Diamonds and Dogs
1/23/2013Coach Inc. (COH)
Coach is not looking fashionable today, down 16.25% at $50.82. The designer retail company saw its shares come unzipped after it released its earnings. Coach said its second earnings rose 23% to $1.23 per share on sales of $1.5 billion. Analysts were expecting $1.28 on sales of $1.6 billion. Furthermore, U.S. same-store sales, or sales in stores open at least a year, fell 2%. Coach CEO, Lew Frankfort said, "We were disappointed by our performance in North America, where the holiday season proved challenging." The company dropped nearly $10.00 per share today but managed to stay above its 52-week low of $48.24.
MAP Pharmaceuticals Inc. (MAPP)
MAP investors were inhaling their gains today, up 58.06% at $24.71. The pharmaceutical company that focuses on inhalation drugs saw its shares climb after news was released that it would be bought out. Allergan Inc., the maker of Botox said it would purchase MAP for $958 million to gain an experimental inhalable migraine treatment. Allergan will pay Map investors $25 a share, a 60 percent premium over yesterday's closing price. The boards of both companies unanimously approved the deal, which is expected to close late in the first quarter or in the second quarter. MAP blew out its old 52-week high of $17.92.