NEW YORK, March 01, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on Best Buy Co, Deckers Outdoor Corp, Clearwire Corporation, Radian Group, Clearwire.
Electronics retailer Best Buy Co., Inc.(NYSE:BBY) refused an offer from its founder Richard Schulze's as it considered it not good enough.
Schulze is backed by private equity sponsors and had originally planned to take over the entire company and make it private. He was however unable to get the necessary equity and debt financing.
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conference call that Schulze introduced the company to "several impressive private equity sponsors who have expressed interest in an investment in Best Buy.
"But the cost of these investments, however, was determined to be excessive, and dilutive to our existing shareholders," he said. "Therefore, the company concluded to not accept these offers."
Meanwhile Best Buy reported a narrower loss of $409 million, or $1.21 per share, in the fourth quarter ended February 2, from $1.82 billion, or $5.17 per share, a year earlier.
Excluding special items such as restructuring charges, earnings from continuing operations fell to $1.64 per share from $2.18, but exceeded the $1.54 analysts had expected.
Revenue rose just 0.2 percent to $16.71 billion. Shares of BBY are up 2% to $16.73, well off session high of $17.46.
Deckers Outdoor Corp(NASDAQ:DECK) reported net income that fell to $97 million, or $2.77 per share, from $126 million, or $3.18 per share. Revenue rose 2 percent to $617.3 million.
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Analysts expected $2.57 per share and $621.9 million in revenue.
Deckers makes the well-known Ugg brand of sheepskin boots, the sales of which rose 3 percent to $584.8 million in the fourth quarter on sales from new retail stores and better online sales. Sales of Sanuk footwear rose to $15.3 million from $11 million and Teva sales fell to $13.7 million from $19.4 million.
Shares of DECK soared 12.67% to $45.53.
Radian Group Inc(NYSE:RDN) plans to raise more than $400 million via the issue of shares and convertible notes, in order to have the required amount of capital for its loss-making mortgage insurance business.
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Radian said that the company would be using the fund raised for “additional capital support for our mortgage insurance business,” to fund working capital requirements and for general purposes.
According to the statement by the company, underwriters to the issue have the option to buy an additional 4.5 million shares and $30 million in notes. The senior notes are due in 2019 and are convertible into stock, cash or a combination, according to the company.
Shares of RDN jumped 3% at $9.06.
Clearwire Corporation(NASDAQ:CLWR) has said that it would opt for taking finance from its majority shareholder Sprint Nextel Corporation(NYSE:S), somewhat dimming the prospects for a takeover bid by Dish Network.
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Sprint, which already owns more than 50 percent stake in Clearwire, wants to out the remaining stake and get unrestricted access to airwaves so that it can compete better with its larger network rivals.
Sprint has offered to buy out Clearwire's shares at $2.97 each. Dish, has however made a counter-offer at $3.30 each. While Clearwire is yet to accept either offer, it has in the meanwhile decided to avail of $80 million in financing from Sprint, part of a 10-month, $800 million financing offer from the network carrier.
This move has the potential to raise Sprint's stake in the company, as the financing is in the form of exchangeable notes which Sprint can convert into Clearwire stock at $1.50 each under certain conditions.
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