Fashion and accessories retailer Rue21 filed for bankruptcy protection late Monday after its budget-conscious customers migrated to fast-fashion competitors and nimbler online sellers, closely resembling the struggles of other mall chains.
The company had already begun closing nearly 400 of its 1,179 stores in 48 states and warned Tuesday in a court filing that it may shutter additional locations to shore up its finances.
Those moves include cuts to Rue21’s workforce of 15,800 employees, of which 12,300 are part-time workers.
But the privately held retailer is not bleeding cash, and it secured support for its debt-cutting plan from multiple key creditors.
Sears, J.C. Penney, Kmart, Macy’s: These retailers are closing stores in 2017
In filing for a Chapter 11 bankruptcy reorganization, it appeared Rue21may avoid liquidation, a fate that has recently befallen mall clothing store chains Bebe, The Limited and Wet Seal.
wall street dow jones: Finisar Corporation(FNSR)
- [By Evan Niu, CFA]
Shares of optical component companies have dropped today, includingOclaro (NASDAQ:OCLR), Acacia (NASDAQ:ACIA), Lumentum (NASDAQ:LITE), and Finisar (NASDAQ:FNSR), whose shares were down 11%, 11%, 6%, and 3%, respectively, as of 3:30 p.m. EDT, after the U.S. broadened its investigation regarding compliance with sanctions programs.
- [By Peter Graham]
Small cap fiber-optic networking product Applied Optoelectronics (NASDAQ: AAOI), a potential peer of EMCORE Corporation (NASDAQ: EMKR), Finisar Corporation (NASDAQ: FNSR) and Oclaro Inc (NASDAQ: OCLR), is thefifth mostshorted stock on theNASDAQ with short interest of 47.69% according to Highshortnterest.com.
- [By Dan Caplinger]
Friday was a good day on Wall Street, as the stock market responded favorably to encouraging news on the employment front. The U.S. unemployment rate dropped on fairly strong job creation during the month of February, and that helped push the Dow, S&P 500, and Nasdaq Composite to modest gains of roughly between a quarter percent and a half percent. Yet even with a positive mood among market participants, some stocks weren’t able to participate in the end-of-week rally. Finisar (NASDAQ:FNSR), Zumiez (NASDAQ:ZUMZ), and Winnebago Industries (NYSE:WGO) were among the worst performers on the day. Below, we’ll look more closely at these stocks to tell you why they did so poorly.
- [By Lisa Levin]
Benzinga's newsdesk monitors options activity to notice unusual patterns. These large volume (and often out of the money) trades were initially published intraday in Benzinga Professional . These trades were placed during Thursday’s regular session.
wall street dow jones: Kelly Services Inc.(KELYA)
- [By David Milstead]
One such outfit is Kelly Services (KELYA). The Troy, Mich., company places temporary employees in a variety of fields, such as law, health care, computing and finance. Although recent job reports have been strong, S&P Capital IQ analyst Michael Jaffe sees employers remaining cautious in their hiring practices and using the kind of temporary workers Kelly specializes in. Jaffe says Kelly is his top pick in the staffing sector, and he rates the stock a strong buy.
- [By Monica Gerson]
Kelly Services, Inc. (NASDAQ: KELYA) is projected to report its quarterly earnings at $0.28 per share on revenue of $1.35 billion.
Silver Standard Resources Inc. (USA) (NASDAQ: SSRI) is expected to post a quarterly loss at $0.02 per share on revenue of $96.25 million.
wall street dow jones: Care.com, Inc.(CRCM)
- [By Lisa Levin]
Shares of Care.com Inc (NYSE: CRCM) got a boost, shooting up 16 percent to $11.01 after the company reported upbeat quarterly results.
MaxPoint Interactive Inc (NASDAQ: MXPT) shares were also up, gaining 19 percent to $5.44. MaxPoint Interactive reported Q4 earnings of $0.59 per share on revenue of $46.3 million.
wall street dow jones: LG Display Co., Ltd.(LPL)
- [By Peter Graham]
A long term performance chart shows shares of Corning Incorporated in a steady uptrend since we recommended the stock while Universal Display Corporation (NASDAQ: OLED) has taken off even higher and LG Display Co Ltd (NYSE: LPL) and AU Optronics Corp (NYSE: AUO) have given a similar performance:
- [By Anders Bylund, Chuck Saletta, and Brian Feroldi]
According to comments by Universal Display CEO Steve Abramson, Samsung (NASDAQOTH:SSNLF) is pouring $9 billion into building OLED production facilities this year. LG Display (NYSE:LPL) expects more than half of its 2020 revenues to come from OLED panels. The OLED TV market is expected to grow sixfold in the next four years, and the lighting panel market is only just getting started.
wall street dow jones: SPDR Blmbg Barclays Em Mkts Lcl Bd ETF (EBND)
- [By Todd Shriber, ETF Professor]
DWFI also holds the SPDR Barclays Emerging Markets Local Bond ETF (NYSE: EBND), SPDR Barclays International Treasury Bond ETF (NYSE: BWX) and the SPDR Barclays Intermediate Term Corporate Bond ETF (NYSE: ITR).