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DOL Takes First Step Toward Fiduciary Rule Changes
Planners Fear Unintended Consequences as DOL Rule Compliance Date Nears
After nearly four hours of debate on Thursday, the House passed the Financial Choice Act, legislation designed to replace the Dodd-Frank Act, derail the Department of Labor’s fiduciary rule and gut the Consumer Financial Protection Bureau.
Democrats, who consistently referred to the legislation as the Wrong Choice Act during the heated debate on the House floor, offered no amendments to the bill, which passed by a 233-186 vote.
The designation “would introduce a wholly inappropriate and unnecessary regime of bank-type regulations that would increase costs and reduce returns for investors, distort the fund marketplace, and compromise the important role that funds play as a source of financing and capital formation in the economy.”
Other provisions “correct the indiscriminate application of bank-oriented stress-testing requirements to all large ‘financial companies,’” ICI added. “These changes would further reduce the risk of applying ill-suited measures to registered funds and fund advisors that would increase costs to fund investors without providing any corresponding benefits.”
live stock quotes: NOW Inc.(DNOW)
- [By Matthew DiLallo, Tyler Crowe, and Jason Hall]
Oil prices haven’t gotten off to the fast start many expected, falling around 6% on average during the first quarter of the year. That slump came despite OPEC’s best efforts since producing nations have achieved fairly good compliance on their planned output cuts. That said, despite the lackluster oil market, we still see some interestingopportunities in the oil market. Three stocks we really like right now are DistributionNOW(NYSE:DNOW),Phillips 66(NYSE:PSX), andConocoPhillips(NYSE:COP), which all should do well in the current oil market.
live stock quotes: Cracker Barrel Old Country Store Inc.(CBRL)
- [By Monica Gerson]
Analysts are expecting Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) to have earned $1.80 per share on revenue of $705.65 million in the latest quarter. Cracker Barrel shares gained 0.67 percent to $152.50 in after-hours trading.
- [By Monica Gerson]
Cracker Barrel Old Country Store, Inc. (NASDAQ: CBRL) is projected to report its quarterly earnings at $1.80 per share on revenue of $705.65 million.
- [By Jake L’Ecuyer]
Cracker Barrel Old Country Store (NASDAQ: CBRL) shares tumbled 2.50 percent to $104.32 after the company reported a 1.1% drop in its fiscal fourth-quarter earnings and issued a downbeat Q1 forecast.
- [By Shauna O’Brien]
Cracker Barrel Old Country Store, Inc. (CBRL) shares dropped over 4% on Wednesday morning after the company reported lower fourth quarter earnings and a weak outlook for its first quarter.
The Lebanon, TN-based company reported fourth quarter earnings of $34.3 million, or $1.43 per share, down slightly from $34.7 million, or $1.47 per share, a year ago. On average, analysts expected to see earnings of $1.35 per share.
Total revenue fell to $646.1 million from $700.01 million last year. Analysts expected to see revenue of $668.68 million.
Cracker Barrel President and CEO Sandra Cochran commented: “The fourth quarter of fiscal 2013 represents the seventh consecutive quarter of year-over-year improvement in comparable store traffic, restaurant sales, and retail sales. The financial results of the fourth quarter and full year reflect the effective execution of our strategic plan. As we begin our 2014 fiscal year, we are poised to capitalize on the achievements of fiscal 2013.”
For FY2013, CBRL’s earnings rose 14% to $117.27 million, while EPS rose to $4.90 per share. On an adjusted basis, earnings were $4.97 per share, up 15% from the year prior. Total revenue for the year was $2.64 billion, up 3% from a year ago.
Looking forward, the company expects to see first quarter earnings between $1.05 and $1.15 per share. This estimate would fall significantly below the average analyst estimate of $1.32 per share.
For FY2014, the company expects EPS in the range of $5.60 to $5.80 and revenue between $2.7 billion and $2.75 billion. Analysts expect to see earnings of $5.69 per share and $2.74 billion in revenue.
Cracker Barrel shares were down $4.70, or 4.39%, during Wednesday morning trading. The stock is up 59% YTD.
- [By Peter Graham]
Mid capSouthern chicken restaurant stock Cracker Barrel Old Country Store, Inc (NASDAQ: CBRL) reportedearnings for fiscal Q1 2018 (ended October 27, 2017) before the market opened with results topping Wall Street expectations. Total revenue rose 0.1%to $710.4 million as comparable store restaurant sales increased 0.2%, including a 2.0% increase in average check partially offset by a 1.8% decrease in store traffic. The average menu price increase for the quarter was approximately 2.2% whilecomparable store retail sales decreased 3.6% from the prior year quarter. The Company opened two new Holler & Dash Biscuit House locations during the quarter, bringing the store count to 651 combined Cracker Barrel Old Country Store and Holler & Dash Biscuit House locations at quarter-end. Net income was $46.380 million versus net income of $48.355 million. Earnings per diluted share were $1.92, compared to diluted EPS of $2.01 in the prior year first quarter with the Company estimating that hurricanes Harvey and Irma reduced first quarter diluted EPS by approximately $0.07.
live stock quotes: Transcananda Pipelines Ltd.(TRP)
- [By Matthew DiLallo]
After a series of setbacks in its attempts to build new oil pipelines, Canadian pipeline giant TransCanada (NYSE:TRP) completed a transformation transaction to acquire U.S. natural gas pipeline company Columbia Pipeline Group for $13 billion, which includes the assumption of debt. The key to that deal was that it increased the combined company’s near-term project pipeline to 23 billion Canadian dollars, which supports TransCanada’s ability to increase its dividend by 8% to 10% annually through 2020. After completing that deal, TransCanada made a bid to acquire all of the outstanding units that it did not own of affiliated MLP Columbia Pipeline Partners (NYSE:CPPL) in a transaction valued at $915 million. These acquisitions solidified TransCanada’s natural gas pipeline growth ambitions, enabling it to diversify away from oil pipelines.
- [By Matthew DiLallo]
Energy infrastructure companies ONEOK (NYSE:OKE) and TransCanada (NYSE:TRP) are both emerging from the energy market downturn as stronger entities. Each made smart acquisitions, with TransCanada buying U.S. gas pipeline company Columbia Pipeline Group, while ONEOK is in the process of gobbling up its MLP,ONEOK Partners (NYSE:OKS). While these deals enhanced the growth profiles of both companies, TransCanada still stands out as the better buy for long-term income investors. Here’s why.
- [By Ben Levisohn]
In a number of articles recently, following the US recent revival and potential approval of the previously blocked Keystone XL pipeline, a number of estimates have been provided suggesting a pending boom for the US steel industry is on the horizon (and US steel stocks have reacted in kind). In fact, this optimism, we believe, peaked today when a report from one of our competitors was published claiming that, the keystone XL pipeline could increase line pipe demand by 14.7% for 2 years. The problem here, we believe, rests with the facts that: (a) TransCanada (TRP) has already taken, and paid for, the steel to build the Keystone XL pipeline (the steel currently sits in storage facilities in both Regina, Canada and Arkansas, United States), (b) neither US Steel (X; SELL), AK Steel, Steel Dynamics, or Nucor have the ability to make the specialized steel required for the miles of pipe associated with this project, to include both the thickness and pressure requirements, according to this article from Reuters, and (c) assuming some of the pipe does need replacement, this would likely come from international steel makers who are capable of producing the specialized steel (again, as highlighted in this Reuters article).
- [By WWW.KIPLINGER.COM]
Energy stocks were driven by a hefty dose of M&A during the third quarter. And that will drive returns for TransCanada Corporation (TRP) during the next one.
- [By Paul Ausick]
That includes pipeline companies like Kinder Morgan Inc. (NYSE: KMI), which already operates a pipeline transporting natural gas from Texas into Mexico, and master limited partnerships (MLPs) Energy Transfer Partners L.P. (NYSE: ETP) and TransCanada Corp. (NYSE: TRP), the company that has (so far) failed to get U.S. approval for its Keystone Pipeline expansion from Canada’s oil sands across the U.S. border.
live stock quotes: CRB Futures Index(CR)
- [By Monica Gerson]
Crane Co. (NYSE: CR) is expected to post its quarterly earnings at $0.86 per share on revenue of $644.60 million.
Oceaneering International (NYSE: OII) is projected to post its quarterly earnings at $0.35 per share on revenue of $641.85 million.
- [By Lisa Levin]
Crane Co. (NYSE: CR) shares were also up, gaining 12 percent to $67.56 on stronger-than-expected Q3 earnings.
Equities Trading DOWN
live stock quotes: Deer Valley Corporation (DVLY)
- [By SEEKINGALPHA.COM]
Deer Valley (OTCPK:DVLY)
This company manufactures factory-made homes which are marketed to 14 states in the US. After the financial crisis it has been able to pick up its operations and continue to create sustainable free cash flow and increasing profits. It might be that another similar shock to housing is not necessarily around the corner and therefore they could sustain this in the foreseeable future.
live stock quotes: Nature's Sunshine Products, Inc.(NATR)
- [By Lisa Levin]
Non-cyclical consumer goods & services sector was the top gainer in the US market on Tuesday. Top gainers in the sector included Nature's Sunshine Prod. (NASDAQ: NATR), Bridgford Foods Corporation (NASDAQ: BRID), and SunOpta, Inc. (USA) (NASDAQ: STKL).