Lowe’s, Madison Square Garden Sports, Nike, Salesforce and Microsoft highlighted as Zacks Bull and Bear of the Day

For Immediate Release

Chicago, IL – October 9, 2020 – Zacks Equity Research Shares of Lowe’s Companies, Inc. LOW as the Bull of the Day, Madison Square Garden Sports Corp. MSGS asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on NIKE, Inc. NKE, salesforce.com, inc. CRM and Microsoft Corporation MSFT.

Here is a synopsis of all five stocks:

Bull of the Day:

As the Covid-19 pandemic stretches past its 200th day and Americans remain mostly in their homes as much as possible, there have been many winners and losers in the business world. The losers have been businesses that rely on in-person interactions for a significant portion of their revenues. Travel, leisure and entertainment have all suffered mightily.

Technology and technology services like video conferencing and file sharing companies that allow people to work at home more efficiently have been the obvious winners.

There have also been winners in lower-tech industries that suddenly find their goods and services in increased demand – and customers who’s lack of recent spending on recreational pursuits has left them with additional cash in their budgets.

Have you been to a home improvement store lately? With the exception of physical formats that have been tweaked to promote social distancing, you’ll probably find that it looks pretty much like business as usual.

For a huge retailer like Lowe’s Companies, a quick look at recent financials confirms that not only is it “business as usual,” in may respects, it’s better than usual. Suddenly consumers who have been confined to their homes have been embarking on a wide variety of home improvement projects.

The more time you spend in your home, the more likely you are to take on those nagging minor repairs that have been on your “to-do” list forever, as well as tackling bigger projects like painting and landscaping. Contractors have their schedules filled months into the future – and they shop at home improvement stores too – for plumbing, electrical, carpentry and concrete supplies.

With limited options for dining out, grills and other outdoor cooking equipment have been flying out of stores, along with larger appliances like refrigerators, stoves, washers and dryers. Though unemployment remains stubbornly above recent averages, most Americans do remain employed. With almost no money spent on things like airline tickets and restaurant meals, many are finding that they have extra cash to spend on improving their environments.

Low interest rates have kept the housing markets extraordinarily healthy, and increased spending on home improvement projects tends to accompany residential real estate transactions.

The Share Price

One possible knock on Lowe’s right now is that the shares have already seen remarkable appreciation this year. During the market panic in March, those shares traded as low as $60 – an incredible bargain!

Even at recent levels near $170/share however, Lowe’s remains quite reasonably valued at 20X forward 12-month earnings estimates. For comparison purposes, competitor Home Depot trades at 25X forward earnings.

13 recent upward earnings estimate revisions earn Lowe’s

Read more

House clears sweeping Olympic and amateur sports oversight package

The House cleared by voice vote sweeping legislation Thursday designed to strengthen oversight of U.S. participation in the Olympics.

The bipartisan, bicameral package was the outgrowth of an investigation by the Senate Commerce, Science and Transportation Committee’s Manufacturing, Trade, and Consumer Protection Subcommittee, which has jurisdiction over sports policy.

“Today, the House passed our Olympic reform legislation advancing critical changes and effective safeguards to protect our Olympic, Paralympic and amateur athletes. Through the input and guidance of the courageous survivors — athletes who traveled to Washington, shared their stories and demanded change — we were able to advance this legislation through Congress,” Subcommittee Chairman Jerry Moran, R-Kan., and ranking member Richard Blumenthal, D-Conn., said in a joint statement.

The panel investigated the U.S. Olympic and Paralympic Committee’s handling of well-documented allegations of abuse against athletes, as well as the response from governing bodies for individual sports like gymnastics.

The resulting legislation passed the Senate by unanimous consent shortly before the August recess. It will now be on the way to President Donald Trump’s desk.

Source Article

Read more

Olympics reform bill passes House after abuse scandals rocked sports

Born out of the sexual abuse scandal that rocked the gymnastics world and toppled the leadership at the USOPC, the Empowering Olympic, Paralympic, and Amateur Athletes Act empowers Congress to decertify individual sports’ governing bodies and dissolve the USOPC’s board of directors. It also calls for better athlete representation in governing bodies and more funding for the U.S. Center for SafeSport, a nonprofit charged by Congress with policing sexual abuse in Olympic sports. Rep. Ted W. Lieu (D-Calif.), co-sponsor of the House bill, called it a potential “sea change.”

“We know from the Larry Nassar scandal and other scandals that we have to make the entire Olympic system much more athlete-centered,” Lieu said in a telephone interview.

Lawmakers from both parties have said they hope Trump will quickly sign it into law. A White House spokesman this week declined to comment on the president’s plans.

The bill effectively means that Congress will keep close watch on Olympic organizations, receiving annual reports and audits, and will be poised to take further action, if needed.

“Laws are dead letter and worse than worthless if they are not effectively enforced,” Sen. Richard Blumenthal (D-Conn.), a co-sponsor in the Senate, said in a phone interview. “So I want to make sure Congress continues its strong oversight. …If there’s a need for more reform, I will have no reluctance to advocate more measures. I have no illusions that this legislation is the end of the story or that it’s a perfect solution. We’ve done our best on this first set of reforms, and I think it’s designed to change the culture and character of these agencies, as well as the culture of sport.”

Some of the biggest potential changes might not be known for months or longer. The bill calls for the creation of a bipartisan commission that will conduct a top-to-to-bottom review of the USOPC and the complicated system of Olympic sports. The group will report its findings to Congress, which could result in a more substantial overhaul of the Olympic framework in the United States, scrutinizing everything from the economic model to the spiderweb of governance.

“It’s gonna send shockwaves through the system,” said Olympian Eli Bremer, a former pentathlete and outspoken critic of the USOPC. “I think there is going to be a lot of changes that come out of this, and some pieces will take a bit of time to understand their true impact.”

Bremer is part of the Committee to Restore Integrity to the USOPC, an advocacy group that worked with lawmakers on the text of the bill, which marks Congress’s most significant Olympic-related undertaking in years. The Amateur Sports Act was originally passed in 1978, empowering the USOPC, and was updated and expanded in 1998.

“The entire system back then was around $1 million, not really big,” Bremer said of the 1978 legislation. “Now it’s probably half a billion to a billion with all the [national governing bodies]. It’s time to start rethinking the system.”

Congress would appoint the

Read more

10-K: MADISON SQUARE GARDEN SPORTS CORP.

The MarketWatch News Department was not involved in the creation of this content.

(EDGAR Online via COMTEX) —
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of Madison Square Garden Sports Corp. (formerly The Madison Square Garden Company) and its direct and indirect subsidiaries (collectively, “we,” “us,” “our,” or the “Company”) including, the completion of the National Basketball Association (the “NBA”) and National Hockey League (the “NHL”) 2019-20 and 2020-21 seasons, and the impact of COVID-19 on our future operations. See “Part I – Item 1. Business” for further discussion of the MSGE Distribution (defined below). Words such as “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to: the duration and severity of the coronavirus pandemic and our ability to effectively manage the impacts, including the unavailability of the Madison Square Garden Arena (“The Garden”) and league decisions regarding the resumption of play;

the impact of the suspension or cancellation of the 2019-20 or 2020-21 NBA and NHL seasons on our ability to recognize revenue from national media rights fees;

the level of our revenues, which depends in part on the popularity and competitiveness of our sports teams;

costs associated with player injuries, waivers or contract terminations of players and other team personnel;

changes in professional sports teams’ compensation, including the impact of signing free agents and trades, subject to league salary caps and the impact of luxury tax;

the level of our capital expenditures and other investments;

general economic conditions, especially in the New York City;

the demand for sponsorship arrangements and for advertising;

competition, for example, from other teams, and other sports and entertainment options;

changes in laws, NBA or NHL rules, regulations, guidelines, bulletins, directives, policies and agreements, including the leagues’ respective collective bargaining agreements (each a “CBA”) with their players’ associations, salary caps, escrow requirements, revenue sharing, NBA luxury tax thresholds and media rights, or other regulations under which we operate;

any NBA, NHL or other work stoppage in addition to those related to COVID-19 impacts;

any economic, political or other actions, such as boycotts, protests, work stoppages or campaigns by labor organizations;

seasonal fluctuations and other variation in our operating results and cash flow from period to period;

the level of our expenses, including our corporate expenses;

business, reputational and litigation risk

Read more

From Ola Food’s big bet on cloud kitchen to Dream Sports’ big IPL leap

What do 10 million Indians like? The answer is cricket. 

Meet FanCode, a multi-sport aggregator platform from the house of Dream Sports (which also runs India’s only gaming unicorn Dream11). FanCode is riding the buzz around IPL 2020. It blends content, commerce, and community to woo the “evolved sports audience.”. Launched in April 2019, it claims to have amassed over one crore users.

FanCode offers match analysis, previews, live streams, and highlights; player trivia, videos, and interviews; fantasy sports research and Dream11 guides; live scores, stats, and schedules; official team merchandise; and match tickets. These are available across multiple sports: cricket, football, basketball, baseball, rugby, and handball.


Watch the video here:


Moving on to the mysterious world of influencer marketing. 

Sumedh Chaphekar founded Mumbai-based startup NOFILTR in 2017 — a social media label that incubates young talent by giving them creative and resourceful direction. It has collaborated with a plethora of influencers and brands, and intends to create a growing community network that facilitates personal expression and intriguing content. 

NOFILTR essentially connects the brand to the influencer, and the influencer to the world at large by offering a wide array of services, which includes personal branding, content creation and curation, influencer marketing and brand collaborations, campaign design along with campaign execution and analysis. 

 “We believe in quality and content, and nurture our talent accordingly. By collaborating with influencers and brands, we intend to create a growing community network that facilitates personal expression and intriguing content,” Sumedh tells YourStory.

NOFILTR

Sumedh Chaphekar I Image credit: NOFILTR

Ride-hailing unicorn Ola launched its food business, Ola Foods, in 2019. With its flagship brand Khichdi Experiment, Ola Foods made a blockbuster entry into the food segment. Pranay Jivrajka, CEO, Ola Foods, says, “Khichdi Experiment is India’s fastest food brand to reach one million orders and one of the fastest-growing categories on all platforms.”

Back in 2017, Ola acquired Foodpanda India for $200 million to enter the online food delivery business. Rumour was that it was taking on Uber — its biggest competitor — that had already launched UberEATS (later acquired by Zomato).

Ola Foods has a network of over 50 tech-enabled smart kitchens and four brands across cities like Chennai, Hyderabad, Bengaluru, Delhi, Mumbai, and Pune. The startup is now focussing on expanding its presence across the country.

Ola Foods

R&D before launching a new brand inside Ola Foods kitchen | Image Source: Ola Foods

In 2013, Ariel Assaraf, Guy Kroupp, Yoni Fariss, and Lior Redlus started Coralogix in Israel and San Francisco as an “anomaly detection platform to run on top of existing logging solutions.” Over time, they learned that they needed to take control over the entire process — from collection and parsing to visualising and alerting — to provide customers with an end-to-end experience.

Coralogix is a log analytics platform that empowers DevOps teams to autonomously manage and analyse log data in cloud applications. The hosted, scaled, and secure ELK stack helps software companies turn cluttered log data into a meaningful set of

Read more

Kandy Garden Club helps to promote sports in the town

The Kandy Garden Club which counts over 100 years of existence was established in 1878. It was started by the British especially for planters to play tennis over the weekends. It continued to be so till about 1945, when a special class of Ceylonese were permitted to join the Club.By 1950, it was open to the Ceylonese and the first President was Col.S.D.Ratwatte, who was elected in 1950 while Chandra.Wijenayake was elected as the Secretary. The original Club House built in 1878 is still intact, with a few renovations.

The Club now provides several facilities to members,which include Tennis, billiards ,Snooker, Table Tennis and card games like Bridge. In Billiards too they have promoted the game by inviting the World Billiard Champions, Paul Mifsud, Norman Dagley,Michael Ferreira,M.J.M.Lafir and others to play exhibition matches at the Club table. In 1989 they staged the second Snooker test between Sri Lanka and Pakistan at the Club. .Traditionally over the years, they have awarded distinguished personalities honorary membership in the Club as it has a well equipped Bar and a Restaurant.

There are four well maintained Tennis Courts for adult and Student Members and a special feature is that flood lit tennis is available for those who wish to play tennis in the night . The Club also conducts Tennis coaching camps for beginners and organizes Tennis tournaments for children of International and National Schools in the Central province. They organise ranking tennis tournaments and have produced several national level players in the recent past. Over the years Kandy Garden Club has maintained a very high standard in both Billiards and Snooker and World class players like M.J.M.Lafir and Leslie Driffield were seen in action at these tournaments.Facilities are also provided to school children to play Table Tennis at the Club.Another popular game the members engage in is Bridge, a card game ,Bridge tournaments are conducted at the club for over 50 years.

Source Article

Read more

Madison Square Garden Sports Is Trading At Less Than 60% Of Asset Value (NYSE:MSGS)

Thesis Snapshot

With a recent decline of over 10% in the last few trading days to $148 per share, Madison Square Garden Sports Corp. (MSGS) has fallen into Buy territory and we will begin accumulating shares at this level.

MSGS is a portfolio of sports assets, including the New York Knicks (NBA) and the New York Rangers (NHL).

According to Forbes, the Knicks are the most valuable NBA team, worth $4.6 billion in enterprise value. Similarly, the Rangers are the NHL’s most prized franchise with a value of $1.65 billion. In total, the two teams are worth $6.25 billion or $260 per share.

At Monday’s close, MSGS is valued at 57% of asset value, which appears to be an exciting entry point.

MSG Sports | Homepage

Company Background and Overview

In March of 2020, The Madison Square Garden Company (MSG) announced the approval to spin-off its entertainment businesses from its portfolio of sports assets. Upon completion of the transaction in April 2020, MSG became a pure-play sports company and changed its name to Madison Square Garden Sports Corp. The newly formed entertainment company was named Madison Square Garden Entertainment Corp. (MSGE).

MSGS is home to a collection of the most valuable franchises in professional sports, including the New York Knicks (NBA) and the New York Rangers (NHL).

Other MSGS assets include two development league teams – the Westchester Knicks, which serve as the exclusive G-League affiliate of the Knicks, and the Hartford Wolf Pack, the player development team for the Rangers playing in the American Hockey League (AHL).

In addition, the Company has an established presence in the emerging world of esports through Counter Logic Gaming (CLG), a North American esports organization, and Knicks Gaming, an NBA 2K League franchise.

Finally, MSGS operates two state-of-the-art performance centers. The Madison Square Garden Training Center in Greenburgh, NY is a 16-acre facility that offers the Knicks, Rangers, and Westchester Knicks a specialized training environment, with dedicated equipment for each team, the latest sports technology to optimize performance, and first-class amenities.

The CLG Performance Center in Los Angeles, CA includes unique competition spaces tailored to the Company’s esports game franchises, as well as a studio and editing bay for video productions and outdoor areas that can be used to hold fan events.

Valuation

Given the challenging COVID impact on entertainment-based companies like MSGS, recent operating results are poor. However, in our view, the near-term headwinds do not impact the long-term value of the Knicks and Rangers.

Further, MSGS maintains plenty of liquidity to ride out the current storm. The company has $293 million in available liquidity, including $78 million in cash and $215 million in undrawn credit facilities.

MSGS provides an opportunity to own two of the most valuable trophy assets in the world. Forbes values the Knicks and Rangers at $6.25 billion or $260 per share.

As it relates to the appraisals of professional sports teams, Forbes’ estimates carry credibility. Last week, the owner of the New York Mets agreed to sell the team for $2.42

Read more

St. Augustine grad Charlie Kitchen selected in 2nd round of NLL Draft | Atlantic City Sports News

The National Lacrosse League, like most professional leagues recently, held its annual draft Friday virtually due to the COVID-19 pandemic.

And even though it was a different experience than being in-person, hearing his name called was still special for Charlie Kitchen.

The New England Black Wolves selected Kitchen in the second round (24th overall) of the 2020 NLL Entry Draft, which was livestreamed on Facebook, YouTube and Bleacher Report Live.

New England general manager Rich Lisk informed him via text moments before the Black Wolves’ time clock expired.

“It was literally one of the most amazing things ever,” said Kitchen, a 2016 St. Augustine Prep graduate who helped the Hermits reach the state Non-Public A semifinals three consecutive seasons (2014, 2015 and 2016).

“I have just been working for this my entire life. Getting a text that said, ‘Welcome to the team,’ is super exciting. My family and friends were freaking out. It was a great day.”

St. Augustine coach J.C. Valore expressed his pride in Kitchen on Saturday.

“Our program’s extremely proud of Charlie,” Valore said. “In a league flooded with Canadian talent (the NLL has a lot of Canadian players who grow up playing box/indoor lacrosse), for Charlie not only to be drafted but be selected second-round, speaks volumes of his skill set and continued work ethic. I’m excited to watch him cap off a record-breaking career at Delaware this spring and also for what lies ahead for him in the NLL.”

Kitchen was watching the draft with friends in his dorm at the University of Delaware. The 22-year-old from Marlton, Burlington County, is a standout attacker for the Blue Hens.

Ninety-three athletes were selected in the six-round, 13-team draft. After he was drafted, Kitchen had a Zoom session with his family.

“It made me more anxious,” said Kitchen, who would have attended the draft in-person, about the virtual experience. “Being there, you just kind of have that release where you see faces, get to shake hands and see that everyone is there, whereas I’m just sitting here watching the TV.

“It was crazy, because you’re just sitting there hoping to hear your name. But they did a great job with it. It was really great for all those players. I’m happy for all of them. I’m happy I have this opportunity, as well.”

The 6-foot-4, 215-pound Kitchern lost his senior season at Delaware due to the coronavirus outbreak, but he took the fifth-year eligibility option the NCAA gave all the seniors who lost the opportunity to compete this spring. He is already listed on Delaware’s 2021 roster.

The NLL, which is an indoor lacrosse league, runs its regular season from December to April. And since Kitchen will play for the Blue Hens next spring, he will not compete in the upcoming season in the NLL.

But an extra season in college could be beneficial.

“I’m so excited (for another chance to play for the Blue Hens),” said Kitchen, who led Delaware (10-5) to the Colonial Athletic Association

Read more

Madison Square Garden Sports Corp. has changed the targets executives must meet to collect bonuses due to its spinoff and the pandemic

“Shareholders oppose ‘one-way executive pay-for-performance’: When performance is good, everyone gets paid well, and when performance is bad, boards adjust awards to protect the downside,” Semler Brossy wrote in a report last month. “They are appropriately wary of that philosophy taking hold.

There are signs that philosophy is taking hold. Some companies suffering big drops in earnings or revenue have decided to swap out those metrics for more favorable ones when tallying up bonuses.

For example, Nike’s board decided to stop basing certain payouts on earnings or revenue after profits fell by 37% last fiscal year. It instead will award those payouts on how well the company’s stock price does over three years. The shift is intended to “ensure sustained engagement and drive key business results during a dynamic and unprecedented period,” the apparel giant said in a regulatory filing.

Others are lowering bonuses to conserve cash.

Hess, the Manhattan-based energy company, changed its bonus plan because turmoil in the oil market led to an adjusted first-half net loss of a half billion dollars. Hess reduced the maximum payout allowed from 200% of “target” to 50%. It said the revised plan would continue to serve as a “performance driver” with “rigorous but obtainable goals.”

MSG Sports said its bonus plan is based on executives reaching internal goals for revenue and adjusted operating income. The company said its board “seeks to make target goals ambitious, requiring meaningful growth over the performance period, while threshold goals are expected to be achievable.”

MSG Sports reported negative revenue of $7 million and a $79 million loss from continuing operations for the quarter ending June 30. That was down from positive revenue of $68 million and a $37 million loss from continuing operations in the year-earlier period. Last month the company laid off 53 people, according to a filing with the state, or about 15% of its staff.

One goal, MSG Sports officials say, is to restore the lost jobs.

“As our business returns to normal operations, we would look to bring back many of these positions,” Chief Executive Andrew Lustgarten said.

Source Article

Read more

Purcell Julie & Lefkowitz LLP Announces Court Approval of the Settlement in the Madison Square Garden Sports Corp. Stockholder Lawsuit

NEW YORK, NY / ACCESSWIRE / September 15, 2020 / Purcell Julie & Lefkowitz LLP is pleased to announce that the Delaware Court of Chancery has approved the previously announced settlement of the stockholder derivative action brought against James Dolan, the Executive Chairman of Madison Square Garden Sports Corp. (“MSG Sports”) (NYSE:MSGS) and the Chief Executive Officer and Executive Chairman of Madison Square Garden Entertainment Corp. (“MSG Entertainment”) (NYSE:MSGE).

The settlement requires James Dolan to surrender stock awards, valued at over $30 million, he received as “special” compensation in 2018. The stock awards were originally granted by MSG Sports but were then later split between MSG Sports and MSG Entertainment following the latter’s spin-off from MSG Sports. The settlement further provides that MSG Sports and MSG Entertainment will not reinstate or recompense Mr. Dolan for the cancelled awards, and that future compensation decisions at MSG Sports and MSG Entertainment regarding Mr. Dolan will be made with the assistance of an independent compensation consultant.

“The settlement is an outstanding result for MSG Sports, MSG Entertainment, and their stockholders” said Robert H. Lefkowitz, an attorney at Purcell Julie & Lefkowitz LLP that represented the stockholder plaintiff. “Stockholders want share prices to increase, not executive compensation. The settlement is a big step in that direction.”

The derivative lawsuit, brought by a stockholder of MSG Sports, alleged that James Dolan and various members of the Dolan family breached their fiduciary duties to MSG Sports and its stockholders by granting James Dolan over $75 million in compensation – including the “special” equity awards – between 2016 and 2018. Following the filing of the complaint, MSG Sports formed a special litigation committee to investigate the claims made by the stockholder plaintiff, and the special committee ultimately concluded that it was in the best interests of MSG Sports and its stockholders that James Dolan return the “special” awards. On September 8, 2020, the Delaware Court of Chancery approved the settlement, finding that it was an “excellent” result.

Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit https://pjlfirm.com. Attorney advertising. Prior results do not guarantee a similar outcome.

SOURCE: Purcell Julie & Lefkowitz LLP

View source version on accesswire.com:
https://www.accesswire.com/606238/Purcell-Julie-Lefkowitz-LLP-Announces-Court-Approval-of-the-Settlement-in-the-Madison-Square-Garden-Sports-Corp-Stockholder-Lawsuit

Source Article

Read more