Diamonds and Dogs
3/28/13
PVH Corp. (PVH)PVH is dressing in red today, down 5.36% at $106.75. The apparel retailer saw its shares crash after the company released news regarding an acquisition and announced its 2013 outlook. PVH announced that its recent acquisition of The Warnaco Group (Calvin Klein clothing) will require more investment than the company initially anticipated. PVH purchased Warnaco Group in a deal worth $2.9 billion that closed last month, but that $2.9 billion is going to end up being significantly more. PVH management stated that the additional investment of capital will weigh on its full year earnings, which could decrease earnings by around $0.25 per share. PVH is still trading well above its 52-week low of $72.47.
Pinnacle Foods Inc. (PF)
Pinnacle Foods is looking appetizing on its first day of trading, up 11.85% at $22.37. Pinnacle Foods had its IPO today and is starting its first day of trading off with a bang. The company which owns brands such as Duncan Hines and Birds Eye traded over 22 million in volume today. Pinnacle Foods CEO stated that the company's first priority is to provide a dividend to its investors and work hard to continue to build shareholder value. Shares reached a high of $22.80 intraday, but pulled back slightly from that high. Pinnacle foods traded well on the last day of the quarter.
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