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Today - Thursday, February 23, 2012
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8:18 AM Media General (MEG) +4.8% premarket after it says it is exploring a sale of its loss-making newspaper operations and has received inquiries from several third parties regarding the potential purchase of some print assets. MEG had a long-term debt of $665M on its books as of Sept. 25, 2011, and has posted a loss in seven of its last eight quarters. [Tech, On the Move] Comment!
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8:11 AM Liberty Global (LINTA) is reportedly considering a bid for Dutch cable firm Ziggo, estimated to be worth €8B ($10.6B). According to Dutch daily De Telegraaf, Liberty Global is the only company capable of buying Ziggo, which is too expensive for strategic buyers because of its advanced network. [Tech, M&A] Comment!
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8:07 AM Citigroup (C) plans to raise up to $2.1B by selling its entire stake in India's Housing Development Finance Corp tomorrow, sources say. Citigroup holds 145M shares, or around a 9.9% stake, and is apparently selling the stake to bolster its capital in light of new banking rules. [Financials] Comment!
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8:05 AM Investor sentiment is little changed from last week, according to the AAII survey, with about 2% getting off the neutral fence - half going to the bulls and half to the bears. Bullish sentiment is at 43.7% against the long-term average of 39%. Bearish, 27.5% against the long-term average of 30%. Comment!
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8:03 AM More on Kohl's (KSS) Q4: Comparable store sales -2.1% Y/Y. E-commerce business crossed $1B mark for full year. Sees EPS of $4.75 in FY12, based on a total sales increase of 4.5% and a comparable store sales increase of 2%. Shares -2.4% premarket. (PR) [Earnings, On the Move] Comment!
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8:01 AM NII Holding(NIHD): Q4 EPS of -$0.05 may not be comparable to consensus of $0.26. Revenue of $1.6B (+4.9% Y/Y) misses by $80M. Shares -1.7% premarket. (PR) [Earnings, On the Move] Comment!
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8:00 AM On the hour: S&P +0.07%. 10-yr -0.2%. Euro +0.35% vs. dollar. Crude +0.39% to $106.69. Gold +0.49% to $1780.05. Comment!
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7:56 AM The average 30-year fixed mortgage rate climbed 6 basis points to a one-month high of 4.16% last week, according to Bankrate. Other benchmarks rose as well, the 15-year up 3 bps to 3.38% and the 5/1 up 9 bps to 3.12%. [U.S. Economy] Comment!
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7:56 AM Target's (TGT) big bet on Canada gets its first test with a temporary store in Toronto that opens today. The company is hoping to hit a sweet spot in Canada's retailing landscape between Harry Rosen and Holt Renfrew on the high end and Zellers and Wal-Mart on the low end. Target's full launch of 135 stores is planned for 2013. [Global & FX, Consumer] Comment!
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7:55 AM Sears Holdings (SHLD): Q4 EPS of $0.54 misses by $0.24. Revenue of $12.48B (-4% Y/Y) in-line with consensus. Will separate its Hometown and Outlets Businesses and certain hardware stores, which will raise $400M-500M. Completing real estate transaction for 11 stores for $270M. (PR) [Consumer, Breaking News, Earnings] 1 Comment
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7:46 AM More on Target (TGT): The company sees 2012 EPS of $4.55-4.75 against consensus $4.28. Q4 comparable-store sales +2.2% Y/Y. Q4 profit margin of 7.8%, down from 7.9% a year ago. Company repurchased $1.9B in shares in 2011, 5.3% of the float. Shares +0.4% premarket. [Earnings, Consumer, On the Move] Comment!
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7:45 AM AerCap Holdings (AER) CEO Aengus Kelly says a "vast" amount of overordering could leave Boeing (BA) and Airbus (EADSY.PK) with too many planes built as buyers decide to pare back. The aircraft-leasing exec questions whether smaller carriers such as Lion Air and Norwegian Air Shuttle bit off more than they can chew with their recent mega-sized orders. [Global & FX] Comment!
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