Mixed Results at Vince
Vince Holding Corp (NYSE:VNCE) reported mixed results for its second quarter of fiscal year 2016 ended July 30, posting a loss of $0.04 per share, $0.02 better than estimates, and revenue of $60.7 million, $3.45 million worse than the consensus target. Sales fell by 24.1% year-over-year, as the company’s wholesale segment sales retreated by 32.1% due to the planned reduction in full-price orders related to the transition of product under the new design team. For fiscal 2016, Vince’s management expects flat-to-$0.06 in diluted EPS on revenue of $290 million-to-$305 million. Of the 749 hedge funds that we track which filed 13F’s for the June quarter, the number with positions in Vince Holding Corp (NYSE:VNCE) fell by one quarter-over-quarter to 14 at the end of June.
Potential Pipeline Merger Nixed
Although the pipeline sector has experienced some major M&A recently, Williams Companies Inc (NYSE:WMB) just can’t seem to find a partner. Shortly after being dumped by Energy Transfer Equity LP (NYSE:ETE), Williams’ rumored merger with Enterprise Products Partners L.P. (NYSE:EPD) looks increasingly unlikely after the latter released a press statement saying that it is no longer interested in the company. According to the statement, Enterprise Products Partners is no longer interested due to “recent news leaks, movements in the price of the partnership’s common units as well as questions from investors.” The company further added that:
“As a result of rumors with respect to our proposals, as well as the lack of engagement by Williams, we have determined that there is no actionable path forward toward an agreement. We, therefore, have withdrawn our non-binding proposals.”
If crude oil and natural gas prices rebound, Williams Companies won’t need any mergers to do well. 28 funds that we track were long Enterprise Products Partners L.P. (NYSE:EPD) on June 30, while 58 had bullish positions in Williams Companies Inc (NYSE:WMB).