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SHLD

Sears

$11.04

-0.29 (-2.56%)

, SWK

Stanley Black & Decker

$120.57

2.91 (2.47%)

12:16
10/12/16
10/12
12:16
10/12/16
12:16

Sears falls after Craftsman bidder Stanley Black & Decker does rival tool deal

Shares of Sears (SHLD), owner of the Craftsman tool brand, are falling after rival tool maker Stanley Black & Decker (SWK) said it was buying Newell Brands' (NWL) tools business for $1.95B. Stanley Black & Decker was thought to be a potential bidder for Sears brand of tools Craftsman. WHAT'S NOTABLE: In late August, Sears said it would explore alternatives for its Kenmore, Craftsman and DieHard brands and its Sears Home Services business by evaluating potential partnerships or other transactions. The company added "We initiated a formal process and have received interest from a variety of potential partners, both domestic and international, and including retailers, original equipment manufacturers, financial investors and others." According to a Bloomberg report on October 4, bidders, including Stanley Black & Decker and Hong Kong-based Techtronic, were showing interest in Sears' Craftsman business. According to the report, Apex Tool and Husqvarna had also explored potential offers for the business, Bloomberg said at the time. Final bids could value it at roughly $2B and are due at the end of October, the report added. PRICE ACTION: Sears is off its earlier lows and is now down fractionally to $11.00 per share in afternoon trading. OTHERS TO WATCH: Stanley Black & Decker is up 2.5% to $120.62 and Newell Brands is up 1.17% to $50.93.

SHLD

Sears

$11.04

-0.29 (-2.56%)

SWK

Stanley Black & Decker

$120.57

2.91 (2.47%)

NWL

Newell Brands

$50.83

0.49 (0.97%)

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SHLD Sears
$11.04

-0.29 (-2.56%)

02/09/16
EVER
02/09/16
NO CHANGE
EVER
Sears is not a viable retailer, says Evercore ISI
Evercore ISI does not believe Sears is a viable retailer in its current form, and a liquidity event is a matter of when, not if. The firm's analyst said Sears' cash situation has deteriorated, making additional debt issuance more likely in 2016 with a larger liquidity event possible in 2017. Evercore has a base case of $4 per share on Sears based on its SOTP analysis.
03/17/16
EVER
03/17/16
NO CHANGE
EVER
Sears could trade as low as $3 per share, says Evercore ISI
02/09/16
EVER
02/09/16
NO CHANGE
EVER
Sell
Sears liquidity event a matter of 'when, not if,' says Evercore ISI
Evercore ISI analyst Greg Melich said the preliminary Q4 financials released by Sears showed comparable sales were worse than he expected at the flagship brand and at Kmart and that its margins were also worse than he thought. Sear's cash situation has gotten worse, making additional debt issuance more likely in 2016, Melich tells investors, adding that he believes "a liquidity event is a matter of when not if," and may be possible in 2017 at the current burn rate. The analyst keeps a Sell rating on Sears shares.
SWK Stanley Black & Decker
$120.57

2.91 (2.47%)

10/12/16
RBCM
10/12/16
NO CHANGE
RBCM
Top Pick
Newell should be able to offset dilution from Tools sale, says RBC Capital
RBC Capital analyst Nik Modi said the EPS dilution from Newell Brands' (NWL) sale of its Tools business to Stanley Black & Decker (SWK) came in slightly ahead of his expectations, but he believes Newell will be more than able to offset this through accelerated synergy realization and/or strategic, bolt-on M&A. Modi, who believes Newell ultimately can achieve up to $750M in synergies, keeps a Top Pick rating on Newell shares.
08/22/16
08/22/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Workday (WDAY) downgraded to Mixed from Positive at OTR Global and to Hold from Buy at Needham with Needham analyst Scott Berg citing industry checks that indicate second quarter billings upside will be limited and Financials sales remain challenging. 2. Garmin (GRMN) downgraded to Market Perform from Outperform at Raymond James with analyst Tavis McCourt citing valuation. 3. Urban Outfitters (URBN) downgraded to Neutral from Buy at Goldman with analyst Lindsay Drucker Mann saying Urban has successfully turned around the UO brand and is near-peak operating performance, leaving less room for meaningful improvement from here. 4. Stanley Black & Decker (SWK) downgraded to Neutral from Buy at Longbow with analyst David MacGregor citing balanced risk/reward as shares are up 35% since mid-first quarter. 5. Madison Square Garden (MSG) downgraded to Hold from Buy at Jefferies with the firm citing valuation and lack of near-term catalysts. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/22/16
LBOW
08/22/16
DOWNGRADE
LBOW
Neutral
Stanley Black & Decker downgraded to Neutral from Buy at Longbow
Longbow analyst David MacGregor downgraded Stanley Black & Decker to Neutral siting balanced risk/reward as shares are up 35% since mid-Q1 2016.
07/25/16
ZELM
07/25/16
DOWNGRADE
ZELM
Hold
Stanley Black & Decker downgraded to Hold from Buy at Zelman
NWL Newell Brands
$50.83

0.49 (0.97%)

08/01/16
UBSW
08/01/16
NO CHANGE
Target $59
UBSW
Buy
Newell Brands investor concerns over growth abating, says UBS
UBS said as Newell Brands investors concerns abate, their attention will turn to the long-term. The firm tweaked its growth forecast but raised its earnings forecast to reflect the company's underlying strength, better margin mix, and sales leverage benefits. UBS reiterated its Buy rating and raised its price target to $59 from $55 on Newell Brands shares.
09/14/16
JEFF
09/14/16
NO CHANGE
Target $66
JEFF
Buy
Newell Brands remains a top pick at Jefferies
Jefferies analyst Kevin Grundy says his regional market analysis suggests that Yankee Candle can double sales to $2B over the next six-to-seven years. He believes shares of Newell Brands remain undervalued and expects consensus estimates to move higher. The analyst calls the stock a top pick with a Buy rating and $66 price target.
08/01/16
MSCO
08/01/16
NO CHANGE
MSCO
Overweight
Newell Brands reiterated as a Top pIck at Morgan Stanley
Morgan Stanley analyst Dara Mohsenian said Newell Brands' valuation does not reflect growth opportunities post the Jarden deal. The analyst believes Newall's market share gains are sustainable and sees substantial earnings upside for the combined entity. Mohsenian reiterates Newall as an Overweight and Top Pick with plenty of room for multiple expansion.

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HAIN

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SKT

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EADSY

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AMZN

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Twitter

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F

Ford

$11.13

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ENOC

EnerNOC

$7.65

2.25 (41.67%)

06:05
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IBM

IBM

$154.40

0.61 (0.40%)

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VIVHY

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NVS

Novartis

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GDX

Market Vector Gold Miners

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GLD

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ASIX

AdvanSix

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NUGT

Direxion Gold Miners Bull

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JNUG

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DUST

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