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Stock Market & Financial Investment News

News Breaks
March 14, 2014
14:55 EDTMATX, MATX, MATX, KATE, KATE, KATEMatson to replace Kate Spade in S&P 600 as of 3/21 close
News For MATX;KATE From The Last 14 Days
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October 30, 2014
10:02 EDTKATEOn The Fly: Analyst Initiation Summary
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06:00 EDTKATEKate Spade initiated with a Neutral at Mizuho
Target $28.
October 22, 2014
06:21 EDTMATXMatson Terminals to plead guilty to two violations of the Rivers and Harbors Act
Matsonís subsidiary, Matson Terminals, and the United States Attorney for the District of Hawaii have signed a plea agreement pursuant to which Matson Terminals will plead guilty to two misdemeanor violations of the Rivers and Harbors Act of 1899, which will resolve all federal criminal charges arising from the molasses incident in Honolulu Harbor in September 2013. Matson Terminals will pay a total penalty of $1M which will be comprised of a $400,000 fine and a $600,000 community service payment with $300,000 of such payment being made to the Waikiki Aquarium, to support their Coral Programs and Invasive Algae Clean-ups and the remaining $300,000 payment being made to Sustainable Coastlines Hawaii ó to inspire local communities to care for their coastlines through beach clean-ups. The proposed resolution is subject to review and approval by the court. Matson Terminals and its affiliates have not yet resolved any potential civil claims by the U.S. Environmental Protection Agency or claims by the State of Hawaii arising out of the molasses incident. Matson Terminals suspended its operation of the molasses pipeline system at the Sand Island terminal after the incident in September 2013.
October 20, 2014
13:10 EDTKATESteve 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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