Columbia Sportswear receives notice of early termination of HSR waiting period Columbia Sportswear announced that on May 12 the U.S. Federal Trade Commission granted early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act with respect to the company’s previously announced proposed acquisition of prAna Living, LLC from majority owner Steelpoint Capital Partners and all other minority members for $190M in cash.
Columbia Sportswear volatility elevated on wide price movement Columbia Sportswear December call option implied volatility is at 48, January is at 45; compared to its 52-week range of 20 to 48, suggesting large near term price movement.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Airgas (ARG) downgraded to Neutral from Accumulate at Seaport Global... Bloomin' Brands (BLMN) downgraded to Buy from Conviction Buy at Goldman... Brinker (EAT) downgraded to Neutral from Buy at Goldman... Civitas Solutions (CIVI) downgraded to Outperform from Strong Buy at Raymond James... Columbia Sportswear (COLM) downgraded on a more cautious outloook at BofA/Merrill... Fairchild (FCS) downgraded to Neutral from Buy at Citi... Lennox (LII) downgraded to Neutral from Buy at Longbow... Newfield Exploration (NFX) downgraded to Neutral from Buy at Goldman... Regis (RGS) downgraded to Neutral from Overweight at Piper Jaffray... Synergy Resources (SYRG) downgraded to Accumulate from Buy at KLR Group... Titan International (TWI) downgraded to Sell from Neutral at Goldman... eLong (LONG) downgraded to Hold from Buy at Brean Capital.
Columbia Sportswear downgraded on a more cautious outloook at BofA/Merrill As previously reported, BofA/Merrill downgraded Columbia Sportswear to Neutral from Buy and lowered its price target to $52 from $78 on shares. Analyst Rafe Jadrosich sees limited upside to his below consensus 2016 estimates given elevated industry inventory levels and a slower sell through. Jadrosich said warm weather has pressured industry sell-through and expects gross margins to be pressured by lower margin clearance product in outlets and increased off price penetration.