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May 16, 2017 at 11:48PM
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Showing posts with label May 16. Show all posts
Showing posts with label May 16. Show all posts
Tuesday, May 16, 2017
EasyJet sends right signals, but investors say talk to the hand
Vanguard’s UK launch sends tremors across investment industry
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News sends Hargreaves Lansdown shares down 8% and hits other competitors
May 16, 2017 at 11:48PM
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Aberdeen and Standard Life co-chiefs defended
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Gilbert and Skeoch roles at merged group will be success, says chairman of new group
May 16, 2017 at 11:48PM
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Trump talk with Russians ‘wholly appropriate,’ adviser says
May 16, 2017 at 11:50PM
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What you need to know on Wall Street today
Picture this: you’re trying to buy a used car, and you’re having trouble. There are many, many more cars out there now than there were a few years ago. The old go-to used-car dealers have smaller lots and less inventory, and they have been replaced by online dealerships. But it’s a hassle to compare all of those at once.
That’s pretty much the position bond investors find themselves in right now.
AllianceBernstein, the asset manager that oversees $498 billion, developed a solution to all this chaos. The system is called ALFA, which stands for Automated Liquidity Filtering and Analytics. AllianceBernstein has sold the intellectual property and technology behind ALFA to Algomi, a fixed income data platform.
“We are confident that Algomi will take ALFA to even higher echelons and bring the entire buy-side together on a world class platform,” Jim Switzer, head of credit trading at AllianceBernstein, said.
Elsewhere in Wall Street news:
- Barclays has named a new leadership team for its capital markets unit
- Credit Suisse promoted two of its top dealmakers
- Wall Street firms are piling in to Saudi Arabia
- Philadelphia is suing Wells Fargo
- JPMorgan chief Jamie Dimon just had to defend his alignment with President Trump
- Symphony, the secure chat app backed by some of Wall Street’s biggest banks, has raised $63 million
In investing news, hedge funds that bet on Silicon Valley are crushing it. Billionaire Steve Cohen hired two investors from the CIA’s secretive VC fund for a new Palo Alto office. And a $16 billion activist investor is reportedly handing over the reins to the next generation.
There’s a need for co-opetition on Wall Street, according to Kevin McPartland at Greenwich Associates.
In markets news, there’s a new biggest risk to global markets. Traders are piling into three safety trades. Stocks are shrugging off a troubling trend. And Goldman Sachs’ top economist is losing confidence in the Fed’s ability to raise interest rates.
Sears just followed through on its CEO’s threats and sued a top tool vendor. The retailer has a bigger problem than plunging sales, according to Business Insider’s Hayley Peterson.
In related news, Dick’s Sporting Goods is getting clobbered after same-store sales missed. Another retailer has filed for bankruptcy. And huge demographic changes in the US could hit these 14 retail stocks, according to Credit Suisse.
In better news, Home Depot beat across the board and raised guidance
Ford will slash salaried workforce in North America and Asia by 10%. Wall Street has lost its mind when it comes to the car company, according to Business Insider’s Matt DeBord.
In other news, Warren Buffett has upped his stake in American and Southwest Airlines. The founder of the solar company Tesla bought for $2 billion is leaving to start a new venture. And Yahoo is buying back $3 billion of stock before the Verizon deal closes.
Lastly, here’s what a typical day is like at the New York Stock Exchange, which turns 225 years old this week.
SEE ALSO: The 27 most important finance books ever written
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NOW WATCH: SCOTT GALLOWAY: Netflix could be the next $300 billion company
May 16, 2017 at 11:42PM
from Business Insider
National security experts: Trump’s sharing classified info with Russia ‘may breach his oath of office’
May 16, 2017 at 11:50PM
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‘Big Short’ Steve Eisman likes two FANG stocks
May 16, 2017 at 11:50PM
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Courts’ interpretations of 401(k) fiduciary laws are changing
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The prudence requirement in being gauged based on the portfolio in aggregate but also on individual investment options.
May 16, 2017 at 11:46PM
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Just what we needed Dept: an “air conditioned backpack”
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You don’t always have to throw batteries at things; problems can be solved just by good design.
May 16, 2017 at 11:50PM
from Lloyd Alter
UBS veteran and $178 million team exit for Baird
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Jeffrey Tolbert will manage firm’s Oak Brook, Ill., office.
May 16, 2017 at 11:46PM
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Aydon Income Properties Provides Status Report
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 16, 2017) – Aydon Income Properties, Inc. (CSE:AYD)(CSE:AYD.CN)(CNSX:AYD) (the “Company”), announces that further to its news release dated May 2, 2017, the British Columbia Securities Commission, the Company’s principal regulator, issued a Management Cease Trade Order (“MCTO“) against the Company’s Chief Executive Officer and Chief Financial Officer on May 2, 2017, as opposed to a general cease trade order against the Company. The MCTO prohibits trading in securities of the Company, either directly or indirectly, by these individuals.
May 16, 2017 at 11:32PM
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Global stocks higher after Wall Street spurt – Fox Business
Fox Business |
Global stocks higher after Wall Street spurt
Fox Business RT @FoxNews: Natl Security Adviser McMaster made a statement denying a report that @POTUS revealed classified info to Russia. … Refresh Close. On Our Radar. Load More. Global stocks higher after Wall Street spurt. By JOE McDONALD Published May … |
May 16, 2017 at 11:32PM
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Goose Island founder shuts down the argument that craft beer is dying
I’ve spent nearly 30 years in craft beer and I strongly disagree with those who fear craft is on the verge of collapse. This is an argument made most recently by Boston Beer founder and CEO Jim Koch in an op-ed in The New York Times, where he rhetorically asked: “Is it last call for craft beer?”
It is understandable why Jim is concerned, his company is experiencing a rough stretch. But a look at craft beer’s history and its current position all point to a bright future for our industry as a whole because it is so diverse, innovative and in-synch with customers.
When Goose Island opened in 1988, there were fewer than 100 breweries in the country. Most wholesalers, retailers and beer drinkers treated us a curiosity if they were aware of us at all. We had to battle many times to get a single craft draft handle in an on-premise account. Any bottle placements were on to the bottom shelf at grocery and liquor stores.
With small brewers in many states now allowed to self-distribute and/or operate taprooms, it completely changes their economics. No longer is scale the critical factor in their success. This dynamic shift with more new breweries and more amazing high-quality beers has and will continue to make the craft segment stronger and increase market share.
In 2011 like many other craft brewers, Goose Island had to make a choice.
We could contract brew, like others, including Boston Beer, did for many years. We met with private equity investors and contemplated doing an IPO, but didn’t like the idea of reporting every quarter to Wall Street. So, we struck a deal with Anheuser-Busch. Like all big business decisions, it was risky being one of the first craft brewers to partner with a big brewer. But we preferred to partner with brewers who understood the beer business.
Through our partnership with Anheuser-Busch, Goose Island was able to do what Boston Beer did, reach consumers nationwide while retaining the quality and integrity of our beer, and our brand.
Today, over 5,300 brewers across the U.S. face similar choices. Some will stay small and local. Others will seek to grow through partnerships, IPOs or other means. Some will succeed and others will not. But craft beer will be more vibrant and creative than ever and beer drinkers will be the big winners.
John Hall started Goose Island Beer Company in 1998. Its beer is distributed in all 50 states.
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NOW WATCH: THE BOTTOM LINE: Jamie Dimon and trillion dollar Apple
May 16, 2017 at 11:30PM
from John Hall, Goose Island Beer Company
TJX Companies (TJX) Q1 Earnings Top, Revenues Miss Estimates
The TJX Companies, Inc. TJX reported first-quarter fiscal 2018 results, wherein while earnings exceeded expectations, revenues missed the same on the back of disappointing comps growth. Following the results, the company narrowed its fiscal 2018 earnings guidance. Shares fell 4.42% in pre-market trading.
In the reported quarter, earnings of 82 cents per share surpassed the Zacks Consensus Estimate of 79 cents by 3.8%. Earnings also exceeded management’s guidance of 76–78 cents per share. The bottom line grew 7.9% year over year, backed by higher consumer traffic and improved margins. Though management expected currency to hurt earnings by 6%, it had a positive impact on earnings by 1 cent per share.
Quarterly Details
Net sales increased 3% year over year to $7.78 billion, backed by increase in comps and improved traffic. The figure missed the Zacks Consensus Estimate of $7.91 billion by 1.5%. Currency headwinds impacted sales by 2 percentage points.
TJX Companies’ consolidated comps grew 1%, but were lower from the 7% comps growth in the year-ago quarter. Higher comps at HomeGoods and TJX Canada increased 3% each, while comps were flat in the Marmaxx and International segment. Comps were in line with the management’s guidance of 0–1% growth.
TJX Companies’ consolidated pre-tax profit margin contracted 0.2 percentage points (pp) year over year to 10.7% of sales. Gross margin expanded 0.2 pp year over year to 29.0%. The upside was primarily driven by strong increase in merchandise margins and gains related to the company’s inventory hedges, partially offset by higher supply chain costs.
However, selling, general and administrative costs, as a percentage of sales, went up 0.4 pp to 18.1% due to anticipated increase in wages.
TJX Companies, Inc. (The) Price, Consensus and EPS Surprise
TJX Companies, Inc. (The) Price, Consensus and EPS Surprise | TJX Companies, Inc. (The) Quote
Other Financial Updates
During the first quarter, the company repurchased 4.5 million shares for $350 million. For fiscal 2018, the company continues to expect to repurchase approximately $1.3 billion to $1.8 billion shares. Additionally, the company has announced a 20% increase in dividend in the first quarter, marking the 21st consecutive year of dividend hikes.
Cash and cash equivalents were $2.67 billion as of Apr 29, 2017, while long-term debt was $2.23 billion. Shareholders’ equity was $4.55 billion as of Apr 29.
During the quarter, the company increased its store count by 50 stores to a total of 3,862 stores. It had increased square footage by 4% over the same period last year.
TJX Companies is one of the few retailers that had managed to stay afloat amid troubled waters of the retail sector. In fact, shares of TJX Companies have declined 2.04% since the past one year, underperforming the Zacks categorized Retail – Discount & Variety industry’s gain of 3.51%, which is currently placed at top 42% of the Zacks Classified Industries (110 out of 265).
Q2 Guidance
TJX Companies issued its guidance for second-quarter fiscal 2018. The company expects earnings in the range of 81–83 cents per share compared with 84 cents reported a year ago. Wage increases are expected to negatively impact earnings growth by 2%. Currency headwinds are likely to hurt earnings by 4%. The company expects the change in accounting rules for share-based compensation to positively impact earnings growth by 1%.
For the second quarter, the company expects comps growth of 1–2% over last year’s growth.
Fiscal 2018 Guidance Narrowed
For fiscal 2018, TJX Companies has narrowed its earnings guidance. The company now projects adjusted earnings per share in the range of $3.71–$3.78, compared with the prior-range of $3.69–$3.78. The adjusted guidance (excludes benefit of 11 cents from the 53rd week in fiscal 2018) would represent a 5–7% increase from fiscal 2017 adjusted results of $3.53 per share. Comps are also expected to grow 1–2% for fiscal 2018.
TJX’s disappointing result follows dismal results from retailers including Macy’s Inc. M and J.C. Penney Co Inc. JCP that reported sluggish sales last week, as they struggled to attract customers amid tough retail conditions and a shift to online shopping.
Zacks Rank & Key Picks
TJX Companies currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the retail sector includes Rocky Brands, Inc. RCKY, which sport a Zacks Rank #1 (Strong Buy) and posted a positive surprise of 42.9% in the preceding quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.
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TJX Companies, Inc. (The) (TJX): Free Stock Analysis Report
Macy’s Inc (M): Free Stock Analysis Report
J.C. Penney Company, Inc. Holding Company (JCP): Free Stock Analysis Report
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Zacks Investment Research
May 16, 2017 at 11:32PM
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