Comparable sales were up 1.3% for the nine weeks ended Jan. 5, vs. the period ending Jan. 6, 2018.
In Full-Price, comp sales rose 0.3% vs. Q3's YTD gain of 1.9%, amid softer store traffic. Off-Price comp sales rose 3.9%, more consistent with the rest of the year.
Digital sales were up 18% and made up 36% of sales.
YTD comp sales of 2.1% were in line with prior outlook, but Full-Price sales were below expectations, so Nordstrom has incorporated into expectations higher holiday markdowns and to reposition inventory to a more appropriate level by the end of the year.
It says EPS should be toward the low end of previous guidance for $3.27-$3.37 (including Q3 nonrecurring charge of $0.28) or $3.55-$3.65 excluding that charge.
It's scheduled to report Q4 and full-year results after the close on Feb. 28.
The exit isn't related to "any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise)," the company says.
His last day is undetermined and he'll serve in the meantime to help search for a replacement and effect a smooth transition, "including through our scheduled full year 2018 financial results announcement."
In the same filing, the company says that while it's finalizing its Q4 results, it expects to report revenue and adjusted EBITDA that are "slightly favorable to the top end" of previously reported guidance.
Hanmi Financial (NASDAQ:HAFC) plunges 8.5% in after-hours trading Q4 EPS of 37 cents, which includes 9 cents of charges related to tax items.
Excluding the one-time tax items, Hanmi earned 46 cents per share in the quarter compared with consensus estimate of 51 cents.
Compares with 50 cents in Q3 and 36 cents in the year-ago quarter.
“Our results in the fourth quarter reflect our strategic decision to moderate loan growth, protect net interest margin and reduce expenses given the increasingly challenging banking environment," says CEO C.G. Kum.
Q4 net interest income of $45.6M slips 0.7% Q/Q and down 1.5% Y/Y.
Q4 net interest margin of 3.51% rose from 3.48% in Q3 and fell from 3.79% in Q4 2017.
Return on average stockholders' equity of 7.92% retreats from 10.91% in Q3 and 8.12% in the year-ago quarter.
Cannabis producer Tilray (TLRY -17.8%) is down on almost a 5x surge in volume approaching the end of the session. The lockup period expired today. Although top shareholder Privateer Holdings stated that it was holding on to its 76% stake (~75M shares), about 8M were expected to be released today.
At his confirmation hearing, Attorney General nominee William Barr said that he would not "go after" marijuana companies in states allowing cannabis use, adding that the current system (cannabis use and possession is illegal on the federal level) is "untenable."
Alio Gold (ALO -4.7%) says its updated life-of-mine plan for the Florida Canyon Mine in Nevada forecasts total gold production of 734K oz. over a 9.8-year mine life.
ALO says its plan shows total proven and probable mineral reserves of 1.01M oz. of gold based on a pit designed to maximize project economics at $1,250/oz. gold.
Florida Canyon produced 47.4K oz. of gold in 2018, and the company expects the mine to produce ~60K oz. in 2019 at a cash cost of ~$1K/oz. before averaging 75K oz. annually for the next eight years.
ALO says it will evaluate opportunities to enhance the value of Florida Canyon in 2019 including the restart of the adjacent Standard Mine and the strategic value of the sulfide deposit underlying the oxide reserves.
Chipotle (CMG +1.9%) is allocating more money to TV advertisements and social media engagement, according to execs today speaking at the ICR conference.
"The brand just became invisible. And we are working to make it more visible," sums up CEO Brian Niccol on the strategy.
On the topic of menu innovation, Chipotle revealed at ICR that nachos, tostadas and chocolate shakes are all in testing phase. Still, the company plans to take a cautious approach before commiting to any national rollouts for the products.
Shares of Chipotle are starting 2019 on an upswing, up 19% YTD already including today's rally.
Edison International (EIX -5.6%) is downgraded to Underperform from Neutral with a $61 price target, trimmed from $64, at BofA Merrill Lynch, which cites the challenging operating environment in California following the PG&E Chapter 11 filing.
BAML analyst Julien Dumoulin-Smith says shares are not "investable" until there is clear legislation that limits inverse condemnation and related liabilities.
"Bankruptcy is PG&E’s response to the risk" of inverse condemnation, says Severin Borenstein of the Energy Institute at the Haas School of Business at Cal-Berkeley. "That leads to the larger question of whether or not this bankruptcy leads to... how we have utilities in California, and if we move from private firms to government owned."
EIX shares have fallen ~20% since Nov. 8, when the northern California fires began to take down PG&E.
For the coming year, it's guiding to revenues of $4.425B-$4.5B (vs. consensus for $4.48B); that includes organic growth of 5-6% (including Ipreo for a four-month stub period) or 6-7% (including Ipreo for the full 12 months).
It also sees EBITDA of $1.75B-$1.78B and EPS of $2.52-$2.57 (vs. consensus for $2.56).
Piper Jaffray is out of the gate with a positive note on the prices hikes at Netflix (NFLX +6.9%).
Surveys indicate Netflix has plenty of pricing flexbility with customers before churn is a significant issue, according to the firm.
RBC Capital Markets analyst Mark Mahaney sees a $1B incremental boost to the top line from the price increase in the U.S. Mahaney thinks a good portion of the extra revenue will go toward meeting content obligations, but some amount will make its way down to Netflix's bottom line.
SunTrust analyst Matthew Thornton says the pricing action from Netflix makes sense with the upcoming content slate from the streamer very strong.
The Shareholders’ Gold Council, formed last year to promote the interests of gold investors, said Garofalo had been “massively overpaid” since his appointment in 2016 - more than $16M in 2016-17 combined - while shares have fallen by 26% under the CEO; now Garofalo stands to reap another $8M due to change of control provisions in his contract.
“While Garofalo has been massively overpaid, stockholders have lost over C$3.7B since his appointment, and Goldcorp now wants to sell itself at only a slight premium to its one-, three-, five-, seven- and 10-year low in share price,” the Shareholders’ Gold Council says.
NEM CEO Gary Goldberg is expected to remain in his position to close the acquisition, then COO Tom Palmer will take over; it is not yet clear whether Garofalo will stay on at the combined company following the deal.
The difference from prior investments is that this one isn't tied to Facebook-related products.
“We’re going to continue fighting fake news, misinformation, and low quality news on Facebook,” says Facebook's Campbell Brown “But we also have an opportunity, and a responsibility, to help local news organizations grow and thrive.”
An early round of the investments (going to recipients like the Pulitzer Center and Report for America) will focus on boosting local reporting resources, improving newsgathering through tech, adding "trainee community journalists" and funding a program modeled after the Peace Corps.
Goodyear Tire & Rubber (GT -3.3%) drops after the company discloses that Q4 tire unit volume fell 3% vs. a prior forecast of flat growth.
The company cites continued weakening of the original equipment environment in China and India and notes the EMEA winter market declined late in the quarter. U.S. supply issues also led to an unfavorable mix shift during the quarter.
The euro sinks 0.6% against the U.S. dollar after European Central Bank President Mario Draghi says eurozone economic growth is weaker than expected and uncertainties on the global front remain a factor.
“A significant amount of monetary policy stimulus is still needed to support the further build-up of domestic price pressures and headline inflation developments over the medium term,” he told the European Parliament.
Thinly traded micro cap Nymox Pharmaceutical (NYMX +3.3%) is up on average volume in apparent response to an article published in Therapeutic Advances in Urology supporting the value proposition of lead candidate fexapotide triflutate (FT) in men with benign prostatic hyperplasia (BPH) (enlarged prostate).
Based on results from more than 1,700 patients, FT showed long-term effects in improving BPH symptoms while demonstrating an excellent safety profile.
Fexapotide triflutate (NX-1207) is a pro-apoptotic (promotes cell death) protein administered directly into the prostate via a transrectal injection that does not require anesthesia or sedation.
Marketing applications are being prepared in the U.S. and Europe.
Bank stocks wilt after disappointing earnings from Wells Fargo (WFC -2.5%) and JPMorgan (JPM -0.9%) show that Citigroup's revenue miss yesterday wasn't an outlier.
Wells Fargo, struggling from a string of scandals that started in 2016, reported Q4 revenue of $21.0B, missing consensus estimate of $21.8B.
JPMorgan's Q4 EPS missed by 23 cents and revenue also fell short of consensus as Markets & Investor Services revenue--which includes fixed-income trading results--fell 29% from Q3 and 11% from a year ago.
Other banks falling: Goldman Sachs (GS -0.5%), Bank of America (BAC -0.4%), Morgan Stanley (MS +0.1%).
Citigroup (C +3.4%) gains after BMO Capital upgrades the stock to outperform from market perform.
Regional banks are also in the red: Fifth Third (FITB -1.2%), KeyCorp (KEY -1%), Comerica (CMA -0.8%), PNC Financial (PNC -0.9%), and Regions Financial (RF -0.6%) are among the biggest decliners.
Delta Air Lines (DAL -0.1%) is the first major airline to report earnings this year and give a glimpse on the impact of the U.S. government shutdown on the sector.
The company cited a $25M hit to revenue in Q1, which works out to about a 25 bp cut to unit revenue.
Bank of America Merrill Lynch is out with analysis on the Delta update. "While the shutdown should eventually be resolved and the impact be one-time in nature, the near term impact could prove more meaningful than the $25M cited, increasing the near term revenue risk to DAL and other carriers," warns the BAML analyst team.
Watch for more updates on the government shutdown from Mesa Air (MESA +1.5%), American Airlines (AAL +0.9%), United Continental (UAL +1.5%), Spirit Airlines (SAVE), Southwest Airlines (LUV +1.3%), Hawaiian Holding (HA +1.1%), Alaska Air GRoup (ALK +0.2%), SkyWest (SKYW -0.9%) and Allegiant Travel (ALGT -1%) as earnings season rolls along.
Spotify (SPOT +3.2%) could make a long-awaited debut in India as soon as the end of this month, Variety reports.
That was thought to depend on Spotify locking down India deals with the major-label giants Sony, Universal and Warner, but it's possible that Spotify could go forward without them, according to the report.
And it's rumored that a launch party is already set for Mumbai on Jan. 31.
The company still needs additional deals with labels specializing in various regional languages; Spotify's app will be available in English but it expects to provide music in languages likely including Punjabi, Tamil, Telugu, Malayalam and Bengali.
PG&E (PCG -28.9%) opens with another sharp drop, triggering a circuit breaker halt; shares have now lost nearly two-thirds of their market value since the company declared its intention to file for Chapter 11 bankruptcy.
PG&E’s move “underscores the reality that the state cannot regulate utilities as we have for the last 100 years,” says Betty Yee, the state’s controller.
The stock receives two additional downgrades, from Macquarie and Argus Research, which had previously rated PCG a Buy; entering this week, Argus, BAML, Citi, Deutsche Bank, Evercore ISI, J.P. Morgan, Macquarie and Wells Fargo had continued to rate the stock a Buy.
Veeco Systems (NASDAQ:VECO) will present at the Needham Growth Conference today and released its investor presentation including Q4 guidance with revenue from $85M to $105M (consensus: $95.9M) with EPS of ($0.25) to ($0.09) (consensus: ($0.16)) at the midpoint.
Watch Veeco's conference presentation today at 3:30 PM ET here.
Thinly traded nano cap Kitov Pharma (KTOV +59.6%) is up on a healthy 36x surge in volume in response to encouraging preclinical data on cancer candidate NT219, a novel small molecule cancer drug that fights cancer by activating the "OFF" switch in major oncogenic pathways.
Collaborators at Hebrew University showed that NT219 binds directly to two known modulators of tumor survival, metastasis and drug resistance. The data also showed that short exposure of cancer cells to NT219 triggered irreversible shutdown of these pathways, producing a long-term anti-cancer effect.
Wells Fargo analyst Aaron Rakers says Micron (MU +0.8%) can sustain positive FCF at downturn levels similar to 2009.
Rakers' comments follow a meeting with Micron's CFO. The analyst says concerns over the first quarter inventory build are driven by NAND versus DRAM inventory, but Micron is comfortable it can manage inventory normalization.
The firm lowers its Micron 2019 and 2020 EPS and revenue estimates.
Nano cap Microbot Medical (NASDAQ:MBOT) slips 3% premarket on robust volume in response to its direct offering of 455,323 common shares at $6.50 per share to an institutional investor, a discount of 34% from yesterday's close of $9.79, despite the company regarding the offering as "at-the-market."
Update: The company announced that it inked deals with several institutional investors for the purchase of 590K shares at $10 per share.
Kitov Pharma (NASDAQ:KTOV) +60% on new findings from its ongoing collaboration with researchers from the Hebrew University of Jerusalem revealing NT219’s high affinity and selective binding to its target proteins.
Albemarle (NYSE:ALB) -1.8% pre-market after Nomura downgrades the stock and lithium producing peer Livent (NYSE:LTHM) to Neutral from Buy, expecting "price data points to surprise negatively in coming months... [which] could drive ALB and LTHM trading multiples lower."
Nomura analyst Aleksey Yefremov cuts his stock price target for ALB to $85 from $90 while maintaining his LTHM price target at $16.
But with more stable pricing than peers, Nomura still views ALB and LTHM as more attractive than the broader lithium industry.
The FDA's Endocrinologic and Metabolic Drugs Advisory Committee will meet on Thursday, January 17, to review and discuss Sanofi's (NASDAQ:SNY) marketing application seeking approval for orally administered sotagliflozin as an adjunct to insulin to improve glycemic control in adults with type 1 diabetes.
Shares are up 1% premarket while co-development partner Lexicon Pharmaceuticals (NASDAQ:LXRX) is up 2%.
Wells Fargo (NYSE:WFC) Q4 EPS of $1.21 beats consensus estimate of $1.20, compares with $1.13 in Q3 and $1.16 in the year-ago quarter.
Reflects growth in loans and deposits; credit performance remained strong, says CFO John Shrewsberry. Effective income tax rate was lower vs. Q3.
Wells Fargo slips 1.2% in premarket trading.
"We continued to have positive business trends in the fourth quarter with primary consumer checking customers, consumer credit card active accounts, debit and credit card usage, commercial loan balances, and loan originations in auto, small business, home equity and student lending all growing compared with a year ago," Shrewsberry says.
Q4 net interest margin of 2.94%, unchanged from Q3, and vs. 2.84% in Q4 2017.
Q4 effective income tax rate was 13.7% vs. 20.1% in Q3.
Q4 mortgage banking income of $467M fell from $846M in Q3.
Total average loans were $946.3B in Q4, up $6.9B form Q3.
Total average deposits $1.3T, up $2.6B from Q3.
Allowance for credit losses $10.7B at Dec. 31, 2018, down $249M from Sept. 30, 2018.
Community Banking net income of $3.17B vs. $2.82B in Q3 and $3.47B in Q4 2017.
Wholesale Banking net income was $2.67B vs. $2.85B in Q3 and $2.37B in Q4 2017.
Wealth and Investment Management net income of $689M vs. $732M in Q3 and $675M in Q4 2017.
Return on equity 12.89% vs. 12.04% in Q3 and 12.47% a year ago.
Apricus Biosciences (NASDAQ:APRI) is up 6% on signing merger agreement with Seelos Therapeutics. Over 95% of the votes cast were in favor of the merger with Seelos and over 85% were in favor of the reverse stock split.
Under the terms of agreement, the holders of Seelos’ outstanding capital stock will receive common shares of Apricus upon closing of merger.
Seelos and Apricus stockholders are expected to own ~85% and ~15%, respectively of the merged company.
Upon closing, current Apricus stockholders will receive one Contingent Value Right (CVR) per share of Apricus common stock owned.
The proposed merger is expected to close in January 2019.
Tenet Healthcare (NYSE:THC) is up 2% premarket on light volume on the heels of its new multiyear agreement with Humana (NYSE:HUM) providing in-network access to THC's hospitals, outpatients centers and doctors. The contract will be in effect through May 2023. Financial terms are not disclosed.
Blue Apron (APRN -2.8%) tips off some announcements that it will make with earnings on January 31.
The company says it plans to reaffirm confidence in achieving profitability on an adjusted EBITDA basis both in the Q1 of 2019 and for the full year 2019 as it actively pursues the appropriate strategies to create value for its stakeholders.
Blue Apron also plans to update on product innovations and new consumer engagement strategies.
MYOS RENS Technology (NASDAQ:MYOS) is up 30% on announcing positive top-line results from a study evaluating the impact of Fortetropin on attenuating muscle atrophy following a common surgical procedure known as tibial-plateau leveling osteotomy in 100 dogs.
The objective of the study was to determine whether Fortetropin could reduce muscle atrophy.
Fortetropin prevented the loss of muscle mass in these dogs and a more significant improvement in percentage of weight supported by the affected limb was observed as compared to the placebo group.
Fortetropin also prevented a rise in serum myostatin levels.
An oral summary of study results will be presented on January 20, at the North American Veterinary Community/VMX Conference in Orlando, Florida.
Array BioPharma (NASDAQ:ARRY) is up 11% premarket on light volume on the heels of its announcement of updated data from a Phase 3 clinical trial, BEACON CRC, evaluating the combination of BRAFTOVI (encorafenib), MEKTOVI (binimetinib) and Eli Lilly's ERBITUX (cetuximab) in patients with BRAF-V600E-positive metastatic colorectal cancer (CRC). The results will be presented at the ASCO GI Cancers Symposium in San Francisco.
Median overall survival (OS) was 15.3 months. Median progression-free survival (PFS) was eight months and the overall response rate (ORR) was 48%.
Full-year production included 135.1K oz. of gold, up 23% Y/Y, and 3.03M oz. of silver, 4.5% lower than the previous tear.
MUX says 2018 production at its 100%-owned Black Fox mine in Canada totaled 48.8K gold equiv. oz., in line with guidance of 48K gold equiv. oz., and output at its 100%-owned El Gallo project in Mexico of 39K gold. equiv. oz. topped guidance of 32K oz.
MUX also says construction at the Gold Bar mine in Nevada is near completion and on schedule for inaugural gold production in Q1.