24/7 Wall St. » ARO

Closing Bell for Friday on Wall Street: Markets Open Lower, Fail to Break Out

Paul Ausick — Fri, 24 May 2013 20:07:20 +0000

U.S. equity markets opened sharply lower again this morning, but this time reacting to yesterday’s comments by Fed Chairman Ben Bernanke that the Fed could slow its bond purchases in the next few months. In the U.S., orders for durable goods made a strong showing and propelled stocks off their morning lows. In Europe, the second estimate on German GDP showed first-quarter growth of 0.1%, as expected, and the country’s business climate index rose more than expected. There was no economic data of note in Asia today, but Japan’s Nikkei made a modest comeback after yesterday’s collapse. By the closing bell, only the DJIA managed to cross break-even line.

U.S. markets are closed Monday in observance of Memorial Day.

The U.S. dollar index is trading down 0.27% today, now at 83.5710. The GSCI commodity index is down 0.2% at 624.86. WTI crude oil closed down 0.1%, at $94.15 a barrel, to close the week down about 2%. Brent crude trades up 0.2% at $102.59 a barrel. Natural gas is down 0.6% today at about $4.24 per million BTUs. Gold settled down 0.4% today at $1,387.50, about 1.6% higher than last week’s close.

The unofficial closing bells put the DJIA up about 9 points to 15,303.33(0.06%), the NASDAQ fell less than 1 point1 (-0.01%) to 3,459.14, and the S&P 500fell -0.06% or less than 1 point to 1,649.60.

There were a several analyst upgrades and downgrades today, including:

Procter & Gamble Co. (NYSE: PG) raised to ‘buy’ at UBS;
The Wendy’s Co. (NASDAQ: WEN) raised to ‘buy’ at Janney;
Cubist Pharmaceuticals Inc. (NASDAQ: CBST) cut to ‘neutral’ at Janney;
Melco Crown Entertainment Ltd. (NASDAQ: MPEL) cut to ‘neutral’ at Macquarie; and
Aixtron SE (NASDAQ: AIXG) cut to ‘neutral’ at Goldman Sachs.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

Aeropostale Inc. (NYSE: ARO) is down 10.9% at $14.68;
America’s Car-Mart Inc. (NASDAQ: CRMT) is up 1.2% at $46.59;
Gap Inc. (NYSE: GPS) is down 1.9% at $40.56;
Marvell Technology Group Ltd. (NASDAQ: MRVL) is down 0.1% at $11.30;
Pandora Media Inc. (NYSE: P) is down 3.9% at $16.50 after posting a new 52-week high of $19.37 earlier today;
Ross Stores Inc. (NASDAQ: ROST) is up 0.7% at $65.55;
Salesforce.com Inc. (NYSE: CRM) is down 5.5% at $43.23;
Zumiez Inc. (NASDAQ: ZUMZ) is down 1.2% at $X31.63X;
Abercrombie & Fitch Co. (NYSE: ANF) is down 7.9% at $50.05; and
Foot Locker Inc. (NYSE: FL) is down 5.2% at $33.82.

Before markets open Tuesday morning we are scheduled to hear earnings from Canadian Solar Inc. (NASDAQ: CSIQ) and Tiffany & Co. (NYSE: TIF).

Some standouts among heavily traded stocks today include:

Ziopharm Oncology Inc. (NASDAQ: ZIOP) is up 29.2% at $2.61. The cancer drug company had no news, which is often interpreted to be good news. Perhaps its investors looking for another biopharma company to match the price runup in MannKind Corp (NASDAQ: MNKD) earlier this week.

Facebook Inc. (NASDAQ: FB) is down 3.7% at $24.12. The social media company appears about to do battle with Google Inc. (NASDAQ: GOOG) over an Israeli company that makes a smartphone traffic app.

Sears Holdings Corp. (NASDAQ: SHLD) is down 13.6% at $50.33. The department store owner posted another big net loss in the first quarter.

Stay tuned for Tuesday. U.S. markets are closed on Monday. We have noted the following events on Tuesday’s schedule (all times Eastern):

9:00 a.m. – S&P Case-Shiller house price index
10:00 a.m. – Conference Board consumer sentiment index
10:00 a.m. – Richmond Fed manufacturing index
10:30 a.m. – Dallas Fed manufacturing survey
11:30 a.m. – 3- and 6-month bill auction
1:00 p.m. – 2-year note auction

Have a great holiday weekend!

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AIXG, ANF, ARO, CBST, CRM, CRMT, CSIQ, FB, FL, GOOG, GPS, MNKD, MPEL, MRVL, P, PG, ROST, SHLD, TIF, WEN, ZIOP, ZUMZ

Closing Bell for Thursday on Wall Street: Markets Stall on Japan Losses

Paul Ausick — Thu, 23 May 2013 20:05:54 +0000

U.S. equity markets opened sharply lower this morning, taking a lead from Japan’s Nikkei, which fell more than 7% for the day. Japan’s government bond yields spiked until the Bank of Japan intervened. Japan-focused ETFs got clobbered today. Nearly missed in the flurry surrounding the Japanese debacle was the decline in China’s manufacturing PMI<>. Europe followed Japan’s lead as well, even though eurozone manufacturing PMI rose. The bad news is that the eurozone’s manufacturing PMI continues to contract. In the U.S., new claims for jobless benefits fell, while data on new home sales and house prices continued to improve. U.S. equities ended the day with a small loss after the dust settled.

The U.S. dollar index is trading down 0.73% today, now at 83.7360. The GSCI commodity index is down 0.8% at 625.96. WTI crude oil closed down fractionally, at $94.25 a barrel. Brent crude trades down 0.1% at $102.46 a barrel. Natural gas is up 1.7% today at about $4.26 per million BTUs following a relatively small addition to the nation’s inventories<>. Gold settled up 1.8% today at $1,391.80.

The unofficial closing bells put the DJIA down nearly 13 points to 15,294.50 (-0.08%), the NASDAQ fell nearly 4 points (-0.11%) to 3,459.42, and the S&P 500 fell -0.29% or nearly 5 points to 1,650.53.

There were a several analyst upgrades and downgrades today, including:

Sanmina Corp. (NASDAQ: SANM) cut to ‘sell’ at Deutsche Bank;
Johnson & Johnson (NYSE: JNJ) started as ‘underperform’ at Credit Suisse;
Seagate Technology PLC (NASDAQ: STX) raised to ‘buy’ at Deutsche Bank;
VeriFone Systems Inc. (NYSE: PAY) raised to ‘buy’ at SunTrust; and
Diamond Offshore Drilling Inc. (NYSE: DO) raised to ‘neutral’ at Goldman Sachs.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

DryShips Inc. (NASDAQ: DRYS) is down 6.2% at $1.96;
L Brands Inc. (NYSE: LTD) is down 0.4% at $X51.25X;
PetSmart Inc. (NASDAQ: PETM) is up 1.9% at $70.35;
SeaWorld Entertainment Inc. (NYSE: SEAS) is down 1.3% at $37.24;
Workday Inc. (NYSE: WDAY) is up 0.9% at $66.34;
Dollar Tree Inc. (NASDAQ: DLTR) is up 4% at $50.29;
GameStop Corp. (NYSE: GME) is down 1.1% at $35.85;
Ralph Lauren Corp. (NYSE: RL) is down 2.5% at $183.46; and
Stein Mart Inc. (NASDAQ: SMRT) is up 4.8% at $12.28, a new 52-week high.

Before markets open tomorrow morning we are scheduled to hear earnings from Aeropostale Inc. (NYSE: ARO), America’s Car-Mart Inc. (NASDAQ: CRMT), Gap Inc. (NYSE: GPS), Marvell Technology Group Ltd. (NASDAQ: MRVL), Pandora Media Inc. (NYSE: P), Ross Stores Inc. (NASDAQ: ROST), Salesforce.com Inc. (NYSE: CRM), Zumiez Inc. (NASDAQ: ZUMZ), Abercrombie & Fitch Co. (NYSE: ANF), and Foot Locker Inc. (NYSE: FL).

Some standouts among heavily traded stocks today include:

Hewlett-Packard Co. (NYSE: HPQ) is up 16.8% at $24.79 after posting a new 52-week high of $24.91 earlier today. The printer and computer maker posted better-than-expected earnings last night.

MannKind Corp. (NASDAQ: MNKD) is up 8.1% at $6.74 after posting a new 52-week high of $6.99 earlier today. The biopharmaceuticals firm continues to see shares rise following a report yesterday that the company is a likely takeover target.

Cirrus Logic Inc. (NASDAQ: CRUS) is down 19.8% at $17.70. The semiconductor maker lowered its outlook, this morning.

Stay tuned for Friday. We have noted the following event on the schedule (all times Eastern):

8:30 a.m. – Durable goods orders

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ANF, ARO, CRM, CRMT, CRUS, DLTR, DO, DRYS, FL, GME, GPS, HPQ, JNJ, LTD, MNKD, MRVL, P, PAY, PETM, RL, ROST, SANM, SEAS, SMRT, STX, WDAY, ZUMZ

Top Analyst Upgrades and Stocks to Buy: Ciena, Gap, Halcon and More

Jon C. Ogg — Wed, 15 May 2013 12:40:15 +0000

Investors and traders are always on the lookout for fresh research ideas that will lead to higher income or more profits. 24/7 Wall St. reviews many fresh research calls to find great ideas from value stocks to growth stocks to dividend stocks. We are breaking out the positive analyst calls as far as stocks to buy and positive research calls today. These are some of this Wednesday’s top analyst upgrades, initiations and positive analyst research calls seen from Wall Street today.

Aeropostale Inc. (NYSE: ARO) was raised to Outperform from Market Perform at BMO Capital Markets.

Ciena Corp. (NASDAQ: CIEN) was started as Overweight at Evercore Partners.

Cooper Companies Inc. (NYSE: COO) was raised to Outperform with a $122 target price at Raymond James.

Gap Inc. (NYSE: GPS) was raised to Buy from Neutral at Citigroup.

Halcon Resources Corp. (NYSE: HK) was raised to Buy from Hold at Stifel Nicolaus.

Halozyme Therapeutics Inc. (NASDAQ: HALO) was started as Overweight at Piper Jaffray.

Lowe’s Companies Inc. (NYSE: LOW) was reiterated as Buy but the target was raised to $48 from $44 at Argus.

Prudential Financial Inc. (NYSE: PRU) was raised to Buy from Hold with a $75 price target at Argus.

Regal Beloit Corp. (NYSE: RBC) was raised to Outperform from Neutral at Credit Suisse.

Royal Caribbean Cruises Ltd. (NYSE: RCL) was reiterated Buy and the target was raised to $44 from $40 at Argus.

Deutsche Bank gave its top biotech stocks to buy today.

Jefferies has its list of industrial stock picks of the month.

Filed under: Active Trader, Analyst Calls, Value Investing Tagged: ARO, CIEN, COO, GPS, HALO, HK, LOW, PRU, RBC, RCL

24/7 Wall St. Closing Bell — April 10, 2013: Markets Set New Highs Again (ARO, HLF, IBM, IEP, THC, PSMT, KMX, STZ, FDO, JKS, TITN, ADTN, BBBY, NG, PIR, LEDS, FSLR, ABX, NOK)

Paul Ausick — Wed, 10 Apr 2013 20:04:26 +0000

U.S. equity markets opened higher this morning and both the DJIA and the S&P 500 climbed to new intra-day highs (more coverage here). The Fed mistakenly released FOMC minutes early to some Congressional staffers this morning, so the minutes were released to all before markets opened, helping to stoke today’s buying (more coverage here). In Asia, China posted a surprise trade deficit, entirely due to a 14% increase in imports. In Europe, industrial production increased in France, but dropped in Spain and Italy by more than expected. The “troika” has proposed to extend bailout loans to Ireland and Portugal by seven years. In the U.S., mortgage applications rose (more coverage here) and the Treasury’s auction of $21 billion in 10-year notes saw weaker demand as equities ruled today.

The U.S. dollar index is trading up 0.24% today, now at 82.513. The GSCI commodity index is up 0.8% at 637.09. WTI crude oil closed up 0.5% today, at $94.64 a barrel, following an inventory report that showed a smaller-than-forecast build in stockpiles (more coverage here). Brent crude trades down 0.5% at $105.87 a barrel. Natural gas is up 1.8% today at about $4.12 per million BTUs. Gold settled down 1.8% today at $1,558.80 an ounce, its largest one day drop since November.

The unofficial closing bells put the DJIA up more than 127 points to 14,800.78 (0.87%), the NASDAQ rose more than 59 points (1.83%) to 3,297.25, and the S&P 500 rose 1.22% or about 20 points to 1,587.71.

There were a several analyst upgrades and downgrades today, including Aeropostale Inc. (NYSE: ARO) cut to ‘sell’ with price target of $10 at Goldman Sachs; Herbalife Ltd. (NYSE: HLF) cut to ‘neutral’ at D.A. Davidson; International Business Machines Corp. (NYSE: IBM) raised to ‘buy’ at UBS; Icahn Enterprises LP (NASDAQ: IEP) started as ‘buy’ with a price target of $66 at Jefferies; and Tenet Healthcare Corp. (NYSE: THC) cut to ‘hold’ at Deutsche Bank.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading: PriceSmart Inc. (NASDAQ: PSMT) is up 5.7% at $84.77; Carmax Inc. (NYSE: KMX) is up 3.7% at $43.22 after posting a new 52-week high of $43.42 earlier today; Constellation Brands Inc. (NYSE: STZ) is up 0.4% at $48.83; Family Dollar Stores Inc. (NYSE: FDO) is up 1% at $60.40 (more coverage here); Jinkosolar Holding Co. Ltd. (NYSE: JKS) is down 9% at $5.28; and Titan Machinery Inc. (NASDAQ: TITN) is down 13.9% at $22.48.

Before markets open tomorrow morning we are scheduled to hear from ADTRAN Inc. (NASDAQ: ADTN), Bed Bath & Beyond Inc. (NASDAQ: BBBY), NovaGold Resources Inc. (NYSEMKT: NG), Pier 1 Imports Inc. (NYSE: PIR), and SemiLEDS Corp. (NASDAQ: LEDS).

Some standouts among heavily traded stocks today include:

First Solar Inc. (NASDAQ: FSLR) is down 7.3% at $36.49. The solar panel maker is giving back some of its 45%+ gain from yesterday. More coverage here.

Barrick Gold Corp. (NYSE: ABX) is down 8.7% at $24.38 after posting a new 52-week low of $24.30 earlier today. The gold miner is being slammed following a court decision that will suspend operations at its new Chilean mine.

Nokia Corp. (NYSE: NOK) is up 4.5% at $3.52. The mobile phone maker had no news today, but the company said earlier this week that it is launching a new phone with T-Mobile USA in May.

Stay tuned for Thursday. Retailers will be reporting same-store sales for March throughout the day. Philadelphia Fed President Charles Plosser and St. Louis Fed President James Bullard are giving speeches. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – New claims for unemployment benefits
8:30 a.m. – Import and export prices
10:30 a.m. – EIA weekly natural gas storage report
1:00 p.m. – 30-year note auction
4:30 p.m. – Fed balance sheet and money supply

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ABX, ADTN, ARO, BBBY, FDO, FSLR, HLF, IBM, IEP, JKS, KMX, LEDS, NG, NOK, PIR, PSMT, STZ, THC, TITN

Top Analyst Upgrades and Downgrades (ARO, AGU, AIZ, CYH, CYS, EXPD, HMA, HLF, IEP, IBM, NTAP, NFLX, QCOM, SI, THC)

Jon C. Ogg — Wed, 10 Apr 2013 12:35:16 +0000

Investors and traders are often on the hunt for new ideas to generate income and profits. 24/7 Wall St. is always reviewing fresh research calls to find great ideas from value stocks to growth stocks to dividend stocks. Some are stocks to buy and some are stocks to sell. These are some of this Wednesday’s top analyst upgrades, downgrades and initiations seen from select Wall St. research calls.

Aeropostale Inc. (NYSE: ARO) cut to sell with $10 target at Goldman Sachs.

Agrium Inc. (NYSE: AGU) cut to Neutral at Piper Jaffray.

Assurant Inc. (NYSE: AIZ) raised to Neutral from Underperform at Stern Agee.

Community Health Systems Inc. (NYSE: CYH) cut to Hold from Buy at Deutsche Bank.

CYS Investments Inc. (NYSE: CYS) raised to Outperform with $14 target at KBW.

Expeditors International of Washington Inc. (NASDAQ: EXPD) maintained Buy but removed from Conviction Buy List at Goldman Sachs.

Health Management Associates Inc. (NYSE: HMA) cut to Hold from Buy at Deutsche Bank.

Herbalife Ltd. (NYSE: HLF) cut to Neutral from Buy at D.A. Davidson.

Icahn Enterprises L.P. (NASDAQ: IEP) started as Buy with $66 price target at Jefferies.

International Business Machines Corp. (NYSE: IBM) raised to Buy from Neutral at UBS.

NetApp Inc. (NASDAQ: NTAP) cut to Neutral from Buy at UBS.

Netflix Inc. (NASDAQ: NFLX) started as Underweight with only a $115 price target at Evercore Partners; shares are only down marginally after closing at $169.36 Tuesday.

Qualcomm Inc. (NASDAQ: QCOM) reiterated Buy and raised estimates and price target to $75 from $74 at Stern Agee.

Siemens A.G. (NYSE: SI) raised to Neutral from Underperform at BNP Paribas.

Tenet Healthcare Corp. (NYSE: THC) cut to Hold at Deutsche Bank.

Merrill Lynch gave a list of stocks to short sell during earnings season.

Merrill Lynch sees upside earnings surprises from these eight large companies during earnings season.

Filed under: Active Trader, Analyst Calls, Value Investing Tagged: AGU, AIZ, ARO, CYH, CYS, EXPD, HLF, HMA, IBM, IEP, NFLX, NTAP, QCOM, SI, THC

Top Retail and Apparel Analyst Upgrades and Downgrades (ANF, ARO, AEO, GPS, GNC, GRPN, HBI, LTD, ROST, UA, URBN)

Jon C. Ogg — Tue, 02 Apr 2013 12:30:31 +0000

This week should bring a lot of news from same-store sales for the retail and apparel sector. That makes it interesting that there are so many analyst calls in the space ahead of the news. We have spotted many key research calls from Wall St. for upgrades, downgrades and initiations. These by and large are not included in our wider coverage of the full list of the top daily analyst upgrades and downgrades this morning.

Abercrombie & Fitch (NYSE: ANF) started as Underweight with $44 target at Barclays.

Aeropostale Inc. (NYSE: ARO) started as Equal Weight at Barclays.

American Eagle (NYSE: AEO) started as Overweight with $25 target at Barclays.

Gap Inc. (NYSE: GPS) started as Overweight with $45 target at Barclays.

GNC Holdings Inc. (NYSE: GNC) raised to Buy with $50 price target at Deutsche Bank.

Groupon Inc. (NASDAQ: GRPN) is generally deemed Internet or social media, but all it really does is offer daily deals and now offers payment processing to merchants. It was included in a broad Internet and interactive media call at UBS, with a Sell rating and $44.40 price target.

Hanesbrands Inc. (NYSE: HBI) raised to Overweight from Equal Weight at Barclays.

Limited Brands Inc. (NYSE: LTD) started as Overweight at Barclays.

Ross Stores Inc. (NASDAQ: ROST) was included in a UBS list of stocks that the firm believes has 25% upside or more.

Under Armour (NYSE: UA) started as Overweight with $60 target at Barclays.

Urban Outfitters Inc. (NASDAQ: URBN) started as Overweight with $50 target at Barclays.

Barclays did include other names in the research initiations today, but some were screened out due to volume being light or because they were only given Equal Weight ratings.

If you are curious what Easter added to the economy from retail and beyond, that was projected at $17.2 billion. We think it is more because so many items are not counted in that report.

Filed under: Active Trader, Analyst Calls, Apparel, Retail Tagged: AEO, ANF, ARO, GNC, GPS, GRPN, HBI, LTD, ROST, UA, URBN

24/7 Wall St. Closing Bell — March 15, 2013: Markets Open Lower, Don’t Recover (FCX, NDAQ, DAL, CL, RDS-A, ARO, MCP, ZUMZ, BWS, SYNM, CLSN, HSOL, HAST, KIOR, BAC, MU, AMX)

Paul Ausick — Fri, 15 Mar 2013 20:07:55 +0000

U.S. equity markets opened lower this morning and were never able to shake off the doldrums as stocks traded below the break-even line all day. There was little data out in either Asia or Europe, and data released in the U.S. today was decidedly mixed. The U.S. consumer price index was higher than expected, but core data was inline (more coverage here). The Empire State manufacturing index beat expectations (more coverage here), and results of the Federal Reserve’s stress tests on big banks weighed on financial stocks today as well (more coverage here). U.S. industrial production rose more than expected (more coverage here), but consumer sentiment tanked (more coverage here).

The U.S. dollar index fell 0.42% today, now at 82.262. The GSCI commodity index is up 0.5% at 650.23, with commodities prices mixed today. WTI crude oil closed up 0.5% today, at $93.45 a barrel. Brent crude trades up 1% at $110.03 a barrel. Natural gas is up 1.6% today at about $3.87 per million BTUs. Gold settled up 0.1% today at $1,590.70 an ounce.

The unofficial closing bells put the DJIA down about 25 points to 14,514.11 (-0.17%), the NASDAQ fell about 10 points (-0.30%) to 3,249.07, and the S&P 500 fell -0.16% or more than 2 points to 1,560.71.

There were a several analyst upgrades and downgrades today, including Freeport McMoRan Copper & Gold Inc. (NYSE: FCX) raised to ‘buy’ with a price target of $42 at Goldman Sachs; Nasdaq OMX Group Inc. (NASDAQ: NDAQ) raised to ‘outperform’ at Wells Fargo; Delta Air Lines Co. (NYSE: DAL) cut to ‘market perform’ at Raymond James; Colgate-Palmolive Co. (NYSE: CL) cut to ‘equal weight’ at Morgan Stanley; and Royal Dutch Shell plc (NYSE: RDS-A) cut to ‘underweight’ at JPMorgan Chase.

Earnings reports since markets closed last night resulted in several price moves today, including these: Aeropostale Inc. (NYSE: ARO) is down 5.5% at $13.71; Molycorp Inc. (NYSE: MCP) is up 2.3% at $6.13 (more coverage here); Zumiez Inc. (NASDAQ: ZUMZ) is up 5.2% at $25.49; and Brown Shoe Co. Inc. (NYSE: BWS) is down 4.8% at $17.52.

Before markets open Monday morning we are scheduled to hear from Syntroleum Corp. (NASDAQ: SYNM), Celsion Corp. (NASDAQ: CLSN), Hanwha Solarone Co. Ltd. (NASDAQ: HSOL), Hastings Entertainment Inc. (NASDAQ: HAST), and Kior Inc. (NASDAQ: KIOR).

Some standouts among heavily traded stocks today include:

Bank of America Corp. (NYSE: BAC) is up 4.4% at $12.64 after posting a new 52-week high of $12.65 earlier. The big bank’s capital plan passed the Fed stress test and includes some big buyback plans. More coverage here.

Micron Technology Inc. (NASDAQ: MU) is down 3.1% at $9.39. The chipmaker reports earnings next week and expectations are high, probably leading some short sellers to dump their positions today.

America Movil S.A.B. de C.V. (NYSE: AMX) is down 4% at $18.59 after posting a new 52-week low of $18.49 earlier today. The telecommunications company has been through a spate of selling in the past week following an announcement that Mexico is seeking to increase competition in the sector and encourage foreign investment.

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

10:00 a.m. – National Association of Home Builders housing market index
11:30 a.m. – 3- and 6-month bill auctions

Have a great weekend!

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AMX, ARO, BAC, BWS, CL, CLSN, DAL, FCX, HAST, HSOL, KIOR, MCP, MU, NDAQ, RDS-A, SYNM, ZUMZ

Top Analyst Upgrades and Downgrades (ARO, MO, ADM, ATML, CL, CVRR, DNDN, IGT, IP, NKE, LULU, LOW, LSI, OKS, SNDK, TEF, TPH, YUM, CQP, LNG)

Jon C. Ogg — Tue, 26 Feb 2013 13:25:18 +0000

These are some of this Tuesday’s top analyst upgrades, downgrades and initiations seen from Wall St. research calls.

Aeropostale Inc. (NYSE: ARO) named Bear of the Day as expensive even after shares are down 50% from last year at Zacks.

Altria Group Inc. (NYSE: MO) cut to Neutral at BofA/Merrill Lynch.

Archer Daniels Midland Co. (NYSE: ADM) cut to Market Perform at BMO.

Atmel Corp. (NASDAQ: ATML) cut to Market Perform at FBR.

Colgate-Palmolive Co. (NYSE: CL) cut to Neutral at BofA Merrill Lynch.

CVR Refining L.P. (NYSE: CVRR) started as Neutral at Credit Suisse, started as Buy at UBS, started as Neutral at Citigroup and started as Equal Weight at Barclays.

Dendreon Corp. (NASDAQ: DNDN) maintained Neutral but raised price target to $6 from $4 at Credit Suisse.

International Gaming (NYSE: IGT) named Bull of the Day at Zacks.

International Paper Co. (NYSE: IP) started as Buy at Jefferies.

Lowe’s Companies Inc. (NYSE: LOW) maintained Buy with $44 price target at Argus.

LSI Corp. (NASDAQ: LSI) cut to Market Perform at FBR.

Lululemon Athletica Inc. (NASDAQ: LULU) started as Outperform at Cowen.

Nike Inc. (NYSE: NKE) started as Outperform at Cowen.

ONEOK Partners L.P. (NYSE: OKS) cut to Neutral at Credit Suisse.

SanDisk Corp. (NASDAQ: SNDK) raised to Outperform at RBC.

Telefonica S.A. (NYSE: TEF) raised to Market Perform at Bernstein.

TRI Pointe Homes Inc. (NYSE: TPH) was started yesterday by others but was initiated as Buy at Citigroup.

YUM! Brands Inc. (NYSE: YUM) reiterated Hold but lowered 2013 earnings estimates by 15% at Argus.

Credit Suisse on the Cheniere plays: Cheniere Energy Partners L.P. (NYSEMKT: CQP) maintained Outperform but raised target to $29 from $25; Cheniere Energy Inc. (NYSEMKT: LNG) reiterated Outperform and raised target to $33 from $25 with long-term value possibly $48 if all plans come to fruition.

BofA/Merrill Lynch has resumed coverage of the public exchanges in a post-NYSE world (full summary).

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: ADM, ARO, ATML, CL, CQP, CVRR, DNDN, IGT, IP, LNG, LOW, LSI, LULU, MO, NKE, OKS, SNDK, TEF, TPH, YUM

January Same-Store Retail Sales Coming This Week

Paul Ausick — Mon, 04 Feb 2013 15:05:37 +0000

Same-store sales for January are scheduled to be released this Thursday, and the consensus projection from research firm Retail Metrics calls for an increase of 2.8% compared with January of 2012. Excluding drug stores, the projection sees growth of 3.3%, down 10 basis points from an earlier projection.

Same-store sales at specialty retailers like Gap Stores Inc. (NYSE: GPS), Ross Stores Inc. (NASDAQ: ROST) and The TJX Companies Inc. (NYSE: TJX) are expected to rise 3.1%, compared with a same-store sales rise of 4.1% in January 2011. Kohl’s Corp. (NYSE: KSS) is expected to post a gain of 3.0%.

Big-box retailers Costco Wholesale Corp. (NASDAQ: COST) and Target Corp. (NYSE: TGT) have experienced a drop of 10 and 30 basis points, respectively, in expectations. The projection for the entire discount group is now 2.9%.

Teen retailers, as a group, are expected to post a decline of 1.6% in same-store sales, while department stores are set to post the largest gain, 4.4%. Among the teen retailers, the largest decline is forecast for Aeropostale Inc. (NYSE: ARO), down 8%, followed by Wet Seal Inc. (NASDAQ: WTSLA), down 6%, and Abercrombie & Fitch Co. (NYSE: ANF), down 2.4%. American Eagle Outfitters Inc. (NYSE: AEO) is projected to post a gain of 4.9%.

Among the department stores, J.C. Penney Co. Inc. (NYSE: JCP) is expected to see a decline of 26.2%, while Macy’s Inc. (NYSE: M) is projected to post a gain of 4.8% and Nordstrom Inc. (NYSE: JWN) should see a gain of 5.7%.

Wal-Mart Stores Inc. (NYSE: WMT), though it does not report monthly sales, is expected to post a gain of 1.9%, while PriceMart Inc. (NASDAQ: PSMT) is touted for a 9.5% gain. Family Dollar Stores Inc. (NYSE: FDO) is expected to see an increase of 4.7% in same-store sales and Stein Mart Inc. (NASDAQ: SMRT) is expected to gain 5%.

The agreement in Washington that dodged the fiscal cliff has helped sales, as has some cooler weather. But low levels of consumer confidence and the rise in payroll taxes are weighing down expectations for a big jump in January sales.

Filed under: 24/7 Wall St. Wire, Research, Retail Tagged: AEO, ANF, ARO, COST, FDO, featured, GPS, JCP, JWN, KSS, M, PSMT, ROST, SMART, TGT, TJX, WMT, WTSLA

Retail Sales Reports Give Investors Jitters

Paul Ausick — Thu, 10 Jan 2013 14:07:39 +0000

We’ve already noted the weak holiday sales report from Tiffany & Co. (NYSE: TIF) out this morning. Now two more specialty retailers, American Eagle Outfitters Inc. (NYSE: AEO) and Aeropostale Inc. (NYSE: ARO), have posted sales numbers for the period, and the situation has not improved much.

American Eagle reported same-store sales up 5% for the quarter to date, compared with a gain of 13% in the same period a year ago. Excluding online sales, sales increased just 1%, compared with a 12% increase excluding online sales last year.

At Aeropostale same-store sales fell 8% in the nine weeks to the end of December, and that includes online sales. Last year sales fell 9% excluding online sales.

American Eagle reiterated fourth-quarter earnings per share (EPS) guidance of $0.56 and same-stores sales growth in the mid-single digits.

Aeropostale cut its quarterly EPS guidance from a previous range of $0.36 to $0.41 to a new range of $0.20 to $0.24.

A third specialty retailer, Ascena Retail Group Inc. (NASDAQ: ASNA), which owns and operates Lane Bryant and Dress Barn stores, among other brands, also lowered guidance this morning. Ascena reported 1% same-store sales growth for the November-December period, including online sales, forcing it to lower EPS guidance from a prior range of $1.45 to $1.55 to a new range of $1.20 to $1.30.

Shares of American Eagle are down about 3.5% at $19.90 in premarket trading, in a 52-week range of $12.86 to $23.94.

Aeropostale stock is down 9.9% at $12.05 in a 52-week range of $11.76 to $23.05.

Ascena shares are down 11.7% at $16.0o, a new 52-week low if it holds. The current 52-week range is $16.58 to $22.62.

Filed under: 24/7 Wall St. Wire, Consumer Goods, Earnings Warning, Retail Tagged: AEO, ARO, ASNA, TIF