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Stock Market & Financial Investment News

News Breaks
January 10, 2014
10:39 EDTAPP, TLYS, ANF, AEO, GPSAbercrombie & Fitch rallies after raising full year profit view
Shares of casual apparel retailer Abercrombie & Fitch (ANF) are rallying after the company raised its full year adjusted profit view. WHAT'S NEW: Last night, Abercrombie & Fitch reported its fourth quarter comparable sales for the nine weeks ended January 4, including direct-to-consumer sales, decreased 6%. However, based on higher than expected sales for the fourth quarter-to-date, and ongoing cost reduction efforts, the company raised its full year adjusted earnings per share view to $1.55-$1.65 from its prior guidance of $1.40-$1.50. The consensus forecast of analysts prior to the company update was $1.47. ANALYST REACTION: This morning, analyst commentary was positive on A&F. Research firm Janney Capital upgraded Abercrombie to Buy from Neutral with a price target of $49. Another firm, Wells Fargo, increased its price target on the stock to $37-$39 from $33-$36, but kept a Market Perform rating on the shares. Brean Capital said it remained a buyer of Abercrombie & Fitch’s shares. Brean rates the shares a Buy with a $48 price target. PRICE ACTION: In early trading, Abercrombie & Fitch rose $3.86, or 11.6%, to $37.07 on twice its average daily trading volume. However, over the past twelve months, the shares are down about 24%. OTHERS TO WATCH: Abercrombie’s competitors include American Eagle Outfitters (AEO), American Apparel (APP), and Tilly’s (TLYS). Another Abercrombie competitor, The Gap (GPS), reported last night that its comparable sales in the months of November and December grew 1% and that, given the holiday performance, the company is "comfortable" delivering at the high end of its prior full-year earnings per share guidance range. Gap shares are up 0.8% to $39.75 after its own holiday sales update.
News For ANF;AEO;GPS;APP;TLYS From The Last 14 Days
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July 22, 2014
09:32 EDTANFAbercrombie & Fitch Q2 revenues tracking below consensus, says ITG Research
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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 EDTAEOZumiez 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

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