Diamonds and Dogs
8/22/13
Abercrombie & Fitch Co. (ANF)Abercrombie & Fitch is getting ditched today, down 17.67% at $38.53. The clothing retailer saw its shares fall after releasing its second quarter earnings report. Revenue for the company fell 1 percent from $951.4 million to $945.7 million, analysts were expecting revenue of $996.7 million. Earnings per share came in at $0.14, down from $0.20 per share last year, and again below Wall Street's view of $0.28 per share. CEO Mike Jefferies said that the miss was due to weaker traffic particularly in July, and continued softness in the female business. Abercrombie & Fitch shares fell over $8.20 today but are still above their 52-week low of $30.06.
SunEdison Inc. (SUNE)
SunEdison is shining today, up 15.85% at $7.89. The silicon wafer and photovoltaic panel company saw its share pop after news that the company would spin off its semi-conductor division. The company's Board of Directors has decided to spin off SunEdison's semiconductor business in an IPO as "SunEdison Semiconductor." The spinoff will let SunEdison focus on its solar business. The IPO is slated to take place in early 2014. SunEdison's CEO Ahmad Chatila said, "The next evolution in our strategic plan to better position both our solar and semiconductor businesses for sustainable, long-term success." Shares of the company are still off of their 52-week high of $10.47.
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