Former FBI Director James Comey’s testimony on Thursday backed up some of the anonymous-sourced news reports about the FBI, but Comey took exception to one specific New York Times story from February.
“In the main, it was not true,” Comey told the Senate Intelligence Commitee, disputing a February 14 story titled “Trump Campaign Aides Had Repeated Contacts With Russian Intelligence.”
Comey’s comment was part of a broader media critique. But The Times shot back a few hours after his testimony, saying it has found “no evidence that any prior reporting was inaccurate.”
Comey never specified what portions of the story were supposedly wrong.
In a statement, The Times said, “Neither the F.B.I., nor Mr. Comey would comment or elaborate on what Mr. Comey believes to be incorrect. Should they provide more information, we would review that as well.”
At issue is the reliability of anonymous sources and the judgment of news organizations who report information from these sources.
Hot Safest Stocks To Watch For 2018: PVH Corp.(PVH)
- [By Ben Levisohn]
Today, the Wall Street Journal reported that Kate Spade & Co is considering a sale of the company, following pressure from activist investors given the volatile performance ever since Kate Spade became a mono brand company over 2 years ago. The article cites thatKate Spade has hired an investment bank and has reached out to possible buyers (including other retailers) althoughKate Spade has not responded. This comes at a time when brand houses like VF Corp. (VFC), PVH Corp. (PVH), Hanesbrands (HBI), Michael Kors Holdings (KORS), and Coach have said they are looking to make a branded acquisition, andKate Spade could be one of the strongest candidates. While other brands are seeing negative comps, pulling back on wholesale exposure or restructuring,Kate Spade continues to grow.
- [By Chris Lange]
The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Wednesday was PVH Corp. (NYSE: PVH) which jumped 8.5% to $98.55. The stocks 52-week range is $82.10 to $115.40. Volume was 4.3 million which is above the daily average of around 1.2 million shares.
- [By Ben Levisohn]
PVH (PVH) slipped to the bottom of the S&P 500 today as consumer discretionary stocks fell.
Shares of PVH dropped 5.1% to $102.45 today, while the S&P 500 finished little changed at 2,191.95. The S&P 500 Consumer Discretionary Sector index fell 0.6%
PVH reported better-than-expected earnings on Nov. 30, but offered disappointing guidance. In a note released on Dec. 1, Wunderlich analyst Eric Bederkept the faith with the stock:
We are reiterating our Buy rating, $125 price target and FY18 EPS and raising our FY17 EPS to $6.75 (From $6.63) after PVH Corp. (PVH) once again handily beat conservative guidance for 3Q, driven by market share gains in the domestic wholesale business and strong international growth, and provided what we view as conservative guidance for 4Q. We believe the company has continued to make strides in driving solid upside despite material FX and related tourist traffic issues. Further, we believe PVH, with Tommy Hilfiger womens domestic business shifting to a licensed model, should drive further margin upside. We continue to view PVH as a key winner in the apparel segment and believe the company continues to have numerous levers to drive bottom line upside.
PVH’s market capitalization fell to $8.2 billion today, from $8.7 billion yesterday.
- [By Ben Levisohn]
PVH (PVH) soared to the top of the S&P 500 today after its earnings topped the Street consensus.
PVHgained 8.5% to $98.55, while the S&P 500 dipped 0.1% to 2,345.96. The SPDR S&P Retail ETF (XRT) rose 0.8% to $41.21 as it bounced back from losses earlier this week.
Wunderlich’s Eric Beder claims there’s a “worldwide power grab at PVH.” He explains:
We are reiterating our Buy rating and $125 price target and raising our FY18 and FY19 EPS projections after PVH Corp. (PVH) handily registered top and bottom line upside for 4QFY17, driven by international upside at both Tommy Hilfiger and Calvin Klein. Despite continued FX-driven weakness, the international operations registered solid top and bottom line growth, as the company’s fashion brands continue to resonate and take market share. We believe that with strong international results remaining in force into 1Q, PVH is once again positioned to drive solid upside to guidance. Further, we believe the company has continued to take share in the domestic markets. We view PVH as one of the best positioned plays in our universe and reiterate our Buy rating on PVH.
PVH’s market capitalization rose to $7.8 billion today from $7.2 billion yesterday.
Hot Safest Stocks To Watch For 2018: iShares Mortgage Real Estate Capped (REM)
- [By Donald van Deventer]
The latest implied forward rate forecast from Kamakura Corporation shows projected 10-year U.S. Treasury yields differing -0.07% to 0.03% from last week while fixed rate mortgage yields varied by -0.01% to 0.08%. Mortgage yields, determined by the Monday through Wednesday weekly survey of the Federal Home Loan Mortgage Corporation, lag Treasury movements simply because of the 3-day yield calculation used in the Primary Mortgage Market Survey. The 10-year U.S. Treasury yield is projected to rise from 2.92% at Thursday’s close (down 0.06% from last week) to 3.374% (down 0.06% from last week) in one year. The 10-year U.S. Treasury yield in ten years is forecast to reach 4.639%, 1 basis point lower than last week. The 15-year fixed rate mortgage rate is forecast to rise from the effective yield of 3.69% on Thursday (down 0.001% from last week) to 4.222% (down 0.006% from last week) in one year and 6.29% in 10 years, up 0.038% from last week. We explain the background for these calculations in the rest of this note, along with some mortgage servicing rights metrics. The forecast allows investors in exchange traded U.S. Treasury funds (TLT) (TBT), total return bond funds (BOND), municipal bonds (NUV) and exchange traded mortgage funds (REM) to assess likely total returns over the next 120 months. Treasury-related exchange traded funds affected by the forward rates include:
Hot Safest Stocks To Watch For 2018: Sharp Corp (SHCAF)
- [By SEEKINGALPHA.COM]
The company is partnering with Chinese company OXi Technology (in which it also made a strategic investment) for developing fingerprint sensor under glass and in the bezel of smartphones. Its fingerprint sensor business received a boost from the Samsung (OTC:SSNLF) S8 and S8+ design wins (as well as Sharp’s (OTCPK:SHCAF) Aquos R and ZTE ZMax Pro).
Hot Safest Stocks To Watch For 2018: RELM Wireless Corporation(RWC)
- [By Jim Robertson]
Today, our Under the Radar Moversnewsletter suggested shorting small cap wireless communications manufacturer RELM Wireless Corporation (NYSEMKT: RWC):