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News Breaks
May 28, 2014
11:18 EDTAPOL, ANN, BIGOptions with increasing implied volatility: APOL ANN BIG
News For APOL;ANN;BIG From The Last 14 Days
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August 26, 2014
12:29 EDTANNAnn Inc. options active on hiring bank to explore strategic alternatives report
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12:12 EDTANNAnn Inc. hires bank to explore strategic alternatives, Reuters says
Women's retailer Ann Inc (ANN) is exploring strategic alternatives, including a possible sale and has hired JPMorgan (JPM) to help in the process, says Reuters. Shares of Ann Inc are up approximately 6% to $42.04 in midday trading. Reference Link
11:51 EDTANNAnn Inc hires bank to explore alternatives including possible sale, Reuters says
08:16 EDTANNAnn Inc. valuation already reflects potential change, says Oppenheimer
After two investors publicly urged Ann to explore strategic alternatives, including a sale of the company, Oppenheimer believes that a leveraged recap is more likely than an LBO. The firm says that a private equity firm would have limited opportunities to make operational improvements at the company. Oppenheimer keeps a $38 price target and Perform rating on the shares.
August 25, 2014
13:10 EDTANNAnn Inc. rises after investors call on board to consider sale
Shares of women's apparel retailer Ann Inc. (ANN) are climbing after investors in the company urged it to consider selling itself. WHAT'S NEW: Two investors in Ann Inc.'s stock - Engine Capital and Red Alder - disclosed this morning that they had sent the company's independent board members a letter in which they called on the company to consider selling itself. Engine Capital is a value oriented, special situations fund, while Red Alder is an investment adviser. The two entities, who made the statements in a press release, said that they own a combined stake of more than 1% in Ann. The retailer is "deeply undervalued" and the board can take action that would significantly increase shareholder value, the investors wrote. After speaking with members of Ann's management team, the two entities said they had hoped that the company would start exploring strategic alternatives, including a sale of the company. However, since the company did not announce that it was beginning such a process, the investors decided to go public with their request, they stated. After conducting extensive due diligence, including studying the valuations at which privately-held retailers have been sold, Engine Capital and Red Alder estimate that Ann Inc could be sold for $50-$55 per share. Moreover, the entities said that several factors, including their decision to go public with their position and the purchase of a 9.5% stake in Ann earlier this year by private equity firm Golden Gate Capital, make "the status quo untenable." They urged Ann Inc. to immediately retain a nationally recognized investment bank and establish a special committee of independent directors to explore strategic alternatives, including a sale. WHAT'S NOTABLE: Ann Inc. shares slid over 3% on Friday after the company reported its Q2 results that morning and said that it experienced softer traffic levels along with sales and margin pressure in the second half of the quarter. PRICE ACTION: In early afternoon trading, Ann gained 4.3% to $39.14.
12:19 EDTANNOn The Fly: Midday Wrap
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10:54 EDTANNHigh option volume stocks
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08:17 EDTANNAnn Inc. increasing fashion assortment, says BofA/Merrill
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07:23 EDTAPOLGovernment not looking to push other colleges out of business, says Wells Fargo
In the wake of Corinthian Colleges' (COCO) dissolution due to actions taken by the Department of Education, Wells Fargo thinks the government did not intend for this scenario to unfold. After speaking with unnamed "knowledgeable sources" about the issue, the firm does not expect the department to take similar actions in the future because doing so would create too much of a workload for the department, Wells believes. Publicly traded companies in the space include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).
06:15 EDTANNEngine Capital, Red Alder urge Ann Inc. to explore strategic alternatives
Engine Capital, together with its affiliates, and Red Alder, who collectively own in excess of 1% of the outstanding shares of ANN Inc., announced that they have delivered a letter to the board of ANN. The letter states that the company is deeply undervalued and that opportunities exist to close the significant valuation gap and unlock shareholder value, including the sale of the company. The letter also stated that ANN could be conservatively worth between $50-$55 per share to a third party acquirer in a sale.
August 22, 2014
13:12 EDTANNAnn Inc. slides after Q2 SSS decline
Shares of women's specialty retailer Ann Inc. (ANN) are sliding after the company said that it experienced softer traffic levels along with sales and margin pressure in the second half of the second quarter. WHAT'S NEW: Ann's Q2 earnings per share was 70c, which is a bit higher than analysts' consensus of 68c. The company's Q2 revenue was $648.7M, which nearly matched analysts' consensus of $648.09M. The clothing retailer cited softer traffic levels and a highly promotional environment pressured sales and margin as the reason for its loss during the second half of the quarter. In addition, LOFT experienced continued softness in basic knit tops, which represented a significant component of its summer assortment. Q2 same-store-sales were down 2.3%. Ann sees Q3 revenue to be $670M, which is a bit lower than analysts' consensus of $673.31M and sees Q3 comparable sales to be flat to slightly negative. The company expects it FY14 revenue to be $2.56B, which matches analysts' $2.56B consensus and anticipates flat comparable sales in FY14. WHAT'S NOTABLE: During the company's conference call, Ann said that Q3 inventories are "conservatively positioned" as it enters the fall season. Ann said that despite the "challenging" retail environment, the retailer noted that it is focused on optimizing full-price sell-through to drive positive comp and increase productivity. Overall, the company believes that it is better positioned to optimize brand growth. PRICE ACTION: During afternoon trading, shares of Ann Inc. fell $1.19, or 3.07%, to $37.62. OTHERS TO WATCH: Ascena Retail (ASNA) is up fractionally, Cache (CACH) is down 1.52%, and New York & Company (NWY) is up 1.84%.
09:05 EDTANNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: GameStop (GME), up 7.1%... Foot Locker (FL), up 3%... Qunar (QUNR), up 6.9%... The Fresh Market (TFM), up 6.5%... Ross Stores (ROST), up 3.8%. ALSO HIGHER: El Pollo Loco (LOCO), up 5.3% after signing franchisee to 20 unit expansion agreement in Texas... Gap (GPS), up 2.8% after upgraded at Janney Capital following Q2 results above analyst estimates and announcing plans to open the first franchise-operated Gap stores in India in 2015. DOWN AFTER EARNINGS: Aeropostale (ARO), down 8%... Ann Inc (ANN), down 2.7%. ALSO LOWER: Ampio (AMPE), down 4.4% after downgraded at Jefferies...
07:34 EDTANNAnn Inc. sees FY14 revenue $2.56B, consenssu $2.56B
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07:33 EDTANNAnn Inc. sees Q3 revenue $670M, consensus $673.31M
Sees Q3 comparable sales flat to slightly negative.
07:33 EDTANNAnn Inc. reports Q2 SSS down 2.3%
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07:32 EDTANNAnn Inc. reports Q2 Ann Taylor brand sales $250M, LOFT brand sales $398.7M
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07:31 EDTANNAnn Inc. says second half of Q2 proved challenging
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07:31 EDTANNAnn Inc. reports Q2 EPS 70c, consensus 68c
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August 21, 2014
15:15 EDTANNNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Foot Locker (FL), consensus 54c; ANN INC. (ANN), consensus 68c; Hibbett Sports (HIBB), consensus 31c.
August 19, 2014
15:12 EDTAPOLApollo Education management to meet with Piper Jaffray
Meeting to be held in Los Angeles on August 21 hosted by Piper Jaffray.
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