For Immediate Release
Chicago, IL – December 30, 2011 – Zacks.com announces the list
of stocks featured in the Analyst Blog. Every day the Zacks Equity
Research analysts discuss the latest news and events impacting
stocks and the financial markets. Stocks recently featured in the
blog include Gap Inc. (GPS),
American Eagle Outfitters Inc. (AEO),
The TJX Companies Inc. (TJX), Noble
Energy Inc. (NBL) and Noble
Corporation (NE).
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Here are highlights from Thursday’s Analyst
Blog:
Is Turnaround in the Cards for
Gap?
Holiday sales figure is bringing a broad smile back to majority
of soft-line retailers. However, can Gap
Inc. (GPS) join the pool of retailers who are
currently cheering the holiday sales?
Sadly, the company is caught up with several challenges during
this busiest shopping season of the year. Adding to the agony is
the disappointing Black Friday sales result of the company.
What remains the drag?
Lackluster sales in North American region have continuously
dragged down Gap’s comparable store sales throughout fiscal 2011.
The company is losing market share against its rivals such
as American Eagle Outfitters Inc. (AEO)
and The TJX Companies Inc. (TJX).
Moreover, the Black Friday weekend did not help the company to
inflate its sales figures in November 2011. However, the company is
taking strategic steps to counter the domestic market
saturation.
Perhaps, a Year to Forget
Since the beginning of fiscal 2011, i.e., February 2011, Gap has
reported a decline in comparable sales in every month, leaving
April and June as an exception. Year-to-date the company has
reported a decline of 3% in comparable sales compared with an
increase of 3% during the same period in fiscal 2010. Accordingly,
Gap’s year-to-date net sales declined 1% year-over-year to $11.73
billion.
During the last three quarters of fiscal 2011, the company’s
declining comparable sales has negatively impacted its quarterly
performance. Comparable sales in first quarter declined 3%, which
resulted in a decline of approximately 11% in earnings per share.
During second quarter, Gap’s earnings per share declined
approximately 3%, primarily due to a decline of 2% in comparable
sales. The third quarter was also not a happy tale for the company,
as its comparable sales fell massively by 5%, dragging earnings per
share down by 21%.
Strategic Moves
In an effort to improve customer experience and enhance
productivity per square footage, the company intends to
strategically close and consolidate square footage at Gap and Old
Navy brands. Gap wants to strategically reduce its Gap North
America store counts to 950 by the end of fiscal 2013, consisting
700 specialty stores and approximately 250 outlets.
Contrary to this, the company is planning aggressively to expand
its international and franchise business. The company intends to
triple the Gap store count in China from 15 to approximately 45
during the next 12 month period. Moreover, the company is
anticipating opening a total of 60 new franchise stores by the end
of fiscal 2011, of which it has already opened 33.
Moreover, in a drive to boost its international operations, Gap
consolidated its foreign business under one division in London.
Lackluster sales in North America compelled the company to explore
the overseas market. In order to counter the domestic market
saturation, Gap is aiming to generate 30% of total sales from
overseas operations and online business by 2013. To achieve this
end, Gap has opened stores in China, Italy and Australia, and has
launched the e-commerce business in more than 90 markets, which are
expected to further strengthen its top- and bottom-lines, moving
forward.
Conclusion
We believe that the company’s long-term strategic moves along
with disciplined cost management measures will not only provide
financial flexibility, but will also help to drive value
proposition. Moreover, Gap’s globally recognized brands complement
one another, enabling it to leverage its position in the
sector.
Currently, Gap’s shares maintain a Zacks #2 Rank, which
translates into a short-term ‘Buy’ rating. Our long-term
recommendation on the stock remains Neutral.
Noble Hits Nat Gas Offshore Cyprus
Independent oil and gas producer Noble Energy
Inc. (NBL) made an offshore natural gas discovery in
the Republic of Cyprus. The discovery was made in Cyprus Block 12
which covers an area of 40 square miles (103.6 square
kilometers).
The Cyprus A-1 well was spud at a total depth of 19,225 feet
(5,859.8 meters) including water depth of 5,540 feet (1,688.6
meters). This resulted in a find of 310 feet of net natural gas pay
in multiple high-quality Miocene sand intervals. Noble Energy
expects the reserves to hold 5–8 trillion cubic feet (Tcf) of
gas.
Noble Energy has been active in this region and has leveraged
its existing infrastructure to carry out the necessary drilling
activity offshore Cyprus. In September 2011, Noble Energy decided
to move Noble Corporation’s (NE) Homer
Ferrington drilling rig from its Noa prospect offshore Israel and
deployed it for drilling in the Cyprus A project.
The discovery made in the Levant Basin, located in the eastern
Mediterranean region, is estimated to hold 122 Tcf of recoverable
natural gas. Noble Energy and its partners have been successfully
working in this region and the current discovery is the fifth of
its kind, taking the total tally thus far to 33 Tcf of natural
gas.
Noble Energy will be the operator of the well with a 70% working
interest. The other partners will be Delek Drilling and Avner Oil
Exploration having 15% working interest each in the well.
We believe as we move ahead the demand for natural gas will
increase due to its clean burning nature. It is undisputedly an
environmentally cleaner substitute for coal for the generation of
power. Besides, we also feel the strategic location of the natural
gas finding will allow the company to cater to the increasing
demand of European and Asian countries and boost the company’s
fortunes in the near future.
Noble Energy holds a Zacks #2 Rank, which is equivalent to a Buy
rating for a period of one to three months.
Based in Houston, Texas, Noble Energy operates internationally
and engages in the acquisition, exploration, development,
production, and marketing of crude oil, natural gas and natural gas
liquids.
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AMER EAGLE OUTF (AEO): Free Stock Analysis Report
GAP INC (GPS): Free Stock Analysis Report
NOBLE ENERGY (NBL): Free Stock Analysis Report
NOBLE CORP (NE): Free Stock Analysis Report
TJX COS INC NEW (TJX): Free Stock Analysis Report
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TJX Companies (NYSE:TJX)
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