NIKE IS BUYING … ITSELF
(Fox Business) – Nike (NYSE: NKE) announced that its Board of Directors said “Just Do It” when it comes a four-year, $12 billion program to repurchase shares of NIKE’s Class B Common Stock. Meanwhile, they are in the midst of a $8 nillio share repurchase that should be completed before the end of fiscal 2016, in which the new program will begin.
“In a growing sports industry, NIKE is the clear leader,” said Mark Parker, President and CEO of NIKE, Inc. “We are built for growth, while also staying committed to creating shareholder value over the long term. We’ve proven it time and again, having returned over $23 billion to shareholders over the last 14 years through share repurchases and dividends. Moving forward, we see even greater potential for NIKE as we continue to unlock new markets, new experiences and new products.”
After the split, outstanding shares of Class A and Class B common stock will increase to approximately 353 million and 1.36 billion, respectively, based on the outstanding shares as of Nov. 16, 2015.
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ACANO GETS A $700M PAYDAY FROM CISCO
(The Wall Street Journal) – Announced today, Cisco Systems Inc. is purchasing Acano Ltd., a privately held conferencing software company for a whopping $700 million in cash and equity awards.
Acano, a London-based company that specializes in video conferencing and collaboration technology, will help Cisco in multiple ways. Cisco will be able to improve the interoperability of its video conference products.
It seems as though Cisco took “bulking season” a little too figuratively, as they have been acquiring multiple other companies lately in order to beef up its security business.
Read the entire article at The Wall Street Journal
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ABERCROMBIE AND FITCH IS COOL AGAIN
(CNN Money) – Now LFO aren’t the only people who “like girls that wear Abercrombie and Fitch,” so are the share holders. As reported sales were released this morning, the stock soared nearly 25%.
After months and months of declining sales, shifts in management and customer loyalty at a lull, Abercrombie is finally standing up, rubbing some dirt on it and is in full-fledged comeback mode. Shares were flying 16.52% to $22.17 in pre-market trading on Friday after the apparel retailer earlier this month delivered better-than-expected third quarter 2015 financial data. For the latest quarter ended October 31, the company earned 48 cents a share on $878.6 million in revenue.
Along with the earnings release, Executive Chairman Arthur Martinez stated, “Our third quarter results exceeded our expectations coming into the quarter and provide the strongest validation yet that our initiatives are working.”
Read the entire article at CNN Money
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