Cirrus Logic (CRUS) Prelim. Q4 Revs Miss Views (StreetInsider)
Cirrus Logic, Inc. (NASDAQ:CRUS) announced preliminary net revenue of approximately $206.9 million, based on unaudited financial results for the fourth quarter, which ended March 30, 2013. The company also announced that it will record a total net inventory reserve of $23.3 million of which approximately $20.7 million is due to a decreased forecast for a high volume product as the customer migrates to one of Cirrus Logic’s newer components. The $20.7 million inventory reserve is expected to result in a decrease in gross margin for the quarter of slightly more than 10 percent to approximately 40.4 percent, below the company’s previous guidance range of 50 to 52 percent. Additionally, combined R&D and SG&A expenses are expected to be approximately $50 million, which includes roughly $6 million of stock based compensation and other charges.
Michael Kors Holdings Ltd Lowered to Neutral at Zacks (KORS) (MideastTime)
Michael Kors Holdings Ltd (NYSE:KORS) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a note issued to investors on Tuesday, AnalystRatingsNetwork.com reports. They currently have a $68.00 target price on the stock. Michael Kors Holdings Ltd (NASDAQ: KORS) traded down 2.48% on Tuesday, hitting $52.66. Michael Kors Holdings Ltd has a 1-year low of $35.50 and a 1-year high of $65.10. The stock’s 50-day moving average is currently $56.89. The company has a market cap of $10.511 billion and a price-to-earnings ratio of 31.65.
Michael Kors Holdings Ltd Coverage Initiated by Analysts at Credit Agricole. (KORS) (DailyPolitical)
Credit Agricole started coverage on shares of Michael Kors Holdings Ltd (NYSE:KORS) in a research note released on Friday morning, TheFlyOnTheWall.com reports. The firm issued an underperform rating on the stock. A number of other analysts have also recently weighed in on KORS. Analysts at TheStreet reiterated a hold rating on shares of Michael Kors Holdings Ltd in a research note to investors on Wednesday, April 3rd. Finally, analysts at Goldman Sachs reiterated a conviction-buy rating on shares of Michael Kors Holdings Ltd (NYSE:KORS) in a research note to investors on Monday, March 18th. They now have a $80.00 price target on the stock.
Vivus gets FDA nod to sell diet pill via retail pharmacies (Reuters)
VIVUS, Inc. (NASDAQ:VVUS) President Peter Tam said U.S. health regulators’ approval to sell its diet pill Qsymia through retail pharmacies removed “a major barrier” to the drug’s adoption and paved the way for a direct-to-consumer campaign to be launched later this year. Vivus shares rose as much as 6 percent to $12.35 on Tuesday afternoon on the Nasdaq and closed at $11.78. Shares of other obesity drug makers Arena Pharmaceuticals Inc and Orexigen Therapeutics Inc also closed up 2 percent each. “We are keeping all options open in terms of increasing the commercialization support for Qsymia,” Tam told Reuters in a phone conversation from his Mountain View, California office.
VIVUS, Inc. (VVUS) Sees a Rare Jump in Near-Term Call Volume (SchaeffersResearch)
VIVUS, Inc. (NASDAQ:VVUS) was trending higher on Tuesday, after the Food and Drug Administration (FDA) granted the firm approval to sell its weight-loss drug, Qsymia, in retail pharmacies. As a result, bullish traders flooded the options pits yesterday, with roughly 24,000 calls crossing the tape during course of the session. This was almost seven times the norm, and more than triple the number of puts exchanged.
