DIRS.INFO The most relevant business & tech news

☆ The big Trump losers: These stocks could have an overhang for a while
▼ + stars: | 2024-11-06 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Stocks may be in rally mode after former President Donald Trump's election victory, but not every sector is poised to get a lift. Clean energy One potential big loser is solar and clean energy stocks that benefited from tax credits instituted under President Joe Biden 's Inflation Reduction Act. Retailers Along with changes to clean energy, Trump has hinted at tariffs to buoy U.S. producers. The firm also highlighted companies with greater than 20% China exposure, including Crocs and American Eagle Outfitters , as being among potential tariff losers. STZ 1D mountain Constellation Brands falls amid Trump tariff concerns "With a 50% American whiskey tariff, we would expect BFB to pass some cost along to the consumer, which would put additional pressure on volumes," he wrote.

Persons: Donald Trump's, Kamala Harris, Joe Biden, Trump, Goldman Sachs, Brian Lee, Lee, Melanie Nuñez, Cowen's Robert Moskow, Brown, Forman, Bank of America's Joanna Gajuk, Gajuk, bode, Andrew Mok Organizations: NBC News, Dow Jones, Nasdaq, Technologies, Enphase Energy, Bank of America, American Eagle Outfitters, Constellation Brands, Diageo, EU, Consumer, . Hospital, Republican, Bank of America's, Ardent Health Partners, Universal Health Services, HCA Holdings, Barclays Locations: financials, U.S, China, Scotch, Mexico

☆ A veteran bond operator shares an alpha-generating strategy for dropping yields and muted stock-market returns
▼ + stars: | 2024-11-06 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

Credit markets face challenges, but opportunities exist in corporate bonds and cheap optionality. But when times are tight, companies deleverage until their debt is less than their cash flow. The yields in corporate bonds aren't much higher than in government bonds, meaning less compensation for more risk. Advertisement"This trade works if natural gas prices remain stable or rise, leading the energy bond to outperform the overall corporate bond market," Rieder said. "It's an excellent opportunity to capitalize on the current tight credit spread conditions and complacency in the overall credit market."

Persons: —, Goldman Sachs, David Kostin, Mark Rieder, Rieder, I've Organizations: Service, Fed, Treasury, Bloomberg, Business

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, Tesla, Nike, Ferrari, Amazon, Instacart, Spotify & more
▼ + stars: | 2024-11-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs reiterates Nvidia as buy Goldman said the stock is best positioned ahead of earnings later this month. JPMorgan upgrades Yum China to overweight from neutral JPMorgan upgraded the China operator of brands like KFC following earnings. Wedbush reiterates Tesla as outperform The firm said the EV maker is a big winner of a Trump presidency. Deutsche Bank reiterates Spotify as buy Deutsche said it's bullish heading into the streaming company's earnings report on November 12. JPMorgan downgrades Super Micro to underweight from neutral JPMorgan downgraded the stock following earnings citing too much regulatory uncertainty.

Persons: Bernstein, Apple, Goldman Sachs, Goldman, YUMC, Wedbush, Tesla, Trump, Jefferies, Raymond James, it's, Wells, BURL, Oppenheimer, TD Cowen downgrades Brown, Forman, Cowen, Needham, revs, Ferrari, it's bullish, Mizuho, Monness Crespi Hardt, Snowflake Organizations: Nvidia, JPMorgan, KFC, Trump, Ryman Hospitality, Citi, GE Healthcare, General Electric, Barclays, Tencent, Entertainment, Deutsche Bank, Spotify, Deutsche, Nike, Burlington, GAP, Super Micro, Services, UBS, Ferrari, Data Center, 2027E, Bank of America, of America Locations: China, 2Q24, Snowflake

☆ Here are Friday's biggest analyst calls: Nvidia, Apple, Amazon, Berkshire Hathaway, Intel, Datadog, Uber & more
▼ + stars: | 2024-11-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Citi reiterates Amazon as buy Citi said the e-commerce giant has "multiple catalysts for growth" following earnings on Thursday. Gordon Haskett upgrades Uber to buy from hold The firm said investors should buy the dip in Uber following earnings on Thursday. Goldman Sachs initiates Penguin Solutions as buy Goldman called Penguin a "high performance hardware solutions for enterprise AI at an attractive valuation." Wells Fargo downgrades Estee Lauder to equal weight from overweight Wells downgraded the stock following a disappointing earnings report on Thursday. KeyBanc upgrades Atlassian to overweight from sector weight KeyBanc upgraded the software company following earnings.

Persons: Goldman Sachs, Gordon Haskett, Goldman, Wells, Estee Lauder, it'll, Atlassian, Kinder Morgan, Morgan Stanley, Arista, Datadog, it's, CFRA, Berkshire Hathaway, Jefferies Organizations: Apple, Apple Intelligence, Citi, Amazon, Penguin Solutions, Penguin, Suncor Energy, " Bank of America, Nvidia, Artificial, TAM, Bank of America, UBS, Intel, Mizuho, IDA, Energy Locations: Asia

☆ Here are Monday's biggest analyst calls: Nvidia, Netflix, Apple, Walmart, Disney, Boeing, Robinhood, Berkshire Hathaway and more
▼ + stars: | 2024-08-05 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Disney as overweight Morgan Stanley lowered its price target on the stock to $110 per share from $130 but said it is sticking with Disney shares. Morgan Stanley upgrades Prosperity Bancshares to overweight from equal weight Morgan Stanley said the regional bank has "best in class capital and growing liquidity." Morgan Stanley initiates MKS Instruments as overweight Morgan Stanley said the controlling and measuring device manufacturing company is well positioned. Morgan Stanley reiterates Apple as overweight Morgan Stanley said it is sticking with the stock following its quarterly 10-Q report. " Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it is sticking with its overweight rating on the stock following Walmart+ membership hitting a record high according to its survey checks.

Persons: Mizuho, Morgan Stanley, Disney, Lockheed Martin, Berkshire Hathaway, HOOD, Apple, Jefferies, Mars, Bernstein Organizations: Bank of America, Nvidia, Disney, Gulfport Energy, RBC, Lockheed, UBS, Berkshire, Berkshire Hathaway, Citi, RBC downgrades Moderna, Moderna, Walmart, underperform Bank of America, Netflix, Reuters, Kellanova, Boeing Locations: China, Gulfport, Berkshire, Underperform

☆ Here are Wednesday's biggest analyst calls: Nvidia, Apple, First Solar, Netflix, Disney, Cava, Dell, Snowflake & more
▼ + stars: | 2024-05-29 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are the biggest calls on Wall Street on Wednesday: Bernstein reiterates Nvidia as outperform Bernstein said it's sticking with its outperform rating on the stock. " Argus upgrades Berkshire Hathaway to buy from hold Argus said it's getting bullish on shares of Warren Buffett's multinational conglomerate. UBS reiterates First Solar as buy UBS raised its price target on First Solar to $350 per share from $270. Bank of America reiterates Apple as buy Bank of America said it's bullish on top pick Apple and its entry into iPhones with AI. Bank of America reiterates Dell as buy Bank of America raised its price target on Dell to $180 per share from $130.

Persons: Bernstein, Berkshire Hathaway, Argus, it's, Fluence, LBRT, Jefferies, TD Cowen, Medpace, Cowen, Morgan Stanley, JPMorgan, Wells, Baird, MM120, Truist, Dell, Jack Hartung, Cindy Olsen Organizations: Nvidia, Argus, Warren, UBS, Citi, Liberty Energy, United Airlines, Airlines, American Airlines, " Bank of America, Apple, Bank of America, Netflix, Disney, RBC, Eldorado, Eldorado Gold, BTC, Citi downgrades Bank, JPMorgan, Mind, of America, Norwegian Cruise Line Holdings, Dell, Field Locations: Berkshire, U.S, OFS, United, El Paso, Parks, F4Q, CAVA, Chicago

☆ Peloton shares drop after it announces refinancing to stave off cash crunch
▼ + stars: | 2024-05-20 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Peloton shares plunged on Monday after the connected fitness company said it is launching a "global refinancing," as it looks to stave off a cash crunch amid falling sales. Peloton plans to use the proceeds to buy back about $800 million of its 0% convertible senior notes, which are currently due in 2026, and refinance its existing term loan. Shares fell more than 12% in extended trading after Peloton announced the refinancing, but later regained some ground. In a letter to shareholders, the company said it is "mindful" of the timing of its debt maturities, which include convertible notes and a term loan. "Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital," the company said.

Persons: Barry McCarthy, McCarthy, Goldman Sachs Organizations: JPMorgan

☆ Fat Brands confidentially files to IPO Twin Peaks, Smokey Bones brands days after federal indictment
▼ + stars: | 2024-05-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Fat Brands announced its intention to spin off Twin Peaks through an IPO last year. Since its founding in 2005, Twin Peaks has grown to nearly 115 restaurant locations in the U.S. and Mexico. Smokey Bones is a newer addition to Fat Brands' portfolio, which currently includes 18 chains. Fat Brands acquired it in September 2023, with the goal of converting more than half of its 61 corporate-owned restaurants into Twin Peaks locations. Wiederhorn has a 45% stake in Fat Brands through Fog Cutter Holdings, according to FactSet.

Persons: Brands, Smokey, Andy Wiederhorn, Smokey Bones, Darden, Wiederhorn Organizations: Fat Brands, Securities and Exchange, Brands, SEC, Hooters, Olive Garden, Fog Cutter Locations: Wiederhorn, Los Angeles, U.S, Mexico, Olive, Twin

A number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses, CNBC has learned. A number of other private equity firms have been circling Peloton as an acquisition target, but it's unclear if they have held formal discussions. Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025. Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations. One source close to the company said Peloton isn't expected to have any issues refinancing its debt.

Persons: Barry McCarthy, Goldman Sachs Organizations: Interactive, CNBC, JPMorgan Locations: New York

☆ Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt
▼ + stars: | 2024-05-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

In a letter to staff, McCarthy said the company needed to implement layoffs because it wouldn't be able to generate sustainable free cash flow with its current cost structure. "Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt," McCarthy said in the memo. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is. The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to "deliver modest positive free cash flow" in its current quarter.

Persons: Barry McCarthy, McCarthy, Karen Boone, Chris Bruzzo, Jay Hoag, It's, John Foley, hasn't, Goldman Sachs, Boone, Barry, Bruzzo, —, hadn't, Creditsafe, it's, Foley Organizations: Interactive, Allen & Company Sun Valley Conference, Spotify, Netflix, JPMorgan, LSEG, outperformance, CNBC Locations: Sun Valley , Idaho, lockstep

☆ Starbucks gets a price target cut after a brutal quarterly miss and light guidance
▼ + stars: | 2024-04-30 | by ( Jeff Marks | ) www.cnbc.com time to read: +8 min

In Starbucks' international segment, comparable store sales fell 6% and missed estimates of 0.5% growth. The street was looking for flat comparable sales in China, according to FactSet. China comparable sales are expected to decline by a single-digit percentage versus expectations of low single-digit growth in the second quarter through the fourth quarter. Global net new store growth was tweaked down from 6% to 7%. That's due to slower China store openings, which was revised to 12% growth from 13%.

Persons: Laxman Narasimhan, Dunkin, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Revenue, Starbucks, Bros, McDonalds, Wall Street, Global, CNBC, Getty Locations: China, United States, North America, Latin America, Asia, Japan, Manhattan , New York City

☆ Dr. Martens shares plunge 30% to all-time low, trading briefly halted on weak outlook
▼ + stars: | 2024-04-16 | by ( April Roach | ) www.cnbc.com time to read: +1 min

Dr. Martens is a brand of footwear known for its yellow stitching and patented air-cushioned soles. The brand was adopted by British punk rockers in the 1970s, but went mainstream during the grunge movement of the 1990s. Shares of Dr. Martens plunged 30% on Tuesday to hit a record low in early deals, after the shoemaker flagged a challenging 2025 outlook on the back of weaker revenues. Trading in the company shares was temporarily suspended on the London Stock Exchange after the firm issued an unscheduled trading update. In a Tuesday note, analysts at RBC flagged a negative sentiment on the stock and said that markets would focus on the 2025 guidance in the short term.

Persons: Martens, Kenny Wilson, Ije Nwokorie Organizations: London Stock Exchange, RBC Locations: British

☆ The world's 2 biggest economies are moving in starkly different directions
▼ + stars: | 2024-01-31 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. AdvertisementMeanwhile, on Monday, a Hong Kong court ordered the liquidation of China Evergrande, the world's most indebted real estate developer. "I expect that the Chinese market will bounce around, but that the bias is towards more pain since the problems are systemic in my opinion," Laffer Jr. said. "The US on the other hand should do well for the 2024 period — strong economy, strong employment, strong earnings, strong dollar."

Persons: —, That's, Arthur Laffer Jr, Laffer, Xi Jinping, Joseph Seydl, you've, Seydl, didn't, Alfredo Montufar, Helu, China Evergrande Organizations: Service, Real, Business, International Monetary Fund, Investments, JPMorgan Private Bank, Conference Board's China Center, CSI, Bloomberg Locations: China, US, Beijing, backtrack, deleverage, Hong Kong

Pan Gongsheng was named party secretary of the People's Bank of China on July 1, 2023. BEIJING — China will cut reserve ratio requirements by 50 basis points from Feb. 5, while providing 1 trillion yuan in long-term capital in its latest attempt to boost growth in the world's second largest economy. People's Bank of China Governor Pan Gongsheng announced the measures Wednesday at a press conference in Beijing. This comes after China vowed Monday to "strengthen the market's inherent stability" amid a rout in the country's onshore and offshore stock markets. The Chinese economy is fraught with financial risks, with some of its largest real estate developers facing serious debt problems as Beijing strives to deleverage its once-bloated real estate sector.

Persons: Pan Gongsheng Organizations: People's Bank of China Locations: BEIJING, China, Beijing

☆ Buy Bud Light owner AB InBev stock as U.S. headwinds deteriorate next year, TD Cowen says
▼ + stars: | 2023-09-15 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

TD Cowen says Bud Light owner Anheuser-Busch InBev is a long-term growth story with strong margins and exceptional market share. The firm initiated coverage of the beverage stock with an outperform rating and a 63 euro per share price target on Thursday. Shares of the Bud Light owner stock have slipped nearly 5% from the start of the year. Analyst Vivien Azer says that while challenges in the U.S. have been well covered , the company is still the dominant global leader in beer with exceptional profit margins. "We believe ABI is capable of sustainable long-term MSD dividend growth and continued deleverage, driven by industry leading beer profit margins and strong free cash flow conversion," Azer said.

Persons: TD Cowen, Bud, BUD YTD, Vivien Azer, Azer, — CNBC's Michael Bloom Organizations: Bud Light, Anheuser, Busch InBev Locations: U.S

☆ Bank of America downgrades Dick's Sporting Goods after worst day on record
▼ + stars: | 2023-08-23 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

Things aren't looking good for Dick's Sporting Goods , and Bank of America thinks investors need to steer clear of the athletics apparel. The stock plunged 24.1% on Tuesday — its biggest one-day drop on record — on weaker-than-expected second-quarter results. Dick's also cut its guidance for the year amid a rise in retail theft and sluggish sales in its outdoor segment. DKS 5D mountain Dick's Sporting Goods shares "Post 2Q results, we see increased risks to DKS sales & margin outlook," analyst Robert Ohmes said in a Wednesday note, adding that there are "risk[s] of further inventory action in 2H." To be sure, the analyst believes Dick's "near-term headwinds are partially offset by compelling valuation."

Persons: Dick's, Robert Ohmes, Ohmes, Armour, — CNBC's Michael Bloom Organizations: Dick's Sporting Goods, Bank of America, Sporting Goods, Nike, adidas, exclusives

☆ Consolidation is 'clearly necessary' among media companies, says LightShed's Rich Greenfield
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsolidation is 'clearly necessary' among media companies, says LightShed's Rich GreenfieldRich Greenfield, LightShed Partners co-founder, joins 'Squawk Box' to discuss the quarterly earnings results from the major media companies, the decline of linear TV, why companies are looking to deleverage, and more.

Persons: LightShed's Rich Greenfield Rich Greenfield Organizations: LightShed Partners

☆ China’s growing pains are only just beginning: podcast
▼ + stars: | 2023-07-20 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, July 20 (Reuters Breakingviews) - The recovery in the world’s second largest economy is stalling. In this Viewsroom podcast, Breakingviews columnists discuss how that weakness will test President Xi Jinping’s resolve to deleverage sectors including property and add urgency to find new growth engines. Listen to the podcastFollow @aimeedonnellan on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver Taslic and Thomas ShumOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Xi Jinping’s, Oliver Taslic, Thomas Shum Organizations: Reuters, Twitter, Thomson

July 17 (Reuters) - Shares of Endeavour Group (EDV.AX), Australia's biggest pub owner, hit a record low on Monday after a surprise state government decision to impose identification checks and gambling limits on poker machine users. Victoria, Australia's second-most populous state, said at the weekend it would make poker machine users register for an ID card to prevent money laundering and set a loss limit in advance to restrict problem gambling. Analysts were divided on the scale of the impact on Endeavour, the country's biggest owner of poker machine licences, given the company does not break out poker machine profit in its results. The change also adds pressure on other states, particularly New South Wales (NSW), to follow suit and heed community demands for greater regulation of poker machine gambling. Australia is home to one-fifth of the world's poker machine licences, the most of any jurisdiction outside Las Vegas.

Persons: Australia's, midsession, Today's, Byron Kaye, Himanshi, Navya Mittal, Subhranshu Sahu, Stephen Coates Organizations: Endeavour Group, Australia's, Analysts, Endeavour, Woolworths, Labor, Jefferies, Thomson Locations: New South Wales, NSW, Sydney, Australia, Las Vegas, Bengaluru

LONDON, July 3 (Reuters Breakingviews) - Canary Wharf may be in trouble once again. While CWG’s average tenancy agreement still has 10 years left, the risk is that itself and the wider Canary Wharf area slip into a vicious circle. Rental incomes on apartments are roughly on a par with offices, per square foot, according to a person familiar with the matter. The 45-storey skyscraper in Canary Wharf has been HSBC's home for more than 20 years. Canary Wharf Group, which runs the east London financial district, declined to comment.

Persons: Paul Reichmann’s Olympia, Morgan Stanley, CWG, Knight Frank, Hong Kong’s Cheung, Bear Stearns, that’s, Liam Proud, Pranav Kiran Organizations: Reuters, Docklands, HSBC, York, Saudi Arabian, Canary Wharf Group, Barclays, Estates, Brookfield Property Partners, Qatar Investment Authority, Brookfield, Canary, QIA, Moody’s, Reuters Graphics Reuters, Hong Kong’s Cheung Kei Group, Churchill, NYK, Transport, BT, Thomson Locations: London, Canary, Canadian, Saudi, U.S, Brookfield, That’s, Docklands, Stratford, Wharf, QIA, Canary Wharf, Europe's

As the summer approaches, Roth thinks investors should buy shares of Boston Beer . Analyst Bill Kirk upgraded shares to buy from neutral. The bank was previously cautious on the beverage group's shares — but it now says warmer weather and gross margin improvements make it optimistic. Kirk also said that Boston Beer has a long track record as a leader in many of the emerging growth segments in the alcoholic beverage sector. We believe volatility will ease and topline and margin upside will begin a period of upside.

☆ L'Oreal buys luxury brand Aesop from Brazil's Natura for $2.5 bln
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of French cosmetics group L'Oreal in the western Paris suburb of Levallois-Perret, France, February 7, 2020. REUTERS/Gonzalo FuentesSAO PAULO, April 3 (Reuters) - French cosmetics group L'Oreal (OREP.PA) struck a deal with Brazil's Natura & Co (NTCO3.SA) to buy Aesop, its Australian luxury brand, at an enterprise value of $2.53 billion, both firms said on Monday. The deal, L'Oreal's largest ever brand acquisition according to Dealogic data, expands the firm's presence in the luxury cosmetics market, while also providing the Brazilian company with some financial relief amid shrinking margins and heavy debt. The acquisition is also the third largest on record of an Australian company in the consumer products sector, the data showed. "Aesop taps into all of today's ascending currents and L'Oreal will contribute to unleash its massive growth potential, notably in China and travel retail," L'Oreal CEO Nicolas Hieronimus said in a statement.

☆ Asian shares edge higher, dollar rally takes a breather
▼ + stars: | 2023-02-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

SINGAPORE, Feb 28 (Reuters) - Asian shares nudged higher on Tuesday, tracking small gains on Wall Street, while the U.S. dollar paused after a sharp rally as month-end flows lift sentiment and investors adjust to expectations of more interest rate hikes. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.25% higher but was set to end the month down about 6%. China shares (.SSEC) was up 0.4% while Hong Kong's Hang Seng index (.HSI) was 1% higher but was on track to end its three month winning streak as the China reopening rally loses steam. China shares have also been weighed down by rising geopolitical tension, with U.S.-China relations the dominant uncertainty at the forefront of investor minds. The dollar index , which measures U.S. currency against six other peers, rose 0.048% and was set to snap a four month losing streak.

☆ Stifel upgrades VF Corp after dividend cut, says apparel stock is at an attractive entry point
▼ + stars: | 2023-02-10 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

It's time to consider shares of VF Corp . after its recent dividend cut, according to Stifel. Analyst Jim Duffy upgraded VF Corp. shares to buy from hold, saying the stock looks compelling after investors sold it in the wake of a dividend cut. "The dividend cut and resulting dislocation in shares present an attractive entry point and we recommend capitalizing on elevated volume to build positions. VF shares added 1.8% in Friday premarket trading. VFC 5Y mountain VF Corp shares have been on the decline for the past three years.

☆ Michael Kors owner Capri shares plunge after revenue falls across the retailer's luxury brands
▼ + stars: | 2023-02-08 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +2 min

Shares of Michael Kors owner Capri Holdings plunged 20% in early trading Wednesday after the company missed earnings expectations and cut its annual profit forecast. Here's how the company did:Earnings per share: $1.84 vs. $2.22 expected by analysts, according to Refinitiv. Revenue: $1.51 billion vs. $1.53 billion expected by analysts, according to Refinitiv. Revenue fell across the company's luxury brands: Michael Kors revenue fell 7.2% year over year to $1.1 billion, Jimmy Choo revenue fell 5.6% to $168 million, and Versace revenue fell 0.8% to $249 million. Capri said it now expects full year 2023 sales of $5.56 billion, below analyst expectations of $5.72 billion, according to Refinitiv.

Search resuls for: "deleverage"

25 mentions found