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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

1/2/2013

Dole Food Company Inc. (DOLE)

Dole Foods is not looking fresh today, down 13.60% at $9.91. The fresh fruit and vegetable company saw its shares fall after releasing their 2013 forecast. Dole expects to report full year earnings of $150-170 million, which is well below analysts' estimates. Janney Montgomery Scott analyst, Jonathan Feeney had his 2013 estimate at $206 million but recently cut his forecast after Dole's announcement. Management said, "The fresh fruit business of the new Dole is continuing to experience declining earnings," and the company is facing, "aggressive contract negotiations in the North American banana market even though costs are higher." Dole is trading around $2.00 above its 52-week low.

Zipcar Inc. (ZIP)

Zipcar is zooming higher today, up 47.82% at $12.18. The car-sharing network company saw shares burn rubber after news regarding a sale was announced. Avis Budget Group announced that it will buy Zipcar for around $500 million. The $500 million offer consists of an all cash deal of $12.25 per share. That price represents a 49 percent premium to Zipcar's Monday closing price. The deal would make Avis the number one company in the car-sharing market. Zipcar's business controls 75 percent of the $400 million car sharing market, and the market is expected to reach $10 billion in the next several years. Zipcar is well below its 52-week high of $16.25.
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