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Cablevision shares rise on cable network spinoff
Stock Market News |
2011/06/07 08:38
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Shares of cable company Cablevision Systems Corp. rose Tuesday, a day after it announced that a planned spinoff of its cable networks will take place at the end of June. THE SPARK: On Monday, the New York-area cable company said its board of directors approved spinning off its AMC, IFC, Sundance Channel and WE TV networks as a group. Cablevision said it will spin off AMC Networks Inc. June 30. THE BIG PICTURE: People who hold Cablevision shares as of June 16 will get one share of AMC Networks Inc. for every four shares of Cablevision they own. Shares of the spun-off company will trade on the Nasdaq stock market under the symbol "AMCXV." THE ANALYSIS: Spinning off the networks will get Cablevision close to being a pure cable company, which could attract more investors, said Nomura analyst Mike McCormack in a note to clients. But Cablevision will still own media properties, including a New York-area television network, local newspaper Newsday and movie theater chain Clearview Cinemas. |
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G-III Apparel shares fall on weak 1Q, downgrade
Stock Market News |
2011/06/07 07:41
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Shares of G-III Apparel Group Ltd. fell Tuesday after the clothing maker reported a first-quarter loss, while analysts expected a profit, and an analyst downgraded the stock. THE SPARK: G-III Apparel reported after the markets closed Monday that it lost money in its fiscal first quarter as rising expenses hurt its results. Its revenue rose slightly more than expected. THE BIG PICTURE: Like most clothing makers, the company -- which holds licenses to make products under such brands as Calvin Klein, Sean John and Kenneth Cole -- is facing steeply higher cotton costs and gas and labor costs. THE ANALYSIS: This was the second quarter in a row when its gross margins fell below expectations, Stifel Nicolaus analyst Jim Duffy said Tuesday morning. The company also faces rising costs and slowing sales growth rates. |
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PVH's Izod brand to be sold in SE Asia
Topics in Legal News |
2011/06/07 07:37
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Clothing company Phillips-Van Heusen Corp. said Tuesday it agreed to license the Izod brand to Ram Pacific Pte Ltd. to distribute Izod clothes and accessories in Singapore, Indonesia and Malaysia. Financial terms were undisclosed. The initial terms of the license agreement runs through December 2015. The new Izod line includes men's, boys,' women's, and girls' apparel and accessories and will be sold in department stores. PVH shares rose 79 cents to $64.20 during afternoon trading. |
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Goldman Receives Subpoena Over Financial Crisis
Court News |
2011/06/02 09:05
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Goldman Sachs has received a subpoena from the office of the Manhattan District Attorney, which is investigating the investment bank's role in the financial crisis.
The inquiry stems from a 650-page Senate report from the Permanent Subcommittee on Investigations that found Goldman had "misled" its clients about mortgage-linked securities. Senator Carl Levin, the Democrat of Michigan, who headed up the Congressional inquiry, had sent his findings to the Justice Department to figure out whether executives broke the law.
The subpoena come two weeks after lawyers for Goldman met with the Manhattan District Attorney's office for an "exploratory" meeting about the Senate, the people said.
"We don't comment on specific regulatory or legal issues, but subpoenas are a normal part of the information request process and, of course, when we receive them we cooperate fully," said a Goldman spokesperson.
Shares of Goldman Sachs were down more than 2 percent on Thursday. |
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Mixed economic data leave stocks wavering
Stock Market News |
2011/06/02 09:04
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Mixed economic data left the stock market wavering between small gains and losses Thursday, one day after the Dow Jones industrial average had its biggest drop since last June.
Wednesday's losses were triggered by reports that suggested that the U.S. economy is slowing. Economic news set the tone again on Thursday.
Before the market opened, the government said first-time applications for unemployment benefits fell to 422,000, a slight dip from the previous week, but still above what economists expected. Applications need to fall below 375,000 in order to signal that the economy is adding jobs.
The Dow rose 6 points, or 0.1 percent, to 12,295 in early trading. The S&P 500 rose 1 point to 1,315. The Nasdaq composite gained 11 or 0.4 percent, to 2,780.
Retailers reported mixed sales results. Gap Inc. fell 2.3 percent after sales fell across all its brands. Target Corp. fell nearly 3 percent after missing expectations as sales traffic slowed during the second half of the month. Costco Wholesale Corp. was among the few retailers that did not lose ground. The warehouse retailer gained 0.1 percent after reporting higher revenue, thanks in part to international sales.
Fears that the economy is stalling sent the Dow Jones industrial average down 280 points Wednesday, erasing more than a quarter of the stock market's gains for the year. Treasury bond yields fell to their lowest level since December as traders put a higher value on safer investments. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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