MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, May 23, 2013
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7:26 AM Slow down there Tesla Motors (TSLA). A blog post from Chrysler (FIATY.PK) says the EV automaker is "unmistakably incorrect" in its statement on being the only U.S. automaker to have fully repaid its government loans, noting Chrysler paid off U.S. and Canadian government loans ahead of schedule. On Tesla, Chrysler asks if it's a short memory or a short-circuit that led to the disputed claim? 2 Comments
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7:18 AM Coinstar (CSTR) CFO Galen Smith says the company will see better results in the second half of the year as it benefits from a strong slate of summer movies. Box office total in the U.S. have slumped so far this year with a relatively weak slate of films partially to blame. Execs with Coinstar presented yesterday at the B. Riley & Co. Investor Conference. (webcast) Comment!
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7:02 AM European regulators accept the concessions made by United Continental (UAL), Lufthansa (DLAKY.PK), and Air Canada (AIDIF.PK) on their existing agreement to share transatlantic routes. The carriers will give up airport slots in Frankfurt and New York City as part of the negotiated arrangement to open up competition. Comment!
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6:56 AM General Motors (GM) says the Chevrolet Spark EV will have a starting price of $27,495 when it goes on sale in California and Oregon next month which will make it one of the budget leaders in the category. The model's price falls to $19,995 after factoring in the a $7,500 federal tax credit. Comment!
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6:52 AM More on Signet Jewelers' (SIG) FQ1: Same-store sales rose 6.4% Y/Y, led by a 10.2% gain by Kay in the U.S. E-commerce sales in the U.S. division increased 48% to $25.6M. Average transaction prices rose during the quarter. The retailer expects to open 70 to 80 new Kay and Jared stores in FY14. (PR) Comment!
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6:47 AM More on Hormel Foods' (HRL) Q1: Volume was up 4% during the quarter. Revenue gains were led by a 49% Y/Y increase in Grocery Products, while Refrigerated Foods and Jennie-O Turkey Store sales both fell back. Segment operating profit slipped 2%, partially due to higher grain costs and weaker commodity turkey prices. The company backs its full year EPS guidance of $1.93-$2.03. (PR) Comment!
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Wednesday, May 22, 2013
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10:17 PM Ford (F) says it will close its plants in Australia in 2016 as a strong aussie and high labor costs weigh heavily on the Australian manufacturing sector's ability to compete with cheap imports. The closures are expected to result in the loss of some 1,200 jobs. 4 Comments
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8:07 PM US Airways (LCC) prices $100M in aircraft financing to reimburse the company for the cost of the purchase of two Airbus aircraft currently owned and two aircraft scheduled to be delivered prior to the date of issuance in June. It also plans to use funds to finance its purchase of seven Airbus aircraft scheduled to be delivered from June 2013 to October 2013. Comment!
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7:50 PM More on Pacific Sunwear (PSUN): Q1 beat across the board as total sales rose by 4.7% Y/Y. But net losses widened, as the retailer was hit by store-closure costs and losses on derivatives, which led to gross margins narrowing to 25.1% from 38.1%. The company offered a better picture for the current quarter however, now expecting its bottom line EPS to range between a loss of $0.05 and a profit of $0.02. It also projects revenue of $209M to $219M. Analysts were expecting a per-share loss of $0.04 a share on revenue of $198M. Shares +19.5% AH. Comment!
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5:46 PM On the repayment of its government loan, Tesla (TSLA) takes the opportunity in its press release to lob a few jibes at its competitors stating: "Following this payment, Tesla will be the only American car company to have fully repaid the government." Both General Motors (GM) and Chrysler still have outstanding balances remaining with the U.S. Treasury. 15 Comments
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4:58 PM Tesla (TSLA), as expected, has paid off the entire loan awarded by the U.S. Department of Energy in 2010. The amount left on the loan had been $451.8M. TSLA funded the payment from a $1B stock and convertible senior note offering completed last week. 16 Comments
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3:37 PM Green Mountain Coffee Roasters (GMCR -5.5%) pulls back after triggering a number of overbought indicators for technically-oriented traders. SA contributor Markus Aarnio cautiously notes that this year all the insider transactions with GMCR have been on the sell side (913K shares sold vs 0 bought) and that shares are almost sitting on the median analyst price target. 1 Comment
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3:10 PM Growth in Macau isn't showing any signs of slowing down after shooting to $38B last year (6X more than Las Vegas) as a double-digit growth pace has become the norm in 2013. After a lot of consternation over a drop in VIP revenue, casinos in the region have proven adept at diversifying their customer base. New transportation infrastructure and the growing number of Macau hotel rooms are two more revenue drivers for gaming firms Melco Crown (MPEL -0.9%), Las Vegas Sands (LVS -1.2%), Wynn Resorts (WYNN -0.2%), Galaxy Entertainment (GXYEF.PK), and MGM Resorts (MGM -2.6%). Comment!
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3:01 PM Window, door and siding maker Ply Gem Holdings (PGEM) is set to price its 15.8M share IPO today for between $18 to $20 each, valuing the deal at around $300M. If history is any guide, the stock could be poised to have a strong debut. Already this year, three homebuilders have floated initial shares, the first in the industry since 2004. The stocks have all traded higher since, with seasoned homebuilder stocks also posting big gains this year as well. Comment!
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2:25 PM Highlights from Jamba's (JMBA +4.8%) presentation at the B. Riley Investor Conference: 1) The company is seeing the highest growth rate in the lunch daypart with same store sales up 6% in 2013. 2) The chain's growth runway is long with 1,000 international locations in the pipeline. 3) By 2016, consumer products could generate more than $15M in sales. 4) Store-level margins of 20% and comparable store sales growth of 4% to 6% is part of the company's 2013 guidance. (webcast) Comment!
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