Bookmark and Share

Major Movers on June 13; MW, PVH, SWY, GCI, BBRY, PCO

Shares of The Men’s Wearhouse Inc. (NYSE: MW) climbed 3.65% by afternoon trade. The Company said on Wednesday that fiscal first quarter profit rose 23%, driven by stronger margins. Net income climbed to $33.1 million or 65 cents a share from $26.9 million or 52 cents a share, in the year-earlier quarter. Revenue climbed 5.1% to $616.5 million. Revenue from tuxedo rental services climbed to $98.5 million from $78.5 million. The Company said that earlier Easter, pushed up the prom season, which generally falls in the fiscal second quarter. Same-store-sales, a key measure in retail chain’s performance, increased at its namesake stores but fell 2.8% and 5.3% at Moores and K&G stores, respectively.

Shares of PVH Corp. (NYSE: PVH) rallied 9.50% by afternoon trade. Although the parent company of brands such as Calvin Klein and Tommy Hilfiger swung into fiscal first quarter loss as it booked onetime charge arising from recent acquisition of Warnaco, adjusted earnings and revenue edged past Company’s own forecast. For the quarter ended May 5, PVH Corp posted a loss of $20 million or 25 cents a share compared to a profit of $95.5 million or $1.30 a share. Stripping out onetime items such as expenses related to the acquisition, adjusted earnings stood at $1.91 a share compared to $1.33 a share in the year earlier quarter. Revenue surged 34% to $1.91 billion. The Company had projected earnings to come above $1.33 a share on sales of about $1.9 billion.

Shares of Safeway Inc. (NYSE: SWY) jumped about 7.50% by afternoon trade. On Wednesday, Empire Company Ltd, which owns Canada’s second largest grocery chain, Sobeys Inc, said that it agreed to acquire Safeway Inc’s Canadian business in deal valued at $5.7 billion. With the acquisition of Safeway Inc, Sobeys’ presence in the western provinces of Canada will increase significantly. Safeway said that it will use the sale proceeds towards retiring the debt and remaining towards shares buyback.

Shares of Gannett Company Inc. (NYSE: GCI) skyrocketed about 26.60% by afternoon trade. Belo Corp (NYSE: BLC) also leaped 27%. Gannett Company Inc said on Thursday that it has decided to acquire Belo Corp in an all cash deal valued at $1.5 billion. Gannett will pay $13.75 a share, which represents a 28.1% premium on Belo’s closing stock price on Wednesday. The deal is expected to close by the end of 2013, subject to an approval from Federal Communications Commission (FCC) and shareholders who control two thirds of the voting power in Belo Corp.

Shares of Research in Motion Ltd. (NASDAQ: BBRY) climbed about 5.20% by afternoon trade. The smartphone maker’s stock was upgraded to “buy” from “sell” by Societe Generale on Thursday, citing better-than-expected sales of Blackberry 10 smartphones.

Shares of Polypore International Inc. (NYSE:PPO) slumped about 4.80% by afternoon trade after analysts at Topeka Capital Markets slashed its rating on the stock to “hold”. At present, four equity research firms keep “buy” rating on the stock; two firms maintain “sell” rating while seven analysts have assigned “hold” rating.

Leave a Reply




You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

All stories in are for informational purposes only. This is NOT a stock recommendation. This story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at . About is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.