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Stock Market & Financial Investment News

News Breaks
February 26, 2014
10:27 EDTARO, APP, GPS, ANF, AEOAbercrombie rises after beating high-end of Q4 earnings expectations
Shares of apparel retailer Abercrombie & Fitch (ANF) are rising after the company reported higher than expected fourth quarter earnings. WHAT'S NEW: The company reported fourth quarter earnings per share excluding items of $1.34 on revenue of $1.3B. Analysts were looking for fourth quarter earnings per share of $1.03 on revenue of $1.36B, according to First Call. The consensus range for earnings per share was 92c-$1.17 on revenue of $1.25B-$1.67B. Abercrombie & Fitch also reported fourth quarter same-store sales were down 8%. WHAT'S NOTABLE: Abercrombie & Fitch announced that its board approved a $150M accelerated share repurchase to be executed during the first quarter of FY14. The company forecast a high-single digit decline in comparable store sales and an approximate 20% increase in comparable direct-to-consumer sales in FY14. The company also said it sees a significant increase in planned marketing spend in FY14 and anticipates opening 16 full-priced international stores throughout the year. OTHERS TO WATCH: Retail rivals to Abercrombie & Fitch include American Eagle Outfitters (AEO), Aeropostale (ARO), American Apparel (APP), and Gap (GPS). PRICE ACTION: During mid-morning trading, shares of Abercrombie & Fitch rose about 8% to $38.84, while Aeropostale was up almost 5%, American Eagle gained 3%, and American Apparel and Gap both advanced about 1%.
News For ANF;AEO;ARO;APP;GPS From The Last 14 Days
Check below for free stories on ANF;AEO;ARO;APP;GPS the last two weeks.
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July 21, 2014
14:02 EDTGPSGap expands brand to Slovenia and Austria
Gap announced that it will introduce the Gap brand to Slovenia and Austria through agreements with new and existing franchise partners. Magistrat International has been selected for the launch of Slovenia and Gottex, which currently manages the Gap franchise business in Israel and Hungary, will launch Austria. Gap has signed a new agreement with Magistrat International to open three stores for the first time later this year in the capital city of Ljubljana. City Park. All locations are scheduled to open by September this year. Gap will also open its first store in Vienna, Austria this October through an existing relationship with Gottex Brands, which is a part of the Trimera Group.
11:04 EDTANFOptions with increasing implied volatility:
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July 18, 2014
17:25 EDTAPPStandard General working with American Apparel to restructure loan
On July 16, Lion/Hollywood assigned its rights and obligations as a lender under the credit agreement dated as of May 22, 2013 by and among the company, the facility guarantors party thereto, Lion/Hollywood as the initial lender and the other lenders party thereto to Standard General. Standard General purchased the loan in order to resolve any disputes over any alleged events of default under the credit agreement and does not believe that there has been an event of default under the credit agreement. Standard General is working with American Apparel to restructure the loan. As previously discussed on July 11, Standard General is prepared to lend its credibility and capital resources to assist American Apparel in accordance with the support agreement described therein.
July 17, 2014
18:43 EDTAPPAmerican Apparel investor close to buying Lion's $10M loan, Bloomberg says
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09:47 EDTAPPAmerican Apparel shareholders says firm endured 'serious damage' to reputation
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06:47 EDTAPPStandard General plans American Apparel future without ex-CEO, Reuters says
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July 11, 2014
09:09 EDTGPSOn The Fly: Pre-market Movers
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July 10, 2014
18:35 EDTGPSOn The Fly: After Hours Movers
UP AFTER EARNINGS: Joe's Jeans (JOEZ), up 15.5% after reporting second quarter results above analyst estimates... Barracuda Networks (CUDA), up 2.2% after reporting quarterly results and guidance... DOWN AFTER EARNINGS: PriceSmart (PSMT), down 3.7% after reporting third quarter revenue below analyst estimates... Rent-A-Center (RCII), down 11% after reporting disappointing preliminary second quarter results. ALSO LOWER: Gap (GPS), down 2% after reporting June Same Store Sales down 2%... Arotech (ARTX), down 5.6% after filing an automatic common stock shelf... NOTABLE: MGIC Investment (MTG), down 4.8% and Radian Group (RDN), down 3.8% following the FHFA proposal to tighten capital rules for mortgage insurers.
16:03 EDTGPSGap reports June net sales up 1%, SSS down 2%
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11:18 EDTARO, AEOZumiez rallies after raising second quarter outlook
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July 9, 2014
20:03 EDTAPPInvestigation into ousted American Apparel CEO to end soon, Reuters reports
The investigation into the conduct of American Apparel's ousted CEO Dov Charney will end in "another week or two," according to Reuters, citing a source close to the matter. The source said that FTI Consulting will submit its findings to a special committee for review, and the special committee will decide whether Charney may return as an employee. The source also said that American Apparel plans to appoint a new interim CEO in the "next few weeks if not sooner." Reference Link
16:36 EDTAPPAmerican Apparel enters Support Agreement with Standard General
In a regulatory filing, American Apparel, entered into a Nomination, Standstill and Support Agreement with Standard General, or SG, Standard General Master Fund L.P., P Standard General Ltd. and Dov Charney. The Support Agreement relates to, among other things, the composition of the company’s board, the provision by SG of financial support to the company in an aggregate amount up to $25M, and the creation of a special committee of the board to oversee the SG The Standard General Group also agreed to certain standstill and voting limitations and SG affirmed its commitment to the company’s core values, including the company’s sweatshop-free, “Made in the USA” manufacturing philosophy and maintaining the company’s manufacturing headquarters in Los Angeles, CA. Other key points of the agreement include: A reconstitution of the company’s board in which five of the current seven members, including Charney, will voluntarily step down. The departing directors will be replaced by two new directors, chosen jointly by SG and the current board, and three new directors designated by SG. All but one of the new directors are expected to be independent directors and unaffiliated with either SG or Charney. The board will continue to be led by its current co-chairmen, David Danziger and Allan Mayer. Mr. Charney will not serve as a board member or be nominated by the company or SG as a board member. A continuation of the ongoing investigation into Charney’s alleged misconduct overseen by a newly appointed, independent board committee. Charney will serve as strategic consultant until the end of the investigation. Based on the findings of the investigation, the committee will determine if it is appropriate for Charney to serve as CEO or an officer or employee of American Apparel. Adoption of a standstill agreement through the company’s 2015 annual meeting that, among other things, prohibits SG and Charney from acquiring any additional shares in American Apparel and limits their vote to no more than one third of the company’s shares on any issue put to stockholders; their remaining shares would be voted proportionately to the vote of other stockholders.
09:32 EDTAPPAmerican Apparel, Standard General said to reach $25M deal, NY Times reports
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08:43 EDTAPPAmerican Apparel said to reach $25M deal with Standard General, Bloomberg says
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07:00 EDTAPPAmerican Apparel ex-CEO loses support of some workers, Reuters says
Dethroned American Apparel CEO Dov Charney supported employees in the clothing industry with his view in favor of immigration rights and target to keep jobs in the U.S., but some workers are backing the board's decision to fire the former CEO, according to Reuters, citing comments from some of the retailer's employees. Reference Link
July 8, 2014
13:36 EDTAPP1832 Asset liquidates passive stake in American Apparel
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09:07 EDTAPPAmerican Apparel reports notice from Lion asserting event of default
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08:47 EDTANFAbercrombie & Fitch management to meet with SunTrust
Field trip to company headquarters to be held in New Albany, OH on July 8 hosted by SunTrust.
06:31 EDTAPPAmerican Apparel shareholders sue firm, ousted CEO, Bloomberg says
American Apparel shareholders are suing the firm and ousted CEO Dov Charney over allegations that directors ignored Charney’s misconduct which violated the company’s sexual harassment and discrimination rules, according to Bloomberg, citing the lawsuit. Reference Link
06:26 EDTAPPLion Capital demands repayment of $10M loan from American Apparel, NY Times says
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