For Immediate Release
Chicago, IL-February 10, 2017-Zacks.com looks back on the hottest stories of the week featured in the Stocks in the News blog, where analysts and writers discuss the latest news and events impacting stocks, the financial markets, and the greater investing world.
Here are highlights from this week's Stocks in the News blog:
Monday saw shares of Hasbro HAS surge after reporting strong fourth-quarter fiscal 2016 earnings results. The toy maker surpassed estimates on both the top and bottom lines, but one of the biggest surprises of Hasbro's earnings report was the revenue it generated from its Girls category, which includes the Disney DIS princess line of dolls.
Shares of luxury jeweler Tiffany & Co. TIF slumped all day Monday after announcing that its CEO, Frederic Cumenal, was leaving the company, effective immediately. Tiffany said Chairman and former CEO Michael Kowalski will serve as interim CEO, and that the company's board of directors will begin the search for a successor with an executive search firm.
Michael Kors KORS reported disappointing third-quarter fiscal 2017 financial results on Tuesday, sending its stock down 13% on Tuesday morning. While its top and bottom line results weren't awful, the retailer's comparable sales results were what killed its stock, as well as major headwinds in its regional segments.
After President Trump called out Nordstrom JWN Wednesday morning, its stock showed considerable gains after an initial quick dive, seemingly breaking the curse of the Trump tweet on companies he's blasted on Twitter TWTR . Last week, the department store announced it would be dropping the Ivanka Trump brand because of waning sales performance, something the president took very personally on behalf of his daughter.
On Friday, shares of struggling retailer Sears SHLD are skyrocketing, up around 32% to $7.33 per share in morning trading-and up nearly 44% in premarket trading -after the company announced a plan to cut costs by at least $1 billion in 2017. The plan includes slashing debt and pension obligations by at least $1.5 billion, reducing overhead, improving merchandise at its stores, and bettering inventory management. Sears also hopes to more closely integrate its namesake and Kmart operations.
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