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Fly News Breaks for May 19, 2017
WMT
May 19, 2017 | 08:41 EDT
As noted earlier, BMO Capital upgraded Wal-Mart to Market Perform from Underperform. Analyst Wayne Hood says the outlook of the company's sales and transaction growth has improved in the wake of its Q1 results. However, he adds that the retailer continues to face "many challenges." Target to $80 from $63.
News For WMT From the Last 2 Days
WMT
Jun 22, 2017 | 09:40 EDT
Unusual total active option classes on open include: iShares (AAXJ), Dover (DOV), FXI (FXI), Hain Celestial (HAIN), Gilead (GILD), American Airlines (AAL), AMD (AMD), Momo (MOMO), Direxion Daily Gold Miners Bull 3X Shares (NUGT), and Wal-Mart (WMT).
WMT
Jun 22, 2017 | 08:04 EDT
Noting that Whole Foods (WFM) shares continue to trade above Amazon's (AMZN) agreed upon buying price of $42 per share, and that at least two other firm's raised their price targets above the deal price, JPMorgan's analyst team of Ken Goldman, Chris Horvers, and Doug Anmuth discussed their views on whether another strategic bidder is likely to top Amazon's takeover price with a rival bid. They have a "hard time seeing" Kroger (KR), Costco (COST), or Target (TGT) doing so, and while acknowledging that Wal-Mart (WMT) could make a bid, they think that its chance to beat out Amazon appears low and that Wal-Mart's primary opportunity is online, not grocery. The team concludes that they "don't believe a serious bid comes out of Bentonville that wouldn't be countered."
WMT
Jun 21, 2017 | 16:23 EDT
Stocks began the session little changed but the Nasdaq soon asserted its position as the best performing index of the day. The tech heavy index moved higher and gained ground throughout most of the day while the Dow and S&P struggled. There was little from a macro standpoint to be pointed to as a catalyst as the market is in somewhat of a news vacuum with few earnings reports and little from the economic calendar. The price of oil remains under pressure, falling another 2% today. ECONOMIC EVENTS: In the U.S., existing home sales bounced 1.1% to a 5.62M rate in May, which was a little better than projected. NYMEX crude initially jumped above $44 per barrel after the EIA update, which showed a 2.45M barrel crude drawdown versus the forecast for a 1.2M barrel decline. However, the strength was short lived and WTI crude closed with a drop of over 2% to trade near $42 per barrel. COMPANY NEWS: Shares of Nike (NKE) advanced 2% after Goldman Sachs analyst Lindsay Drucker Mann and NPD Group's Sports Industry Analyst Matt Powell pointed to signs this morning that the sportswear giant and Amazon (AMZN) could be nearing a direct-sales deal... Intel (INTC) shares dipped about 1%, and AMD (AMD) shares rose by over 10%, after the latter announced the launch of its EPYC series data center processors. Analysts were upbeat on the processors and several mentioned the increased competitive threat they represent to Intel's data center business... Following recent acquisitions by Amazon and Wal-Mart (WMT), Target (TGT) will face increased pressure from the competition, Citi analyst Kate McShane acknowledged, leading her to downgrade the stock to Neutral to Buy. Target fell about 0.75% for the session, bringing its slide since the Whole Foods (WFM) deal announcement to about 9%... Meanwhile, Reuters reported that Anthem (ANTM) plans to reduce its individual plan offerings for Obamacare in Wisconsin and Indiana in 2018. MAJOR MOVERS: Among the noteworthy gainers was La-Z-Boy (LZB), which advanced 22% after reporting better than expected quarterly results and increasing its share purchase authorization. Also higher was Red Hat (RHT), which gained nearly 10% after reporting earnings and raising its fiscal 2018 guidance. Additionally, CBS (CBS) rose 3% following media reports that the company will approach upfront ad sales meetings with high single-digit per-viewer pricing gains. Among the notable losers were Foot Locker (FL) and Dick's Sporting Goods (DKS), which fell about 5% and 4%, respectively, after the reports on Nike's plans to sell directly on Amazon.com. Also lower was Cobalt (CIE), which dropped by more than 12% amid the oil decline after the stock was downgraded to Underweight from Equalweight at Capital One. INDEXES: The Dow fell 57.11, or 0.27%, to 21,410.03, the Nasdaq gained 45.92, or 0.74%, to 6,233.95, and the S&P 500 declined 1.42, or 0.06%, to 2,435.61.
WMT
Jun 21, 2017 | 12:53 EDT
The major averages remain mixed at midday, as they were for most of the morning. The Nasdaq has been strong since the open and is higher by roughly 0.5%, but the Dow and S&P are struggling to stay close to the flatline. Oil prices remain under pressure despite a larger than expected drawdown of supply. The knee jerk reaction following the data was for WTI prices to move higher, but the selling renewed and pushed the commodity back below $43 a barrel. ECONOMIC EVENTS: In the U.S., existing home sales bounced 1.1% to a 5.62M rate in May, which was a little better than projected. NYMEX crude initially jumped above $44 per barrel after the EIA update, which showed a 2.45M barrel crude drawdown versus the forecast for a 1.2M barrel decline. However, the strength was short lived and WTI crude has dipped about 2% to trade below $43 at midday. COMPANY NEWS: Shares of Nike (NKE) have advanced over 1.5% after Goldman Sachs analyst Lindsay Drucker Mann and NPD Group's Sports Industry Analyst Matt Powell pointed to signs this morning that the sportswear giant and Amazon (AMZN) could be nearing a direct-sales deal... Intel (INTC) shares have dipped 1.5%, and AMD (AMD) shares are climbing, after the latter announced the launch of its EPYC series data center processors. Analysts were upbeat on the processors and several mentioned the increased competitive threat they represent to Intel's data center business... Following recent acquisitions by Amazon (AMZN) and Wal-Mart (WMT), Target (TGT) will face increased pressure from the competition, Citi analyst Kate McShane acknowledged, leading her to downgrade the stock to Neutral to Buy. MAJOR MOVERS: Among the noteworthy gainers was La-Z-Boy (LZB), which advanced 18% after reporting better than expected quarterly results and increasing its share purchase authorization. Also higher was Red Hat (RHT), which gained 10% after reporting earnings and raising its fiscal 2018 guidance. Among the notable losers were Foot Locker (FL) and Dick's Sporting Goods (DKS), down 7% and 6%, respectively, after the reports on Nike's plans to sell directly on Amazon.com. Also lower was Cobalt (CIE), which slipped 11.5% amid the oil decline after the stock was downgraded to Underweight from Equalweight at Capital One. INDEXES: Near midday, the Dow was down 40.70, or 0.19%, to 21,426.44, the Nasdaq was up 34.50, or 0.56%, to 6,222.53, and the S&P 500 was down 1.53, or 0.06%, to 2,435.50.
WMT
Jun 21, 2017 | 12:41 EDT
Following recent acquisitions by Amazon (AMZN) and Wal-Mart (WMT), Target (TGT) will face increased pressure from the competition, Citi analyst Kate McShane said, leading her to downgrade the stock to Neutral to Buy. UNDER PRESSURE: McShane, who also lowered her price target on the retailer's stock to $56 from $63, said Target's two main competitors, Wal-Mart and Amazon, have "very quickly changed the game" with their recent deals for Jet.com, Bonobos and Whole Foods (WFM). Target's strategy of separating itself through offering immediate access to a range of food skewing towards fresh, natural, and organic has "effectively been muted" by Amazon's acquisition of Whole Foods, McShane wrote. In addition, Wal-Mart's acquisitions of online apparel retailers that target millennials highlight Target's lack of in-store and online differentiation, she said. With Target already under pressure from declining brick-and-mortar traffic and its key differentiator, Signature, decelerating, the analyst thinks revenue growth will be tougher to achieve absent a "game changing move" of its own. She added she believes Target deserves a more modest valuation as the company has been inconsistent in its guidance and management may "lack foresight into near-term drivers of traffic trends." Target has also already realized big catalysts for growth over the past couple of years through the close of its underperforming Canadian segment, the sale of its pharmacy business to CVS (CVS), cost cuts and improved capital allocation, she said. PRICE ACTION: Target shares were roughly unchanged at $50.89 in early afternoon trading, though over the last five sessions the stock is down about 12%.
WMT
Jun 21, 2017 | 11:24 EDT
As previously reported, Citi analyst Kate McShane downgraded Target (TGT) to Neutral from Buy and lowered her price target on the retailer's stock to $56 from $63. Target's two main competitors - namely Wal-Mart (WMT) and Amazon (AMZN) - have "very quickly changed the game" with their recent deals for Jet.com, Bonobos and Whole Foods (WFM), said McShane. With Target already under pressure and its key differentiator, Signature, decelerating, the analyst thinks revenue growth will be tougher to achieve absent a "game changing move" of its own.
WMT
Jun 20, 2017 | 07:52 EDT
Google's (GOOG, GOOGL) YouTube has won back some advertisers, including General Motors (GM), Coca-Cola (KO), and McDonald's (MCD) U.K. unit, after improving its video screening technology and allowing marketers more control following a backlash over advertisements appearing next to offensive videos on the site, the Wall Street Journal reports, citing people familiar with the situation. However, some companies which removed their ads, including Wal-Mart (WMT), AT&T (T), JP Morgan (JPM), Starbucks (SBUX), Procter & Gamble (PG) and at least a dozen other major brands, are staying on the sidelines signaling that concerns over "brand safety" continue. Reference Link
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