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Stock Market & Financial Investment News

News Breaks
May 23, 2014
12:57 EDTZLC, SIGTIG Advisors files definitive proxy materials to oppose Zale merger with Signet
TIG Advisors, a stockholder of Zale Corporation (ZLC), owning approximately 9.5% of its outstanding shares of common stock, today filed definitive proxy materials with the SEC in connection with the special meeting of Zale stockholders scheduled for May 29 to consider the proposed merger of Zale with Signet (SIG) for $21 per share in cash. TIG Advisors urges all shareholders to join it in voting AGAINST Signetís inadequate $21 per share offer for Zale. "Our public filings with the SEC detail the many flaws in the valuation of Zale and the negotiation of the agreement, that led us to oppose the transaction, including: Proposed merger consideration is inadequate and below the standalone value of Zale; Use of an inappropriate share price benchmark to value the transaction, at a time when Managementís projections for the company were not known to investors; Potential conflicts of interest with Golden Gate Capital as a result of the inclusion of Golden Gateís representative on the negotiation committee."
News For ZLC;SIG From The Last 14 Days
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August 27, 2014
11:32 EDTSIGTiffany shines brighter as results beat expectations, company raises outlook
Shares of luxury retailer Tiffany (TIF) are moving higher after the company reported significantly stronger than expected second quarter results and raised its fiscal year 2015 earnings per share view. WHAT'S NEW: Tiffany's reported Q2 EPS of 96c on revenue of $993M, beating analysts' consensus estimates of 85c and $987.88M, respectively. Worldwide net sales increased 7% in Q2 and comparable store sales increased 3% in Q2 mainly due to growth in the Americas and Asia-Pacific regions. Looking ahead, the retailer increased its FY15 EPS view to $4.20-$4.30 from its previous view of $4.15-$4.25, which is in-line with analysts' $4.29 consensus. Tiffany anticipates worldwide net sales increasing by a high-single digit range and sees worldwide net sales increasing by a high-single-digit percentage for the year. The company also sees FY free cahs flow of at least $400M as well as capital expenditures of $270M. WHAT'S NOTABLE: During its conference call discussing the quarter, Tiffany said that it sees a "healthy" increase in its full-year operating margin. The luxury company noted that it experienced continued softness in its U.S. silver sales during Q2 as well as softness in U.S. entry-level sales under $500. In its Japan division, the retailer foresees returning to single-digit sales growth, but noted that the unit has not experienced that so far in the first few weeks of this month. In Europe, the retailer said it is "still feeling" the effect of economic and currency related obstacles. Tiffany sees opening 10 stores throughout the rest of the year, which is lower than its original plan of opening 13, and plans to close three stores this year compared to its original target of closing four. Tiffany also sees a double-digit percentage marketing spend increase in the second-half of this year. ANALYST REACTION: Sterne Agee analyst Ike Boruchow said that as Tiffany continues to surpass expectations in its earnings reports, fashion jewelry in general is growing again and the company's latest "T" collection should quicken that category further. He feels that regardless of the few headwinds in Japan and Europe, the luxury company is still one of the most stable retail firms. Boruchow believes that the CEO transition from Michael Kowalski to Frederic Cumenal is likely to be a "smooth" one in March. The analyst keeps the stock at a Buy rating with a $100.77 price target. OTHERS TO WATCH: Other high end retailers include Signet Jewelers (SIG), Blue Nile (NILE), Nordstrom (JWN), Michael Kors (KORS), and Coach (COH). PRICE ACTION: During late-morning trading, Tiffany rose $1.32 or 1.31%, to $102.09.

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