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Stock Market & Financial Investment News

News Breaks
June 10, 2014
12:19 EDTCHS, NWY, CBK, ANN Christopher & Banks rallies after better than expected results
Shares of women's retailer Christopher & Banks (CBK) are rising after the company's first quarter quarter results topped analysts' consensus estimates, and it confirmed it was on track to deliver on its three-year growth plan. WHAT'S NEW: This morning, Christopher & Banks reported Q1 earnings per share of 7c and revenue of $103.4M, topping estimates of 2c and $103.23M, respectively. Q1 same store sales fell 0.2%. WHAT'S NOTABLE: The company forecast Q2 SSS up in the low to mid single digit range and approximately 100 to 150 bps of gross margin improvement, as compared to the comparable prior year period, largely driven by improved merchandise margins. LuAnn Via, President and CEO, commented, "Looking ahead, additional opportunities to enhance our merchandise offering, further engage our customer and broaden our reach with our marketing programs are expected to result in continued improvement in store productivity. We also plan to accelerate our MPW strategy and end the year with approximately 190 locations in this format, as these stores continue to deliver strong returns. Overall, we are well-positioned to meet our financial goals for the year, and are on track to deliver on our three-year growth plan. PRICE ACTION: In early afternoon trading, Christopher & Banks rose 70c, or 10.53%, to $7.35 on nearly three times its average daily trading volume. Including today's advance, the stock is up approximately 4% over the past 12 months. OTHERS TO WATCH: Other women's retailers include Chico's FAS (CHS), which is up almost 9% after announcing it was exploring a sale to private equity firms, Ann Inc (ANN), and New York & Company (NWY).
News For CBK;CHS;ANN;NWY From The Last 14 Days
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March 3, 2015
05:57 EDTANNPVH Corp. downgraded to Neutral from Conviction Buy at Goldman
Goldman Sachs downgraded PVH Corp. (PVH) to Neutral from Conviction Buy saying a cold February and port-related product delays in March will push out the company's earnings recovery. Goldman cut its price target for the owner of Calvin Klein and Tommy Hilfiger to $109 from $143. The stock closed Monday up 21c to $106.74. Within the Specialty Apparel space, Goldman is most negative on Abercrombie & Fitch (ANF), Francesca's (FRAN) and Ann Inc. (ANN), and it sees "fresh downside risk" to American Eagle (AEO). It says the weather and port issues could "throw cold water on the Specialty rally."
February 26, 2015
07:25 EDTCHSChico's sees FY15 comparable sales increase in positive, low single digits
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07:24 EDTCHSChico's announced organization realignment, eliminates 240 existing positions
The company announced an organizational realignment to ensure that resources are better aligned with long-term growth initiatives, including omni-channel. The changes resulted in the elimination of approximately 240 existing positions, which is expected to result in approximately $38M of annualized savings. The corporate organizational realignment resulted in a 12% reduction of the company's headquarters and field management employee base. In the fourth quarter of 2014, the company recorded pre-tax restructuring charges related to headcount reductions, including severance and other charges, of approximately $8.2M.
07:23 EDTCHSChico's expects to increase rate of domestic store closures
The company expects to close approximately 120 stores starting in fiscal 2015 through 2017. These 120 store closings are expected to ultimately result in expense savings of approximately $55.2 million upon completion. In the fourth quarter of 2014, the company recorded pre-tax impairment charges associated with the accelerated closures of approximately $5.3M. For fiscal 2015, the Company plans to close approximately 35 stores.
07:23 EDTCHSChico's sees FY15 CapEx $100M
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07:22 EDTCHSChico's expects to execute $250M accelerated share repurchase agreement in Q1
At the end of the fourth quarter, the company had $290M remaining under its existing authorization.
07:21 EDTCHSChico's reports Q4 comparable sales growth of 4.3%
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07:20 EDTCHSChico's reports Q4 adjusted EPS 5c, consensus 2c
Reports Q4 revenue $656.91M, consensus $639.93M
February 25, 2015
09:08 EDTCHSOn The Fly: Pre-market Movers
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06:28 EDTCHSSycamore cancels attempt to buy Chico's, WSJ says
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February 24, 2015
09:59 EDTCHSChico's management to meet with Oppenheimer
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February 20, 2015
12:49 EDTANNOn The Fly: Midday Wrap
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10:01 EDTANNOn The Fly: Analyst Downgrade Summary
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08:13 EDTANNAnn Inc. downgraded to Neutral from Outperform at Macquarie
Macquarie downgraded Ann Inc to Neutral based on gross margin concerns. The firm sees incremental shipping costs due to the West Coast situation and promotional activity pressuring results. Price target is $37.
06:03 EDTANNAnn Inc. working with JPMorgan on potential sale, Bloomberg reports
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05:54 EDTANNAnn Inc. volatility up into working with JPMorgan on potential sale, report
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February 19, 2015
17:58 EDTANNAnn Inc. working with JPMorgan on potential sale, Bloomberg says

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