Category: Stock Market News

Dick’s Sporting Goods Inc. was downgraded Thursday to market perform from outperform at Cowen & Company on concerns that direct-to-consumer (DTC) sales at Nike Inc. , Under Armour Inc. , and Adidas AG will eat into Dick’s revenue. Nike is 20% of Dick’s sales, Cowen analysts led by John Kernan wrote, and Under Armour is 12% of the retailer’s sales. Cowen estimates that Nike DTC sales in the U.S. will expand by about $3 billion by 2021, Under Armour will expand by $375 million for the period, and Adidas will grow by about €500 million. In addition, Amazon.com Inc. continues to gain sporting goods share. “Consensus estimates for ’18 assume the current environment improves dramatically despite ‘price war’ declaration and lower ASPs on Under Armour, Nike and Adidas apparel markdowns, merch margin pressure, shipping cost pressure,” analysts wrote. The FactSet consensus is for a 0.7% same-store sales decline. Dick’s shares are down 50% for the year so far while the S&P 500 index up 9.2% for the period.

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Shares of Dollar Tree Inc. surged 9% in premarket trade Thursday, after the company posted better-than-expected earnings for the second quarter. The discount store chain said it had net income of $233.8 million, or 98 cents a share, in the quarter, up from $170.2 million, or 72 cents a share, in the year-earlier period. Sales rose 5.7% to $5.28 billion. The FactSet consensus was for EPS of 87 cents and sales of $5.24 billion. The company is now expecting third-quarter EPS of 83 cents to 90 cents and sales of $5.20 billion to $5.29 billion. The FactSet consensus is for EPS of 87 cents and sales of $5.27 billion. For the full-year, it expects EPS of $4.44 to $4.60 and sales of $22.07 billion to $22.28 billion. The FactSet consensus is for EPS of $4.46 and sales of $22.13 billion. Shares are down 3.7% in 2017 through Wednesday, while the S&P 500 has gained 9.2%.

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Abercrombie & Fitch Co. shares soared 4.2% in Thursday premarket trading after the clothing retailer reported a smaller-than-expected loss in the second-quarter. Abercrombie reported a net loss of $15.5 million, or 23 cents per share, after a loss of $13.1 million, or 19 cents per share, for the same period last year. The adjusted loss was 16 cents per share, ahead of the FactSet consensus for a 33-cents loss. Sales totaled $779.3 million, down from $783.2 million last year, but exceeding the $759.0 million FactSet estimate. Company same-store sales fell 1%, with Hollister brand same-store sales rising 5% and Abercrombie brand same-store sales falling 7%. The company reaffirmed its previous guidance for about flat fiscal 2017 same-store sales. Abercrombie shares are down 20% for the year to date, while the S%P 500 index is up 9.2% for the period.

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Signet Jewelers Ltd shares jumped 15.7% in Thursday premarket trading after the company reported earnings and sales that beat expectations and announced a digital acquisition. Signet brands include Piercing Pagoda, Sterling Jewelers and Zale Jewelry. The company reported second-quarter net income of $85.2 million, or $1.33 per share, up from $81.9 million, or $1.06 per share, for the same period last year. The FactSet consensus was $1.04. Revenue totaled $1.40 billion, up from $1.37 billion last year and ahead of the $1.33 billion FactSet consensus. Same-store sales rose 1.4% for the quarter, which the company attributed to e-commerce platform improvements, Mother’s Day timing and marketing and bridal promotions. Signet also announced that it will acquire R2Net, owner of online jeweler JamesAllen.com, to further enhance its digital capabilities. E-commerce sales rose 18.1% to $82.2 million in the second quarter. Signet reiterated its fiscal 2018 guidance for a same-store sales decline by a low-to-mid-single digit percentage and EPS of $7.00 to $7.40. The FactSet consensus is for a same-store sales decrease of 4.8% and EPS of $6.69. Signet shares are down 45% for the year so far while the S&P 500 index is up 9.2% for the period.

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The J.M. Smucker Co. shares tumbled 4% in premarket trading Thursday, after the company missed earnings estimates for its first fiscal quarter through July 31. The food and beverages company said it had net income of $126.8 million, or $1.12 a share, in the quarter, down from $170.0 million, or $1.46 a share, in the year-earlier period. Adjusted per-share earnings came to $1.51, below the FactSet consensus of $1.62. Sales fell 4% to $1.749 billion from $1.816 billion, also below the FactSet consensus of $1.813 billion. Chief Executive Mark Smucker said results were hurt by lower-than-expected demand for Folgers roast and ground coffee. “We have taken actions to improve our competitive positioning for Folgers,” he said in a statement. “As a result, volume trends are improving. The company lowered its full-year EPS guidance to a range of $7.75 to $7.95 from a prior range of $7.85 to $8.05. The FactSet consensus is for $7.95. Shares are down 7.2% in 2017, while the S&P 500 has gained 9.2%.

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Tiffany & Co. shares rose 1.6% in Thursday premarket trading after the luxury jewelry company reported earnings and sales that exceeded expectations. Tiffany had second-quarter net income of $115.0 million, or 92 cents per share, up from $105.7 million, or 84 cents per share, for the same period last year. The FactSet consensus was 86 cents. Revenue totaled $959.7 million, up from $931.6 million last year and ahead of the $930.0 million FactSet consensus. Same-store sales fell 2%. The company said growth in fashion and designer jewelry offset softness in other categories. Tiffany expects fiscal 2017 global sales to rise by a low-single-digit percentage year-over-year and earnings to increase by a high-single-digit percentage over last year’s $3.55. FactSet expects sales of$4.06 billion and earnings of $3.95. Tiffany shares are up 14.6% for the year so far while the S&P 500 index is up 9.2% for the period.

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The White House is expected to send the Pentagon a memo on how to implement a ban on transgender troops within the next few days, the Wall Street Journal reported late Wednesday. Officials told the Journal that the White House will order an end to new transgender recruits, a spending freeze on medical treatment for transgender troops currently serving, and will give Defense Secretary James Mattis the authority to consider a service member’s ability to deploy when deciding whether to remove them from military service. Mattis will reportedly have six months to figure out how to implement the plan. President Donald Trump first announced the ban in a series of tweets on July 26, taking the Pentagon by surprise and drawing sharp criticism from Democrats and LGBT activists.

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Celcuity LLC said it plans to raise up to $15 million in an initial public offering, according to a Securities and Exchange Commission filing late Wednesday. The Minneapolis-based cellular analysis company makes diagnostic tests for cancer patients receiving targeted therapy. Craig-Hallum Capital Group is listed as the underwriter for the IPO. Without listed revenue, the company reported a $3.3 million net loss for 2016. Celcuity, which intends to become Celcuity Inc., plans to list on the Nasdaq under the ticker symbol “CELC.”

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U.S. stocks traded at their lowest volume of the year on Wednesday as traders awaited the kickoff of the Kansas City Federal Reserve’s Jackson Hole, Wyo., meeting of central bankers. Total composite volume for U.S. stocks finished at 5 billion shares Wednesday, its lightest volume of the year excluding half-day trading sessions, according to Dow Jones data. The average daily volume for August is 5.98 billion shares, and for the year it’s 6.54 billion shares. Volume on the Nasdaq was at its second lightest of the year at 1.51 billion shares, well below the August average of 1.82 billion shares and the year-to-date average of 1.89 billion shares. New York Stock Exchange volume was also well below averages at 2.76 billion shares, close to its low of the year of 2.71 billion shares set on July 14. Stocks finished lower Wednesday with the Dow Jones Industrial Average and the S&P 500 index both down 0.4%, and the Nasdaq Composite Index declining 0.3%.

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American Financial Group Inc. said late Wednesday its board approved a 12% annual dividend increase. The annual dividend rises to $1.40 a share from $1.25 a share, for a quarterly dividend of 35 cents a share beginning in October, American Financial Group said. Shares of American Financial Group were flat at $101.89 after hours.

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