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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 09:29 EDT
Stifel analyst Joseph DeNardi believes that investors are undervaluing airlines' loyalty programs and that airlines can remedy this situation by disclosing the financial metrics of their loyalty programs. He raised his price target on American (AAL) to $95 from $65, on Delta (DAL) to $75 from $65, on United Continental (UAL) to $125 from $95 and on Southwest (LUV) to $80 from $65. As noted earlier, he upgraded Alaska Air to Buy from Hold with a $145 price target.
News For AAL;DAL;UAL From the Last 2 Days
Oct 18, 2017 | 14:15 EDT
Notable companies reporting after the market close, with earnings consensus, include American Express (AXP), consensus $1.48... Kinder Morgan (KMI), consensus 15c... Crown Castle (CCI), consensus 24c... eBay (EBAY), consensus 48c... United Continental (UAL), consensus $2.12... United Rentals (URI), consensus $2.98... Alcoa (AA), consensus 77c... Steel Dynamics (STLD), consensus 66c.
Oct 18, 2017 | 12:56 EDT
American Express (AXP), Visa (V) and MasterCard (MA) are scheduled to report quarterly results on October 18, 25 and 31, respectively. What to watch for: 1. OUTLOOK: During the company's last earnings call, American Express backed its 2017 EPS view $5.60-$5.80. Meanwhile, Visa raised its 2017 net revenue growth view to roughly 20% from 16%-18% back in July when the company reported quarterly results, and said it sees 2017 class A common stock EPS growth in low digits on a GAAP nominal dollar basis and approximately 20% on an adjusted, non-GAAP nominal dollar basis. The company also backed its 2017 operating margin view in the mid-60s. On September 7, MasterCard raised its 2017 revenue growth view to high end of low-double digits, and said it still sees 2017 operating expenses, on a currency-neutral basis, excluding the impact of acquisitions and special items, to be up by a high-single digit percentage. The company also raised its net revenue compound annual growth rate view for 2016-2018 to high end of low double-digits on a currency-neutral basis, excluding the impact of acquisitions, and raised its 2016-2018 EPS CAGR view to about 20%. 2. PARTNERSHIPS: On July 20, American Express OPEN announced an extension of the Lowe's (LOW) Business Rewards Card program which will continue to enable small business Card Members to earn rich rewards and get 5% off at Lowe's every day when they use the Card on eligible purchases. Last month, the credit card company also announced that it is launching the new Blue Delta SkyMiles Credit Card with Delta Air Lines (DAL). Meanwhile, Visa and MasterCard said they were enabling payments on Fitbit's (FIT) smartwatch "Fitbit Ionic," and on the new Garmin (GRMN) vivoactive 3 smartwatch. Back in July, Mastercard was selected by Kroger (KR) to be the network for the grocery retailer's 1-2-3 REWARDS co-brand credit card program, which will launch by the end of 2017. Earlier this month, Mastercard and PayPal (PYPL) announced a significant expansion of their partnership into Canada, Europe, Latin America and the Caribbean and the Middle East and Africa. 3. COMPETITIVE ENVIRONMENT: Earlier this month, Buckingham analyst Chris Brendler started coverage of American Express with a Neutral and $92 price target, saying he believes the second half 2017 will be difficult given the current competitive environment. 4. IMPROVING FUNDAMENTALS, CATALYSTS: Last week, Wells Fargo analyst Donald Fandetti resumed coverage of American Express with an Outperform rating, citing improving fundamentals and revenue growth, as well as the worst negative headlines appearing to be behind the company. The analyst also upgraded Visa to Outperform, saying its earnings model for the networks remains very much intact and are supported by pricing power and significant capital return. Fandetti told investors he expects positive earnings revisions in 2018 and for Visa Europe integration to ultimately drive expense synergies as processing systems are consolidated. Stephens analyst Brett Huff was also bullish on Visa last week, starting coverage of the stock with an Overweight rating as he thinks the company and peer MasterCard can beat near- and medium-term consensus expectations and can support higher multiples. While he also started MasterCard with an Overweight rating, he likes Visa "a bit better." 5. DIVIDEND: On September 26, American Express announced that the company's board of directors of approved a 3c, or 9%, increase in the quarterly dividend on its common stock. The dividend was raised to 35c per common share, from 32c, payable on November 10, 2017 to shareholders of record on October 6, 2017.
Oct 17, 2017 | 11:48 EDT
Shares of Boeing (BA) are in focus in morning trading after rival Airbus (EADSY) announced plans to buy a majority stake in Bombardier's (BDRBF) CSeries jet program. Boeing called the agreement, which comes amid a decision by the Commerce Department to hit Bombardier with tariffs that would quadruple the price of the CSeries aircraft, a "questionable deal between two heavily state-subsized competitors." AIRBUS, BOMBARDIER DEAL: Airbus has agreed to buy a majority stake in Bombardier's CSeries program. Under the terms of the agreement, Airbus will buy 50.1% of the C Series Aircraft Limited Partnership, which manufactures and sells the CSeries, and will provide procurement, sales, marketing and customer support. Bombardier and Investissement Quebec will own approximately 31% and 19%, respectively, of CSALP at closing. Airbus will also be entitled to name the chairman of CSALP and will propose four directors, while Bombardier and IQ will each propose one director to the seven director board. The transaction, which is currently expected to close in the second half of 2018, is subject to regulatory approvals and other conditions usual in this type of transaction. Airbus plans to add a final assembly line in Canada and additional C Series production at Airbus' manufacturing site in Mobile, Alabama, it said. Airbus said that this "strengthening of the program and global cooperation will have positive effects on Quebec and Canadian aerospace operations. Airbus is strongly committed to Canada and its aerospace sector with Canadian suppliers extending their access to Airbus' global supply chain. This new C Series partnership is set to secure jobs in Canada for many years to come." Blasting the deal, Boeing said it "represents unfair competition," adding that this "looks like a questionable deal between two heavily state-subsidized competitors to skirt the recent findings of the U.S. government." DISPUTE BACKGROUND: The CSeries jets have not secured a new order in 18 months and face a potential 300% duty on U.S. imports. The tariff followed a complaint from Boeing that the company had dumped its C-Series jets at "absurdly low" prices. In April Boeing complained to U.S. authorities that aid received by Bombardier from the Canadian and U.K. governments amounted to illegal subsidies, allowing it to sell its C-Series jets to Delta Air Lines (DAL) for below cost price. Delta has placed a $5.6B order for up to 125 of the CSeries jets, and delivery is set to begin in 2018. Delta said last week that it has ordered 75 of the CSeries jets and said it "will not pay those tariffs," adding that it may need to delay some of the deliveries. Bombardier CEO Allan Bellemare said its deal with Airbus can resolve its trade dispute with Boeing, The Globe and Mail reported this morning. WHAT ANALYSTS ARE SAYING: Credit Suisse analyst Robert Springarn views the Airbus-Bombardier deal as a net positive for both companies and said it offers a solution to the trade dispute with Boeing. Wells Fargo analyst Sam Pearlstein agreed that the Airbus-Bombardier deal is a "creative" solution to the trade case, but noted that it is modestly negative for Boeing because establishing a U.S. based final assembly for the C Series could protect the airplane from U.S. tariffs and it provides a less than 150 seat airplane to Airbus that could pressure the 737-MAX7. PRICE ACTION: Boeing is down 0.6% to $258.29 in morning trading. Meanwhile, Bombardier shares trading in New York are up nearly 20% and Airbus shares in New York are up about 5%.
Oct 17, 2017 | 08:31 EDT
Macy's (M) announced the appointment of Danielle Kirgan as chief human resources officer, effective October 23, 2017. Kirgan will be responsible for the full range of human resource functions including strategy, associate relations, organizational development, talent and performance management, compensation and benefits, and training and development. She will report to Jeff Gennette, Macy's CEO, and will be a member of the Macy's, Inc. Corporate Strategy Committee. She was most recently senior vice president, People, at American Airlines (AAL).
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