TOP NEWS
MARKET CURRENTS
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12:05 AM Notable earnings before Friday’s open: ANF, FL, TNP Comment! [Earnings]
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12:00 AM Friday's economic calendar:
8:30 Durable Goods Comment!
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23 May, 11:05 PM The smart money is selling, writes Ukarlewitz, commenting on the plummeting Smart Money/Dumb Money Confidence Index from SentimenTrader. The measure has a reasonable track record over the last few years at pointing out market tops and bottoms, and it's screaming "top" right now. Whether it's a 5% correction or something worse remains to be seen, but insiders see something bad coming and they're bailing out. 9 Comments
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23 May, 10:28 PM DISH moves closer to getting financing for its $25.5B bid for Sprint (S), receiving signed commitment letters from 5 banks for $9B, reports the WSJ. Dish hasn't yet paid commitment fees as Charlie Ergen is waiting for Sprint's board to declare Dish's offer potentially superior to SoftBank's (SFTBF.PK) $20.1B bid. Earlier, Dish responded to SoftBank's touting of the benefits of it gaining control of Sprint. 3 Comments [M&A]
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23 May, 10:04 PM An interesting exercise in the always dangerous practice of extrapolation: A look at this week's H.4.1 update shows the Fed holding $1.583T of outstanding 10-year equivalents or, a record 30.32%. By extension then, only 69.68% remains for the private sector. Currently, the figure is rising ~0.3% per week as Bernanke and company snap up Treasury bonds (TLT, TBT). Were that pace to continue until 2018, the Fed would be in possession of virtually the entire market. Food for thought from ZeroHedge and Stone & McCarthy. 4 Comments
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23 May, 9:31 PM Twitter goes after TV, launching Twitter Amplify to allow media brands and advertisers to promote TV clips on Twitter. "Video fingerprinting" technology will allow marketers to monitor in real time when spots air and the resulting tweet activity about either the product or TV show. "We believe a user engaged enough with a TV show to tweet about it very likely saw the commercial as well," says Twitter product manager Michael Fleischman. Initial partners include BBC America, FOX, Fuse, The Weather Channel, MLB.com, and the PGA Tour. 1 Comment [Tech]
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23 May, 9:07 PM A rebound in Tokyo sees the Nikkei (EWJ) gaining 3% in early action following yesterday's 7% dive. A weaker yen (FXY) is helping, dollar/yen gaining 0.4% to ¥102.37. 5 Comments [Global & FX]
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23 May, 9:04 PM More on Ross Stores' (ROST) Q1: Revenue and comps rise 8% and 3% Y/Y respectively (comps growth was 9% in Q1 2012). Operating margin rises 50 basis points to a record 14.9% thanks to "higher merchandise gross margins and [the] favorable timing of expenses." CEO Michael Balmuth says the company is on track to repurchase ~$550M in shares in FY13. Outlook: Q2 EPS of $0.89-0.93 (consensus is $0.91/share ) and FY13 EPS of $3.70-3.81 (consensus is $3.88/share). Shares +0.8% AH. (PR) Comment! [Consumer, Earnings]
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23 May, 8:50 PM More on Williams-Sonoma's (WSM) Q1: Revenues, operating margin, and EPS rise 8.6%, 120 basis points, and 33% Y/Y respectively. The quarter was "the best Q1 in the company's history," CEO Laura Alber says. Comps (which is "comparable brand revenue" here) rose 7.2% versus 5.4% growth in Q1 2012. Negative Q1 2012 comps growth in the namesake brand, Pottery Barn Kids, and PBteen is reversed, as the brands see growth of 1.9%, 6.9%, and 16.1% respectively during the quarter. WSM raises FY13 guidance to $2.67-2.77/share on revenue of $4.22-4.3B against consensus of $2.77/share and sales of $4.25B. Shares flat AH. (PR) Comment! [Consumer, Earnings]
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23 May, 8:37 PM More on Zumiez' (ZUMZ) Q1: Revenues rise 14.3% Y/Y, even as comps drop 0.7% (comps growth was 12.9% in Q1 2012). CEO Rick Brooks reminds investors that the operating environment in Q1 was "more challenging" than it was in the same period a year ago and notes that "business improved throughout the quarter driven by strong full price selling during" March and April. For Q2 ZUMZ sees EPS of $0.12-0.14 (including a ~$0.04/share hit from the Blue Tomato acquisition) on revenue of $155-158M — consensus is for $0.17/share on sales of $156.79M. Shares -3.09% AH. (PR) Comment! [Consumer, Earnings, On the Move]
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