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SRG

Seritage Growth Properties

$41.81

-0.85 (-1.99%)

, SHLD

Sears

$0.40

0.05 (14.28%)

09:24
10/15/18
10/15
09:24
10/15/18
09:24

Seritage says active projects will 'continue uninterrupted' after Sears filing

Seritage Growth Properties (SRG) provided a business update related to the recent announcement by Sears Holdings Corporation (SHLD) that Sears Holdings has filed for Chapter 11 bankruptcy protection. "All of our capital investment, leasing and development activity over the last three years is unlocking substantial value, and has significantly diversified our income stream with approximately 70% of our signed leased income now coming from diversified, non-Sears tenants," said Benjamin Schall, President and CEO. "We have $1B of cash and committed capital under our Term Loan facility, which provides us the funds to complete all of our on-going redevelopment projects and cover reductions in cash flow that may result from the potential disruption in Sears income. The completion of our redevelopment projects brings our signed leased income on-line and will replace any potential lost income from Sears Holdings. Our go-forward strategy remains as it has been - to unlock substantial value through investment of capital and the intensive redevelopment of our well-located buildings and land. All of our active projects will continue uninterrupted, and we are excited to further build our pipeline of redevelopment activity by partnering with growing retailers and users, mixed-use developers and institutional capital allocators." The company said, "As of September 30, 2018, the Company had completed or commenced 94 redevelopment projects, representing over $1.4B of total investment, and will proceed uninterrupted with all active and underway projects. The Company's share of remaining spending at these projects is approximately $880M which is expected to be funded with cash on hand and committed borrowing facilities. This capital is being invested at targeted incremental returns of approximately 11% and is creating significant value for our shareholders...the Company has sufficient liquidity to complete all underway projects and, as such, the Company is positioned to fulfill all of its commitments to tenants under signed but not opened leases. As of September 30, 2018, the Company had 156 SNO leases representing $75M of annual base rent, including the Company's proportional share of its unconsolidated joint ventures, the majority of which is expected to steadily come on line throughout the next 24 months... completing all underway projects includes the lease-up of remaining unleased space at these projects. The Company projects an additional $80M of rental income, including the Company's proportional share of its unconsolidated joint ventures, can be generated as these projects are stabilized without allocating additional capital beyond the $880M...as of September 30, 2018, the Company had approximately $580M of cash on hand. This capital is available to fund on-going development activities, as well as adverse impacts to operating cash flow that may result from potential reductions of rental income under the Master Lease with Sears Holdings....the Company will continue to opportunistically pursue select asset monetization and new joint ventures that support the Company's value creation activities... as of September 30, 2018, including the effect of all previously exercised recapture and termination activity, Sears Holdings was a tenant in 82 properties under the Master Lease and 20 properties under the JV Master Leases representing an aggregate of 12.4 million square feet and $61.2M of annual base rent, or 31.4% of all base rent under signed leases...The Company is monitoring, and will continue to monitor, Sears Holdings' bankruptcy proceedings and the impact on its business. By their nature, bankruptcy proceedings and their outcomes are subject to uncertainty."

SRG

Seritage Growth Properties

$41.81

-0.85 (-1.99%)

SHLD

Sears

$0.40

0.05 (14.28%)

SRG Seritage Growth Properties
$41.81

-0.85 (-1.99%)

SHLD Sears
$0.40

0.05 (14.28%)

10/12/18
MKMP
10/12/18
NO CHANGE
Target $31
MKMP
Neutral
L Brands visibility remains low despite better Sept comps, says MKM Partners
MKM Partners analyst Roxanne Meyer kept her Neutral rating and $31 price target on L Brands (LB), saying that while the company reported better than expected same store sales in September and its Victoria's Secret brand comps turned positive, its visibility remains low. The analyst lists potential catalysts for L Brands being a "strong performance of pajamas in Q4 and the reintroduction of swimwear" at VS, but also points to her "newest concern" being the likelihood of a Sears (SHLD) liquidation, which would then reduce traffic at malls where the company also has retail presence.
10/12/18
MSCO
10/12/18
NO CHANGE
Target $1.5
MSCO
Equal Weight
Morgan Stanley sees near-term pressure, long-term gain for Penney if Sears folds
Amid recent headlines regarding Sears (SHLD) adding a restructuring expert and reportedly pursuing a bankruptcy filing, Morgan Stanley analyst Kimberly Greenberger noted that she believes J.C. Penney (JCP) had the highest store overlap with Sears, K-Mart, and Sears Specialty Stores within both a quarter mile and half mile radius. If Sears closes additional stores or engages in liquidation sales, retailers in the close trade areas could experience some short-term pressure, said Greenberger, who added that Sears has already been closing stores for years. In the medium to long-term, she expects J.C. Penney and other retailers in the respective trade areas to potentially benefit from these closures. Greenberger, who views Penney's near-term debt maturities as "manageable," keeps an Equal Weight rating and $1.50 price target on the shares.
09/24/18
WELS
09/24/18
NO CHANGE
WELS
Outperform
Newell weakness on potential Sears bankruptcy fears overdone, says Wells Fargo
Wells Fargo analyst Bonnie Herzog believes today's weakness in shares of Newell Brands (NWL) is likely due to concerns about a potential bankruptcy of Sears (SHLD) as well as ongoing China tariff negotiations. However, she views the move as a "complete overreaction," arguing that Newell's exposure to Sears is fairly limited. Herzog, who sees today's weakness as overblown and would be a buyer amid the weakness, reiterates her Outperform rating on Newell shares, which are down 7% to $20.28 in late morning trading.
05/09/18
JEFF
05/09/18
NO CHANGE
Target $60
JEFF
Hold
Sears-Amazon tire partnership not a negative for Monro, says Jefferies
Jefferies analyst Bret Jordan kept his Hold rating and $60 price target on Monro (MNRO) after its stock price fell over 7.5% today to $52.70, saying Sears (SHLD) partnership with Amazon (AMZN) on tire installation and services is a not "transformational negative". Jordan notes that the greater transparency and price matching is not new, while Monro is "already an installer for other online sellers such as Tirerack and ATD's tirebuyer.com". The analyst adds that the agreement is not exclusive, leaving the "door open" for Monro to enter into a similar deal.

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IP

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$42.22

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TCEHY

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$0.00

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11:18
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Periodicals
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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

11:17
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Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

11:16
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Technical Analysis
NYSE market internals summary »

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IRBT

iRobot

$58.99

1.2 (2.08%)

11:15
10/16/19
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Options
iRobot put volume heavy and directionally bearish »

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CSCO

Cisco

$46.53

0.16 (0.35%)

11:05
10/16/19
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Options
Cisco call volume above normal and directionally bullish »

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TMUS

T-Mobile

$79.88

0.13 (0.16%)

, S

Sprint

$6.46

-0.02 (-0.31%)

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TMUS

T-Mobile

$79.88

0.13 (0.16%)

S

Sprint

$6.46

-0.02 (-0.31%)

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  • 22

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SIG

Signet Jewelers

$15.36

-0.39 (-2.48%)

10:50
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UAL

United Airlines

$89.13

1.23 (1.40%)

10:50
10/16/19
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10:50
Hot Stocks
United Airlines sees potential for higher fares over holidays »

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INCY

Incyte

$78.05

-0.47 (-0.60%)

10:47
10/16/19
10/16
10:47
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10:47
Recommendations
Incyte analyst commentary  »

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PNC

PNC Financial

$143.07

3.51 (2.52%)

10:47
10/16/19
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10:47
Hot Stocks
Breaking Hot Stocks news story on PNC Financial »

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PNC

PNC Financial

$143.11

3.55 (2.54%)

10:45
10/16/19
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10:45
Hot Stocks
Breaking Hot Stocks news story on PNC Financial »

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PNC

PNC Financial

$143.11

3.55 (2.54%)

10:45
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Hot Stocks
Breaking Hot Stocks news story on PNC Financial »

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UAL

United Airlines

$89.05

1.15 (1.31%)

, BA

Boeing

$370.43

-0.56 (-0.15%)

10:43
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Hot Stocks
Breaking Hot Stocks news story on United Airlines, Boeing »

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UAL

United Airlines

$89.05

1.15 (1.31%)

BA

Boeing

$370.43

-0.56 (-0.15%)

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PNC

PNC Financial

$143.12

3.56 (2.55%)

10:43
10/16/19
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10:43
Hot Stocks
Breaking Hot Stocks news story on PNC Financial »

PNC Financial says on…

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UAL

United Airlines

$88.99

1.09 (1.24%)

10:42
10/16/19
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10:42
Hot Stocks
United Airlines plans to increase aircraft size to help with costs »

Comments provided during…

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CBRE

CBRE Group

$52.66

0.19 (0.36%)

10:40
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Size put roll is legged in CBRE Group »

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General news
FX Action: USD-CAD »

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PNC

PNC Financial

$142.83

3.27 (2.34%)

10:34
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10:34
Hot Stocks
PNC Financial notes 'obvious unanswered questions' about operating environment »

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ALXN

Alexion

$102.75

-2.095 (-2.00%)

, ACHN

Achillion

$6.34

2.685 (73.46%)

10:31
10/16/19
10/16
10:31
10/16/19
10:31
Recommendations
Alexion, Achillion analyst commentary  »

Piper likes Alexion…

ALXN

Alexion

$102.75

-2.095 (-2.00%)

ACHN

Achillion

$6.34

2.685 (73.46%)

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