Lululemon Athletica Inc. (LULU) Does Well, Shareholders Exit In Valeant Pharmaceuticals Intl Inc (VRX), and Vale SA (ADR) (VALE) Raises Money
Lululemon Athletica Inc. (NASDAQ:LULU) announces results for the second quarter. Below are key takeaways.
Company raises revenue and profit guidance for full year
Inventory levels on track
Same store sales up by 3 percent
The company has done well despite slower demand
Quarterly profits decline as selling, general and administrative expenses rise by 32 percent
Lululemon Athletica Inc. (NASDAQ:LULU) misses profit by a whisker
Net Income falls by 5 percent
Founder Chip Wilson makes a statement stating that the company has lost its way and things need to be changed. He also advocated for opening more international stores
Bill Ackman becomes largest shareholder of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) after Sequoia Fund sells 14.2M shares as per the latest filing dated 31st May’16.
Sequoia Fund is not the only one; others like Mutual Fund giant T. Rowe Price and ValueAct Capital also sold their shares in the company ever since the trouble started.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) CEO’s task is cut out with mounting debt of $30 billion which needs to be reduced sooner than later. Also, gaining back investors confidence which the company has lost.
Vale SA (ADR) (NYSE:VALE) returns to international debt market after the company raises $1.25B through overseas bond issue. The bonds issued by the company will mature in June 2021 and will have a yield of 5.875%.
Vale SA (ADR) (NYSE:VALE) will use proceeds of bond sale for corporate purpose along with paying off some of the debt which the company has.
Disappointing outlook sends shares of VeriFone Systems Inc (NYSE:PAY) down by 30% in pre-market. The company reported GAAP revenues of $526M Vs $490M for three months while Operation cash flow stood at $51 million.
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