Mall favorite Fossil struggles in the era of the smartwatch
For shoppers of a certain age, Fossil Group was a shopping mall fixture – with its leather belts, handbags, and of course, quartz watches sold in collectible tins.
The fashion watch and accessories company was remarkably successful for decades, from its founding in 1984 until, well, just few years after Apple introduced the Apple Watch.
And now it is struggling, as the watch market splits into sales of high-end mechanical timepieces from most Swiss makers on the one hand, and smartwatches on the other.
Fossil is trying to trim its operations, develop new products, and expand into new markets, especially China and India.
It clearly has plans to survive, and thinks its total addressable market will grow. But it could be a pretty tough battle.
Penske Automotive Acquires Mercedes-Benz Of South Charlotte; Terms Not Disclosed – Quick Facts
Penske Automotive Group, Inc. (PAG), an international transportation services company, announced Friday that it has entered the Charlotte, North Carolina market area with the acquisition of Mercedes-Benz of South Charlotte. The financial terms of the deal were not disclosed. The acquisition is expected to add $150 million in annualized revenues.
Mercedes-Benz of South Charlotte represents Penske Automotive Group’s 26th world-wide dealership for the Mercedes-Benz brand. The dealership includes over 70,000 square feet of facilities, including 50 service bays, to meet the growing demands of this new market for the Company.
The South Charlotte location was originally founded in 2006 and expands the Company’s operations to a new market area which is ranked as one of the largest population growth areas in the United States.
With the completion of this acquisition, Penske Automotive Group has now added over $700 million in expected annualized revenue to its operations this year as the company drives to its target goal of achieving $1 billion in earnings before taxes in 2023.
Stock Alert: SemiLEDs Continues Uptick
SemiLEDs Corp. (LEDS) shares are spiking on Friday morning trade, continuing a rally, reaching a year-to-date high.
For about a month, there have not been any significant company-specific news reported.
Currently, shares are trading at $25.14, up 66.49 percent from the previous close of $15.10 on a volume of 20,179,919. The shares have traded in a range of $2.43-$27.86 on average volume of 6,349,450.
Stock Alert: Targa Resources Shares Hit New 52-Week High
Shares of Targa Resources Corp. (TRGP) reached a new 52-week high of $45.83 Friday morning, and are currently trading at $45.72, up $4.51 or 10.96%, with trading volume rising over 2.11 million versus an average volume of 1.69 million shares.
S&P Dow Jones Indices would make the following changes to the S&P MidCap 400 effective prior to the opening of trading on Wednesday, June 9. Targa Resources is set to join S&P MidCap 400 and would replace CoreLogic Inc.
Stock Alert: Cullinan Oncology Shares Soar 16%
Shares of Cullinan Oncology Inc. (CGEM) are surging over 18% Friday morning, after the company announced that ongoing Phase 1/2a trial of CLN-081 in Non-Small Cell Lung Cancer or NSCLC patients continues to show acceptable overall safety and tolerability, with encouraging GI toxicity profile.
The stock, which has been trading in the range of $26.57 – $59.85 for the past one year, is currently trading at $34.75, up $4.99 or 16.75%, with trading volume soaring over 545K versus an average volume of 274K shares.
CLN-081 is an orally available, irreversible EGFR inhibitor, utilizing a unique pyrrolopyrimidine scaffold that was designed to selectively target cells expressing mutant EGFR variants, including exon 20, while sparing cells expressing wild type (WT) EGFR.
“We remain encouraged with CLN-081’s emerging profile,” said Owen Hughes, Cullinan’s Chief Executive Officer. “In heavily pretreated patients, CLN-081 continues to show antitumor activity across the dose range, with a safety profile that appears to be differentiated, most specifically with respect to GI adverse events.”
Hy-Vee Recalls Chicken Street Taco Kit
West Des Moines, Iowa-based supermarket chain Hy-Vee Inc. is recalling its Chicken Street Taco Kit because it contains egg, an undeclared allergen that was not declared on the label.
Hy-Vee received bulk Chicken Taco Kits from Reser’s Fine Foods and repackaged them into Hy-Vee Chicken Street Taco kits. These bulk kits contained Chipotle Crema Sauce which contains egg that was not declared on the label. People who have an allergy or severe sensitivity to egg run the risk of serious or life-threatening allergic reaction if they consume these products.
The voluntary recall includes the Hy-Vee Chicken Street Taco Kits which were sold in deli cases in black plastic trays with clear plastic lids with the UPC 02-82503-09993 and a “Best If Use By” date prior to May 27, 2021.
The products were distributed by Hy-Vee grocery stores across its eight-state region of Iowa, Illinois, Missouri, Kansas, Nebraska, South Dakota, Minnesota and Wisconsin.
The company said it has not received any reports of illness or complaints involving the recalled product. The company has asked customers with egg allergy to not to consume the product and dispose of it, or return it to their local Hy-Vee store for a full refund.
Lebanon bank customers to regain access to up to $800 a month
BEIRUT (Reuters) – Lebanon’s central bank on Friday said that depositors holding accounts active as of October 2019 would have access restored to $400 a month and its equivalent in Lebanese pounds.
The details regulating the decision, which will take effect from July 1, will be issued later, the bank said in a statement.