Diamonds and Dogs


K-Swiss Inc. (KSWS)

K-Swiss was tripping over their laces today, down 6.64% at $2.67. The shoe company saw its shares stumble after releasing its second quarter earnings report. K-Swiss announced a net loss of $11,631,000, or $0.33 per diluted share. Furthermore, total worldwide revenues decreased 31.5% to $44,752,000, with domestic revenue decreasing 42.1% to $18,748,000 and international revenue dropping 20.9% to $26,004,000. Worldwide future orders were also in the red down 21.8% or 19.7 million from last year. These poor numbers rang through the earnings report, with the company struggling in almost every category. Investors were racing for the sidelines today, probably wearing Nike shoes. The company is trading just above its 52-week low.

Hudson City Bancorp Inc. (HCBK)

Hudson City was trading higher today, up 15.68% at $7.45. The Bank saw its shares gain momentum after news was released that M&T Bank Corp would buy Hudson City in a cash deal worth $3.7 billion. M&T intends to shrink Hudson City's $43.6 billion balance sheet by roughly a third as it liquidates an investment portfolio held by the Paramus, New Jersey-based bank. M&T, which is based in Buffalo, New York, and has $80.8 billion in assets, said it expects to gain about $25 billion in deposits and $28 billion in loans from the merger. For Hudson City investors, a 12% premium is a nice gain that they will receive from the purchase. Today's bounce nearly pushed Hudson City to a new 52-week high, but just missed by $0.09.

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