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13:13 EDTCBSOCBS Outdoor downgraded to Market Perform at Barrington
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13:12 EDTRAX, HPQHP has no interest in acquiring Rackspace, Re/code reports
HP (HPQ) continues to have no interest in acquiring Rackspace (RAX), Arik Hesseldahl of Re/code reports, citing sources with direct knowledge of HP's plans. The move higher today in shares of Rackspace is being attributed to potential takeover interest from HP. Shares are off their highs, but remain up 2% to $33.90 in afternoon trading. Reference Link
13:12 EDTANN, ASNA, CACH, NWYAnn Inc. slides after Q2 SSS decline
Shares of women's specialty retailer Ann Inc. (ANN) are sliding after the company said that it experienced softer traffic levels along with sales and margin pressure in the second half of the second quarter. WHAT'S NEW: Ann's Q2 earnings per share was 70c, which is a bit higher than analysts' consensus of 68c. The company's Q2 revenue was $648.7M, which nearly matched analysts' consensus of $648.09M. The clothing retailer cited softer traffic levels and a highly promotional environment pressured sales and margin as the reason for its loss during the second half of the quarter. In addition, LOFT experienced continued softness in basic knit tops, which represented a significant component of its summer assortment. Q2 same-store-sales were down 2.3%. Ann sees Q3 revenue to be $670M, which is a bit lower than analysts' consensus of $673.31M and sees Q3 comparable sales to be flat to slightly negative. The company expects it FY14 revenue to be $2.56B, which matches analysts' $2.56B consensus and anticipates flat comparable sales in FY14. WHAT'S NOTABLE: During the company's conference call, Ann said that Q3 inventories are "conservatively positioned" as it enters the fall season. Ann said that despite the "challenging" retail environment, the retailer noted that it is focused on optimizing full-price sell-through to drive positive comp and increase productivity. Overall, the company believes that it is better positioned to optimize brand growth. PRICE ACTION: During afternoon trading, shares of Ann Inc. fell $1.19, or 3.07%, to $37.62. OTHERS TO WATCH: Ascena Retail (ASNA) is up fractionally, Cache (CACH) is down 1.52%, and New York & Company (NWY) is up 1.84%.
13:09 EDTRAX, HPQHP has no interest in buying Rackspace, Re/code reports
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13:04 EDTCBSOCBS Outdoor downgraded to Market Perform from Outperform at Barrington
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13:02 EDTSPPRSupertel Hospitality announces sale of Stone Mountain suites
Supertel Hospitality announced that it has sold the 140-room Savannah Suites in Stone Mountain, Georgia, on August 21 for $1.5M. Supertel will use the proceeds from the sale to retire the mortgage on the property. The company closed on the sale of the Savannah Suites in Jonesboro, Georgia, on July 15 for $1.4M.
12:57 EDTGMCR, KRFTKeurig Green Mountain surges after inking deal with Kraft
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12:43 EDTDE, AGCODeere, AGCO fall after analyst cuts ratings to sell
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12:40 EDTDE, AGCODeere layoffs consistent with thesis, says Wells Fargo
After Deere (DE) announced that it would lay off 60 employees at its Waterloo, Iowa, manufacturing facility, Wells Fargo says the layoffs are consistent with the firm's view that the farm equipment cycle is in decline. The firm thinks that farm equipment manufacturers' earnings power are poised to decline ,and it keeps Underperform ratings on Deere and AGCO (AGCO).
12:40 EDTAIVAimco management to meet with Morgan Stanley
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12:40 EDTSLABulldog Investors reports 5.23% passive stake in American Select Portfolio
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12:39 EDTBMY, SNY, ISIS, AVNR, BIIBThese five companies will benefit from increased ALS awareness, MarketWatch says
A recent surge in funding for Lou Gehrig's disease, or ALS, caused by the Ice Bucket challenge that is widespread on social media outlets, will benefit five pharmaceutical companies that are involved in the development of a cure for ALS, according to MarketWatch. The companies that are or have been involved in developing a treatment for ALS include Biogen Idec (BIIB), Avanir Pharmaceuticals (AVNR), Isis Pharmaceuticals (ISIS), Sanofi (SNY), and Bristol-Myers Squibb (BMY), MarketWatch added. Reference Link
12:35 EDTAGRXAgile Therapeutics management to meet with Janney
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12:34 EDTHMLPHöegh LNG Holdings reports 16.1% stake in Hoegh LNG Partners
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12:22 EDTXU.S. Steel CEO comments on affirmative decision by ITC in OCTG trade case
United States Steel President and CEO Mario Longhi issued the following statement in response to the International Trade Commission's affirmative final vote in a trade case on Oil Country Tubular Goods against eight countries including South Korea. The company, the largest integrated producer of tubular products headquartered in the United States, was a petitioner in the case. Longhi's statement follows: "United States Steel Corporation is pleased with the International Trade Commission's affirmative final vote to impose anti-dumping orders against six of the nine countries that are dumping Oil Country Tubular Goods into the market. U. S. Steel will continue to evaluate all of its options, including further litigation, with regards to Saudi Arabia, who was excluded from the International Trade Commission's final vote as a result of an amended final determination from the Department of Commerce, and the two countries, Thailand and the Philippines, for which the ITC reached a negative determination. The International Trade Commission's diligent and conscientious investigation and affirmative final vote clearly recognized that these six countries, which represent more than 90% of the unfairly traded imports that entered the U.S. market in 2013, imported OCTG using unfair methods and market distorting pricing. The dumped imports from all nine countries have caused material injury to the American market and the American worker. Orders have been reduced, mills idled and jobs have been lost. We are satisfied that the affirmative vote will ensure a more competitive and fairer OCTG market for American manufacturing and American workers. While U. S. Steel will continue on our own path toward sustainable profitability and to supply our customers with innovative steel solutions, we also intend to seek transformative, meaningful change to our trade laws to ensure that fairness will exist and is preserved, which can lead to a brighter future for American industry."
12:20 EDTGMCR, KRFT, FL, GPS, SEAS, GMEOn The Fly: Midday Wrap
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12:20 EDTFed dove Lockhart: anticipation of inflation alone is not sufficient
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12:20 EDTSF Fed's Williams said the unemployment rate is still too high
SF Fed's Williams said the unemployment rate is still too high, in a Bloomberg TV interview. The dovish voter added he thinks a very accommodative policy is still what's needed. He doesn't see the risk of an inflation overshoot. Rate lift-off should begin around mid-2015, he reiterated, but the timing will remain data dependent. Reverse repos, one of the tools expected to be used in the normalization process, should be limited in scope. There's nothing new from Williams, but remember he is a voter in 2015.
12:16 EDT$NYENYSE market internals summary
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12:16 EDT$NSDNASDAQ market internals summary
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