24/7 Wall St. » ZUMZ

L Brands, Zumiez Lead Rise in April Retail Sales

Paul Ausick — Thu, 09 May 2013 12:50:07 +0000

Retailers are announcing April same-store sales figures today. Research firm Retail Metrics projected an overall gain of 3.5% year-over-year, compared with a 2% gain in February and a 1.4% gain in March.

In general, April sales benefited from lower prices for gasoline, an extra shopping day, and generally better news on the U.S. economy. Late snow and cold temperatures in parts of the country, the payroll tax increase and the effects of the sequester acted as drags on sales.

Several retailers no longer report monthly same-store sales. These include Target Corp. (NYSE: TGT), Macy’s Inc. (NYSE: M), Kohl’s Corp. (NYSE: KSS), Wal-Mart Stores Inc. (NYSE: WMT), Abercrombie & Fitch Co. (NYSE: ANF) and American Eagle Outfitters Inc. (NYSE: AEO).

Here’s a rundown:

Costco Wholesale Corp. (NASDAQ: COST) reported that same-store sales for April rose 4% compared with the same month in 2012. That is below the Retail Metrics estimate for a gain of 4.9%, excluding gasoline sales.

L Brands Inc. (NYSE: LTD) said same-store sales for April rose 2% compared with the same period last year and a Retail Metrics estimate for a rise of 4.8%. The company also said that it expects to report EPS for the first quarter of $0.46, which is higher than previous guidance of $0.40 to $0.45, but in line with the consensus estimate. L Brands noted that first-quarter earnings took a hit of $0.03 per share due to severance and a higher tax rate.

The Buckle Inc. (NYSE: BKE) reported same-store sales for April rose 6.2% compared with the same period a year ago. The Retail Metrics estimate called for a rise of 1.8%.

Stein Mart Inc. (NASDAQ: SMRT) yesterday reported an 8% jump in same-store sales for April, well above the 3% estimate from Retail Metrics.

PriceSmart Inc. (NASDAQ: PSMT) reported same-store sales for April rose 10.7%, higher than the 10.2% rise estimated by Retail Metrics.

Zumiez Inc. (NASDAQ: ZUMZ) posted a same-stores sales rise of 4.6% for April, better than the 4.1% increase expected by Retail Metrics.

The TJX Companies Inc. (NYSE: TJX) reported same-store sales rose 8% in April. The Retail Metrics estimate called for a rise of 6.8%.

Costco shares are inactive in the pr-market, having closed last night at $109.61 in a 52-week range of $82.10 to $110.41.

Limited’s shares are down 1.8%, at $52.25 in a 52-week range of $40.32 to $53.33.

Stein Mart’s shares are inactive this morning, and closed last night at $10.90 in a 52-week range of $6.15 to $11.10.

PriceSmart’s shares are also inactive this morning, and closed last night at $88.52 in a 52-week range of $59.00 to $90.94.

Zumiez’s shares are inactive and closed at $30.41 last night in a 52-week range of $17.93 to $41.96.

The Buckle’s shares are trading up 1.4% at $50.31 in a 52-week range of $36.33 to $51.74.

TJX’s shares are inactive and closed at $50.40 last night in a 52-week range of $39.46 to $50.61.

Filed under: 24/7 Wall St. Wire, Retail, Services Tagged: AEO, ANF, BKE, COST, featured, KSS, LTD, M, PSMT, SMRT, TGT, TJX, WMT, ZUMZ

Top Analyst Upgrades and Downgrades (ABT, AMZN, APO, CAT, HD, MA, KORS, MSFT, OXY, SNDK, TTM, V, ZUMZ)

Jon C. Ogg — Fri, 12 Apr 2013 12:30:46 +0000

Investors and traders are looking for new ideas as the markets challenge new all-time highs to generate income and profits. 24/7 Wall St. reviews many analyst calls and research notes 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 the top analyst upgrades, downgrades and initiations seen from select Wall St. research calls this Friday.

Abbott Laboratories (NYSE: ABT) started as Neutral at Credit Suisse.

Amazon.com Inc. (NASDAQ: AMZN) reiterated Outperform with $334 price target at Credit Suisse.

Apollo Global Management LLC (NYSE: APO) started as Outperform at Wells Fargo.

Caterpillar Inc. (NYSE: CAT) was one of our fresh stocks that need to catch up to the bull market. Now Credit Suisse is maintaining its Outperform rating but is cutting the price target down to $110 from $123 on the equipment and machinery giant.

Home Depot Inc. (NYSE: HD) raised to Buy from Hold at Jefferies.

MasterCard Inc. (NYSE: MA) cut to Neutral from Buy at Stern Agee.

Michael Kors Holding Ltd. (NYSE: KORS) started as Underperform at CLSA.

Microsoft Corp. (NASDAQ: MSFT) took at least three big downgrades on Thursday, and now CLSA has downgraded the software giant to Outperform from Buy and the $36 target was cut to $34.

Occidental Petroleum Corp. (NYSE: OXY) reiterated Buy with $105 price target at Argus.

SanDisk Corp. (NASDAQ: SNDK) started as Market Perform at BMO.

Tata Motors Ltd. (NYSE: TTM) started as Outperform at Oppenheimer.

Visa Inc. (NYSE: V) cut to Neutral from Buy at Stern Agee.

Zumiez Inc. (NASDAQ: ZUMZ) raised to Neutral from Underperform at BofA/Merrill Lynch.

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

UBS is calling the pullback in refining stocks a buying opportunity and the firm also gave a list of MLPs that are still very safe to buy.

Filed under: Active Trader, Analyst Calls, Dividends & Buybacks, Value Investing Tagged: ABT, AMZN, APO, CAT, HD, KORS, MA, MSFT, OXY, SNDK, TTM, V, ZUMZ

Not Much Expected from March Retail Sales, Not Much Delivered

Paul Ausick — Thu, 11 Apr 2013 13:55:24 +0000

Retailers are announcing March same-store sales figures today. Research firm Retail Metrics projected an overall gain of 1.5% year-over-year, compared with a 2% gain in February and a 3.9% gain in March of 2012.

In general, March comparable sales were hit by cold, snowy weather that put a crimp in sales of spring merchandise. Other factors contributing the low forecast and results were a later Easter holiday, weaker jobs data and federal budget cuts. Lower gasoline prices, tax refunds and record equity prices were among the positives for the month.

March 2013 is a five-week period for most retailers, ending at April 6 or 7.

Here’s a rundown:

Costco Wholesale Corp. (NASDAQ: COST) reported that same-store sales for March rose 4%, compared with the similar period in 2012. That is well below the Retail Metrics estimate for a gain of 5.6%, excluding gasoline sales.

Limited Brands Inc. (NYSE: LTD) said same-store sales for March rose 3%, compared with the same period last year and a Retail Metrics estimate for a rise of 0.4%. The company, though still named Limited Brands, now wants to be known as “L Brands.”

The Buckle Inc. (NYSE: BKE) reported same-store sales for March were flat, compared with the same period a year ago. The Retail Metrics estimate called for a rise of 0.1%.

Stein Mart Inc. (NASDAQ: SMRT) reported same-store sales for March down 2.8%. Retail Metrics estimated a same-store sales decrease of 1.3%% for Stein Mart.

PriceSmart Inc. (NASDAQ: PSMT) reported same-store sales for the four weeks ended March 31 rose 7.9%, below the 8.8% rise estimated by Retail Metrics.

Zumiez Inc. (NASDAQ: ZUMZ) posted a same-stores sales rise of 2.1% for March, much better than the 8% decline expected by Retail Metrics.

The TJX Companies Inc. (NYSE: TJX) reported same-store sales fell 2% in March. The Retail Metrics estimate called for a drop of 1.4%.

TJX’s shares are up 0.6% at $47.79 in a 52-week range of $39.38 to $48.20.

Limited’s shares are up 3.1%, at $49.68 in a 52-week range of $40.32 to $52.50.

Costco shares are up 0.2% at $105.92 in a 52-week range of $81.98 to $107.75.

Stein Mart’s shares are down 0.4% at $8.13 in a 52-week range of $6.02 to $9.34.

PriceSmart’s shares are down fractionally at $84.81 in a 52-week range of $59.00 to $86.00.

Zumiez’s shares are up 10.4% at $27.50 in a 52-week range of $17.93 to $41.96.

The Buckle’s shares are trading up 3% at $48.99 in a 52-week range of $36.33 to $51.74.

Filed under: 24/7 Wall St. Wire, Retail, Services Tagged: AEO, ANF, BKE, COST, KSS, LTD, M, PSMT, SMRT, TGT, TJX, WMT, ZUMZ

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

24/7 Wall St. Closing Bell — March 14, 2013: Markets Climb to New Highs Today (AMZN, EBAY, WFC, VMW, ETFC, BFAM, MW, VRA, LODE, SOL, AEO, MCP, ZUMZ, BWS, MGM, SD)

Paul Ausick — Thu, 14 Mar 2013 20:03:50 +0000

U.S. equity markets opened higher this morning following a better-than-expected report on new jobless benefits claims in the U.S. and a mostly inline report on producer prices (more coverage here). In Europe, eurozone unemployment fell a bit more than expected and Spanish retail sales were not as bad as expected. In Asia, key interest rates in New Zealand and South Korea remained unchanged. The Shanghai index closed higher for the first time in six days. The DJIA closed with a tenth straight day of gains and the S&P closed within a couple of bucks of its all-time high.

The U.S. dollar index fell 0.41% today, now at 82.553. The GSCI commodity index is down 0.4% at 647.17, with commodities prices mostly higher today on the weaker dollar. WTI crude oil closed up 0.6% today, at $93.03 a barrel. Brent crude trades up 0.7% at $109.00 a barrel. Natural gas is up 3.8% today at about $3.82 per million BTUs following a relatively large draw on stocks last week (more coverage here). Gold settled up 0.1% today at $1,590.70 an ounce.

The unofficial closing bells put the DJIA up more than 82 points to 14,538.99 (0.58%), the NASDAQ rose nearly 14 points (0.43%) to 3,258.93, and the S&P 500 rose 0.56% or nearly 9 points to 1,563.20.

There were a several analyst upgrades and downgrades today, including Amazon.com Inc. (NASDAQ: AMZN) cut to ‘neutral’ at J.P. Morgan; eBay Inc. (NASDAQ: EBAY) reiterated as ‘buy’ with a price target of $65 at Argus and raised to ‘overweight’ at Evercore; Wells Fargo & Co. (NYSE: WFC) started as ‘market perform’ at BMO Capital; VMware Inc. (NYSE: VMW) raised to ‘outperform’ at William Blair and maintained on Focus List at Credit Suisse; and E*Trade Financial Corp. (NASDAQ: ETFC) cut to ‘underperform’ at KBW.

Earnings reports since markets closed last night resulted in several price moves today, including these: Bright Horizons Family Solutions Inc. (NYSE: BFAM) is up 11.2% at $33.35 after posting a post-IPO high of $33.49 earlier today; Men’s Wearhouse Inc. (NYSE: MW) is up 19% at $34.60; Vera Bradley Inc. (NASDAQ: VRA) is down 8.4% at $22.81; Comstock Mining Inc. (NYSEMKT: LODE) is down 7.1% at $1.97; and ReneSola Ltd. (NYSE: SOL) is up 1.4% at $2.17.

Before markets open tomorrow morning we are scheduled to hear from Aeropostale Inc. (NYSE: AEO), Molycorp Inc. (NYSE: MCP), Zumiez Inc. (NASDAQ: ZUMZ), and Brown Shoe Co. Inc. (NYSE: BWS).

Some standouts among heavily traded stocks today include:

MGM Resorts International Inc. (NYSE: MGM) is up 6.5% at $13.21. The casino and resort operator is a likely target for further investment by Kirk Kerkorian’s Tracinda Corp. More coverage here.

SandRidge Energy Inc. (NYSE: SD) is down 3.3% at $5.66. The energy exploration and production company caved in to demands from a large investor and it looks the company’s CEO is headed for the door. More coverage here.

E*Trade Financial Corp. (NASDAQ: ETFC) is down 8.3% at $10.84. The online financial firm got battered after its largest investor said it would sell its entire stake in the company. More coverage here.

Stay tuned for Friday. Dallas Fed President Richard Fisher is giving a speech. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Consumer price index
8:30 a.m. – Empire State manufacturing index
9:00 a.m. – Treasury International Capital (TIC) data
9:15 a.m. – Industrial production
9:55 a.m. – University of Michigan/Thomson Reuters consumer sentiment index

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AEO, AMZN, BFAM, BWS, EBAY, ETFC, LODE, MCP, MGM, MW, SD, SOL, VMW, VRA, WFC, ZUMZ

February Retail Sales Softer Than Expected

Paul Ausick — Thu, 07 Mar 2013 15:25:29 +0000

Retailers are announcing February same-store sales figures today. Research firm Retail Metrics projected an overall gain of 2.5% year-over-year, compared with a 5.1% gain in January and a 4.2% gain in February of 2012.

The research firm said this morning that the overall gain reached just 1.9% in February. Excluding drug stores, same-store sales rose 4.2%. The best performing sector was discount stores; the worst performer was teen apparel.

Several retailers stopped reporting same-store sales this month. Target Corp. (NYSE: TGT), Macy’s Inc. (NYSE: M) and Kohl’s Corp. (NYSE: KSS) join other retailers, including Wal-Mart Stores Inc. (NYSE: WMT), Abercrombie & Fitch Co. (NYSE: ANF) and American Eagle Outfitters Inc. (NYSE: AEO), that no longer report monthly sales figures.

Here’s a rundown:

Costco Wholesale Corp. (NASDAQ: COST) reported that same-store sales for February rose 6% compared with February 2012. That is well above the Retail Metrics estimate for a gain of 4.6%, excluding gasoline sales.

Limited Brands Inc. (NYSE: LTD) said same-store sales for the four weeks ended March 3 rose 3% compared with February 2012 and a Retail Metrics estimate for a rise of 2.8%.

The Buckle Inc. (NYSE: BKE) reported same-store sales for February fell by 1.1% compared with the same month a year ago. The Retail Metrics estimate called for a drop of 2.3%.

Stein Mart Inc. (NASDAQ: SMRT) reported same-store sales for the four weeks ended March 2 up 0.6%. Retail Metrics estimated a same-store sales increase of 0.7% for Stein Mart.

PriceSmart Inc. (NASDAQ: PSMT) reported same-store sales for the five weeks ended March 3 rose 8.9%, well above the 6.5% rise estimated by Retail Metrics.

Zumiez Inc. (NASDAQ: ZUMZ) posted a same-stores sales decline of 8.9% for the four weeks to March 2, much worse than the 1.3% decline expected by Retail Metrics.

Gap Inc. (NYSE: GPS) reported same-store sales rose 3% for the four weeks ended March 2. The Retail Metrics estimate called for a gain of 2.3%.

Gap’s shares are up 3.6% at $35.70 in a 52-week range of $24.54 to $37.85.

Limited’s shares are up 0.6%, at $45.33 in a 52-week range of $40.32 to $52.50.

Costco shares are up 0.8% at $103.41 in a 52-week range of $81.98 to $105.97.

Stein Mart’s shares are down 1.6% at $8.51 in a 52-week range of $6.02 to $9.34.

PriceSmart’s shares are up 1.3% at $75.32 in a 52-week range of $59.00 to $86.00.

Zumiez’s shares are down 2.0% at $22.64 in a 52-week range of $17.93 to $41.96.

The Buckle’s shares are trading up 1.1% at $44.95 in a 52-week range of $36.33 to $51.74.

Filed under: 24/7 Wall St. Wire, Retail Tagged: AEO, ANF, BKE, COST, featured, GPS, KSS, LTD, M, PSMT, SMRT, TGT, WMT, ZUMZ

Top Analyst Upgrades and Downgrades (ADBE, BV, BP, BKW, CIEN, CL, CVS, DVA, DE, EQR, XOM, KMB, MRO, MSFT, PG, RIGL, RDS-A, S, TIVO, WYNN, YOKU, ZUMZ)

Trey — Fri, 14 Dec 2012 13:37:35 +0000

These are some of the top analyst upgrades, downgrades and initiations seen in Wall St. research calls this Friday.

Adobe Systems Inc. (NASDAQ: ADBE) cut to Neutral a Janney.

Bazaarvoice Inc. (NASDAQ: BV) raised to Outperform with $18 target at Credit Suisse.

BP PLC (NYSE: BP) cut to Neutral at Credit Suisse.

Burger King Worldwide Inc. (NYSE: BKW) started as Neutral at BofA/ML.

Ciena Corp. (NASDAQ: CIEN) cut to Perform at Oppenehimer.

Colgate-Palmolive Co. (NYSE: CL) started as Neutral at Goldman Sachs.

CVS Caremark Corp. (NYSE: CVS) reiterated Buy and raised target to $56 from $54 at Argus and raised to Outperform at Macquarie.

Davita Inc. (NYSE: DVA) raised to Buy at Nomura.

Deere & Co. (NYSE: DE) started as Outperform at Macquarie.

Equity Residential (NYSE: EQR) defended on weakness and reiterated as Buy with $68 price target at Argus.

Exxon Mobil Corp. (NYSE: XOM) cut to Neutral at Goldman Sachs.

Kimberly-Clark Corp. (NYSE: KMB) started as Neutral at Goldman Sachs.

Marathon Oil Corp. (NYSE: MRO) raised to Buy at Goldman Sachs.

Microsoft Corp. (NASDAQ: MSFT) started as Market Perform a BMO.

Procter & Gamble Co. (NYSE: PG) started as Neutral at Goldman Sachs.

Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) cut to Neutral at Citigroup.

Royal Dutch Shell PLC (NYSE: RDS-A) raised to Outperform at Credit Suisse.

Sprint Nextel Corp. (NYSE: S) reiterated Buy with $7.50 target at Argus.

TiVo Inc. (NASDAQ: TIVO) started as Buy at Goldman Sachs.

Wynn Resorts Ltd. (NASDAQ: WYNN) cut to Neutral at UBS.

Youku Tudou Inc. (NYSE: YOKU) started as Overweight at Morgan Stanley.

Zumiez Inc. (NASDAQ: ZUMZ) cut to Underperform at BofA/ML.

Here are some other outlook pieces for the end of 2012 and 2013:

Fortune’s Top 10 Stocks to Buy for 2013
BofA’s 10 Defensive and Yield Stock Picks for 2013
The Big Gold Trade: 2013 Pairing Gold Versus Miners
S&P 500 Upside Targets for 2013 from Everyone
Our own 2013 Alternative Energy and Cleantech Outlook for 2013

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: ADBE, BKW, BP, BV, CIEN, CL, CVS, DE, DVA, EQR, KMB, MRO, MSFT, PG, RDS-A, RIGL, S, TIVO, WYNN, XOM, YOKU, ZUMZ

24/7 Wall St. Closing Bell — November 30, 2012: Market Wobbles to Lower Finish (COP, CAG, DUK, BMY, WPI, AVGO, OVTI, YOKU, ZUMZ, SOL, WWAV, LDK, VRSN, ZNGA, FB, GRPN)

Paul Ausick — Fri, 30 Nov 2012 21:05:33 +0000

U.S. equity markets opened mixed this morning, but some initial enthusiasm wore off by mid-morning and stocks moved slightly lower throughout the day. In Europe, unemployment rose more than expected (more coverage here) and European Central Bank chief Mario Draghi said that the eurozone crisis would begin to abate in the second half of next year (more coverage here). In Asia, Japan kicked out another $11 billion in stimulus and India reported lower-than-expected GDP growth. In the U.S., the Chicago PMI came in lower than expected (more coverage here) and the report on personal income and spending was also a disappointment (more coverage here). In the afternoon, House Speaker John Boehner said that negotiations on the fiscal cliff are “almost nowhere.” That depressed equities even more, although traders pulled out an essentially flat close.

The U.S. dollar index fell today, now down 0.07% at 80.149. The GSCI commodity index is up 1% at 649.34, with commodities prices mixed again today. WTI crude oil closed up 0.6% today, at $88.61 a barrel, and finishes the month 2% higher. Brent crude trades up 0.3% at $111.10 a barrel. Natural gas is down 2.4% today at about $3.56 per thousand cubic feet. Gold settled down 1% today at $1,712.70 an ounce, and finished the month down 0.5%.

The unofficial closing bells put the DJIA up about 3 points to 13,024.66 (0.02%), the NASDAQ fell nearly 2 points (-0.06%) to 3,010.24, and the S&P 500 rose 0.02% or less than 1 point to 1,416.18.

There were several analyst upgrades and downgrades today, including ConocoPhillips (NYSE: COP) started as ‘outperform’ at Wells Fargo; ConAgra Foods Inc. (NYSE: CAG) raised to ‘buy’ at Jefferies; Duke Energy Corp. (NYSE: DUK) maintained as ‘outperform’ with a target price of $76.50 at Credit Suisse; Bristol-Myers Squibb Co. (NYSE: BMY) started as ‘neutral’ at Citigroup; and Watson Pharmaceuticals Inc. (NYSE: WPI) reiterated as ‘buy’ with a target price of $100 at Argus.

Earnings reports of interest since U.S. markets closed last night have resulted in price moves today, including these as of the last half hour of trading: Avago Technologies Ltd. (NASDAQ: AVGO) is down 0.5% at $34.93; OmniVision Technologies Inc. (NASDAQ: OVTI) is 5% at $15.10; Youku Tudou Inc. (NYSE: YOKU) is up 1.1% at $17.07; Zumiez Inc. (NASDAQ: ZUMZ) is down 1.1% at $20.52 after posting a new 52-week low of $18.58 earlier today (more coverage here); ReneSola Ltd. (NYSE: SOL) is up 9.3% at $1.29 (more coverage here); and WhiteWave Foods Co. (NYSE: WWAV) is down 3.4% at $15.07 (more coverage here).

Before markets open Monday morning we are scheduled to hear only from LDK Solar Co. Ltd. (NYSE: LDK), as earnings season winds down.

Some standouts from today include the following stocks:

VeriSign Inc. (NASDAQ: VRSN) is down 13.6% at $33.99. The Internet domain registry received a new six-year contract, but the terms were less than the company requested. More coverage here.

Zynga Inc. (NASDAQ: ZNGA) is down 5.7% at $2.47. The social network game company has loosened its ties with Facebook Inc. (NASDAQ: FB). More coverage here.

Groupon Inc. (NASDAQ: GRPN) is down 9.8% at $4.10. The daily deals company’s board had decided to retain the current CEO.

Stay tuned for Monday. St. Louis Fed President James Bullard is giving a speech. We have also noted the following events on the schedule (all times Eastern):

8:58 a.m. – PMI manufacturing index
10:00 a.m. – Institute for Supply Management manufacturing index
10:30 a.m. – Construction spending
11:30 a.m. – 3- and 6-month Treasury bill auction

Have a great weekend!

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AVGO, BMY, CAG, COP, DUK, FB, GRPN, LDK, OVTI, SOL, VRSN, WPI, WWAV, YOKU, ZNGA, ZUMZ

Zumiez Results Point to New 52-Week Low Tomorrow

Paul Ausick — Thu, 29 Nov 2012 21:29:30 +0000

Zumiez Inc. (NASDAQ: ZUMZ) reported third-quarter fiscal 2012 earnings after markets closed today. For the quarter, the sportswear retailer posted adjusted diluted earnings per share (EPS) of $0.40 on revenues of $180 million. In the same period a year ago, the company reported EPS of $0.45 on revenues of $154 million. Third-quarter results compare to the Thomson Reuters consensus estimate for EPS of $0.48 on $182.3 million in revenues.

The company noted that costs related to Zumiez’s acquisition of Blue Tomato and the relocation of the company’s headquarters lowered EPS by about $0.11.

Same-store sales rose 3.7% in the third quarter.

The company’s CEO said:

Our third quarter operating results reflect softer than expected sales trends in Europe and modest comparable store sales for the post back to school period. Comp trends remained challenging in November, particularly early in the month in part due to Hurricane Sandy, however we are encouraged by the more recent sales results, with positive comps over the Black Friday weekend.

For the company’s fourth quarter, Zumiez forecast revenues of $218 to $221 million and EPS of $0.59 to $0.62. Zumiez also expects a fourth-quarter charge of approximately $0.08 per share related to the Blue Tomato acquisition. The consensus fourth-quarter estimates call for EPS of $0.71 on revenues of $222.9 million.

November same-store sales fell 4.2%, following an increase of 8.4% in November 2011. The company expects fourth-quarter same store sales to be lower by 3% to 4%.

Zumiez’s results are comparable to those reported yesterday by Aeropostale Inc. (NYSE: ARO): weak, with weakness continuing in the current quarter.

The company’s shares are down about 7% in after-hours trading today, at $19.30 in a 52-week range of $19.28 to $41.96. The consensus target price for the shares was around $27.80 before today’s report.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Apparel, Retail Tagged: ARO, ZUMZ

24/7 Wall St. Closing Bell — November 29, 2012: Markets Hold onto Modest Gains (NTAP, LNCO, IACI, KMX, CREE, ARO, GES, TIVO, WDAY, BKS, KR, RY, TIF, AVGO, OVTI, YOKU, ZUMZ, SOL, WWAV, RIMM, BLOX, KSS)

Paul Ausick — Thu, 29 Nov 2012 21:05:44 +0000

U.S. equity markets opened higher this morning after the weekly report on new claims for U.S. unemployment benefits came in lower than expected (more coverage here) and the second estimate of GDP indicated growth of 2.7% (more coverage here). In Asia, markets were generally higher on comments yesterday that negotiations on a solution the U.S. fiscal cliff were making progress. Shanghai was the exception, posting its lowest close in nearly four years. In Europe, Germany reported a 6.9% unemployment rate, as expected, (more coverage here) and a survey of eurozone business and consumer sentiment came in higher than expected. U.S. pending home sales rose sharply (more coverage here), but November same-store sales were disappointing (more coverage here). Equities dipped smartly when House Speaker Boehner denied that “substantive progress” had been made on fiscal cliff talks.

The U.S. dollar index fell today, now down 0.2% at 80.203. The GSCI commodity index is down 0.5% at 642.59, with commodities prices mixed today. WTI crude oil closed up 1.8% today, at $88.07 a barrel. Brent crude trades up 1% at $110.60 a barrel. Natural gas is down nearly 4% today at about $3.65 per thousand cubic feet, following the weekly storage report (more coverage here). Gold settled up 0.6% today at $1,727.20 an ounce.

The unofficial closing bells put the DJIA up nearly 37 points to 13,021.82 (0.28%), the NASDAQ rose more than 20 points (0.68%) to 3,012.03, and the S&P 500 rose 0.43% or about 6 points to 1,415.97.

There were several analyst upgrades and downgrades today, including NetApp Inc. (NASDAQ: NTAP) started as ‘underperform’ at CLSA; LinnCo LLC (NASDAQ: LNCO) started as ‘buy’ at Citi; IAC/InteractiveCorp (NASDAQ: IACI) raised to ‘outperform’ at Wells Fargo; CarMax Inc. (NYSE: KMX) raised to ‘buy’ with a price target of $42 at Goldman Sachs; and Cree Inc. (NASDAQ: CREE) cut to ‘hold’ at Deutsche Bank.

Earnings reports of interest since U.S. markets closed last night have resulted in price moves today, including these as of the last half hour of trading: Aeropostale Inc. (NYSE: ARO) is down 5.1% at $13.41 (more coverage here); Guess? Inc. (NYSE: GES) is up 2.3% at $25.84; Tivo Inc. (NASDAQ: TIVO) is up 6.5% at $11.56; Workday Inc. (NYSE: WDAY) is down 2.8% at $51.68; Barnes & Noble Inc. (NYSE: BKS) is 12.1% at $14.11 (more coverage here); Kroger Co. (NYSE: KR) is up 5% at $26.31 after posting a new 52-week high of $26.40 earlier today (more coverage here); Royal Bank of Canada (NYSE: RY) is up 0.4% at $59.05; and Tiffany & Co. (NYSE: TIF) is down 7% at $59.30 (more coverage here).

After markets close today and before they open tomorrow morning we are scheduled to hear from Avago Technologies Ltd. (NASDAQ: AVGO), OmniVision Technologies Inc. (NASDAQ: OVTI), Youku Tudou Inc. (NYSE: YOKU), Zumiez Inc. (NASDAQ: ZUMZ), ReneSola Ltd. (NYSE: SOL), and WhiteWave Foods Co. (NYSE: WWAV).

Some standouts from today include the following stocks:

Research in Motion Ltd. (NASDAQ: RIMM) is up 3% at $11.43. The smartphone maker continues to gather upgrades from analysts. More coverage here.

InfoBlox Inc. (NASDAQ: BLOX) is up 32.3% at $18.45. The automated network control maker handily beat expectations and raises guidance. More coverage here.

Kohl’s Corp. (NYSE: KSS) is down 10.9% at $45.56. The retailer posted a big decline in November same-store sales and third quarter revenues did not meet expectations..

Stay tuned for Friday. Minneapolis Fed President Narayana Kocherlakota is giving a speech. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Personal income and spending
9:45 a.m. – Chicago PMI
3:00 p.m. – Farm prices

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ARO, AVGO, BKS, BLOX, CREE, GES, IACI, KMX, KR, KSS, LNCO, NTAP, OVTI, RIMM, RY, SOL, TIF, TIVO, WDAY, WWAV, YOKU, ZUMZ