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Stock Market & Financial Investment News

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June 26, 2014
07:23 EDTAPPAmerican Apparel CEO issues deeper than headline-making antics, WSJ says
Allegations of sexual antics from American Apparel CEO Dov Charney have commanded the headlines, but his ouster is predicated on issues he contributed to that saw the business fall into "almost complete disarray" and lurch "from one crisis to another," said The Wall Street Journal, citing people familiar with the situation. Among the "several bottlenecks that plagued the fashion chain" were issues that started after Charney began signing all of the company's checks early this year, according to the report. Reference Link
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September 12, 2014
16:20 EDTAPPAmerican Apparel amends loan agreement with SG, removes Charney default clause
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September 5, 2014
12:19 EDTAPPGap falls after reporting August same-store sales decline
Shares of apparel retailer Gap (GPS) are falling after the company reported disappointing August same-store sales results and Buckingham analysts downgraded the company's stock. WHAT'S NEW: Gap reported last night that its August comparable sales declined 2%, compared to a 2% increase a year ago in the same month. Gap Global SSS fell 9%, Banana Republic Global SSS fell 2% and Old Navy Global SSS rose 2%. Gap also reported its August net sales were flat compared to last year's $1.23B. WHAT'S NOTABLE: Looking ahead, the company said Gap's August sales performance will likely put pressure on the brand's gross margins in September. ANALYST REACTION: Gap was downgraded to Neutral from Buy at Buckingham this morning following the August comparable sales numbers. Buckingham analysts say they question the previously anticipated 2H14 comp recovery at the core brand and do not see upside to the stock if the flagship brand does not turn positive in the second half. Buckingham expects the stock's multiple to contract back to its historical average until sales improve. The firm still expects full-year 2014 guidance to be achievable as Gap manages expenses and it continues to like operational improvements the company is making in its supply chain and omni-channel initiatives. Until sales improve, Buckingham expects shares to remain range bound near $44 to $46. UBS analysts, on the other hand, say Gap's share weakness presents a buying opportunity. The firm said the miss does not derail the company's ability to show improvement over the second half and does not impact their long-term thesis tied to margin improvement opportunities. PRICE ACTION: Near noon, Gap fell $2.20, or about 5%, to $44.39. OTHERS TO WATCH: Competitors to Gap include American Apparel (APP), American Eagle (AEO), Urban Outfitters (URBN), Express (EXPR), and Abercrombie and Fitch (ANF).

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