Diamonds and Dogs
Move over LL Bean, Vans and Timberlands are gaining popularity. The retail conglomerate, VF Corp (VFC) which owns brand names like Vans, Timberlands and North Face is jumping 10% to a two-month high following better than expected earnings. The CEO said, based on the strength of their third quarter performance and the growth trajectory they see for the remainder of fiscal 2019, they are increasing their full-year outlook, including an additional $45 million of growth-focused investments aimed at accelerating growth and value creation into fiscal year 2020.
Tesla (TSLA) cutting more jobs. The battery car company is down 9% after founder and CEO, Elon Musk cut his workforce by 7% and warns that the road ahead will be difficult. The good news is the fourth quarter will generate a GAAP profit, but less than the third quarter. Additionally, Tesla has reportedly recalled more than 14k Model S vehicles in China over faulty airbags. With the price of oil down, it may take a while for these electric cars to gain much market share.