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News Breaks
June 5, 2014
11:37 EDTPERY, RL, OXM, PVHPVH Corp. sinks after lowering profit outlook for FY14
Shares of apparel company PVH Corp. (PVH) are falling after the company reported worse than expected first quarter results and lowered its fiscal 2014 profit outlook. WHAT'S NEW: Last night, PVH Corp. reported Q1 earnings per share of $1.47 and revenue of $1.96B, missing estimates of $1.49 and $1.98B, respectively. WHAT'S NOTABLE: The company lowered its fiscal year 2014 EPS view to $7.30-$7.40 from $7.40 - $7.50, which is below analystsí consensus estimates of $7.51. PVH also guided FY14 revenue of $8.5B, in line with estimates of $8.5B. The company said it expects adjusted EPS for the second half of the year to increase 20%, with the majority of the growth coming in the fourth quarter. For the second quarter, the company forecast EPS of $1.40-$1.45, compared to analystsí consensus estimates of $1.48, and revenue of revenue $2B, in line with estimates. PVH Chairman and CEO Emanuel Chirico noted, "We believe our North American businesses will experience margin pressure in Q2" and said full year EPS guidance was lowered to reflect this. He added, "We will continue to make the previously planned strategic investments, particularly in the acquired Calvin Klein businesses, in order to unlock the full global potential of the Calvin Klein businesses over the long-term." PRICE ACTION: In late morning trading, PVH Corp. fell $9.12, or about 7%, to $121.59 on nearly three times its average daily trading volume. Despite today's pull back, the stock is up approximately 9% over the past 12 months. OTHERS TO WATCH: Shares of PVH peer Ralph Lauren (RL) are down nearly 1% to $153.88, while another apparel maker, Pery Ellis (PERY) is up almost 1% to $17.68.
News For PVH;RL;PERY;OXM From The Last 14 Days
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May 20, 2015
16:10 EDTPERYPerry Ellis appoints Jane DeFlorio as lead independent director
Perry Ellis International announced that Jane DeFlorio, a director of Perry Ellis since December 2014, has been appointed to serve as Perry Ellis' lead independent director, effective immediately. She succeeds Joseph Lacher, who has served as lead independent director since 2006 and is retiring from the Perry Ellis Board after the 2015 Annual Meeting.
16:07 EDTPERYPerry Ellis CEO George Feldenkreis to transition out of role in 2016
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May 17, 2015
13:59 EDTRLRalph Lauren shares could return 15%-20% in 12-18 months, Barron's says
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May 15, 2015
10:20 EDTRLOptions with decreasing implied volatility
Options with decreasing implied volatility: NLNK ARWR CTRP RAX KING AOL WPZ RL Z MBI
May 14, 2015
09:22 EDTPERYOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Perry Ellis (PERY), up 11.5%... (CTRP), up 13.4%. ALSO HIGHER: AcelRx (ACRX), up 10.3% after being awarded contract worth up to $17M from Defense Dept to advance ARX-04... Oncothyreon (ONTY), up 16.9% after ASCO presentation data released... CYREN (CYRN), up 14.6% after announcing agreement with Dell.... Discovery Laboratories (DSCO), up 5.2% after Aerosurf shows positive Phase 2a data... Kate Spade (KATE), up 3.9% after being initiated with an Outperform at Wedbush. DOWN AFTER EARNINGS: Digital Ally (DGLY), down 16.4%... Kohl's (KSS), down 10.2%... VOXX (VOXX), down 8.1%... Cosi (COSI), down 7.3%. ALSO LOWER: Biotechnology (PBYI), down 15.1%% after Neratinib data published in ASCO abstract... Gevo (GEVO), down 10.7% after 4.3M share Spot Secondary priced at $4.00.
07:45 EDTPERYLegion: Controlling family profited at PERY holders' expense, NY Post says
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07:41 EDTRLUSPA gets favorable ruling in trademark fight with Ralph Lauren, Reuters says
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07:22 EDTPERYPerry Ellis confirms receipt of Legion director nominations notice
Perry Ellis International confirmed that on May 8 it received notice from Legion Partners Holdings of its intention to nominate three candidates to stand for election to the Perry Ellis board of directors at the company's 2015 Annual Meeting of Shareholders. In its notice, Legion also indicated that it intends to present two proposals for consideration by shareholders at the 2015 Annual Meeting. Perry Ellis issued a statement, saying in part: "The Perry Ellis Board of Directors is committed to continuously enhancing the company's corporate governance practices...The Perry Ellis Board of Directors and management team are committed to acting in the best interests of the Company and all Perry Ellis shareholders. Perry Ellis strives to maintain constructive, ongoing communications with all of its shareholders and welcomes their views and opinions with the goal of enhancing shareholder value. In that regard, since last July Perry Ellis has had numerous meetings with Legion's principals to understand their views and suggestions. To date, Legion has failed to provide us with any credible plan or actionable ideas for driving success at Perry Ellis. Months ago, Perry Ellis indicated to Legion that we would consider individuals who may further enhance the depth and breadth of the Perry Ellis Board beyond the three new independent directors that Perry Ellis added over the past 15 months. In response, Legion declined to provide us with any suggested candidates and, instead, has decided to pursue a proxy contest against us. Furthermore, Legion has indicated that it is not prepared to make its candidates available for interview by the company's Corporate Governance and Nominating Committee. The Perry Ellis Board will present its recommended slate of director nominees in the Company's definitive proxy statement and other materials, to be filed in June with the Securities and Exchange Commission and mailed to all shareholders eligible to vote at the 2015 Annual Meeting."
07:04 EDTPERYPerry Ellis raises FY16 adjusted EPS view to $1.68-$1.75 from $1.45-$1.55
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07:02 EDTPERYPerry Ellis reports Q1 GAAP EPS 62c, consensus 63c
Reports Q1 revenue $266M, consensus $263.59M. Reports Q1 adjusted EPS 99c.
May 13, 2015
09:23 EDTPERYPerry Ellis announces men's sportswear license agreement for Farah Vintage brand
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09:21 EDTRLOn The Fly: Pre-market Movers
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08:07 EDTRLRalph Lauren sees forex, global consumer spending remaining 'unpredictable'
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08:07 EDTRLRalph Lauren seesn Q1 consolidated net revenues flat in constant currency
In the first quarter of Fiscal 2016, the Company expects consolidated net revenues to be flat in constant currency, as retail segment growth is offset by a decline in wholesale revenue which is impacted by our customersí receipt plans due to an earlier Easter this year. Based on current exchange rates, foreign currency will have an approximate 600 basis point negative impact on revenue growth in the first quarter of Fiscal 2016. Operating margin for the first quarter of Fiscal 2016 is expected to be approximately 600-650 basis points below the comparable prior year period, primarily due to negative foreign currency effects, the quarterly revenue growth profile and timing of expense savings initiatives. The first quarter tax rate is estimated at 30%.
08:06 EDTRLRalph Lauren sees FY15 consolidated net revenue up mid single digits
The company currently expects consolidated net revenues for Fiscal 2016 to increase by mid-single digits in constant currency. The company says, "Based on current exchange rates, foreign currency will have an approximate 450 basis point negative impact on Fiscal 2016 revenue growth. Operating margin for Fiscal 2016 is currently expected to be 180-230 basis points below the prior yearís level due to negative foreign currency effects. The full year Fiscal 2016 tax rate is estimated at 30%. Capital expenditures are planned at approximately $400-$500 million in Fiscal 2016. This guidance excludes restructuring and other one-time related charges associated with our global brand reorganization. We expect these charges to be approximately $70-100 million over the course of Fiscal 2016."
08:06 EDTRLRalph Lauren board authorizes additional $500M stock repurchase program
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08:05 EDTRLRalph Lauren reports Q4 EPS $1.69 ex-foreign currency impacts, consensus $1.32
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May 12, 2015
15:00 EDTRLNotable companies reporting before tomorrow's open
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14:11 EDTRLRalph Lauren technical comments before earnings
The shares have been in decline for the prior year, but ahead of earnings have entered a consolidation phase. That range is largely contained within the bounds of $130 to $140. Those two extremes of the range can help us understand where price may go following earnings. A breakout above $140 on better than expected news would turn the dominant downtrend to neutral. A rise above $149.16 would set the trend to bullish in the short-term, with next resistance at $153.27. That level is the bottom of the bearish gap down from February. A move further up into the gap would be bullish. If the news is bearish and the low of the range at $130 is taken out on the downside, it would signal a resumption of the downtrend. In that event next support would be at $127.29, which is the 52-week low. A breakdown below the 52-week low could see the following support levels become potential downside objectives depending on the degree of negative surprise: $122.98, $117.29, and $111.65.
May 11, 2015
09:08 EDTPERYPerry Ellis announces bedding license for Laundry by Shelli Segal
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