NY grocer Fairway files for bankruptcy protection, will close some stores

New York-based grocery chain Fairway Market has filed for Chapter 11 bankruptcy protection and plans to shut up to five of its 14 locations, along with a distribution center. The announcement came just hours after Fairway denied a report that said the grocer was planning to pursue a complete liquidation of its business via a Chapter 7 filing. Fairway first filed for Chapter 11 bankruptcy protection in 2016, three years after its IPO. Other grocery chains that have filed for bankruptcy in recent


New York-based grocery chain Fairway Market has filed for Chapter 11 bankruptcy protection and plans to shut up to five of its 14 locations, along with a distribution center.
The announcement came just hours after Fairway denied a report that said the grocer was planning to pursue a complete liquidation of its business via a Chapter 7 filing.
Fairway first filed for Chapter 11 bankruptcy protection in 2016, three years after its IPO.
Other grocery chains that have filed for bankruptcy in recent
NY grocer Fairway files for bankruptcy protection, will close some stores Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-23  Authors: lauren thomas
Keywords: news, cnbc, companies, filed, files, fairway, grocery, area, million, york, protection, stalking, stores, grocer, chapter, close, bankruptcy


NY grocer Fairway files for bankruptcy protection, will close some stores

New York-based grocery chain Fairway Market has filed for Chapter 11 bankruptcy protection and plans to shut up to five of its 14 locations, along with a distribution center.

The company said Thursday morning that ShopRite and Gourmet Garage owner Village Super Market has agreed to make a stalking horse asset purchase of as much as five Fairway shops in New York, as well as the distribution facility, for roughly $70 million. But the stalking horse agreement means there is still the opportunity for other businesses to come in and bid for the properties.

The announcement came just hours after Fairway denied a report that said the grocer was planning to pursue a complete liquidation of its business via a Chapter 7 filing.

Fairway first filed for Chapter 11 bankruptcy protection in 2016, three years after its IPO. The grocery chain took on too much debt and expanded too quickly, and it has also been unable to fend off rival grocery chains.

As chains such as Amazon-owned Whole Foods and Trader Joe’s have spread across the New York area, it has put more pressure on Fairway and other businesses with smaller footprints to compete, especially on services like same-day delivery. Other grocery chains that have filed for bankruptcy in recent years include A. & P., Winn-Dixie and Bi-Lo.

Fairway said Thursday that in court procedures it will continue to negotiate with buyers over its remaining locations in the New York area. It said it will receive as much as $25 million in debtor-in-possession financing to be able to continue “to conduct business and serve customers at its stores across the tri-state area” and anticipates that all existing customer promotional and loyalty programs will remain in place.

“After careful consideration of all alternatives, we have concluded that a Court-supervised sale process is the best way to meet our objectives of preserving as many jobs as possible, maximizing value for our stakeholders, and positioning Fairway for long term success under new ownership,” Fairway CEO Abel Porter said in a statement.

Fairway started on the Upper West Side in the 1930s as a fruit-and-vegetable stand. Many New York residents that grew up shopping at Fairway have taken to social media to express their dissatisfaction over news that their local store might be closing, for good.


Company: cnbc, Activity: cnbc, Date: 2020-01-23  Authors: lauren thomas
Keywords: news, cnbc, companies, filed, files, fairway, grocery, area, million, york, protection, stalking, stores, grocer, chapter, close, bankruptcy


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JC Penney is closing 6 stores this year. Here’s where they are

J.C. Penney is set to close six of its department stores in 2020, a spokeswoman confirmed to CNBC. Penney still has roughly 850 stores up and running, and the company says the closures come as part of an annual review of its real estate. In early 2019, Penney announced it was shutting 18 department stores and nine furniture stores. Analysts have said they anticipated Penney still needs to close hundreds of stores to get its business back in good shape. Macy’s earlier this month confirmed it woul


J.C. Penney is set to close six of its department stores in 2020, a spokeswoman confirmed to CNBC.
Penney still has roughly 850 stores up and running, and the company says the closures come as part of an annual review of its real estate.
In early 2019, Penney announced it was shutting 18 department stores and nine furniture stores.
Analysts have said they anticipated Penney still needs to close hundreds of stores to get its business back in good shape.
Macy’s earlier this month confirmed it woul
JC Penney is closing 6 stores this year. Here’s where they are Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: lauren thomas
Keywords: news, cnbc, companies, closing, store, heres, sales, mall, spokeswoman, penney, set, close, tulsa, stores, retailer


JC Penney is closing 6 stores this year. Here's where they are

J.C. Penney is set to close six of its department stores in 2020, a spokeswoman confirmed to CNBC.

The stores, set to close by April 24, are at: Southgate Mall in Missoula, Montana; Myrtle Beach Mall in Myrtle Beach, South Carolina; Chapel Hill Mall in Akron, Ohio; North Hills Shopping Center in Raleigh, North Carolina; Tulsa Promenade in Tulsa, Oklahoma, and Green Acres Mall in Valley Stream, New York.

The news comes as the embattled retailer is embarking on a turnaround plan and aims to get back to profitable sales growth. Earlier this month, it said its holiday same-store sales dropped 7.5%. Penney hasn’t reported a quarterly sales gain since the 2017 holiday season. And it is still calling for same-store sales — a key metric that monitors sales at retailers’ stores open for at least a year — to drop 7% to 8% in fiscal 2019.

Penney still has roughly 850 stores up and running, and the company says the closures come as part of an annual review of its real estate. The retailer had more than 1,100 locations in 2010.

“This decision is the result of a careful and ongoing review of our store portfolio,” a spokeswoman said in an email to CNBC. “It’s never easy to close a store, however, we feel this is a necessary business decision.”

In early 2019, Penney announced it was shutting 18 department stores and nine furniture stores.

Analysts have said they anticipated Penney still needs to close hundreds of stores to get its business back in good shape. But CEO Jill Soltau has said she doesn’t plan to close a bunch of stores all at once, as she tries to turn things around.

Macy’s earlier this month confirmed it would be closing nearly 30 stores in 2020.

Penney shares, which trade under $1, were down more than 5% Tuesday afternoon. The retailer has a market value of $257 million. Penney’s stock has fallen nearly 40% over the past 12 months.

The Dallas Morning News first reported on the closures Sunday evening.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: lauren thomas
Keywords: news, cnbc, companies, closing, store, heres, sales, mall, spokeswoman, penney, set, close, tulsa, stores, retailer


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OpEd: Why Democrats may not need an exciting candidate to drive voter turnout in 2020

Scott Olson | Getty ImagesAs the Democrats battle for the 2020 nomination, a recurrent theme has cropped up: Who can excite the base and drive turnout in November. The history of presidential elections suggests that candidates may have a limited role in pushing turnout. What may drive up turnout is the perception that the vote will count because the race will be close. The 2000 Bush-Gore race saw lower turnout than in 1992 or 2004. A close race


Scott Olson | Getty ImagesAs the Democrats battle for the 2020 nomination, a recurrent theme has cropped up: Who can excite the base and drive turnout in November.
The history of presidential elections suggests that candidates may have a limited role in pushing turnout.
What may drive up turnout is the perception that the vote will count because the race will be close.
The 2000 Bush-Gore race saw lower turnout than in 1992 or 2004.
A close race
OpEd: Why Democrats may not need an exciting candidate to drive voter turnout in 2020 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: joshua spivak
Keywords: news, cnbc, companies, drive, candidate, elections, democrats, exciting, need, history, turnout, oped, race, election, saw, roosevelt, voter, close, 2020, voters


OpEd: Why Democrats may not need an exciting candidate to drive voter turnout in 2020

Sen. Elizabeth Warren (D-MA), former Vice President Joe Biden and Sen. Bernie Sanders (I-VT) (R) participate in the Democratic presidential primary debate at Drake University on January 14, 2020 in Des Moines, Iowa. Scott Olson | Getty Images

As the Democrats battle for the 2020 nomination, a recurrent theme has cropped up: Who can excite the base and drive turnout in November. President Donald Trump seems to be betting his race entirely on this base turnout strategy. Since voters are now seen as historically inelastic, this logic seems inescapable — driving up your own turnout is easier than convincing anyone to switch sides. But choosing a candidate based on excitement may be a poor strategy for Democrats. The history of presidential elections suggests that candidates may have a limited role in pushing turnout. Compare one of the most charismatic candidates in US history with one of the least. Republican Theodore Roosevelt was pure excitement, while his Republican successor, William Howard Taft, was the polar opposite. And yet, turnout was higher for Taft’s 1908 election than Roosevelt in 1904, and Taft and Roosevelt had almost the exact same total vote in their respective elections. The Democratic candidates in those elections may have made a difference – the exciting William Jennings Bryan could have helped drive up turnout in 1908 while the Democrats nondescript 1904 nominee, Alton B. Parker did not. But neither Democrat was successful. It may not have been the politicians at all, but simply that 1908, after a serious recession, Americans may have felt more urgency about heading to the voting booth. Looking forward one election, we see another drop in turnout. One of the most exciting races in US history happened in 1912 when four notable candidates faced off in November. Taft ran as a Republican, Roosevelt as a Progressive (Bull Moose), and the popular Woodrow Wilson as a Democrat, along with prominent Socialist Eugene Debs.

Trump’s behavior in office and impeachment may ensure that voters from both parties will come out no matter who the Democrats select.

Even so, this election drew an even lower voter turnout percentage than either of the previous two races. What explains this result? Perhaps the fact that Wilson was seen as a shoe-in, which may have kept people home. History shows turnout ebbs and flows and the reasons are not clear. Charisma, or at least our post-facto view, may have less impact than imagined. For example, Ronald Reagan, arguably the last president to win a real blowout, had unimpressive turnouts. The 1976 Jimmy Carter/Gerald Ford race had a higher turnout ratio than either of Reagan’s victories. Bill Clinton’s triumph in 1992 also was higher. Reagan received a bounty of votes, but it may have been swing voters from those famous Reagan Democrats. Even when turnout rises, it frequently drops in the next election. The elections for Eisenhower, Clinton and Obama saw spikes, but in their reelections turnout dropped back. In their reelections, Eisenhower and Clinton saw increases in their vote, but it may have simply been party switchers. Most notably in 1996, a large chunk of Ross Perot’s 1992 voters switched to the incumbent Democrat. Obama actually ended up losing three and a half million votes between 2008 and 2012. What may drive up turnout is the perception that the vote will count because the race will be close. That certainly could explain 1976, the Kennedy-Nixon 1960 election, Bush-Kerry in 2004 and 1916 between Wilson and Charles Evans Hughes, all of which saw a turnout bump. But in other cases, we’ve seen voter turnout drop despite a close battle. The 2000 Bush-Gore race saw lower turnout than in 1992 or 2004. Similarly, the close races in 1948, 1968 and 2016 saw either a drop in turnout or virtually the same level of participation.

A close race


Company: cnbc, Activity: cnbc, Date: 2020-01-15  Authors: joshua spivak
Keywords: news, cnbc, companies, drive, candidate, elections, democrats, exciting, need, history, turnout, oped, race, election, saw, roosevelt, voter, close, 2020, voters


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Asia stocks rise, yuan jumps amid increased trade optimism

Shares in Asia bounded higher on Tuesday as market sentiment improved ahead of the phase one trade deal signing between China and the U.S. later this week. Optimism rose further after Washington said Beijing was no longer a currency manipulator. The Shanghai composite traded down 0.28% to close at 3,106.82, and the Shenzhen composite fell 0.23% to 1,818.13. In December China’s trade surplus with the U.S. was $23.18 billion — down from $24.6 billion in November. Washington has demanded that Beiji


Shares in Asia bounded higher on Tuesday as market sentiment improved ahead of the phase one trade deal signing between China and the U.S. later this week.
Optimism rose further after Washington said Beijing was no longer a currency manipulator.
The Shanghai composite traded down 0.28% to close at 3,106.82, and the Shenzhen composite fell 0.23% to 1,818.13.
In December China’s trade surplus with the U.S. was $23.18 billion — down from $24.6 billion in November.
Washington has demanded that Beiji
Asia stocks rise, yuan jumps amid increased trade optimism Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: weizhen tan
Keywords: news, cnbc, companies, washington, rose, optimism, amid, deal, stocks, shares, index, increased, asia, yuan, jumps, close, signing, trade, chinas, shenzhen, rise


Asia stocks rise, yuan jumps amid increased trade optimism

Shares in Asia bounded higher on Tuesday as market sentiment improved ahead of the phase one trade deal signing between China and the U.S. later this week. Optimism rose further after Washington said Beijing was no longer a currency manipulator.

The Nikkei 225 climbed 0.73% to close at 24,025.17 and the Topix index was up 0.31% to 1,740.53 after Japanese markets returned from a public holiday on Monday. Shares of technology conglomerate Softbank surged 3.51%.

In South Korea, the Kospi gained 0.43% to close at 2,238.88.

Australia’s S&P/ASX 200 jumped 0.85% as major miners gained. Fortescue Metals and Rio Tinto both jumped 1.85%, and BHP Group rose 1.32%.

Chinese markets were the outliers during Tuesday’s session. The Shanghai composite traded down 0.28% to close at 3,106.82, and the Shenzhen composite fell 0.23% to 1,818.13. The Shenzhen component lost 0.47% to close at 10,988.77.

Hong Kong’s Hang Seng index declined 0.28% during the last hour of trade.

Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.18% by Tuesday afternoon.

China’s dollar-denominated imports from the U.S. rebounded in November and December, Reuters reported citing data from China’s customs released on Tuesday. It was the first time that its exports went up since March last year.

In December China’s trade surplus with the U.S. was $23.18 billion — down from $24.6 billion in November.

In particular, China’s soybean and pork imports from the U.S. significantly rebounded in December. Washington has demanded that Beijing buys more agricultural goods from the U.S. as part of their phase on trade deal — the signing of that agreement is set to happen on Wednesday in Washington. The deal is also expected to involve some rollback of tariffs.


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: weizhen tan
Keywords: news, cnbc, companies, washington, rose, optimism, amid, deal, stocks, shares, index, increased, asia, yuan, jumps, close, signing, trade, chinas, shenzhen, rise


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Google to acquire Irish retail tech start-up Pointy

Google CEO Sundar Pichai speaks during the Google I/O keynote session at Shoreline Amphitheatre in Mountain View, California on May 7, 2019. Alphabet’s Google on Tuesday said it plans to acquire Pointy, an Irish retail start-up that helps traditional brick and mortar retailers list inventory online, for an undisclosed amount. “Over the past several years we’ve developed a very close partnership with Google,” Pointy founders Marks Cummins and Charles Bibby said in a release. “It became clear that


Google CEO Sundar Pichai speaks during the Google I/O keynote session at Shoreline Amphitheatre in Mountain View, California on May 7, 2019.
Alphabet’s Google on Tuesday said it plans to acquire Pointy, an Irish retail start-up that helps traditional brick and mortar retailers list inventory online, for an undisclosed amount.
“Over the past several years we’ve developed a very close partnership with Google,” Pointy founders Marks Cummins and Charles Bibby said in a release.
“It became clear that
Google to acquire Irish retail tech start-up Pointy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, pointy, founders, retail, local, store, tech, inventory, close, google, online, irish, acquire, startup, retailers


Google to acquire Irish retail tech start-up Pointy

Google CEO Sundar Pichai speaks during the Google I/O keynote session at Shoreline Amphitheatre in Mountain View, California on May 7, 2019.

Alphabet’s Google on Tuesday said it plans to acquire Pointy, an Irish retail start-up that helps traditional brick and mortar retailers list inventory online, for an undisclosed amount.

The deal is expected to close in the coming weeks, Google said in a press release.

Retailers use Pointy’s software to automatically track store inventory. That information is then displayed on Google’s “see what’s in store” section, and on a Pointy page, so customers can find specific items that are in-stock near them.

“Over the past several years we’ve developed a very close partnership with Google,” Pointy founders Marks Cummins and Charles Bibby said in a release. “It became clear that we shared the same vision of how technology can improve local retail businesses.”

Pointy has raised $19 million so far in venture capital, the company disclosed in July 2018.

“By joining forces, we will be able to help people discover local stores and products on a much larger scale,” the Pointy founders wrote. “We think this is the right way to accomplish what we set out to do – to bring the world’s retailers online and give them the tools they need to thrive.”


Company: cnbc, Activity: cnbc, Date: 2020-01-14  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, pointy, founders, retail, local, store, tech, inventory, close, google, online, irish, acquire, startup, retailers


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Mainland stocks jump as investors await US-China phase one deal signing

Stocks in Asia mostly rose by the close on Monday as investors await the signing of a phase-one trade deal between the U.S. and China. The Shanghai composite rose 0.75% to close at 3,115.57, while the Shenzhen composite jumped 1.36% to 1,822.35. In South Korea, the Kospi rose 1.04% to close at 2,229.26, with cosmetics stocks notching significant gains. Australia’s S&P/ASX 200 bucked the trend, declining 0.37% to close at 6,903.70, with oil stocks seeing losses. Taiwan’s benchmark Taiex index ros


Stocks in Asia mostly rose by the close on Monday as investors await the signing of a phase-one trade deal between the U.S. and China.
The Shanghai composite rose 0.75% to close at 3,115.57, while the Shenzhen composite jumped 1.36% to 1,822.35.
In South Korea, the Kospi rose 1.04% to close at 2,229.26, with cosmetics stocks notching significant gains.
Australia’s S&P/ASX 200 bucked the trend, declining 0.37% to close at 6,903.70, with oil stocks seeing losses.
Taiwan’s benchmark Taiex index ros
Mainland stocks jump as investors await US-China phase one deal signing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-13  Authors: weizhen tan
Keywords: news, cnbc, companies, deal, stocks, jump, close, mainland, jumped, china, uschina, trade, shenzhen, investors, oil, phase, rose, index, signing, gains, await


Mainland stocks jump as investors await US-China phase one deal signing

Stocks in Asia mostly rose by the close on Monday as investors await the signing of a phase-one trade deal between the U.S. and China.

Mainland China markets jumped by the close. The Shanghai composite rose 0.75% to close at 3,115.57, while the Shenzhen composite jumped 1.36% to 1,822.35. The Shenzhen component was up 1.47% to 11,040.20.

Hong Kong’s Hang Seng index also bounced and was up 1.11% in its final hour of trade. Tech stocks notched gains, with Sunny Optical rising 2.61% and Lenovo surging 3.20%. Gaming company Razer shot up almost 10% in the morning before paring gains to last rise 8.33%. It announced earlier this month that it had submitted an application for a digital banking license in Singapore.

In South Korea, the Kospi rose 1.04% to close at 2,229.26, with cosmetics stocks notching significant gains. Japan’s markets are closed for a holiday on Monday.

Australia’s S&P/ASX 200 bucked the trend, declining 0.37% to close at 6,903.70, with oil stocks seeing losses. Origin Energy declined 1.72%, Woodside Petroleum was down 1.20%, and Santos tumbled 0.56%. Oil Search was off by 1.89%.

But gold stocks in Australia rallied on Monday to erase last week’s losses after prices fell following declining U.S.-Iran escalation risks. Evolution Mining surged 2.79%, and Kingsgate Consolidated jumped 1.14%.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.69%, after hitting its highest since 2018 last week.

Taiwan’s benchmark Taiex index rose 0.74% to close at 12,113.42.

Taiwan President Tsai Ing-wen was reelected in a landslide victory over the weekend elections. She beat her main opponent Han Kuo-yu of the Kuomintang party — which favors close ties with China — by more than 2.6 million votes. That could fuel further tension with China, which has tried to get the island to accept its rule by way of threats and economic inducements.

Meanwhile, the Philippine Stock Exchange suspended trading on Monday after a volcano near Manila spewed huge amounts of ash and steam, forcing flight cancellations and shutdowns of schools and government offices, according to a Reuters report.


Company: cnbc, Activity: cnbc, Date: 2020-01-13  Authors: weizhen tan
Keywords: news, cnbc, companies, deal, stocks, jump, close, mainland, jumped, china, uschina, trade, shenzhen, investors, oil, phase, rose, index, signing, gains, await


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Dow’s vies for 29,000 close, JP Morgan healthcare event, bank trade: 3 things to watch for Monday

Bryan R Smith | ReutersHere’s what you need to know about Monday before you hit the door for the weekend. The Dow Jones Industrial Average set a new intraday high on Friday, briefly topping the 29,000 level before finishing down slightly for the session. JP Morgan healthcare conferenceThe J.P. Morgan healthcare conference kicks off on Monday, with more than 450 companies slated to present over four days in San Francisco. J.P. Morgan research analysts said in a note to clients that four stocks, i


Bryan R Smith | ReutersHere’s what you need to know about Monday before you hit the door for the weekend.
The Dow Jones Industrial Average set a new intraday high on Friday, briefly topping the 29,000 level before finishing down slightly for the session.
JP Morgan healthcare conferenceThe J.P. Morgan healthcare conference kicks off on Monday, with more than 450 companies slated to present over four days in San Francisco.
J.P. Morgan research analysts said in a note to clients that four stocks, i
Dow’s vies for 29,000 close, JP Morgan healthcare event, bank trade: 3 things to watch for Monday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: jesse pound
Keywords: news, cnbc, companies, index, slightly, trade, watch, stocks, morgan, things, vies, conference, healthcare, close, dows, event, week, level


Dow's vies for 29,000 close, JP Morgan healthcare event, bank trade: 3 things to watch for Monday

A trader works on the floor at the closing bell of the New York Stock Exchange, December 30, 2019. Bryan R Smith | Reuters

Here’s what you need to know about Monday before you hit the door for the weekend.

Close above 29,000?

The Dow Jones Industrial Average set a new intraday high on Friday, briefly topping the 29,000 level before finishing down slightly for the session. If the Dow can finish above that level Monday, it will be the third new thousand-level threshold the index has broken through since the beginning of 2019. The index finished up slightly for the week, booking a gain of less than 1% as stocks mostly shrugged off the tensions between Iran and the United States. The Nasdaq and S&P 500 posted similar gains for the week, but all the major indexes following a weaker than expected jobs report.

JP Morgan healthcare conference

The J.P. Morgan healthcare conference kicks off on Monday, with more than 450 companies slated to present over four days in San Francisco. Jamie Dimon, the bank’s chief executive officer, and GlaxoSmithKline CEO Emma Walmsley are two of the keynote speakers for the event, which is expected to have about 9,000 attendees. Biotech stocks often see big price moves around the conference. J.P. Morgan research analysts said in a note to clients that four stocks, including Amarin and Mirati Therapeutics, rose more than 30% during the week of the conference last year. Over the past 19 years of the conference, biotech stocks have outperformed the S&P 500 during the week of the conference 84% of the time, J.P. Morgan said.

Last trades before bank earnings start


Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: jesse pound
Keywords: news, cnbc, companies, index, slightly, trade, watch, stocks, morgan, things, vies, conference, healthcare, close, dows, event, week, level


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Deutsche Bank says Apple ‘unlikely to come close to repeating last year’s returns’

Apple CEO Tim Cook delivers the keynote address during a special event on September 10, 2019 in the Steve Jobs Theater on Apple’s Cupertino, California campus. Apple’s stock nearly doubled its share price in 2019, but don’t expect those gains this year, according to Deutsche Bank. The firm said despite last year’s rally, the iPhone maker’s fundamentals are not keeping pace with the stock appreciation. “The stock is unlikely to come close to repeating last year’s returns,” Deutsche Bank analyst J


Apple CEO Tim Cook delivers the keynote address during a special event on September 10, 2019 in the Steve Jobs Theater on Apple’s Cupertino, California campus.
Apple’s stock nearly doubled its share price in 2019, but don’t expect those gains this year, according to Deutsche Bank.
The firm said despite last year’s rally, the iPhone maker’s fundamentals are not keeping pace with the stock appreciation.
“The stock is unlikely to come close to repeating last year’s returns,” Deutsche Bank analyst J
Deutsche Bank says Apple ‘unlikely to come close to repeating last year’s returns’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, repeating, close, stock, deutsche, upside, firm, iphone, unlikely, bank, apple, gains, come, nearly, returns, 2019


Deutsche Bank says Apple 'unlikely to come close to repeating last year's returns'

Apple CEO Tim Cook delivers the keynote address during a special event on September 10, 2019 in the Steve Jobs Theater on Apple’s Cupertino, California campus.

Apple’s stock nearly doubled its share price in 2019, but don’t expect those gains this year, according to Deutsche Bank.

The firm said despite last year’s rally, the iPhone maker’s fundamentals are not keeping pace with the stock appreciation.

“The stock is unlikely to come close to repeating last year’s returns,” Deutsche Bank analyst Jeriel Ong said in a note to clients on Sunday.

Shares of Apple rose nearly 90% last year, a jump Deutsche Bank attributes to strong overall market gains (S&P gained 28.9%), bearish iPhone expectations at the start of 2019 that turned around, excitement about the 5G iPhone cycle and strength in AirPod sales. However, the firm said Apple has “significantly less levers from current levels for 2020 upside.”


Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, repeating, close, stock, deutsche, upside, firm, iphone, unlikely, bank, apple, gains, come, nearly, returns, 2019


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Pier 1 to close nearly half its stores as losses widen and bankruptcy rumors persist

Pier 1 Imports on Monday said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it unexpectedly reported quarterly earnings amid bankruptcy rumors. “Fiscal third quarter sales and margins remained under pressure,” CEO Robert Riesbeck said in a statement. Pier 1 had already been on many analysts’ bankruptcy watch lists, with its weakening financial situation and large debt load. Before joining Pier 1, Riesbeck was CFO at FullBeauty Brands, in addition to serving


Pier 1 Imports on Monday said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it unexpectedly reported quarterly earnings amid bankruptcy rumors.
“Fiscal third quarter sales and margins remained under pressure,” CEO Robert Riesbeck said in a statement.
Pier 1 had already been on many analysts’ bankruptcy watch lists, with its weakening financial situation and large debt load.
Before joining Pier 1, Riesbeck was CFO at FullBeauty Brands, in addition to serving
Pier 1 to close nearly half its stores as losses widen and bankruptcy rumors persist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: lauren thomas christina cheddar berk, lauren thomas, christina cheddar berk
Keywords: news, cnbc, companies, pier, sales, widen, close, persist, stores, share, stock, loss, rumors, bankruptcy, company, riesbeck, ceo, half, nearly, losses, million


Pier 1 to close nearly half its stores as losses widen and bankruptcy rumors persist

Pier 1 Imports on Monday said it intends to close up to 450 locations, or almost half its fleet of 942 stores, as it unexpectedly reported quarterly earnings amid bankruptcy rumors.

Pier 1’s losses have been mounting, as its sales decline. And this latest quarter was no exception. Its third-quarter loss widened from a year ago, as same-store sales declined 11.4%.

The company said it also plans to shut certain distribution centers and reduce its corporate expenses, which includes slashing its corporate headcount.

“Fiscal third quarter sales and margins remained under pressure,” CEO Robert Riesbeck said in a statement. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits of our business transformation and cost-reduction initiatives.”

Pier 1 shares remained halted as the earnings report came out. Earlier in the afternoon, the retailer’s shares tanked more than 25% before being halted for news, following a report from Bloomberg that said Pier 1 was preparing to file for bankruptcy. The stock was also briefly halted due to volatility earlier Monday.

A representative from Pier 1 didn’t immediately respond to CNBC’s request for comment about the Bloomberg report.

For the quarter ended Nov. 30, Pier 1 said in a press release that its loss widened to $59 million, or $14.15 per share, from a loss of $50.4 million, or $12.49 per share, a year ago.

The loss in the latest period includes $10 million in restructuring costs that include professional fees, and a non-cash charge of $14.1 million for store impairment. The per-share figures reflect a 1-for-20 reverse stock split in June 2019, Pier 1 said.

Net sales fell 13.3% to $358.4 million, from $413.2 million a year ago.

Same-store sales dropped 11.4%, hurt by slower foot traffic in stores. The timing of this year’s holiday also hurt results in the latest period, the company said. But it added that should benefit its fourth-quarter results.

In November, Riesbeck was named CEO, replacing Cheryl Bachelder, who had been serving as interim CEO since December 2018. Riesbeck had been Pier 1’s CFO since July 2019 and has prior experience in turnaround situations.

With Monday’s results, Pier 1 has posted sales declines for nine consecutive quarters. The home furnishings giant has lost market share to the likes of Amazon, Walmart, Target and Wayfair. It has struggled to draw shoppers into stores.

During an earnings conference call in September, Pier 1 executives said the company was planning to shutter about 70 stores in fiscal 2020, and potentially more, depending on how situations with landlords pan out.

Pier 1 had already been on many analysts’ bankruptcy watch lists, with its weakening financial situation and large debt load.

As of Nov. 30, the company listed $189.5 million outstanding under a senior secured term loan, $50 million of borrowings under a first-in last-out tranche and $96 million of borrowings under a $350 million revolving credit facility. It said it had $158.5 million remaining available for cash borrowings.

Before joining Pier 1, Riesbeck was CFO at FullBeauty Brands, in addition to serving as CEO and president at furniture company H.H. Gregg and as an operating executive at private equity firm Sun Capital Partners.

“Although decisions that impact our associates are never easy, reducing the number of our brick-and-mortar locations is a necessary business decision,” Riesbeck said on Monday.

The company hasn’t disclosed which locations it plans to close.

Pier 1’s stock is down more than 40% over the past 12 months. It has a market cap of just about $22 million.


Company: cnbc, Activity: cnbc, Date: 2020-01-06  Authors: lauren thomas christina cheddar berk, lauren thomas, christina cheddar berk
Keywords: news, cnbc, companies, pier, sales, widen, close, persist, stores, share, stock, loss, rumors, bankruptcy, company, riesbeck, ceo, half, nearly, losses, million


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Chinese stocks rose in Asia; Hong Kong awaits trade data for November

Major Asia Pacific stocks ended mixed on Monday — the last full trading day of the year for several major markets in the region. Mainland Chinese markets rose at the close of the trading day on Monday. The Shanghai composite gained 1.16% to end at 3,040.02, while the Shenzhen composite was higher by 0.92% and closed at 1,713.51. Hong Kong’s Hang Seng index was also higher, rising more than 0.3% in its final hour of trade. Meanwhile, Chinese private university operator Shanghai Gench Education Gr


Major Asia Pacific stocks ended mixed on Monday — the last full trading day of the year for several major markets in the region.
Mainland Chinese markets rose at the close of the trading day on Monday.
The Shanghai composite gained 1.16% to end at 3,040.02, while the Shenzhen composite was higher by 0.92% and closed at 1,713.51.
Hong Kong’s Hang Seng index was also higher, rising more than 0.3% in its final hour of trade.
Meanwhile, Chinese private university operator Shanghai Gench Education Gr
Chinese stocks rose in Asia; Hong Kong awaits trade data for November Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-30  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, hong, markets, rose, shanghai, lost, asia, close, trading, weekend, kong, stocks, trade, major, data, awaits, chinese, shenzhen


Chinese stocks rose in Asia; Hong Kong awaits trade data for November

Major Asia Pacific stocks ended mixed on Monday — the last full trading day of the year for several major markets in the region.

Mainland Chinese markets rose at the close of the trading day on Monday. The Shanghai composite gained 1.16% to end at 3,040.02, while the Shenzhen composite was higher by 0.92% and closed at 1,713.51. The Shenzhen component rose 1.29% to 10,365.96.

China’s central bank over the weekend said that it will use the loan prime rate as a new benchmark for pricing current floating-rate loans, a move that analysts said would cut borrowing costs and give the economy a boost.

Hong Kong’s Hang Seng index was also higher, rising more than 0.3% in its final hour of trade. The city’s trade data for November is set to be released on Monday afternoon, amid ongoing pro-democracy protests that have taken a toll on its economy.

Meanwhile, Chinese private university operator Shanghai Gench Education Group is planning to list in Hong Kong, according to an application filed to the Hong Kong exchange over the weekend. It didn’t state the timing of the IPO.

Elsewhere, Japan’s Nikkei lost 0.76% to close at 23,656.62, while the Topix fell 0.68% to 1,721.36. Autos lost ground across the board, with Honda down 1.15%, Mitsubishi falling 1.29%, and Suzuki declining 1.04%. Other sectors, such as manufacturing and retail, also saw declines.

Australia’s benchmark ASX 200 declined 0.25% to close at 6,804.90. Major miners fell, with Fortescue Metals down more than 1% and Rio Tinto declining 0.89%.

South Korea’s Kospi pared earlier gains to trade lower by 0.3%. Heavyweights declined, with Samsung Electronics losing 1.24%, and SK Hynix dropping 1.98%.

Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan was nearly flat in the afternoon.


Company: cnbc, Activity: cnbc, Date: 2019-12-30  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, hong, markets, rose, shanghai, lost, asia, close, trading, weekend, kong, stocks, trade, major, data, awaits, chinese, shenzhen


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