Diamonds and Dogs
5/22/12Express Inc. (EXPR)
Express Inc. is on a one way track south today, down 27.46% at $16.75. The apparel retailer fell the most since its IPO two years ago after forecasting full-year profit that trailed analysts' estimates. Express projected profit excluding certain items of $1.79 to $1.89 this year, as where analysts had estimated $1.95. First-quarter net income rose to $42.1 million, or 47 cents per share, from $35 million, or 39 cents, a year earlier. This number again came in below analysts projected profit of 49 cents a share. The retailer reported first-quarter sales of $496 million analysts had estimated $503.1 million. Furthermore, Express was opening two new stores in the major cities of, New York City and San Francisco. The expected open for both stores was the holiday season 2012; however the open will be postponed until fall of 2013. Express is closing the day less than $1.00 from its 52-week low.
Benihana Inc. (BNHN)
Benihana is doing very well today, up 21.20% at $16.12. The Restaurant chain saw its stock price jump after the news came out that it agreed to be taken private in a deal worth about $296 million. Under terms of the deal, Benihana stockholders will get $16.30 per share, a 23 percent premium to its Monday closing price of $13.30. The company's board has approved the transaction, but it needs the approval of a majority of the shareholders. Benihana and its advisors are allowed to actively seek out and consider other proposals from third parties during the next 40 days, through July 1. The company serves Japanese food and sushi and has 95 restaurants, including 62 namesake restaurants, eight Haru sushi restaurants and 25 RA Sushi restaurants. Benihana is doing phenomenal today.