Seeking Alpha
  • Today - Wednesday, August 27, 2014

  • 3:14 AM
    • Chiquita Brands (NYSE:CQB) has reiterated its commitment for a merger with Fyffes (OTC:FYFFF) and expects the deal to provide $60M in annualized pre-tax cost savings.
    • "Chiquita and Fyffes remain committed to the transaction and are continuing to work together to complete the combination as expeditiously as possible," says Chiquita CEO Ed Lonergan.
    | Comment!
  • Tuesday, August 26, 2014

  • 6:53 PM
    • The program to compensate victims of crashes linked to a faulty ignition switch in GM vehicles has received claims for 107 deaths and more than 200 other claims, according to the office of the lawyer overseeing the program.
    • The number of death claims submitted already far exceeds the 13 deaths GM has officially attributed to the switch, which prompted the recall of 2.6M vehicles earlier this year.
    • The program began accepting claims on Aug. 1 and will remain open until Dec. 31; Ken Feinberg, the lawyer overseeing the program, has said he expects the highest volume of claims within the first few months of the program as well as its last.
  • 6:06 PM
    • Cooper Tire (NYSE:CTB) says its joint venture with Chengshan Group has been valued at ~$440M by an independent firm responsible for determining a fair market value for the venture on a stand-alone basis.
    • Chengshan now has 45 days to decide to purchase CTB's 65% interest or opt to sell its own 35% interest to CTB; in any event, CTB says the JV still would produce Cooper Tire-brand products for a minimum of three years.
    | Comment!
  • 5:59 PM
    • Sturm, Ruger & Co. (NYSE:RGR) is selling off after Smith & Wesson missed FQ4 revenue estimates (lower long gun sales were blamed) and issued soft FY15 (ends July '15) guidance.
    • The shoe was on the other foot last month.
  • 4:23 PM
    • TiVo (NASDAQ:TIVO): Q2 EPS of $0.08 beats by $0.01.
    • Revenue of $111.85M (+11.7% Y/Y) beats by $24.13M.
    • Press Release
    | Comment!
  • 4:16 PM
    • Smith & Wesson (NASDAQ:SWHC) reports decreased sales of long guns contributed 87% of the company's FQ1 revenue tailoff.
    • Gross margin rate -540 bps to 37.2% due in part to the shift in mix away from long guns.
    • Operating expense ratio +320 bps to 17.7%.
    • The company sees FY15 EPS of $0.89-$0.94 vs. $1.34 consensus.
    • Shares of SWHC are under a trading halt.
  • 4:06 PM
    • Bob Evans Farms (NASDAQ:BOBE): FQ1 EPS of $0.10 in-line.
    • Revenue of $326.34M (-0.9% Y/Y) misses by $2.27M.
    • Shares +0.54% AH.
    • Press Release
    | Comment!
  • 3:57 PM
    • Brazil coffee production could end up down 18% Y/Y when the harvest ends next month. A severe drought in the nation has destroyed a large swath of crops.
    • The shortfall in the nation is included in a forecast from Citigroup that calls for a global coffee deficit which could last until 2016 and pressure prices.
    • Related stocks: GMCR, SBUX, JVA, SJM, KRFT, DNKN
    • Related ETFs: JO
    | 1 Comment
  • 2:30 PM
    • RadioShack (NYSE:RSH) could be rescued with a financing package from Standard General, according to a Bloomberg report.
    • It isn't clear if the helping hand will be in the form of a debt or equity raise.
    • Moody's has warned that RadioShack faces a dire cash crunch in 2015 unless help arrives.
    • Shares of RadioShack are up 7.3% off the development on heavy volume, although the gain only amounts to $0.04 per share at the stock's current trading level.
  • 1:48 PM
    | Comment!
  • 1:23 PM
    • Southwest Airlines (LUV -0.8%) says it's "shocked and disappointed" by a request from the International Association of Machinists and Aerospace Workers for mediation over a new contract. Talks between the two parties have become heated.
    • American Airlines Group (AAL -0.7%) pulled its listing from Orbitz in a development that could create a divide in the online travel industry. Several other carriers have hinted about a similar move.
    • Delta Air Lines (DAL -1.1%) says it will add 1,800 flights attendants in order to keep up with its expanded flight schedule. A few cracks on a tightened capacity stance in the sector have started to emerge on top of Delta's aggressive plans.
  • 1:07 PM
    • Bob Evans Farms (BOBE -1.4%) announces that preliminary results indicate four of Sandell Asset Management's nominees were elected to the board of directors.
    • The board tally is below what initial reports pegged as Sandell's representation on the board.
    • Shareholders also voted that a special meeting may be called if a holder of at least 25% of the company's stock requests it.
    | Comment!
  • 12:38 PM
    • Shares of Ann (ANN +5.4%) move higher after Reuters reports JPMorgan has been hired to shop the women's retailer around.
    • Today's move follows up a rally yesterday sparked by some activist investor pressure on the company.
    • Engine Capital and Red Alder think Ann could fetch $50 to $55 per share in sale.
    | Comment!
  • 12:23 PM
  • 11:40 AM
    • Cowen is out with a positive note on Gap (GPS +1%), noting the "gaining momentum" for the Athleta brand.
    • The investment firm see the Athleta business potentially growing to $1.1B in sales and $200M in EBITDA in three years.
    • After crunching some valuation numbers, Cowen finds a brand value of $1.5B for Athleta leaving the remaining businesses at Gap undervalued compared to forward EBITDA multiples.
    | Comment!
  • 11:14 AM
    • Execs with Best Buy (BBY -4.9%) focused heavily on the cost saving initiatives in place at the company during their conference call talk with analysts this morning.
    • Though demand is expected to be weak in the consumer electronics and mobile phone categories, home theaters could see a boost with increased demand for 4K TVs, especially next year when prices come down.
    • The high penetration of mobile phones in the U.S. is a bit of drag on demand, notes Hubert Joly.
    • Look for a more refined and targeted marketing message from Best Buy as it uses more data.
    • The back-to-school season is "in-line" with expectations so far.
    • Earnings call webcast
    | 1 Comment
  • 10:46 AM
    • Restaurant Finance Monitor thinks other restaurant chains will consider a tax inversion move if Burger King survives political and consumer backlash to headquarter in Canada
    • The site notes that both Yum Brands (YUM) and Domino's (DPZ -0.3%) derive a significant percentage of their revenue abroad.
    • Even if the companies decide the risk to sales isn't worth the tax break, some form of concessions from Congress are possible with new laws designed to incentive home-cooking.
  • 10:19 AM
    • Liberty Global (LBTYA +0.3%) is close to landing approval from the EU to purchase Ziggo, sources tell Bloomberg.
    • The company has given up just enough concessions to appease the regulator, according to the report.
    • Liberty Global has had a busy M&A year with deals to buy stakes in ITV and Permira also in the hopper.
    | Comment!
  • 10:09 AM
    • Movado (MOV -6.6%) slides after missing estimates with its FQ2 report.
    • The company's gross profit rate slipped 10 bps to 54.0% during the period as operating expenses rose faster than sales.
    • Previous guidance was reaffirmed.
    | Comment!
  • 9:54 AM
    • Shares of Gentherm (THRM +2.6%) move higher in early action to follow up on yesterday's rally.
    • The company could benefit if China invests heavily in EV infrastructure.
    | 1 Comment
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