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FLEX

Flex

$10.91

0.02 (0.18%)

, NKE

Nike

$73.12

1.01 (1.40%)

16:22
10/25/18
10/25
16:22
10/25/18
16:22

Flex, Nike agree to wind down footwear manufacturing operations in Mexico

The company has worked hard with NIKE (NKE) to make the footwear manufacturing operations in Mexico technically and commercially successful. In recent weeks, however, it became clear that the Company would be unable to reach a commercially viable solution. Accordingly, Flex (FLEX) and NIKE have mutually agreed to wind-down the footwear manufacturing operations in Guadalajara by December 31, 2018. The Company is in the process of finalizing the terms and details of the wind-down and is striving hard to retain many of the affected employees and repurpose the facility. In connection with the wind-down of the operation, the Company recognized $30M of exit costs primarily related to an estimated impairment of fixed assets. The Company may incur additional costs to complete the wind-down.

FLEX

Flex

$10.91

0.02 (0.18%)

NKE

Nike

$73.12

1.01 (1.40%)

  • 25

    Oct

FLEX Flex
$10.91

0.02 (0.18%)

04/27/18
SBSH
04/27/18
NO CHANGE
Target $16
SBSH
Buy
Flex earnings selloff brings buying opportunity, says Citi
Flex's (FLEX) March quarter results were filled with several items that will be viewed by investors as bad news, including a delay in profitability ramp from Nike (NKE) and an unrelated accounting investigation resulting in the stock trading down 15% after hours, Citi analyst Jim Suva tells investors in a research note. The analyst believes the stock pressure is warranted following the 25% gain last year, but does not think these items are a "structural flaw to the company's operations or cash flows." As such, Suva views today's stock pullback as a buying opportunity. The Nike issue should be fully resolved within six months and the accounting investigation appears limited, he argues. The analyst lowered his price target for Flex to $16 from $20 and keeps a Buy rating on the name.
04/27/18
04/27/18
DOWNGRADE

Market Perform
Flex downgraded to Market Perform, growth pushed out at Raymond James
As previously reported, Raymond James downgraded Flex two notches to Market Perform from Strong Buy following Q4 results. Analyst Adam Tindle said the outsized profit growth he expected in FY19 appears to be back half weighted, at best. Tindle would wait for better visibility into CEC growth, profitability with Nike, and improved utilization in broader CTG before becoming constructive on shares.
05/11/18
UBSW
05/11/18
NO CHANGE
Target $18
UBSW
Buy
Flex near-term may be pressured but long-term better, says UBS
UBS analyst Steven Milunovich said Flex boosted its capital expenditure guidance, which may pressure the shares in the near-term as the company ramps up its investment. The analyst noted bookings were strong across the board and guidance was unchanged, giving him confidence in the longer-term outlook for the shares. Milunovich reiterated his Buy rating and $18 price target on Flex shares.
06/18/18
STPT
06/18/18
UPGRADE
STPT
Buy
Flex upgraded to Buy from Hold at Standpoint Research
NKE Nike
$73.12

1.01 (1.40%)

10/18/18
OPCO
10/18/18
UPGRADE
OPCO
Outperform
Nike upgraded to Outperform from Perform at Oppenheimer
10/18/18
OPCO
10/18/18
UPGRADE
Target $90
OPCO
Outperform
Opco upgrades 'digitally enhanced' Nike to Outperform with $90 target
Oppenheimer analyst Brian Nagel upgraded Nike to Outperform from Perform with a $90 price target after re-launching coverage of the name. The shares closed yesterday down $1.02 to $76.48. Nike represents an "already dominant, legacy global brand that is now aggressively embracing the power of digital to enhance most facets of its business," Nagel tells investors in a research note. The analyst, who admits his call on the stock is longer term in nature and not necessarily pegged to near-term data points, says Nike's sales trends over the past several quarters have "rebounded meaningfully" as its internal initiatives started to take hold and industry pressures eased. He's optimistic that Nike and the broader athletic group are now "through recent woes," and he views management's guidance for upper single-digit sales growth as at least achievable.
10/18/18
10/18/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Nike (NKE) upgraded to Outperform from Perform at Oppenheimer with analyst Brian Nagel saying Nike represents an "already dominant, legacy global brand that is now aggressively embracing the power of digital to enhance most facets of its business." 2. United Continental (UAL) upgraded to Outperform from Neutral at Macquarie and to Overweight from Equal Weight at Stephens. 3. Generac (GNRC) upgraded to Neutral from Sell at Goldman Sachs with analyst Jerry Revich saying the company's organic growth outlook is improving amid rising power disturbances. 4. Proteostasis (PTI) upgraded to Outperform from Sector Perform at RBC Capital with analyst Brian Abrahams citing an "impressive" set of data from its phase 2 cystic fibrosis doublet trial. 5. Safe Bulkers (SB) upgraded to Outperform from In Line at Evercore ISI with analyst Jonathan Chappell saying the disconnect between dry bulk equity prices and spot rates continues to widen due to global trade/macro fears. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/22/18
OPCO
10/22/18
NO CHANGE
OPCO
Outperform
Nike well positioned to weather potential tariffs, says Oppenheimer
Oppenheimer analyst Brian Nagel argues that while the dynamic surrounding potential, incremental tariffs on Chinese-manufactured items imported to the U.S. is fluid, Nike is quite well insulated to this threat. Per his math, footwear and apparel manufactured in China and sold in the U.S. represent just 10%-15% of total production in these categories for Nike, and the company already operates manufacturing facilities elsewhere in Asia and could further shift production out of China, over time, if necessary. Further, Nagel points out that management indicates that given the complexity of the overall Nike manufacturing and sourcing operations, the company has many levers to pull in order to help offset impacts of potential incremental import costs. Athletic footwear and apparel manufactured in China are already subject to duties at a mid-teens rate, while the company is enjoying significant pricing power with consumers, he adds. The analyst reiterates an Outperform rating on the shares.

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INSM

Insmed

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LOW

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, ADI

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SPDR S&P 500 ETF Trust

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NEO

NeoGenomics

$21.81

-1.38 (-5.95%)

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BAM

Brookfield

$47.03

0.02 (0.04%)

, BX

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$47.03

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BX

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$41.79

1.17 (2.88%)

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GOLD

Barrick Gold

$12.12

-0.07 (-0.57%)

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SE

Sea Limited

$25.38

-0.42 (-1.63%)

19:04
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SE

Sea Limited

$25.38

-0.42 (-1.63%)

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Sea Limited reports Q1 EPS (64c), consensus (68c) »

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SNE

Sony

$51.01

-1.195 (-2.29%)

18:48
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Sony aims to bolster cash flow to better compete in chips, games, NAR says »

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OOMA

Ooma

$14.49

-0.45 (-3.01%)

, CVI

CVR Energy

$47.29

0.9 (1.94%)

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OOMA

Ooma

$14.49

-0.45 (-3.01%)

CVI

CVR Energy

$47.29

0.9 (1.94%)

PVH

PVH Corp.

$108.53

2.5075 (2.37%)

PSTG

Pure Storage

$20.60

0.6 (3.00%)

JWN

Nordstrom

$37.88

0.42 (1.12%)

URBN

Urban Outfitters

$27.01

0.05 (0.19%)

TOL

Toll Brothers

$38.34

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ONCS

OncoSec

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EKSO

Ekso Bionics

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TOCA

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LIQT

LiqTech

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TREX

Trex Company

$61.44

2.38 (4.03%)

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CRMT

America's Car-Mart

$101.76

1.74 (1.74%)

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JCOM

j2 Global

$87.23

0.75 (0.87%)

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NVS

Novartis

$82.38

0.36 (0.44%)

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EADSY

Airbus

$0.00

(0.00%)

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AGRO

Adecogro

$6.50

0.07 (1.09%)

18:19
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GOOG

Alphabet

$1,149.14

10.81 (0.95%)

, GOOGL

Alphabet Class A

$1,154.26

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$1,149.14

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Alphabet Class A

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HAIN

Hain Celestial

$23.90

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NTDOY

Nintendo

$0.00

(0.00%)

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URBN

Urban Outfitters

$27.01

0.05 (0.19%)

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GLD

SPDR Gold Shares

$120.34

-0.31 (-0.26%)

17:42
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Hot Stocks
SPDR Gold Shares holdings rise to 739.69MT from 736.17MT »

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ASCMA

Ascent Capital

$0.91

0.0502 (5.87%)

17:38
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Ascent Capital and Monitronics International announce restructuring support pact »

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TRS

TriMas

$30.33

0.39 (1.30%)

17:33
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TriMas VP Joshua Sherbin sells over $646K in company shares »

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