Conn's Inc
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Consumer Discretionary : Specialty Retail | Small Cap BlendCompany profile

Conn's, Inc. is a specialty retailer that offers a selection of consumer goods and related services in addition to a credit solution for its core credit constrained consumers. The Company operates through two segments: retail and credit. The Retail segment includes product categories, such as furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom; home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges; Consumer electronics, including liquid-crystal-display (LED), organic LED (OLED), Ultra high definition (HD) and Internet-ready televisions, and home office, including computers, printers and accessories. Its credit segment provides short- and medium-term financing for its retail customers. Its credit offering provides financing solutions to credit constrained consumers having limited banking options. The Company operates its business through its retail stores and Website.

Closing Price
$20.50
Day's Change
1.08 (5.56%)
Bid
--
Ask
--
B/A Size
--
Day's High
20.62
Day's Low
19.40
Volume
(Heavy Day)
Volume:
992,320

10-day average volume:
494,093
992,320

UPDATE: Dish could be benefiting from AT&T's video 'calamity'-- or else things are finally stabilizing

10:30 am ET November 9, 2019 (MarketWatch)
Print

By Emily Bary

The company posted its first quarter of pay-TV subscriber growth since 2017 shortly after AT&T showed a tanking video business

Dish Network Corp. seems to be capitalizing on AT&T Inc.'s stumbles in video.

The television provider reported a far narrower loss of satellite subscribers than analysts were expecting for the third quarter, while also delivering its best quarter of Sling TV gains in two years.

Dish's (DISH) satellite business shed 66,000 subscribers, compared with 367,000 a year ago, while Sling picked up 214,000, compared with 26,000 a year ago. Shares are up 3.6% in Thursday trading.

The results stand in stark contrast to AT&T's (T) DirecTV performance, wrote MoffettNathanson analyst Craig Moffett, after AT&T lost "a mind-boggling 1.4 million" subscribers across digital and traditional video in its most recent quarter. Moffett sees two possible explanations for Dish's momentum: Either Dish is near an "equilibrium" after already losing its most vulnerable customers, or the company is benefiting from DirecTV's "utter meltdown," whereby disgruntled AT&T customers have nowhere to go but Dish and disgruntled Dish customers don't have a very viable DirecTV to consider.

See also: AT&T's cooperation with activist and profit beat outweigh revenue miss (http://www.marketwatch.com/story/att-stock-surges-as-constructive-relationship-with-activist-and-profit-beat-outweighs-revenue-miss-2019-10-28)

"Only killjoys like us will suggest it might be a little of both," Moffett wrote. In support of the stabilization argument, Dish saw churn improve by an "extraordinary" 42 basis points, suggesting that the subscribers still using Dish are rural enough that they don't have much other choice.

Yet the satellite industry continues to decline, Moffett notes, at an accelerating rate of 12%, implying that Dish's improved performance could have a lot to do with AT&T's tanking satellite business, as he says the company has mostly given up on new-customer acquisition as a means of cutting costs.

"This admittedly curmudgeonly explanation also fits with the bounce at Sling TV; as other vMVPDs (again, especially AT&T) jacked up prices and all but exited the stage, Sling's still-skinny bundle naturally benefited," he wrote. Thanks to the SlingTV bump, Dish ended up seeing an overall pay-TV gain of 148,000 subscribers, its first quarter of growth in two years.

Read: T-Mobile-Sprint drama overshadows 'industry's best growth story,' says analyst (http://www.marketwatch.com/story/t-mobile-sprint-drama-overshadows-industrys-best-growth-story-says-analyst-2019-07-25)

Moffett thinks it may be too early to deduce the true dynamics. "It will take some time to see if Dish's improvements, particularly for traditional satellite TV, are sustainable, or if there is, indeed, simply a one-time benefit from calamity at AT&T," he wrote. "Similarly, it will take time to determine whether Dish can hang on to the subscribers they have added, or whether the improvement in churn is simply because DirecTV was, for all intents and purposes, turning new customers away."

A more stable business is crucial for Dish, he notes, as the company is planning to enter the wireless market (http://www.marketwatch.com/story/dish-loses-fewer-subscribers-than-expected-but-misses-on-earnings-2019-07-29) as a fourth industry player provided that T-Mobile US Inc.'s (TMUS) deal for Sprint Corp. (S) goes through.

Moffett rates the stock a sell with a $20 target price. Dish shares have climbed 39% so far this year, as the S&P 500 has risen 23%.

-Emily Bary; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

November 09, 2019 10:30 ET (15:30 GMT)

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