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Rand Capital Corporation latest news:
Analyst Actions: Gildan PT Raised at RBC; Firm Sees Dividend Hike; Shares Set to Snap Four-Day Losing Run
Gildan Activewear(GIL), a maker of branded basic family apparel, had its stock's price target raised to $32 from $31 at RBC Capital Markets. RBC also forecasts a 20% increase in the annual dividend to $0.448 per share for FY18. Shares were trading 2.3% higher at $31.17, at 2:18 pm ET in New York on Wednesday, set to snap a four-day losing streak.
Ballard Power's stock rockets after upbeat outlook, dispute of short-seller's report
Shares of Ballard Power Systems Inc. shot up 19% in morning trade Monday, after the fuel cell company provided an upbeat outlook for 2017 results as it disputed a report by a short seller that led to a sharp selloff last week. Ballard said it expects to report "record annual revenue" for 2017. "We believe these results fully validate our long-held belief that Ballard is uniquely positioned to capitalize on the worldwide trend toward zero-emission transportation," Chief Executive Randy MacEwen said. The stock had tumbled 21% the past two sessions to close Friday at a five-month low, after short-seller Spruce Point Capital Management said the company's growth ambitions in China were expected to fail from weak partnerships, and reminded investors that a previous China deal resulted in a contract breach and lowered guidance in 2015. Spruce Point said the stock should trade in a range of $1.15 to $2.50 over the long term. Ballard said Monday that some of the statements that the short-seller based its arguments on are "demonstrably false," while others amounted to "unduly negative speculation" about "well-disclosed" risks. The stock has run up 87% over the past 12 months, while the S&P 500 has gained 25%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Nestle sells off tea brands in North America
Nestle has sold its sold two of its tea brands in North America as the world's biggest food maker presses ahead with reshaping its business to focus on new consumer trends and healthcare. Private equity firm Fireman Capital Partners said on Monday it has linked up with Dunn's River Brands to buy the Sweet Leaf Tea and Tradewinds businesses from Nestle North America.
Ann Taylor parent Ascena shares drop 21% after 'fashion missteps' sink earnings
Ascena Retail Group Inc. shares are down 21% in Tuesday trading after the apparel company said "fashion missteps" derailed its first-quarter earnings. Ascena's portfolio of brands includes Ann Taylor, Maurices and Dressbarn. "We were unable to capitalize on the improving macro traffic trends due to fashion missteps that we cannot afford in today's environment," said Chief Executive David Jaffe on the earnings call, according to a FactSet transcript. Still, KeyBanc Capital Markets analysts led by Edward Yruma are optimistic. "Management is showing a sense of urgency regarding execution and sequentially improving traffic could provide a more favorable backdrop," analysts wrote in a note. Analysts highlight cost reduction opportunities and internal restructuring. "We maintain that intense focus on cost savings is prudent in a difficult environment," the note said. Ascena shares are down more than 71% for the past year while the S&P 500 index is up 20.1% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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