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Stock Market & Financial Investment News

News Breaks
July 8, 2014
06:53 EDTLUX, KORSMichael Kors re-launch of eyewear a multi-year catalyst, says Piper Jaffray
Piper Jaffray believes the recently signed 10-year license agreement between Michael Kors (KORS) and Luxottica (LUX) represents a multi-year opportunity for both companies. After meeting with Luxottica, Piper believes the company's goal of $100M in wholesale sales in three years could prove conservative given the growing appeal for the Michael Kors brand. The firm views eyewear as another comp drive for Michael Kors and a multi-year catalyst for the company. It keeps an Overweight rating on the stock with a $115 price target.
News For KORS;LUX From The Last 14 Days
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October 30, 2014
15:18 EDTKORSMichael Kors volatility elevated into Q4 and outlook
Michael Kors November weekly call option implied volatility is at 66, November is at 45, December is at 40, January is at 34, February is at 33; compared to its 26-week average of 35 according to Track Data, suggesting large near term price movement into the expected release of Q4 results on November 4.
October 29, 2014
14:09 EDTLUXLuxottica appoints Grassi as CFO
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13:42 EDTLUXLuxottica reports Q3 adjusted EPS 48c vs. 41c last year
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10:00 EDTKORSOn The Fly: Analyst Downgrade Summary
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07:13 EDTKORSMichael Kors downgraded at Janney Capital
As previously reported, Janney Capital downgraded Michael Kors to Neutral from Buy. The firm downgraded shares based on valuation, macro concerns, merchandising margin pressure, investment cycle, and maturation of North America.
05:59 EDTKORSMichael Kors downgraded to Neutral from Buy at Janney Capital
Janney Capital downgraded Michael Kors following the Q2 report citing valuation.
October 27, 2014
07:13 EDTKORSMichael Kors Q2 earnings could beat by 5c-7c, says Piper Jaffray
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06:29 EDTLUXLuxottica's Del Vecchio won't interfere with new management plans, WSJ reports
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October 23, 2014
06:25 EDTLUXLuxottica announces arrival of co-CEO for Markets Adil Mehboob-Khan
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October 22, 2014
12:09 EDTLUXLuxottica to name P&G executive as co-CEO, Bloomberg says
Eyeglass maker Luxottica (LUX), which is in the midst of a boardroom upheaval, will name Procter & Gamble (PG) executive Adil Mehboob-Khan as a co-CEO, says Bloomberg, citing people familiar with the matter. Reference Link
October 20, 2014
13:10 EDTKORSSteve Madden tumbles after providing preliminary Q3 results, FY14 outlook
Shares of shoe and accessory company Steve Madden (SHOO) are tumbling after the company announced preliminary third quarter results that were below analysts' consensus along with a reduction to its fiscal year 2014 outlook. WHAT'S NEW: Steve Madden announced that it is anticipating Q3 earnings per share to be approximately 61c-62c and net sales of $392M, below analysts' consensus estimates of 67c and $415.72M, respectively. The company noted that retail comparable store sales for the quarter are anticipated to be down 7.4%. Steve Madden also reduced its FY14 EPS outlook to $1.81-$1.86 from $2.00-$2.10, well below analysts' $2.02 consensus. The company lowered its net sales projection for the year, and now sees net sales up 1%-2% over fiscal year 2013 versus its previous net sales guidance for up 2%-4% over FY13. The new guidance factors in the recent acquisition of Dolce Vita and current expectations for remainder of the year. On August 14, Steve madden acquired Dolce Vita for $60.3M in cash and previously said the deal would be accretive to earnings in FY14 by 2c-3c and be "modestly accretive" in FY15. WHAT'S NOTABLE: Steve Madden's Chief Executive Officer Edward Rosenfeld said that the company's Q3 earnings were "disappointing" and were the result of weaker than expected retail segment performance. He believes that retail trends in the footwear space will continue to be difficult through the fourth quarter due to a lack of noteworthy fashion trends in the industry. The CEO said that the company's full-year guidance results from this pattern, along with a lowered reorder outlook in its wholesale segment. Rosenfeld is still confident, however, in the company's business model and believes that its acquisitions of Dolce Vita and its Mexican licensee will fuel the business forward over the long term. OTHERS TO WATCH: Competitors of Steve Madden include Michael Kors (KORS), Coach (COH), Kate Spade (KATE), and Vera Bradley. PRICE ACTION: During afternoon trading, shares of Steve Madden fell $2.62 or 8.2%, to $29.32. Over the last twelve months, the stock has fallen over 15%.

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