Invesco S&P Midcap 400 Pure Value ETF (ARCA: RFV)

에 대한 최신 뉴스 Invesco S&P Midcap 400 Pure Value ETF (ARCA:RFV)

Invesco S&P Midcap 400 Pure Value ETF

Guggenheim S&P Midcap 400 Pure Value ETF

Consumer Cyclical

Financial Services

Industrials

Technology

Consumer Defensive

Energy

Basic Materials

Real Estate

Healthcare

Utilities

Communication Services

The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. The Underlying Index is composed of a subset of securities from the S&P MidCap 400 Index (the Parent Index) that exhibit strong value characteristics. First, each security in the Parent Index is assigned two style scores – one for value and one for growth – based on the characteristics of the issuer.

Avnet Inc

Synnex Technology International Co

Pbf Energy Inc-class A

Macy'S Inc.

United States Steel Corp Common Stock

Jones Lang Lasalle Inc.

Tenet Healthcare Corp.

Arrow Electronics Inc.

Mastec Inc

Nordstrom Inc.

Earnings

Equities

Mid Cap

News

Guidance

Movers

General

Rydex ETF Trust S&P Midcap 400 Pure Value ETF

WBIY

메이시스(NYSE:M)의 주가는 회사가 독립적인 조사를 완료할 수 있도록 2024년 3분기 실적 발표와 컨퍼런스 콜을 연기한 후 월요일 큰 폭 하락했다. 앞서 이 회사는 2024년 11월 26일 화요일에 3분기 매출 및 이익 결과를 보고할 계획이었다.

메이시스, $1억 5,400만 회계 스캔들 조사로 3분기 실적 보고 지연; 주식 가격 하락

허츠: 높은 차량 유지 비용과 유동성 문제로 인해 등급 하향 조정, 주가 하락

The Goodyear Tire &amp; Rubber Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GT#NASDAQ">GT</a>) shares are trading flat premarket on Wednesday. On Tuesday, the company entered a deal to sell its Dunlop brand to Sumitomo Rubber Industries (SRI) for cash <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/n42865505/goodyear-announces-sale-of-dunlop-brand-to-sumitomo-rubber-industries" rel="noreferrer noopener">proceeds of around $701 million</a>.
The purchase amount covers the brand transfer across Europe, North America, and Oceania, a transition support fee, and Dunlop tire inventory purchase.
The deal also includes ongoing offtake, licensing, and other commercial arrangements.
Dunlop brand includes trademarks and related intangible assets for consumer, commercial, and specialty tires across Europe, North America, and Oceania.
As per the deal, Goodyear will continue producing and distributing Dunlop consumer tires in Europe until at least December 31, 2025, paying royalties to SRI while retaining all profits.
The agreement automatically extends through December 31, 2026, unless mutually terminated earlier, giving SRI time to scale its operations.
Post-TLA, Goodyear will supply SRI with a minimum of 4.5 million Dunlop tires annually for five years under the Transition Offtake Agreement, with SRI able to terminate after three years, subject to a fee. Goodyear will earn a markup on each tire sold.
Goodyear will also retain rights to the Dunlop motorcycle tire brand in Europe and Oceania and license back Dunlop trademarks for commercial tires in Europe.
The transaction, expected to close by mid-2025, is subject to regulatory approvals, customary closing conditions, and consultations.
Goodyear plans to use the proceeds to reduce debt and support initiatives under its Goodyear Forward transformation plan.
The transaction is expected to reduce Goodyear&#8217;s segment operating income by $65 million annually during the TOA, excluding benefits from debt repayment and other initiatives.
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P Midcap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action: GT shares were up 0.23% at $8.85 premarket at the last check Wednesday.
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Photo via Shutterstock.

Asset Sales

Small Cap

Dunlop Brand Changes Hands: Goodyear Strikes $701 Million Deal with Sumitomo To Power Forward Plan

Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) shares are trading lower premarket on Monday after the company delayed its earnings release and conference call regarding the&nbsp;third quarter&nbsp;of 2024 to allow for <a target="_blank" href="https://www.benzinga.com//node/42159940" rel="noreferrer noopener">the completion of an independent investigation.</a>
Earlier, the company planned to report its&nbsp;third-quarter&nbsp;sales and earnings results on <a target="_blank" href="https://www.benzinga.com//node/41824312" rel="noreferrer noopener">Tuesday, November 26, 2024.&nbsp;</a>
Accounting Error: Macy&#8217;s disclosed that an internal investigation revealed that an employee intentionally concealed $132 million-$154 million in delivery expenses from fourth-quarter 2021 to third-quarter 2024. During this same time period, the company recognized approximately&nbsp;$4.36 billion&nbsp;of delivery expenses.&nbsp;
There was no impact on cash management or vendor payments and the employee is no longer with the company, and no other employees were involved.
Preliminary&nbsp;Q3 Results: Meanwhile, the company reported preliminary&nbsp;third-quarter results, with a 2.4% decline in net sales to $4.742 billion (consensus $4.72 billion), with comparable sales down 2.4% on an owned basis and 1.3% on an owned-plus-licensed-plus-marketplace basis.
The company&#8217;s weaker performance in non-First 50 locations, the digital channel, and cold weather categories offset the growth in Macy&#8217;s First 50 locations, Bloomingdale&#8217;s, and Bluemercury.
Macy&#8217;s reported a 2.0% decline in go-forward business comparable sales on an owned basis and a 0.9% decline, including licensed and marketplace sales.
Also, the company saw a 3.1% drop in Macy&#8217;s&nbsp;nameplate net sales, with comparable sales down 3.0% owned and 2.2% on an owned-plus-licensed-plus-marketplace basis, driven by strong performances in fragrances, dresses, and active apparel.
Meanwhile, Bloomingdale&#8217;s net sales rose 1.4%, with comparable sales up 1.0% on an owned basis and 3.2% including licensed and marketplace sales, driven by strength in contemporary apparel, beauty, and digital.
Bluemercury saw a 3.2% increase in net sales and 3.3% growth in comparable sales on an owned basis, marking the fifteenth consecutive quarter of growth, with strong customer demand for skincare products.
Merchandise inventories increased 3.9% year-over-year, driven by better inventory composition and supply chain efficiencies, with about half of the increase attributed to the conversion to cost accounting.
Heading into the fourth quarter, the company believes it has the right <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">level of newness for the holiday season</a>.
As of the end of third-quarter, the company had $315 million in cash and cash equivalents, with $2.77 billion of available borrowing capacity.
Asset sale gains of $66 million were $61 million higher than last year, led by the monetization of non-core assets under the company&#8217;s Bold New Chapter strategy.
The company expects to report its full&nbsp;third-quarter&nbsp;results and hold its earnings conference call, where it will provide its&nbsp;fourth-quarter&nbsp;and <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">full-year outlooks, by December 11, 2024.</a>
Tony Spring, chairman and chief executive officer of Macy&#8217;s, said, &#8220;Our Macy&#8217;s First 50 locations achieved their third consecutive quarter of comparable sales growth. At the same time, our luxury brands, Bloomingdale&#8217;s and Bluemercury, reported positive comparable sales. Importantly, November comparable sales are trending ahead of third quarter levels across nameplates.&#8221;
In September, Macy&#8217;s planned to hire over 31,500 seasonal employees across Macy&#8217;s, Bloomingdale&#8217;s, and Bluemercury<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40955083/holiday-opportunity-macys-plans-to-hire-31-500-seasonal-workers" rel="noreferrer noopener"> stores and distribution centers</a>.
Investors can gain exposure to the stock via WBI Power Factor High Dividend ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBIY#NYSE">WBIY</a>) and Invesco S&amp;P Midcap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action: M shares are down 3.07% at $15.80 premarket at the last check Monday.
Photo via Shutterstock
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</ul>

Macy's Delays Q3 Earnings Report Amid Investigation Over $154M Accounting Scandal; Stock Dips

MasTec, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTZ#NYSE">MTZ</a>) shares are trading higher on Friday after the company provided a solid fourth-quarter outlook and raised its <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41665296/mastec-announces-third-quarter-2024-financial-results-and-increases-guidance-for-the-year" rel="noreferrer noopener">FY24 adjusted EPS&nbsp;guidance</a>.
On Thursday, the company reported&nbsp;revenue of $3.25 billion, missing the consensus of $3.42 billion.
The company&#8217;s 18-month backlog as of September&nbsp;30, stood at $13.9 billion, up&nbsp;$1.4 billion&nbsp;from the&nbsp;third quarter&nbsp;of 2023.
Adjusted EBITDA rose to $305.9 million from $271.1 million in the quarter, with margins expanding to 9.4% from 8.3% a year ago.
Adjusted EPS&nbsp;of $1.63&nbsp;topped <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of $1.23</a>.
Operating cash flow for the nine months came in at $649.9 million and net debt stood at $2.14 billion as of September 30.
Paul DiMarco, MasTec&#8217;s Executive Vice President and Chief Financial Officer, said, &#8220;We again significantly exceeded our cash flow targets, generating&nbsp;$278 million&nbsp;of cash flow from operations in the quarter and driving net debt leverage down to 2.2x. The macrotrends in our end markets remain favorable and we will prioritize capital allocation to take advantage of opportunities for growth.&#8221;
Outlook: MasTec sees fourth-quarter adjusted EPS of $1.29 versus the consensus of $0.94 and sales of $3.325 billion<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> against the estimate of $3.318 billion</a>.
MasTec raised FY24 adjusted EPS guidance from $3.03 to $3.75 compared to the $3.04 estimate and lowered sales guidance from $12.40 billion to $12.225 billion compared to the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40115879/mastec-announces-second-quarter-2024-financial-results-and-updates-guidance-for-the-year" rel="noreferrer noopener">street view of $12.399 billion</a>.
Investors can gain exposure to the stock via Invesco S&amp;P Midcap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>) and SHRT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHRT#NYSE">SHRT</a>).
Price Action: MTZ shares are up 10.6% at $135.88 at the last check Friday.
Image via Shutterstock
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<li><a href="https://www.benzinga.com//node/41683914" target="_blank" rel="noreferrer noopener">Exxon Q3 Earnings: $11.3 Billion Cost Savings, Rising Production, Dividend Hike And More</a></li>
</ul>

Large Cap

Tidal ETF Trust Gotham Short Strategies ETF

SHRT

Why Is Infrastructure Construction Company MasTec Stock Surging Today?

Dollar General Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) and Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) shares traded slightly <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">higher on Tuesday morning.</a>
This holiday season, Dollar General said it is launching a holiday toy guide packed<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41327052/dollar-general-unwraps-holiday-cheer-with-added-savings-on-toys" rel="noreferrer noopener"> with deals to delight customers. </a>Featuring top-name brands like Fisher Price and Pokémon, nearly every toy is priced under $20, with most available for $10 or less.
The retailer plans to also launch a digital holiday guide featuring beauty and personal care, pet, electronics, home and apparel gifts.
Also Read: <a target="_blank" href="https://drupal-cloudfront.benzinga.com/markets/equities/24/09/40937873/walmart-steps-up-holiday-game-inflation-free-thanksgiving-meal-returns" rel="noreferrer noopener">Walmart Steps Up Holiday Game, Inflation-Free Thanksgiving Meal Returns</a>
According to a research <a target="_blank" href="https://limelightmarketing.com/expectations-2024-holiday-shopping/" rel="noreferrer noopener">report</a> by Limelight Marketing, the 2024 holiday shopping season is anticipated to be robust, particularly for e-commerce.
Total retail sales are projected to grow by 4.8% year-over-year, underscoring the overall strength of the retail market during the holiday season. Experts forecast a 9.5% increase in online sales compared to 2023, resulting in a total of approximately $271.58 billion.
&#8220;For many families across America, Dollar General is the go-to destination for all holiday needs, offering quality items and savings that help families make the most of the season,&#8221; the company said.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, DG stock has lost over 29% in the past year. Investors can gain exposure to the stock via Pacer Lunt Large Cap Alternator ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALTL#NYSE">ALTL</a>).
Meanwhile, Macy&#8217;s Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) also released its plans for this holiday season.
This season, Macy&#8217;s is launching the Holiday Square by Urbanspace at its <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41328964/experience-the-magic-of-holidays-with-macys-your-ultimate-holiday-guide-to-gift-giving-and-celebra" rel="noreferrer noopener">Herald Square store in New York. </a>The event will run from November 1, 2024, through January 3, 2025
Macy&#8217;s will also have a shop at The Holiday Shops at Bryant Park starting October 25, featuring Macy&#8217;s Thanksgiving Day parade products and gifts.
M stock has gained over 42% in the past year. Investors can gain exposure to the stock via Invesco S&amp;P Midcap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action: DG shares are trading higher by 1.5% to $80.96 at last check Tuesday.
Photo via Shutterstock
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</ul>

Markets

ALTL

Holiday Heat: Dollar General And Macy's Unveil Holiday Strategies

TD SYNNEX Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNX#NYSE">SNX</a>)&nbsp;shares are trading higher on Thursday after the company <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41044537/td-synnex-reports-fiscal-2024-third-quarter-results" rel="noreferrer noopener">reported its&nbsp;third-quarter&nbsp;results</a>.
The Fremont, California-based company reported an adjusted EPS of&nbsp;$2.86,&nbsp;beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">street view of&nbsp;$2.80</a>.
Quarterly revenue of&nbsp;$14.69 billion, up 5.2% Y/Y,&nbsp;exceeded the analyst view of&nbsp;$14.11 billion.
On a constant currency basis, revenue increased 5.6% Y/Y, aided by growth in both the Advanced Solutions and Endpoint Solutions portfolios.
Adjusted gross billings were&nbsp;$20.3 billion&nbsp;in the quarter under review, compared to&nbsp;$18.58 billion&nbsp;in the prior fiscal&nbsp;third quarter.
The adjusted gross profit was&nbsp;$961.05 million, compared to&nbsp;$973.7 million&nbsp;in the prior fiscal&nbsp;third quarter. The adjusted gross margin was&nbsp;6.54%, compared to 6.97%&nbsp;in the last quarter.&nbsp;
Adjusted operating income stood at $393 million vs. $397 million a year ago quarter, with a margin of 2.7% vs. 2.8% in the same period last year.
TD SYNNEX returned&nbsp;$91 million&nbsp;to shareholders through share repurchases and dividends.
Dividend: TD SYNNEX disclosed that its Board of Directors had declared a quarterly cash dividend of $0.40 per common share, payable on October 25 to stockholders of record as of October 11.
Outlook: TD SYNNEX expects fourth-quarter adjusted EPS of $2.80 &#8211; $3.30, <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">compared to the estimated $3.22</a>.
The company projects revenue of $14.9 billion to $15.7 billion, vs. the estimated $15.15 billion.
&#8220;Q3 was a strong quarter, reinforcing our optimism regarding IT market recovery. In particular, we saw significant growth across geographic segments and in both our Endpoint and Advanced solutions businesses. Additionally, gross billings in Q3 grew 9%, coming in above the high end of our range,&#8221; said Patrick Zammit, CEO of TD SYNNEX.
Investors can gain exposure to the stock via&nbsp;Invesco Exchange-Traded Fund Trust II Invesco S&amp;P MidCap 400 Revenue ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RWK#NYSE">RWK</a>) and Invesco S&amp;P Midcap 400 Pure Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action:&nbsp;SNX shares are up 2.17% at $119.84 at the last check Thursday.
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</ul>

TD SYNNEX's Q3: Earnings Beat, Revenue Surge, And IT Market Recovery On The Horizon

Macy&#8217;s, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) disclosed plans to hire more than 31,500 full- and part-time seasonal positions this upcoming holiday season at its Macy&#8217;s, Bloomingdale&#8217;s, and Bluemercury stores,<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40947705/macys-inc-gears-up-to-hire-for-more-than-31-500-seasonal-positions-to-deliver-joyful-holiday-shopp" rel="noreferrer noopener"> as well as its distribution centers</a>.
Macy&#8217;s offers several convenient hiring experiences for candidates, including an online application process that takes as little as five minutes, with most job offers made within 48 hours.
Additionally, the company is holding four nationwide in-person holiday hiring events at all stores and supply chain locations. Times may vary by location.
Danielle Kirgan, Macy&#8217;s, Inc. chief human resources and corporate affairs officer, said, &#8220;We are excited to add more than 31,500 seasonal positions to help us welcome and serve our customers during the holidays.&#8221;
&#8220;Whether they are looking for extra income for the season or the start of a new career in retail, we offer an unmatched culture, competitive pay and fulfilling career opportunities.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40510353/macys-strong-earnings-tempered-by-weak-sales-but-analysts-see-green-shoots-emerging" rel="noreferrer noopener">Macy&#8217;s Strong Earnings Tempered By Weak Sales, But Analysts See &#8216;Green Shoots&#8217; Emerging</a>
Other major U.S. retailers are also stepping up their holiday game. Recently, Target also announced its intention to recruit <a target="_blank" href="https://www.benzinga.com/news/24/09/40878577/target-set-to-recruit-100k-seasonal-employees-despite-anticipated-slow-holiday-sales" rel="noreferrer noopener">approximately 100,000 seasonal employees</a>.
Apart from this, this month,&nbsp;Bath &amp; Body Works also disclosed plans to hire 30,000 seasonal employees.
Investors can gain exposure to Macy&#8217;s via Invesco S&amp;P Midcap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action: M shares are trading higher by 0.07% at $15.34 premarket at the last check Friday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Management

Holiday Opportunity: Macy's Plans To Hire 31,500 Seasonal Workers

Nordstrom, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JWN#NYSE">JWN</a>) shares are trading higher on Thursday. Goldman Sachs analyst Brooke Roach comments on the recent news of Nordstrom&#8217;s acquisition proposal by the Nordstrom family and El Puerto de Liverpool.
On Wednesday, the Nordstrom founding family made an offer to&nbsp;take the company private by acquiring all outstanding shares they do not already <a target="_blank" href="https://www.benzinga.com/news/24/09/40707836/nordstrom-stock-volatile-after-founding-family-offers-to-take-department-store-private" rel="noreferrer noopener">own for $23 per share in cash</a>.
The Nordstrom family group reportedly sent a non-binding letter to the special committee proposing a transaction that involves forming a new entity to buy the department store chain.
The Nordstrom family had earlier made attempts&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/03/37826028/nordstrom-stock-pops-as-founding-family-looks-to-take-retailer-private-the-details" rel="noreferrer noopener">to take the company private.</a>
The recent effort comes about six years after the founding family&#8217;s&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/18/03/11398292/nordstrom-terminates-go-private-talks-now-what" rel="noreferrer noopener">previous attempt</a>&nbsp;to take the U.S. department store operator&nbsp;private.
The analyst writes that real estate value is a key consideration, as evidenced by past department store transactions, such as the recently ended talks between Macy&#8217;s <a target="_blank" href="https://www.benzinga.com//node/39773198" rel="noreferrer noopener">and an investor buyout group.</a>
The analyst forecasts EPS of $1.98 in FY25, $2.05 in FY26, and $2.09 in FY27.
Last month, Nordstrom reported quarterly earnings of 96 cents per share, which beat the analyst <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40588492/nordstrom-stock-rallies-on-strong-q2-earnings-details" rel="noreferrer noopener">consensus estimate of 71 cents by 35.21%</a>.
Investors can gain exposure to the stock via Invesco Exchange-Traded Fund Trust II Invesco S&amp;P Ultra Dividend Revenue ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDIV#NYSE">RDIV</a>) and Invesco S&amp;P Midcap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action: JWN shares are up 0.24% at $22.84 at the last check Thursday.
Photo via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

RDIV

What's Going On With Nordstrom Shares Thursday?

Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) shares are trading lower after the company reported a<a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40484046/macys-q2-earnings-revenue-miss-points-to-challenging-environment-cuts-2024-forecast" rel="noreferrer noopener"> second-quarter revenue miss</a>.
The fashion retailer reported second-quarter sales of $4.94 billion, missing the&nbsp;consensus of $5.12 billion, and adjusted EPS of $0.53, exceeding the consensus of $0.29.
The department store operator said it now anticipates 2024 net sales of $22.1 billion-$22.4 billion, which is lower than the $22.3 billion-$22.9 billion expected earlier and <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">down from 2023 sales of $23.09 billion</a>.
Goldman Sachs analyst Brooke Roach writes that Macy&#8217;s disappointing results and reduced full-year sales and comp forecasts are concerning.
Despite strong profitability and EPS protection, the slowing comp trends across all banners will likely worry investors, especially compared to other retail formats with stable comp trends, adds the analyst.
Roach says that the updated profit outlook includes slightly higher credit revenue and asset sale gains.
On today&#8217;s call, the analyst seeks further details on the extent of the slowdown across banners, including QTD insights as Macy&#8217;s progresses through the early back-to-school season.
The analyst says they seek to understand Macy&#8217;s confidence in achieving the revised outlook in a weaker macro environment, its stance on promotional intensity plans for improving inventory health, and opportunities for expanding First 50 initiatives, which have shown positive comps this quarter.
The analyst rated the company <a target="_blank" href="https://www.benzinga.com/quote/M/analyst-ratings" rel="noreferrer noopener">Buy with a price target of $23.</a>
Macy&#8217;s stock has gained around 5%&nbsp;in the last 12 months. Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P MidCap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>) and&nbsp;Invesco Exchange-Traded Fund Trust II Invesco S&amp;P MidCap 400 Revenue ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RWK#NYSE">RWK</a>).
Price Action: M shares are down 12.6% at $15.50 at the last check Wednesday.
Photo via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Analyst Color

Price Target

Reiteration

Analyst Ratings

Trading Ideas

Macy's Ability To Achieve Revised Outlook Amid Weak Macro Environment Is Doubtful: Analyst

Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) shares are trading lower after the company announced today that it has terminated discussions with Arkhouse Management Co. LP and Brigade Capital Management, LP, citing the proposal does not provide compelling value.
The decision comes after months of engagement without reaching an actionable proposal with certainty of financing and compelling value.
Macy&#8217;s Board and management team have engaged with <a target="_blank" href="https://www.benzinga.com/m-a/23/12/36169920/investor-group-pitches-5-8-billion-acquisition-proposal-for-macys" rel="noreferrer noopener">Arkhouse and Brigade since December 2023.</a> In March 2024, a confidentiality agreement was signed to facilitate due diligence after an increased proposal <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37449882/why-is-department-store-chain-macys-stock-surging-today" rel="noreferrer noopener">from $21.00 to $24.00 </a>per share, with potential for further increase upon access to detailed diligence.
Macy&#8217;s spent hundreds of hours <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37843172/macys-opens-financial-records-to-arkhouse-brigade-report" rel="noreferrer noopener">addressing extensive diligence requests</a>, providing detailed documents, and permitting contact with over a dozen financing sources.
Despite this, Arkhouse and Brigade failed to deliver a definitive, fully financed proposal by the agreed deadline, said the retailer.
On June 26, 2024, Arkhouse and Brigade submitted a &#8220;check in&#8221; <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39645354/whats-going-on-with-department-store-major-macys-shares-on-friday" rel="noreferrer noopener">letter with a $24.80 per share offer</a>, which the Board found insufficient.
The accompanying financing papers lacked the certainty needed for a viable offer, leading to the termination of discussions.
The Board found the financing commitment letters highly conditional and not meeting the necessary standards.
They required further extensive diligence, including third-party appraisals of over 140 store and distribution center locations, which was deemed unacceptable.
Macy&#8217;s will now concentrate on executing its &#8220;A Bold New Chapter&#8221; strategy to enhance shareholder value, moving forward from the stalled acquisition discussions.
The company plans to share additional details on the progress underway as part of its&nbsp;second-quarter&nbsp;2024 earnings report next month.
Macy&#8217;s stock has gained more than 2% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P MidCap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>) and SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>).
Price Action: M shares are trading lower by 15% at $16.22 at last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Why Is Department Store Chain Macy's Stock Getting Battered Today?

Shares of department store chain Macy&#8217;s Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) are <a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">rising in premarket today</a>. An investor group aiming to purchase Macy&#8217;s has reportedly increased its bid for the second time after previous offers failed.
Arkhouse Management and Brigade Capital Management recently raised their proposal by approximately $300 million, <a target="_blank" href="https://www.wsj.com/business/deals/investor-group-raises-macys-buyout-offer-again-69988d03" rel="noreferrer noopener">reported </a>The Wall Street Journal.
The new bid values Macy&#8217;s stock at $24.80 per share, totaling around $6.9 billion, according to people who spoke to the Wall Street Journal.
In March, Arkhouse and Brigade increased their offer to $24 per share, or about $6.6 billion, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37449882/why-is-department-store-chain-macys-stock-surging-today" rel="noreferrer noopener">up from the $21-per-share proposal submitted in December.</a>
Macy&#8217;s shares closed at $17.93 on Wednesday, giving the company a market value of nearly $5 billion.
Related Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39544821/target-tightens-shoplifting-rules-reduces-threshold-to-50-report" rel="noreferrer noopener">Target Tightens Shoplifting Rules, Reduces Threshold To $50: Report</a>
In April, Macy&#8217;s appointed two independent directors, concluding a proxy battle with Arkhouse, which had sought to replace most of the board.
Macy&#8217;s announced that its board was engaging with Arkhouse and Brigade on their buyout proposal, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37843172/macys-opens-financial-records-to-arkhouse-brigade-report" rel="noreferrer noopener">providing confidential information for due diligence.</a>
Macy&#8217;s reported a decline in <a target="_blank" href="https://www.benzinga.com/news/earnings/24/05/38939266/macys-q1-surprises-with-profit-beat-and-upgraded-outlook-amid-sales-challenges-heres-the-scoop" rel="noreferrer noopener">first-quarter sales in late May</a>, which missed Wall Street&#8217;s expectations.
The company, under CEO Tony Spring, who took over in February, updated its outlook for the year.
Investors can gain exposure to the stock via Invesco S&amp;P MidCap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>) and SPDR S&amp;P Retail ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRT#NYSE">XRT</a>).
Price Action: M shares are trading higher by 8.59% at $19.47 in premarket at least check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/07/39613518/walmart-explores-sale-of-closed-health-clinics-to-recoup-investments-report" target="_blank" rel="noreferrer noopener">Walmart Explores Sale Of Closed Health Clinics To Recoup Investments: Report</a></li>
</ul>

Media

What's Going On With Department Store Major Macy's Shares On Friday?

Lithia Motors, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAD#NYSE">LAD</a>) shares are trading lower today. The company revealed its expansion in the U.S. Southeast Region through the purchase of stores that are expected to generate <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39266950/lithia-driveway-expands-retail-network-in-us-southeast-region" rel="noreferrer noopener">over $240 million in annualized revenue</a>.
In particular, the company purchased Sunrise Chevrolet Buick GMC in Collierville and Sunrise Buick GMC in Wolfchase, both in Memphis, Tennessee, and Woodbridge Hyundai in Greater Toronto.
The prominent Sunrise stores in Tennessee represent Lithia Motors&#8217; entrance into the Memphis market, enhancing its footprint in the nation&#8217;s most lucrative region.
Additionally, the Woodbridge Hyundai site will utilize an existing owned facility, paving the way for solid returns.
With these additions, the company&#8217;s total year-to-date expected annualized revenue from acquisitions surpasses $5.6 billion. The company financed these acquisitions through existing on-balance sheet capacity.
Recently, Lithia &amp; Driveway unveiled a $350 million augmentation to its share repurchase authorization sanctioned by its Board of Directors, which raises the total funds allocated for <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39155276/lithia-driveway-increases-share-repurchase-authorization" rel="noreferrer noopener">future repurchases to about $660 million</a>.
Investors can gain exposure to the stock via Invesco S&amp;P Midcap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>) and Invesco S&amp;P MidCap Value With Momentum ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XMVM#NYSE">XMVM</a>).
Price Action: LAD shares are down 1.15% at $256.885 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

XMVM

Lithia Motors Accelerates Southeast Growth: Acquisitions To Generate Over $240M Annually

Adient Plc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADNT#NYSE">ADNT</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading lower on Friday.</a>
The firm reported&nbsp;second-quarter&nbsp;adjusted earnings per share of 54 cents,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/n38609036/adient-reports-strong-q2-financial-results-provides-update-to-fy24-outlook" rel="noreferrer noopener">beating&nbsp;the street view&nbsp;of&nbsp;42 cents</a>.
Quarterly sales of $3.750 billion missed the analyst consensus of $3.787 billion. Sales fell over 4%&nbsp;year over year, owing&nbsp;to&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">low volumes and FX headwinds.</a>
The company reported adjusted EBITDA of&nbsp;$227 million, up&nbsp;$12 million&nbsp;year over year. Adjusted EBITDA margin expanded by 60 basis points to 6.1%.
Margins increased&nbsp;on the back of&nbsp;freight efficiencies and lower engineering and administrative&nbsp;spend.
Gross and net debt totaled $2.5 billion and $1.6 billion, respectively, as of March 31. The company exited the quarter with cash and equivalents of $905 million.
Adient&nbsp;announced restructuring charges worth $125 million in the quarter. The company sees $60 million in reduced annual operating costs from this activity, of which 80% will result in net savings. The full benefits are expected by 2027.
Adient lowers FY24 sales outlook to $14.8 billion-$14.9 billion from $15.4 billion-$15.5 billion&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">(Estimate: $15.47 billion).</a>&nbsp;The company sees adjusted EBITDA of $900 million-$920 million from the prior ~$985 million.
The outlook&nbsp;is lowered, recognizing&nbsp;slow&nbsp;ramp of launches, adverse customer mix, and softer electric vehicle production in the Americas and&nbsp;EMEA.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, ADNT stock has lost over 19% in the past year. Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P Midcap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action: ADNT shares are trading lower by 8.3% to $27.74 at last check Friday.
Photo via Shutterstock

ADNT

Why Is Automotive Seating Company Adient Stock Falling After Q2 Earnings?

Department store chain&nbsp;Macy&#8217;s Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) has reportedly implemented a new policy, requiring corporate staff to be present in the office twice weekly or face disciplinary measures.&nbsp;
This decision&nbsp;was communicated&nbsp;on Monday, with the company planning to enforce the policy from May 13, reported&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-29/macy-s-cracks-down-on-rto-warns-workers-of-possible-termination?srnd=industries-consumer&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
The decision impacts approximately one-third of Macy&#8217;s corporate workforce, encompassing departments such as merchandising, marketing, and customer and digital teams, the report noted, citing spokesperson Chris Grams.
The employees have&nbsp;been granted&nbsp;a three-month transition period to relocate back to the New York City area.&nbsp;
Failure to comply with the new policy by the deadline may result in disciplinary actions, potentially leading to termination. Previously, Macy&#8217;s remote work policy was less standardized, varying across different teams.
Also See: <a href="https://www.benzinga.com/markets/equities/24/01/36852060/could-ibms-return-to-office-or-else-be-code-for-poor-performance">Could IBM&#8217;s Return To Office &#8216;Or Else&#8217; Be Code For Poor Performance?</a>
This directive from Macy&#8217;s aligns with a broader trend in corporate America, where companies&nbsp;are increasingly emphasizing&nbsp;the importance of physical office presence.&nbsp;
Most white-collar workplaces have opted for hybrid models, combining remote work with in-office attendance.&nbsp;
Macy&#8217;s decision to enforce the mandate comes approximately three months after Tony Spring assumed the position of chief executive officer.&nbsp;
Macy&#8217;s stock gained more than 15% in the last 12 months. Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P MidCap 400 Pure Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>) and&nbsp;Vanguard Total Stock Market Index Fund ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTI#NYSE">VTI</a>).
Price Action: M shares are trading lower by 0.11% at $18.54 in premarket at&nbsp;the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons

Back To The Office: Macy's Reportedly Takes A Stand With In-Person Policy

Hertz Global Holdings, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HRZ#NASDAQ">HRZ</a>) reported first-quarter FY24 sales growth of 1.6% year-on-year to $2.08 billion. Adjusted EPS of $(1.28) missed the analyst consensus<a href="https://www.benzinga.com/markets/equities/24/04/38434391/struggle-for-hertz-continues-as-stock-loses-23-heres-why"> estimate of $(0.44)</a>.
The following are the reactions of various analysts regarding the company's first-quarter earnings.
Goldman Sachs &#8211; Reiterate Sell, slash price target from $7 to $4
Analyst Lizzie Dove noted that Hertz&#8217;s 1Q EBITDA miss has heightened investor concerns, particularly regarding HTZ's First Lien Covenant and its minimum liquidity requirement, which are now increasingly in focus.
Though management expects to refresh the fleet over the next year, the analyst believes cash flow management around the fleet will be the key lever for the company to comply with its covenant requirement.
The analyst's model expects trends to get worse before they get better, with $400 million free cash flow burn in FY24 and does not see a clear catalyst path over the next 12 months.
Vehicle depreciation in 1Q24 increased $588 million, or $339 on a per-unit basis, from 1Q23 and within the $339 per unit increase in the quarter, the company noted that $195 million was related to EVs held for sale.
Of the 20,000 electric vehicles, 10,000 have been sold and the carrying value of the remaining 10,000 have been written down to fair value less costs to sell. Also HTZ decided to sell an additional 10,000 EVs, noted the analyst.
Until there are further proof points on HTZ's ability to turnaround operations and execute on its cost savings strategy, the analyst does not believe HTZ will have sufficient ability to invest meaningfully in the fleet.
BofA Securities &#8211; Downgrade to Underperform from Neutral, slash price target from $9 to $3
According to analyst John P. Babcock, the under performance of HTZ in 1Q was driven by higher fleet costs, which are unlikely to meaningfully subside in the near-term.
Liquidity is also an increasing concern among investors, as HTZ has an older fleet that will need to be refreshed at a time when used vehicles are dropping and new vehicle prices are softening only modestly, noted the analyst.
The analyst said fleet costs are likely to remain above historical levels as used vehicle prices will continue trending lower and that electric vehicle prices are likely to decline further.
With the sizable declines in used vehicle prices, HTZ is collecting fewer proceeds from the sales, the analyst observed.
Rising interest costs in 2024 will limit a potential earnings recovery in 2025, the analyst said.
Morgan Stanley- Reiterate Equal-weight, $9 price target
Analyst Adam Jonas said HTZ posted a surprise negative EBITDA driven by DPU of $592 vs. $342 of Morgan Stanley's expectation as new management appear to be taking more of the up-front pain as they catch up on long overdue mark-to-market on the rental fleet.
Hertz stock lost over 70% in the last 12 months. Investors can gain exposure to the stock via iShares Core S&amp;P Mid-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IJH#NYSE">IJH</a>) and Invesco S&amp;P MidCap 400 Pure Value ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action: HTZ shares were down 5.56% to $4.42 on Friday.
Now Read:<a href="https://www.benzinga.com/short-sellers/24/04/38468155/trumps-stock-loss-means-millions-for-short-sellers-a-lot-of-his-businesses-go-belly-up-quickly"> Trump&#8217;s Stock Loss Means Millions For Short Sellers: &#8216;A Lot Of His Businesses Go Belly Up, Quickly&#8217;</a>
Photo: Shutterstock

Hertz Faces Tough Road Ahead: High Fleet Costs, Liquidity Concerns Trigger Downgrades

TD SYNNEX Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNX#NYSE">SNX</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">shares are rising on Tuesday.</a>
The company reported first quarter adjusted earnings per share of $2.99,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/b37931382/td-synnex-reports-fiscal-2024-first-quarter-results-announces-new-2b-share-repurchase-authorizatio" rel="noreferrer noopener">beating the street view of $2.84</a>.
The company reported quarterly revenue of $13.975 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">missing the analyst view of $14.357 billion.</a>
On a constant currency basis, revenue decreased by 8.3% compared to the prior fiscal first quarter.&nbsp;
Non-GAAP gross billings were $19.3 billion in the quarter under review, compared to $20.2 billion in the prior fiscal first quarter.
First-quarter non-GAAP gross profit was $1.006 billion, compared to $1.011 billion in the prior fiscal first quarter. Non-GAAP gross margin was 7.2%, compared to 6.7% in the prior fiscal first quarter.&nbsp;
The company said it returned $235 million to shareholders in the form of share repurchases and dividends, up 59% from the prior fiscal first quarter.&nbsp;
TD SYNNEX Board of Directors has approved a share repurchase program of up to $2 billion of its common stock, supplementing the existing program of approximately $197 million remaining.&nbsp;
The company declared a quarterly cash dividend of $0.40 per common share. The dividend is payable on April 26, 2024, to stockholders of record as of the close of business on April 12, 2024.
Outlook: TD SYNNEX expects second-quarter revenues of $13.3 billion- $14.9 billion&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus the $14.25 billion estimate.</a>
The company sees adjusted earnings per share of $2.50-$3.00 versus the $2.78 estimate.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, SNX stock has gained 20% in the past year. Investors can gain exposure to the stock via&nbsp;Invesco Exchange-Traded Fund Trust II Invesco S&amp;P MidCap 400 Revenue ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RWK#NYSE">RWK</a>)
&nbsp;and&nbsp;Invesco S&amp;P Midcap 400 Pure Value ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>).
Price Action:&nbsp;SNX shares are trading higher by 5.04% to $110.75 on the last check Tuesday.

TD SYNNEX Up Over 5% After Q1 Earnings: What's Going On?

Previously on the brink with rampant speculation about its ability to survive in a zero revenue environment, Penn National Gaming (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/penn#NASDAQ">PENN</a>) is easily one of this year&#39;s best redemption stories, returning more than 1,700% from its March lows.
What was once a sub-$4 dollar stock now resides over $70 and if an investor thinks the $80 price target from Rosenblatt Securities on Penn is audacious, try the $85 forecast from Stifel on for size. With sports betting and internet casinos taking off, Penn at $85 over the near-term isn&#39;t a far-flung prospect.
&ldquo;After making a handful of positive changes to our assumptions, we are raising our target price to $85,&rdquo; <a href="https://www.casino.org/news/penn-portnoy-euphoria-continues-as-analysts-sees-85-stock-highest-wall-street-call/">said Stifel analyst Steven Wieczynski</a>. &ldquo;While some would argue PENN shares could be overvalued, we believe they can continue to work, especially into November, as we expect a number of states to pass gaming legislation that should keep the sports betting/iGaming momentum rolling.&rdquo;
Investors looking to play the gaming stock via exchange-traded funds need to be choosy. Here are a few to consider.
See Also: <a href="https://www.benzinga.com/news/20/09/17574792/portnoy-touts-barstool-sportsbooks-top-ranking-in-app-store">Portnoy Touts Barstool Sportsbook&#39;s Top Ranking In App Store</a>
Invesco S&amp;P Spin-Off ETF (CSD)
A surprise fund to lead this list, the Invesco S&amp;P Spin-Off ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/csd#NYSE">CSD</a>) has the largest weight to Penn stock at almost 9%. CSD, which is almost 14 years old, holds spin-offs that occurred over the last four years.
Penn is the only gaming equity featured in CSD&#39;s lineup, but the ETF is an admirable idea for investors looking to place wagers on a rebounding economy as more than three-quarters of the fund&#39;s roster is allocated to cyclical or economically sensitive sectors.
Roundhill Sports Betting &amp; iGaming ETF (BETZ)
One of the great success stories among <a href="https://www.benzinga.com/general/sports/20/09/17552907/the-betz-etfs-will-hershey-on-legal-sports-betting-its-a-gold-rush">this year&#39;s crop of new ETFs</a>, the Roundhill Sports Betting &amp; iGaming ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/betz#NYSE">BETZ</a>) now has almost $130 million in assets under management after launching in June. Penn National is the fourth-largest holding <a href="https://www.roundhillinvestments.com/etf/betz/">in BETZ at 5.75%</a> of the fund&#39;s weight. That&#39;s relevant because....
&ldquo;The question regarding PENN that we get from investors all the time is, &lsquo;Can the momentum trade continue?&rsquo;&rdquo; writes Wieczynski. &ldquo;In our view, the simple answer is yes. At this point, we believe investors have attributed $25-$35 of equity value per share to PENN&rsquo;s Barstool acquisition and the long-term opportunity it could present.&rdquo;
Undoubtedly, BETZ is the ETF most levered to the theme of sports betting expansion, which will happen over the next several months as marquee states, such as Louisiana, Massachusetts and Ohio, among others, potentially join the fray.
Invesco S&amp;P MidCap 400 Pure Value ETF (RFV)
The Invesco S&amp;P MidCap 400&reg; Pure Value ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rfv#NYSE">RFV</a>) has an almost 4% weight to Penn National, putting the ETF third behind CSD and BETZ in terms of exposure to the gaming company. RFV allocates over 28% of its weight to consumer cyclical names, but Penn is the only casino operator in the portfolio. The quibble here is how much of a value stock Penn is with trading at 60.24 times&nbsp;forward earnings.
Disclosure: The author owns shares of Penn National.

Long Ideas

Sector ETFs

Broad U.S. Equity ETFs

Sports

ETFs

BETZ

PENN

3 ETFs With Powerful Penn National Exposure

Mid caps have mostly been overlooked investing options. These securities are viewed as big and safe compared to the highly volatile small-cap exposure. But when compared to the stability of the large caps these are relatively too risky and uncertain.
Below we highlight a few factors why mid-cap ETFs can be intriguing picks right now.
Why Not Large Caps? 
The global market was shocked when President Donald Trump announced last week that the United States will impose a 25% tariff on steel imports and a 10% tariff on aluminum. The very move took the price of immediate delivery of aluminum from warehouses to its highest level in <a href="https://www.ft.com/content/67e3b5b6-2052-11e8-9efc-0cd3483b8b80">three years</a>, as quoted on ft.com. The metal has extensive usage in the candy, car and can industries. The tariff announcement has propelled steel prices to a six-year high.
Now, several exporting countries will likely feel the pinch. The key foreign steel suppliers of the United States are Canada, Brazil, South Korea and Mexico. These countries also import U.S. agricultural products. Hence, with retaliatory measures from affected countries being highly feared, it is better not to have a high focus on large-cap stocks with significant international exposure.
Why Not Small Caps?
Amid the ongoing tumult induced by the proposed tariffs, higher inflationary expectations and rising rate worries, volatility is likely to prevail. This may prove to be a risk to small-cap stocks. The tariffs are likely to result in an increase in raw material cost for manufacturers that use these metals. And along with most market watchers, we too believe that companies will try to pass on some cost escalation to consumers.
With the U.S. economy deriving 70% of its GDP from consumer spending, such a move may prove to be more damaging. Moreover, Trump&#39;s proposed tariffs on imported steel and aluminum will add 33,000 jobs to the concerned sectors, but cost 179,000 jobs in other fields, resulting in <a href="https://www.axios.com/study-job-losses-trump-tariffs-eb2efd8c-b21e-4036-a172-69852bb6e1c2.html">146,000 total job loss</a>. Whatever the case, it is too early to figure out the final impact that the tariffs will leave on the U.S. economy.
Why Mid-Cap Value ETFs?
All in all, the situation is not favorable either for small caps or large caps. So, it is better to take a middle-of the-road approach. Also, after a superb Trump rally in 2017, many securities are guilty of overvaluation. Wall Street too is finding it tough to gain strength this year. In such an erratic market, it is better to add a value quotient to mid-cap picks.
&nbsp;iShares Morningstar Mid-Cap Value ETF JKI
The 189-stock fund has a double-digit weight on Financials, Consumer Discretionary, Utilities and Materials. No stock accounts for more than 1.35% of the fund. It charges 30 bps in fees.
Guggenheim S&amp;P Mid-Cap 400 Pure Value ETF RFV
The 89-stock fund has a double-digit focus on Consumer Discretionary, Financials, Information Technology, Industrials and Energy. No stock accounts for more than 3.39% of the fund, which charges 35 bps in fees.
PowerShares Russell Midcap Pure Value Portfolio PXMV
The 175-stock portfolio is heavy on Financials, Utilities, Real Estate and Consumer Discretionary. The fund charges 39 bps in fees. It also doesn&#39;t have any company concentration risk as the top holding has only 2.10% weight.
Vanguard Mid-Cap Value ETF VOE
The 206-stock fund is heavy on Financials, Consumer Goods, Consumer Services and Industrials. It charges 7 bps in fees.
Vanguard S&amp;P Mid-Cap 400 Value ETF IVOV
The 300-stock fund is heavy on Financials, Industrials, Information Technology and Real Estate. It charges 20 bps in fees.
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IVOV

PXMV

The Time Is Right To Buy Mid-Cap Value ETFs

Retirement is no longer a time for leisure. If low interests on savings were not enough, higher Medicare premiums will now make life worse. As per an article published on Yahoo Finance, &quot;the standard Medicare Part B monthly premium <a href="https://finance.yahoo.com/news/medicare-premiums-increase-many-retirees-2018-164954066.html">will be $134</a> per month in 2018, the same amount as in 2017. But many retirees who have been paying less than the standard rate for the past several years will see a jump in their premiums&quot; (read: <a href="https://www.zacks.com/stock/news/286874/top-sector-etfs-of-2017">Top Sector ETFs of 2017</a>).
So, a smart allocation of assets is needed for retirement. Earlier, retired people used to follow a rule of thumb for asset allocation between stocks and bonds, which said that the stock part of one&#39;s portfolio should equal 100 minus the retiree&#39;s age. For example, if an investor retires at 60, 40% of his total savings would go to stocks and the rest to bonds.
But now, the picture has changed. Interest rates may go up in 2018 as yields could be on an uptrend. So, what one needs is a balanced retirement portfolio made of stocks and bonds so that steady current income can be availed of in a safe manner. While picking stocks, focus on value should be practiced. Below we highlight a few ETF strategies that could be considered in a retirement portfolio with a long-term focus.
Dividend: The First Bet &ndash; 20% of the Portfolio
Tapping dividend ETFs, when considering a stock-based ETF for one&#39;s retirement portfolio, is an intriguing idea as dividends ensure steady income. Within the dividend space, honing in on the &lsquo;dividend aristocrats&#39; could be the most beneficial way to ward off the risks resulting from market volatility. This technique looks upon the fundamental strength of the dividend payers. Dividend Aristocrats are the blue-chip dividend-paying companies that have a long history of hiking dividend payments year over year.
The need for higher yield is also necessary. Investors can have a look PowerShares High Yield Equity Dividend Achievers Portfolio ETF&nbsp;PEY which gives exposure to stocks that are chosen on the basis of dividend yield and consistent growth in dividends. PEY yields about 3.21% annually. Also, yield-seekers may plant their money in&nbsp;PowerShares S&amp;P 500 High Dividend Low Volatility ETF&nbsp;SPHD. The fund yields 3.15% annually.
A Look at Corporate Bond &ndash; 20% Weight
Investors can also consider long-term corporate bond ETFs like&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF&nbsp;LQD for higher yield than treasuries. However, since corporate bonds are riskier in nature, honing in on investment-grade ones is a prerequisite. Investors can also take a look at ProShares Investment Grade-Interest Rate Hedged IGHG as the fund will give protection from rising rate worries. IGHG and LQD yield about 3.07% and 3.13% annually, respectively (read: <a href="https://www.zacks.com/stock/news/283489/vanguard-launches-investmentgrade-corporate-bond-etf-of-etf">Vanguard Launches Investment-Grade Corporate Bond ETF of ETF</a>).
Rely on Wide Moat&nbsp;&ndash; 20% Weight
If you are making a portfolio for retirees, companies that last long or have the &lsquo;wide moat&#39; technique may please you. These stocks have distinguished competitive advantages than those of their peers. These competitive advantages can be of various sorts including brand name, economies of scale and so on. Investors can play this concept via&nbsp;VanEck Vectors Morningstar Wide Moat ETF MOAT and&nbsp;VanEck Vectors Morningstar International Moat ETF&nbsp;MOTI (read:&nbsp;<a href="https://www.zacks.com/stock/news/277031/are-we-nearing-a-bear-market-etfs-to-lean-on">Are We Nearing a Bear Market? ETFs to Lean on</a>).
Value Stock ETFs &ndash; 10% Weight 
After a stellar run in the stock market this year, considering value funds for 2018 may be a nice idea. Cambria Global Value ETF GVAL tracks the Cambria Global Value Index which consists of stocks with strong value characteristics. In the U.S. arena, Guggenheim S&amp;P 400 Mid-Cap Pure Value RFV is a good pick.
A Tilt to Risk &ndash; 15% Weight
While most of the above-mentioned choices are value-driven, which is normally considered for a retirement portfolio, a certain amount of risk may be tested too, especially given the Trump trade. For that, we choose PowerShares DWA Momentum &amp; Low Volatility Rotation Portfolio DWLV.
Diversified Exposure: Go Global&nbsp;&ndash; 15% Weight
As several economies are looking up, a play on the global level seems warranted, but with lesser risk, given occasional geopolitical flareups. iShares Edge MSCI Min Vol Global ETF&nbsp;ACWV is thus our pick for this section (see:&nbsp;<a href="https://www.zacks.com/funds/etfs/etf-categories/World-ETFs-57">all the World ETFs here</a>).
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Specialty ETFs

Personal Finance

ACWV

DWLV

GVAL

IGHG

MOAT

MOTI

SPHD

An ETF Retirement Portfolio For 2018

The current bull market for U.S. stocks turns eight this week, providing investors with an ideal opportunity to look back on some of the best-performing stocks and exchange-traded funds over the past eight years.
This bull market&#39;s best-performing mid-cap ETF is the Guggenheim S&amp;P MidCap 400 Pure Value ETF (NYSE: <a class="ticker" href="/stock/rfv#NYSE">RFV</a>). Since the start of this bull market on March 10, 2009, RFV has produced average annualized returns of just over 27 percent and a cumulative return of 575.4 percent, according to Morningstar data.
<h3>Profiling RFV</h3>
RFV, which debuted in March 2006, follows the S&amp;P MidCap 400 Pure Value Index, the value answer to the widely followed S&amp;P MidCap 400.
&ldquo;S&amp;P Pure Value&nbsp;Indices include only those components of the parent index that exhibit strong value characteristics, and weights them by value score. Constituents are drawn from the&nbsp;S&amp;P MidCap 400,&rdquo; according to <a href="https://us.spindices.com/indices/equity/sp-midcap-400-pure-value">S&amp;P Dow Jones Indices</a>.
While RFV has thwarted competing ETFs that track the traditional S&amp;P MidCap 400 since the start of the current bull market, the Guggenheim ETF has had average annualized volatility of 23.7 percent over that period. That is about 450 basis points than the average annualized volatility found on ETFs that track the S&amp;P MidCap 400. However, RFV has outpaced those ETFs by a wide enough margin that its risk-adjusted returns are superior.
RFV currently holds 98 stocks, or just under a quarter of the membership of the standard S&amp;P MidCap 400. The ETF devotes almost 24 percent of its weight to consumer discretionary stocks and nearly a combined 32 percent to the financial services and technology sectors. No stock accounts for more than 2.5 percent of RFV&#39;s lineup and the ETF&#39;s top 10 holdings combine for just over 16 percent of the fund&#39;s weight.
Investors prescient enough to have invested $10,000 in RFV on March 10, 2009, and still holding the ETF today would be sitting on more than $67,500. The ETF is one of <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/03/9131115/an-etf-star-of-the-bull-market#/null">several Guggenheim offerings</a> found among the 10 best non-leveraged ETFs of this bull market.
Related Link: <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/03/9131115/an-etf-star-of-the-bull-market">An ETF Star Of The Bull Market</a>
Related Link: <a href="https://www.benzinga.com/general/biotech/17/02/9045978/the-new-normal-is-the-current-bull-market-trump-resistant">The New Normal: Is The Current Bull Market Trump Resistant?</a>

Topics

The Bull Market's Best-Performing Mid-Cap ETF

WisdomTree Trust WisdomTree SmallCap Dividend

DODGX

streetTRACKS Dow Jones U.S. Large Cap Value Index Fund

FCNTX

iShares S&P SmallCap 600 Growth Index Fund

iShares Trust Russell Midcap Growth Index Fund

iShares Trust Russell MidCap Value Index Fund

iShare Morningstar Large Growth Index Fund

iShares Morningstar Large Value Index Fund

iShares Morningstar Small Growth Index Fund

PowerShares Dynamic Developed International Opportunities Portfolio

PowerShares ETF Trust International Dividend Achievers Portfolio

PowerShares Exchange Traded Fund Dynamic Mid Cap Portfolio

PowerShares Exchange Traded Fund Dynamic Small Cap Portfolio

PowerShares Exchange Traded Fund Trust Dynamic Mid Cap Value Portfolio

PowerShares Exchange Traded Fund Trust Dynamic Small Cap Growth Portfolio

PowerShares Exchange Traded Fund Trust Dynamic Large Cap Value Portfolio

QQQQ

Rydex ETF Trust S&P Midcap 400 Pure Growth ETF

Rydex ETF Trust Rydex S&P Equal Weight ETF

Rydex ETF Trust S&P Smallcap 600 Pure Growth ETF

SCHA

SCHV

SCHX

National Semiconductor Provides Good Funds in Their Retirement Plan

메이시스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>)의 주가는 회사가 <a href="https://www.benzinga.com//node/42159940" target="_blank" rel="noreferrer noopener" data-google-interstitial="false">독립적인 조사를 완료</a>할 수 있도록 2024년 3분기 실적 발표와 컨퍼런스 콜을 연기한 후 월요일 큰 폭 하락했다.
앞서 이 회사는 <a href="https://www.benzinga.com//node/41824312" target="_blank" rel="noreferrer noopener" data-google-interstitial="false">2024년 11월 26일 화요일</a>에 3분기 매출 및 이익 결과를 보고할 계획이었다.
회계 오류: 메이시스는 내부 조사에서 한 직원이 2021년 4분기부터 2024년 3분기까지 1억 3천 2백만 달러에서 1억 5천 4백만 달러의 운송 비용을 고의로 은폐했다고 밝혔다. 이 기간 동안 회사는 약 43억 6천만 달러의 운송 비용을 인식했다.
현금 관리나 공급업체 지급에는 영향을 미치지 않았으며 해당 직원은 이 회사에 더 이상 근무하지 않으며 다른 직원들은 관련되지 않았다.
3분기 예비 실적: 한편, 이 회사는 3분기 예비 실적을 발표했다. 순매출이 24% 감소하여 47억 4천2백만 달러(컨센서스 47억 2천만 달러)로 집계되었으며, 비교 매장 매출이 소유 기준으로 24% 감소하고 소유 + 라이센스 + 마켓플레이스 기준으로 13% 감소했다.
비-퍼스트 50 위치, 디지털 채널 및 날씨가 추운 범주에서의 약한 실적이 메이시스 퍼스트 50 위치, 블루밍데일스(Bloomingdale's) 및 블루머큐리(Bluemercury)의 성장세를 상쇄했다.
메이시스는 소유 기준으로 2.0%의 비교 매장 매출 감소와 라이센스 및 마켓플레이스 매출 포함 기준으로 0.9% 감소를 보고했다.
또한, 메이시스 브랜드의 순매출이 3.1% 감소하였고, 동등 매출은 소유 기준으로 3.0% 및 소유 + 라이센스 + 마켓플레이스 기준으로 2.2% 감소하였다. 이는 향수, 드레스 및 액티브 의류에서의 강력한 실적에 기인한다.
한편, 블루밍데일스의 순매출은 1.4% 증가하였고, 소유 기준으로 비교 매장 매출이 1.0% 및 라이센스 및 마켓플레이스 매출 포함 기준으로 3.2% 증가하였다. 이는 현대 의류, 뷰티 및 디지털 부문에서의 강세에 기인한다.
블루머큐리는 순매출이 3.2% 증가하였고, 소유 기준 비교 매장 매출이 3.3% 성장하여 15분기 연속 성장세를 기록했다. 이는 스킨케어 제품에 대한 강한 고객 수요에 기인한다.
상품 재고는 전년 대비 3.9% 증가하였으며, 이는 재고 구성 개선 및 공급망 효율성에 기인한다. 증가의 약 절반은 원가 회계로의 전환에 기인했다.
4분기로 접어들면서 이 회사는 홀리데이 시즌을 위한 적절한 신상품 수준을 확보했다고 믿고 있다.
3분기 말 현재 이 회사는 3억 1천5백만 달러의 현금 및 현금성 자산과 27억 7천만 달러의 사용 가능한 대출 용량을 보유하고 있었다.
자산 매각 이익이 6천6백만 달러로 작년보다 6천1백만 달러 증가하였으며, 이는 회사의 &#8216;Bold New Chapter&#8217; 전략에 따른 비핵심 자산의 수익화에 기인한다.
이 회사는 <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener" data-google-interstitial="false">2024년 12월 11일까지</a> 전체 3분기 실적을 보고하고 실적 컨퍼런스 콜을 개최할 예정이며, 이 자리에서 4분기 및 연간 전망을 제공할 것이다.
토니 스프링(Tony Spring), 메이시스의 회장 겸 CEO는 &#8220;메이시스 퍼스트 50 위치가 동등 매출 성장의 세 번째 연속 분기를 달성했다. 동시에, 우리의 럭셔리 브랜드인 블루밍데일스와 블루머큐리도 긍정적인 동등 매출을 보고했다. 특히, 11월 동등 매출이 브랜드별로 3분기 수준을 초과하고 있다&#8221;고 말했다.
9월에 메이시스는 메이시스, 블루밍데일스 및 블루머큐리 <a href="https://www.benzinga.com/markets/equities/24/09/40955083/holiday-opportunity-macys-plans-to-hire-31-500-seasonal-workers" target="_blank" rel="noreferrer noopener" data-google-interstitial="false">매장과 물류 센터</a>에서 31,500명 이상의 계절 근무자를 고용할 계획이라고 발표했다.
투자자들은 WBI Power Factor High Dividend ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBIY#NYSE">WBIY</a>)와 Invesco S&amp;P Midcap 400 Pure Value ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>)를 통해 이 주식에 대한 노출을 얻을 수 있다.
주가 변동: 메이시스의 주식은 미국 동부 시간 월요일 오후 2시 14분에 2.67% 하락 15.87달러로 거래되었다.
사진 출처: Shutterstock
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허츠 글로벌 홀딩스(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HRZ#NASDAQ">HRZ</a>)의 24회계년도 1분기 매출이 전년 동기 대비 1.6% 증가한 20억 8천만 달러를 기록했다고 보고했다. 조정 주당 손실(EPS)은 1.28달러로 애널리스트 컨센서스 <a href="https://www.benzinga.com/markets/equities/24/04/38434391/struggle-for-hertz-continues-as-stock-loses-23-heres-why">예측치</a>인 0.44달러 손실을 하회했다.
다음은 이 회사의 1분기 실적에 대한 여러 애널리스트들의 반응이다.
골드만삭스 &#8211; 매도 유지, 목표가 7달러에서 4달러로 하향 조정
애널리스트 리지 도브(Lizzie Dove)는 허츠의 1분기 EBITDA 손실이 투자자들의 우려를 높였다고 언급했으며, 특히 HTZ의 선취권 계약(First Lien Covenant)과 최소 유동성 요건에 대한 우려를 더욱 커졌다고 덧붙였다.
경영진은 내년에 차량을 교체할 것으로 예상하지만 이 분석가는 차량과 관련된 현금 흐름 관리가 이 회사의 이 계약 요구 사항을 준수하는 데 핵심이 될 것으로 보고있다.
이 분석가의 모델은2024회계연도에 4억 달러의 잉여 현금 흐름이 소진되어 향후 12개월 동안 명확한 촉매 경로가 보이지 않는 등 추세가 좋아지기 전에 악화될 것으로 예상한다.
1분기의 차량 감가상각비는 전년 동기 대비 5억 8,800만 달러, 즉 대당 기준으로 339달러 증가했으며, 해당 분기의 대당 339달러 증가 내에서 회사는 1억 9,500만 달러가 판매용 EV와 관련이 있다고 언급했다.
전기차 20,000대 중 10,000대는 판매되었으며, 나머지 10,000대의 장부금액은 순공정가치로 감액되었다. 또한 HTZ는 추가로 10,000대의 EV를 판매하기로 결정했다고 이 분석가는 말했다.
이 분석가는 HTZ의 운영 전환 능력과 비용 절감 전략 실행 능력에 대한 추가 증거가 나올 때까지 HTZ가 해당 차량에 의미 있게 투자할 수 있는 충분한 능력을 갖추지 못할 것이라고 보고있다.
BofA 증권 &#8211; 중립에서 비중축소로, 목표가 9달러에서 3달러로 하향 조정
분석가 존 밥콕(John P. Babcock)에 따르면 1분기 HTZ의 저조한 실적은 높은 차량 비용으로 인해 발생했으며 이는 단기적으로 의미 있게 줄어들 가능성이 낮다.
이 분석가는 HTZ가 중고차 가격이 하락하고 신차 가격이 소폭 하락하는 시기에 교체해야 하는 노후 차량을 보유하고 있기 때문에 유동성에 대한 투자자들의 우려도 커지고 있다고 지적했다.
이 분석가는 중고차 가격이 계속해서 하락세를 보이고 전기차 가격도 추가 하락할 가능성이 높기 때문에 차량 비용이 역사적 수준보다 높게 유지될 가능성이 있다고 말했다.
중고차 가격의 감소로 인해 HTZ는 판매로부터 더 적은 수익을 거두고 있다고 이 분석가가 지적했다.
2024년에는 급증하는 이자비용이 2025년 잠재적인 실적 회복을 제한할 것이라고 그가 말했다.
모건 스탠리 &#8211; 비중 유지, 목표가 9달러
분석가 아담 조나스(Adam Jonas)는 HTZ가 DPU에 의해 모건 스탠리의 기대치인 342달러 대비 592달러라는 놀라운 마이너스 EBITDA를 기록했다고 말했다. 이는 새로운 경영진이 오랫동안 지연된 임대 차량의 시장 평가액을 따라잡으면서 초기 고통을 더 많이 감수하는 것으로 보이기 때문이다.
지난 12개월간 HTZ의 주식은 70% 이상 하락했다. 투자자들은 iShares Core S&amp;P Mid-Cap ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IJH#NYSE">IJH</a>)와 Invesco S&amp;P MidCap 400 Pure Value ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RFV#NYSE">RFV</a>)를 통해 이 주식에 노출될 수 있다.
주가 움직임: 금요일 HTZ 주식은 5.56% 하락한 4.42달러에 거래를 마쳤다.
이제 읽어보세요:<a href="https://www.benzinga.com/short-sellers/24/04/38468155/trumps-stock-loss-means-millions-for-short-sellers-a-lot-of-his-businesses-go-belly-up-quickly"> 트럼프의 주식 손실, 단기 매매자들에게 백만 달러의 이득을 준다</a>
사진: 셔터스톡

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Invesco S&P Midcap 400 Pure Value ETF

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