Siddharth's Feed
May 15, 2015

Who’s calling Avon? Shares spike on mystery takeover bid

By Siddharth Cavale and Sinead Carew

(Reuters) – Shares of Avon Products Inc (AVP.N: Quote, Profile, Research, Stock Buzz) soared as much as 20 percent after an apparently non-existent firm incorporated in a remote archipelago in the Indian Ocean offered to buy the cosmetics company for almost three times its market value.

Avon said it had not received any such offer.

The purported acquirer, which identified itself as PTG Capital Partners, said in a U.S. Securities and Exchange Commission filing on Thursday it would pay $18.75 per share for Avon. (bit.ly/1A2HwEy)

May 14, 2015

Who’s calling Avon? Shares spike on mystery acquisition offer

By Siddharth Cavale

(Reuters) – Shares of Avon Products Inc (AVP.N: Quote, Profile, Research, Stock Buzz) soared as much as 20 percent after an apparently non-existent firm based in a remote archipelago in the Indian Ocean said it had offered to buy the cosmetics company for almost three times its market value.

Avon said it had not received any such offer.

The purported acquirer, which identified itself as PTG Capital Partners, said in a filing with the U.S. Securities and Exchange Commission on Thursday it would pay $18.75 per share for Avon. (bit.ly/1A2HwEy)

May 7, 2015

Lumber Liquidators to suspend sales of Chinese laminate flooring

May 7 (Reuters) – Hardwood retailer Lumber Liquidators
Holdings Inc said it would suspend sales of all laminate
flooring sourced from China, following allegations that the
products contained excessive levels of cancer-causing
formaldehyde.

The company is facing U.S. government investigations after
CBS’s “60 Minutes” show made the allegations in
March.

Apr 23, 2015

Hershey’s China growth target in peril as sales tumble

April 23 (Reuters) – “There’s a Smile in Every Hershey’s
Bar”, the famous slogan goes, but Hershey Co Inc doesn’t
seem to have a lot to smile about in China these days.

Sales of the maker of The Great American Chocolate Bar
nearly halved in the world’s most populous country in the first
quarter of the year compared with the same period of 2014.

Apr 21, 2015

Under Armour’s slowing sales growth highlights valuation risks

April 21 (Reuters) – Under Armour Inc paused for
breath on Tuesday when it reported quarterly sales growth of
below 30 percent for the first time in more than a year.

It wasn’t a bad quarter for the sportswear maker, still
riding high on golf star Jordan Spieth’s victory at the Masters.
But Wall Street’s reaction – the stock on track for its worst
day in a year – underscored the perils of a lofty valuation.

Feb 24, 2015

Home Depot sales beat estimates; warns on currency

By Nandita Bose and Siddharth Cavale

(Reuters) – Home Depot Inc (HD.N: Quote, Profile, Research, Stock Buzz), the world’s No. 1 home improvement chain, posted a better-than-expected rise in quarterly same-store sales on Tuesday but the company warned that a strong dollar will likely hurt 2015 earnings.

Chairman and Chief Executive Craig Menear said if the U.S. dollar stays at current levels the company expects a negative impact of $1 billion to 2015 sales growth and a hit to earnings of 6 cents a share for the year.

Oct 30, 2014

Kimberly-Clark faces $500 mln suit over Ebola protection gown

Oct 30 (Reuters) – A Southern California law firm has sued
Kimberly-Clark Corp for more than $500 million, alleging
that the Kleenex tissue maker committed fraud by marketing and
selling some of its surgical gowns as protection against Ebola.

Law firm Eagan Avenatti said it filed a class-action lawsuit
in a Los Angeles court on Wednesday, stating that Kimberly-Clark
had falsely represented to health regulators and healthcare
workers that its “MICROCOOL Breathable High Performance Surgical
Gowns” are impermeable and provide protection against Ebola.

Oct 9, 2014

Sunny September sales unlikely to brighten retailers’ holiday prospects

By Devika Krishna Kumar and Siddharth Cavale

(Reuters) – A resurgence in spending helped by an improving U.S. economy bolstered back to school season sales for retailers in September, but stagnant wages may force more discounting in the coming months, keeping pressure on margins.

September’s results showed surprise growth for apparel retailers as parents and students rushed to malls and stores for the latest fashions as schools began reopening across the country.

Oct 7, 2014

Wal-Mart raises healthcare costs, cuts benefits for some part-timers

By Nathan Layne and Siddharth Cavale

(Reuters) – Wal-Mart Stores Inc, the biggest U.S. private sector employer, said on Tuesday that its 1.3 million workers would have to pay more for healthcare and it would end benefits for some part-time staff in a move that could prompt other companies to follow suit.

The world’s largest retailer said it would raise health insurance premiums for its entire U.S. workforce beginning in January. In addition, Wal-Mart will end coverage for employees who work fewer than 30 hours a week, a change that will impact 2 percent of U.S. workers, or about 30,000 people.

Sep 23, 2014

“Frozen” princess promises hot Christmas for struggling toymaker

Sept 23 (Reuters) – Snow Glow Elsa has a big job ahead of
her – even for a princess with magical powers.

The doll, one of only four toys to feature on three major
guides of top toys for the holiday season, has the task of
reviving Jakks Pacific Inc, which has reported losses
for the last two years and declining revenue since 2009.