNEinhorn says short thesis on athenahealth 'working itself out'
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12:06 EDTVXXiPath S&P 500 VIX Short-Term Futures are recently down 2.20 to 33.42
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12:06 EDTHAL, EOGStocks with call strike movement; HAL EOG
Halliburton (HAL) January 60 call option implied volatility decreased 8% to 60, EOG Resources (EOG) January 105 call option implied volatility decreased 4% to 31 according to IVolatility.
12:03 EDTOCNOcwen Financial sent letter by NYDFS head Lawsky over backdating
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12:02 EDTLGFLionsgate and Thunder Road Pictures announce worldwide collaboration
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12:02 EDTAEPAmerican Electric increases dividend by 6% to 53c
The board American Electric Power declared a regular quarterly cash dividend of 53c a share on the company's common stock, increasing the dividend 6% from the previous 50c a share. The dividend is payable December 10 to shareholders of record as of November 10.
12:00 EDTDAL, QEPStocks with call strike movement; QEP DAL
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11:57 EDTCHTRCharter recommended as long idea by Chopra, Bloomberg reports
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11:57 EDTCMG, LOCO, FRGI, JACK, MCDChipotle falls after outlook for FY15 comparable restaurant sales disappoints
Shares of fast casual restaurant chain Chipotle Mexican Grill (CMG) are falling after the company issued a disappointing outlook for fiscal 2015 comparable restaurant sales. WHAT'S NEW: Last night, Chipotle reported third quarter earnings per share of $4.15 and revenue of $1.08B, topping analysts’ consensus estimates of $3.84 and $1.06B, respectively. Comparable restaurant sales rose 19.8% in the quarter, driven primarily by increased traffic and from a higher average check, which includes the benefit of a nationwide menu price increase that was fully rolled out by the end of the second quarter. The company opened 43 new restaurants in Q3. WHAT'S NOTABLE: Chipotle forecast comparable restaurant sales increases in the mid-teens for fiscal year 2014, and the company said it expects to open 180-195 new restaurants during the year. The company also sees an effective tax rate for FY14 of about 38.5%. For FY15, the company sees low to mid-single digits comparable restaurant sales gains, 190-205 new restaurant openings and an effective tax rate of 39.1%. On Chipotle’s Q3 earnings conference call, management said it expects food costs to continue rising into the fourth quarter and throughout 2015. The company also noted that it was still seeing strong traction growth regardless of recent menu price increases. Chipotle said it will "opportunistically" repurchase stock in order to enhance shareholder value. ANALYST REACTION: This morning, Wells Fargo kept a Market Perform rating on Chipotle, but lowered its price target range on shares to $600-$625 from $650-$675. In its note, Wells said greater than expected commodity inflation and labor cost pressure in 2015 will likely lead to lower Street estimates. Wells expects same store sales to decline sequentially from 4Q14 through 3Q15 due to double-digit traffic comparisons in earlier quarters and less pricing in later quarters. Another firm, Oppenheimer, recommended using any post-earnings weakness in shares of Chipotle as a buying opportunity. The firm believes investors are concerned over 2015 estimates coming down on food cost pressures. The firm said food cost issues are unlikely to get worse from here and it kept an Outperform rating on Chipotle with a $775 price target. PRICE ACTION: In late morning trading, Chipotle fell $44.14, or nearly 7%, to $609.28 on nearly twice its average daily trading volume. Despite today's pull back, the shares have gained approximately 21% over the past 12 months. OTHERS TO WATCH: Other fast casual restaurant companies include El Pollo LoCo (LOCO), Fiesta Restaurant (FRGI), Jack in the Box (JACK), and McDonald’s (MCD), which reported results this morning.
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