Today - Friday, September 4, 2015
- Caterpillar (NYSE:CAT) -1.5% premarket after Robert W. Baird downgrades shares to Neutral from Outperform and lowers its price target to $77 from $89, as the firm's May upgrade thesis that commodities would find a bottom after years of decline fails to gain traction amid rising China-driven macro volatility.
- "Against this backdrop, upside from [CAT's] resources business appears increasingly unlikely, while peer OEM commentary and results are suggesting that fundamentals can actually get worse rather than better in the near term (a combination of volume declines and price compression)," writes analyst Micera Dobre.
- Shares fell 2.2% yesterday following Joy Global's guidance cut and gloomy macro outlook.
- "By acquiring Good, BlackBerry (NASDAQ:BBRY) will better solve one of the biggest struggles for CIOs today, especially those in regulated industries: securely managing devices across any platform," says CEO John Chen.
- The $425M cash deal is expected to close near the end of 2016 FQ3, and should be accretive to earnings and cash flow within the first year after closing. BlackBerry expects to realize about $160M in GAAP revenue in year one from Good.
- A conference call is set for 8:30 ET.
- Source: Press Release
- Shares +4.2% premarket
- U.S. stock index futures are lower by 1%, but the jobs report at 8:30 ET could change things. Estimates say the economy added 220K jobs in August with the unemployment rate ticking down to 5.2%.
- Shanghai remained closed for business last night, but the Nikkei slid 2.2%. One day after partying behind hopes for boosted QE, Europe is giving back those gains and more, off more than 2% at midday.
- The 10-year Treasury yield is down three basis points to 2.13%, and gold and oil are modestly lower.
- ETFs: SPY, QQQ, DIA, SH, SSO, SDS, VOO, IVV, UPRO, PSQ, SPXU, TQQQ, SPXL, RSP, QID, SQQQ, QLD, DOG, DXD, RWL, UDOW, EPS, SDOW, DDM, VFINX, BXUB, QQEW, QQQE, SPLX, SFLA, BXUC, QQXT, SPUU, UDPIX, OTPIX, RYARX
- Bank of America Merrill Lynch upgrades Dollar Tree (NASDAQ:DLTR) to a Buy rating from Neutral on a valuation call.
- Shares of Dollar Tree are down over 10% this week after Q2 earnings disappointed investors.
- Previously: Dollar Tree misses by $0.01, misses on revenue (Sep. 01 2015)
- Previously: More on Dollar Tree's Q2 (Sep. 01 2015)
- DLTR +0.43% premarket to $67.29.
- Sears Hometown and Outlet (NASDAQ:SHOS) reports comparable-store sales decreased 1.4% in Q2.
- Adjusted comp declined 2.6% for the quarter.
- Comp for Hometown dropped 1.1% (-2.5% adjusted) and for Outlet slipped 2.2% (-2.7% adjusted).
- Hometown sales -4.06% to $460.75M; Outlet sales +0.27% to $158.86M.
- Gross margin rate fell 20 bps to 22.8%.
- Adjusted gross margin improved 70 bps to 22.4%.
- SG&A expense rate +20 bps to 22%.
- Inventory -8.14% to $431.38M.
- Store count -36 Y/Y to 1,215.
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