MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, February 23, 2012
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9:59 AM With its sales and profits continuing to soar, Whole Foods (WFM) has become a testament to how younger Americans have "grown up with a new definition of luxury," suggests Fast Company's Michael Pavone. Gone is the cold, conspicuous extravagance of a Neiman Marcus, and in its place is a more down-to-earth marketing approach that emphasizes eco-friendliness and personal service. 1 Comment
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9:12 AM CNBC's John Mally notes sarcastically that shares of McDonald's (MCD) sit less than $2 off of their all-time highs just as the Vivus weight-loss drug is recommended by a FDA panel for approval and creates a frenzy of speculation on the opportunities for a thinning down of the populace. Comment!
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8:32 AM More on Sears (SHLD +10.4%): Shares are sharply higher despite an ugly earnings report as Eddie Lampert looks to have pulled one on the bears again with the asset sales and rights offering. The company moves through a rare conference call - CEO Lou D'Ambrosio promises more cost reductions and unlocking of the value of the portfolio. 1 Comment
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7:56 AM Target's (TGT) big bet on Canada gets its first test with a temporary store in Toronto that opens today. The company is hoping to hit a sweet spot in Canada's retailing landscape between Harry Rosen and Holt Renfrew on the high end and Zellers and Wal-Mart on the low end. Target's full launch of 135 stores is planned for 2013. Comment!
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7:55 AM Sears Holdings (SHLD): Q4 EPS of $0.54 misses by $0.24. Revenue of $12.48B (-4% Y/Y) in-line with consensus. Will separate its Hometown and Outlets Businesses and certain hardware stores, which will raise $400M-500M. Completing real estate transaction for 11 stores for $270M. (PR) 3 Comments
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5:35 AM British American Tobacco (BTI) FY net profit rose to £3.1B from £2.9B a year earlier, with pretax profit +11% to £5.52B. Revenue +3% to £15.4B. Despite an unsettled global economy, the company sees momentum this year for marketshare growth and margin improvement. Recommends a full-year dividend of 126.5 pence, and will buy back another £1.25B of shares. Shares -1.9% in London. Comment!
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4:15 AM Nissan (NSANY.PK) will recall 250,000 cars globally to fix a mechanical glitch that could lead to a fuel leak in extreme cases. No accidents have been reported due to the fault. Comment!
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Wednesday, February 22, 2012
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5:04 PM More on Limited Brands' FQ4: Though results beat estimates, the company expects FQ1 EPS of $0.35-$0.40, below a $0.44 consensus. In addition, Limited expects FY13 EPS of $2.60-$2.80, below a consensus of $2.91. However, February same-store sales are expected to grow in the mid-to-high single digits, above prior guidance. A new $500M stock buyback program has been authorized. LTD -3.2% AH. (PR) Comment!
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4:55 PM More on Boston Beer (SAM): Q4 beats EPS and revenue estimates on a 46% jump in profit as the brewer of Sam Adams beer posted an increase in shipment volumes and a successful pass-through of higher prices. Net revenue rose 23% as the company's effort to beef up its sales force and bolster its advertising efforts gathers steam. Shares -1.5% AH. Comment!
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