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ERROR: type should be string, got "https://www.barrons.com/articles/boot-barn-stock-small-cap-buy-584af9b\n\nThere are plenty of pitfalls when it comes to mixing form and function, but the latest wave of “Westerncore” sweeping the U.S. looks to have staying power.\n\nThe scramble for shearling-collar coats and snap-button shirts, brought on by the success of TV shows like Yellowstone, is one more feather in the cap of Western-wear retailer Boot Barn Holdings (ticker: BOOT). But it’s worth noting that cowboy chic has cycled in and out of fashion over the decades, and Boot Barn has done just fine. That’s because it caters to an increasing number of shoppers who are less concerned with trends, as well as others simply trying to look the part.\n\nAs the meteoric rise of Tractor Supply (TSCO) has shown in recent years, investors overlook more rural-themed retailers at their own risk.\n\n“Right now, Boot Barn is one of the most attractive names in retail,” says David Swank, co-manager of the Hood River Small-Cap Growth fund (HRSRX), who notes that the company is finding success in the Northeast, a previously untapped geographic region for the brand.\n\nBoot Barn is the undisputed leader in the fragmented $40 billion Western and workwear specialty retail space. It operates more than three times the number of stores as its closest rival, and its lead over competitors has only expanded in recent years, as the pandemic forced smaller operations out of business at the same time the retailer expanded its store base. Boot Barn now has 333 stores, up from 293 in the prior year, and plans to open a total of 43 in its fiscal 2023, which ends on April 1.\n\nThe chain’s stores have gotten more profitable, says Gary Bradshaw, a portfolio manager at Hodges Capital Management. Ten years ago, a new 10,000-square-foot location would generate $1.7 million of revenue in its first year, and would have paid for itself in three. Now, a 12,000-square-foot shop does $3.5 million in business and pays back in 1.4 years, helped by factors like better merchandising and store locations that have helped it appeal to a broader audience.\n\nThose numbers have allowed Boot Barn to bulk up without increasing its net debt, which is less than 0.1 times the past 12 months earnings before interest, taxes, depreciation, and amortization, or Ebitda.\n\n“Store economics continue to grow,” says Bradshaw. “It is one of the best growth stories in retail.”\n\nBoot Barn’s exclusive brands, which carry higher margins than national ones, have increasingly become a bigger part of its business, accounting for just over a third of sales last quarter. That has helped boost gross margins, which climbed to 38.6% in fiscal 2022, up from just over 32% before the pandemic.\n\nThat profitability was on display when Boot Barn reported fiscal third-quarter results in January, a period that spanned nearly the entire holiday shopping season. Comparable sales were stronger than expected, and management noted that its declining inventory levels meant it didn’t have to rely on hefty discounts, helping to bolster the stock even as its earnings per share came in a bit light.\n\nBoot Barn tweaked its fiscal-2023 bottom-line and gross-margin guidance lower, to a range of $5.51 to $5.60 per share and about 36.6%, respectively, as higher freight costs offset stronger product margins, although those headwinds look somewhat temporary. The market seemed to think so: Boot Barn stock jumped 17.6% after the release.\n\nJ.P. Morgan Securities analyst Matthew Boss raised his price target to $100 from $94 following the results, which would mark a 24% climb from the recent $80.60. He believes that the company’s momentum will allow it to keep same-store sales growing in the low- to mid-single digit range, helping Boot Barn return to 20% EPS growth by the second half of 2024.\n\nAlthough the stock has fallen back from its postearnings rally, it’s still up nearly 30% so far in 2023, easily outpacing the broader market and its fellow retailers. It looks anything but pricey, however. Boot Barn shares trade at just 13 times 12-month forward earnings, well below that of other fast-growing retailers like Dollar General (DG) and Ulta Beauty ULTA (ULTA) which trade around 19 and 21 times, respectively. “It still trades at a value multiple for a growth story,” says Bradshaw.\n\nA multiple of 20 times consensus calendar-2023 estimates of $5.89 a share would put Boot Barn at $118, almost 50% higher than its current levels. That isn’t as aggressive as it sounds. Its five-year average forward valuation has been closer to 19 times, and just getting back to that level equates to nearly $112.\n\nThe stock doesn’t need a higher multiple to keep rising, however. Analysts expect earnings to grow by nearly 9% in fiscal 2024, so Boot Barn shares should do just fine without the multiple expansion. And even those numbers might be too conservative.\n\n“Current Street estimates could actually be low in the near and longer term as Boot Barn benefits from the continuing shift to a more country aesthetic and its strong pipeline of new stores,” Swank says. “The stock should work from here based on fundamentals alone and without multiple expansion.”\n\nIn other words, giddyup."

ERROR: type should be string, got "https://www.marketwatch.com/story/western-digitals-stock-soars-after-wsj-report-of-talks-on-20-billion-merger-deal-with-japans-kioxia-2021-08-25?mod=mw_quote_news\n\nShares of Western Digital Corp. WDC, +10.50% soared 11.7% in afternoon trading Wednesday, to pace the S&P 500's SPX, +0.30% gainers, after The Wall Street Journal reported that the data storage company was in merger talks with Japan-based Kioxia Holdings Corp., in a deal that could be valued at more than $20 billion. Citing people familiar with the matter, the WSJ report said the long-running talks have heated up in the past few weeks, with a deal possible as early as the middle of September. Western Digital would use stock to pay for the deal, and the combined company would likely be run by David Goeckeler, its chief executive, the WSJ report said. The stock has now gained 22.5% year to date, while the SPDR Technology Select Sector ETF XLK, -0.17% has rallied 21.0% and the S&P 500 has advanced 19.8%.\n\nThis is definitely a positive news for WDC and MU. MU is been down after the earning report and the winter coming warning from Morgan Stanley. MU should be continue to benefit from the current chip shortage trend and the iphone 13 release by apple on September."

ERROR: type should be string, got "https://www.reuters.com/article/us-nike-results/nike-posts-surprise-loss-as-covid-19-hits-wholesale-business-idUSKBN23W3A4\n\n(Reuters) - Nike Inc (NKE.N) on Thursday reported an unexpected quarterly loss - its first in more than two years - hurt by closures of department and retail stores due to lockdowns spurred by the COVID-19 pandemic.\n\nFILE PHOTO: A silhouette of a woman wearing a protective face shield and a protective face mask is seen near a Nike logo at a shopping mall on the first day after the government eased restrictions amid the coronavirus disease (COVID-19) outbreak in Jakarta, Indonesia, June 15, 2020. REUTERS/Ajeng Dinar Ulfiana\nThe footwear maker’s shares fell about 4% in after-hours trading.\n\nThe wholesale business, through which Nike sells merchandise to other retailers, came to a halt amid the health crisis. That led to a 50% fall in shipments, increased inventory and higher costs due to order cancellations.\n\nAs a result, gross margin fell 820 basis points in the fourth quarter, when company-owned stores and other retailers were closed for nearly eight weeks.\n\nHowever, Nike’s investments in its digital platform over the years helped it record a 75% rise in online sales, as many consumers shopped for activewear and sneakers from the comfort of their homes.\n\nChief Executive Officer John Donahoe told analysts the company is now accelerating focus on its online presence, and expects its overall business to reach 50% digital penetration. Online sales accounted for 30% of total revenue in the quarter.\n\n“COVID-19 has shown that our strategy is sound,” Donahoe said.\n\nIn China, where the virus was first detected, all of Nike’s stores are now open. Revenue fell 3% in the Greater China region, while they plunged nearly 47% in North America.\n\nForrester Research retail analyst Sucharita Kodali said the Nike brand is still strong and China sales number is an indicator of what to expect in western markets and the United States as things normalize.\n\n“It’s not financially distressed ... It does not have the problems of other companies in retail.”\n\nNike’s net loss came in at 51 cents per share and revenue fell 38% to $6.31 billion.\n\nWall Street was expecting a profit of 7 cents per share and revenue of $7.32 billion, according to IBES data from Refinitiv."