Today - Monday, November 24, 2014
- News Corp. (NASDAQ:NWS) is spending $30M to buy a 25% stake in PropTiger.com, a leading Indian real estate site.
- The investment comes on the heels of News Corp.'s $950M purchase of Realtor.com owner Move. The company also had a 61.6% stake in REA Group, which owns leading Australian real estate site realestate.com.au.
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- Casey's General Stores (NASDAQ:CASY) says it will have to restate financial statements for the fiscal years 2012-2014 and Q1 of 2015 after discovering an inadvertent accounting error
- The revisions are tied to how an ethanol excise taxes were handled.
- The company has paid $35.4M in taxes and interest to resolve the matter.
- PR (.pdf)
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- Edmunds.com projects U.S. auto sales will rise 1.6% to 1.261M units in November.
- Projected sales volume growth by automaker: General Motors (NYSE:GM) +0.6% to 213.42K, Ford (NYSE:F) -1.4% to 186.98K, Toyota (NYSE:TM) +1.6% to 180.88K, Chrysler Automobiles Group (NYSE:FCAU) +14.9% to 163.49K, Honda (NYSE:HMC) +1.1% to 117.76K, Nissan (OTCPK:NSANY) -8.5% to 97.46K, Hyundai (OTC:HYMLF) -6.6% to 94.77K, Volkswagen (OTCQX:VLKAY) +4.2% to 46.24K.
- AMC Entertainment (AMC +3.9%) trades higher after Goldman Sachs AMC)+at+Buy/10042217.html" target="_blank">initiates coverage with a fresh Buy rating.
- Analysts with the investment firm think AMC will see industry-leading growth rates with key initiatives kicking in.
- The company also made some news today on the Star Wars front. The exhibitor tweeted an announcement indicating it will show show teasers for the next Star Wars movie this weekend.
- Shares of Habit Restaurants (NASDAQ:HABT) are down 5.9% with almost 1M shares trading hands already.
- The stock has been volatile since skyrocketing on its IPO debut last Thursday.
- What to watch: Though the Habit concept show strong growth potential, the reliance of the chain on beef provides a potential drag on earnings with costs soaring.
- SA contributor Mitch Nolen is out with an updated list of stores that Sears Holdings (SHLD +2.3%) plans to close through the 2015 fiscal year as determined from local liquidation notices, sources, and notices required by the Worker Adjustment and Retraining Notification Act.
- The tally includes 70 Kmart stores, 39 Sears stores, 35 Sears Auto Centers, two distribution centers, and three repair facilities.
- Close to 8K layoffs can be attributed to the closures, says Nolen.
- Owners of Toyota (NYSE:TM) vehicles across the country impacted by the Toyota Unintended Acceleration Economic Loss Settlement have received checks over the last week or two.
- Most of the checks to cover the economic loss over the issue which arose in 2009 fall in the modest $15 to $30 range.
- A thought-provoking op-ed piece in The Wall Street Journal puts the settlement in perspective by highlighting the vast discrepancy between the $227M awarded to attorneys vs. the roughly $395K that went to primary plaintiffs and owners represented in the class action.
- An even more bitter pill for Toyota shareholders and car owners to swallow is that the unintended acceleration case was a settlement which stood a chance in court of going the way of the automaker due to the results of several inconclusive investigations.
- Shares of Foot Locker (FL +3.4%) gain after Sterne Agee FL)/10042552.html" target="_blank">raises estimates on the company after digesting the retailer's Q3 results.
- The investment firm notes the strong pipeline of products that could help boost Foot Locker's sales through the first half of 2015 and the upside for the Six:02 women's initiative.
- Sterne EPS revisions: FY14 to $3.52 from $3.44, FY15 to $3.90 from $3.84, FY16 to $4.44 from $4.33.
- Some data mining by WalletHub gives a sneak peek at which retailers are above and below the sector average of 39.5% on Black Friday discounting off of typical pricing.
- Retailers with above-average discount activity: J.C. Penney (NYSE:JCP) 65.44%, Macy's (NYSE:M) 63.52%, Rite Aid (NYSE:RAD) 53.34%, Sears (NASDAQ:SHLD) 50.19%.
- Retailers with below-average discount activity: Costco (NASDAQ:COST) 21.14%, Big Lots (NYSE:BIG) 25.24%, Amazon (NASDAQ:AMZN) 26.10%, Best Buy (NYSE:BBY) 32.08%.
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- ESPN (NYSE:DIS) might stray outside the pay-TV bundle for the first time next year with a live streaming subscription service for the Cricket World Cup to be hosted in Australia and New Zealand, reports Re/code.
- In the past, Disney (DIS) typically used EPSN3 as a streaming add-on for pay-TV subscribers.
- Media analysts have speculated in the past that ESPN could peel off some of its programming into a PPV model.
- Barnes & Noble (BKS +2.7%) plans to use the power of personality to drive store traffic this Black Friday weekend.
- The company has over 500K signed books from well-known authors across genres which will be made available throughout its store base.
- Every B&N store in the country will have at least 100 signed books available at the opening on Black Friday.
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