On Wednesday, VF Corp (NYSE:VFC)’s shares inclined 0.86% to $70.03.
Vans named Carlsbad High School of Carlsbad, Calif. as the grand-prize winner of the sixth annual Vans Custom Culture design competition and awarded a $50,000 donation toward the school’s arts education program. At the final event held on June 9 at Industria Superstudios in New York City, a panel of notable judges counting actress Victoria Justice, celebrity baker Amirah Kassem, musician Bea Miller, artist and author Dallas Clayton and Vans professional surfer Joel Tudor selected the winning custom Vans shoe designs among a talented group of top five finalist schools. For the remaining finalists – Circleville High School (Circleville, Ohio), Foothill High School (Henderson, N.V.), McCracken County High (Paducah, K.Y.) and Parker High School (Parker, S.D.) – Vans awarded each with $4,000 toward their arts programs.
Six years in, Vans Custom Culture continues to inspire creativity and individuality among high school students across the nation. Each year, Custom Culture has challenged them to create their own unique pairs of Vans for a chance to fund art education at their school. Nearly 3,000 high schools – the most in competition history – take partd in this year’s event, designing four pairs of blank Vans based on four themes: Action Sports, Art, Music and Local Flavor. The winning design has the opportunity to be produced and sold in select Vans retail stores, in addition to online at Vans.com.
V.F. Corporation designs, manufactures, markets, and distributes branded lifestyle apparel, footwear, and accessories in the United States and Europe. The company offers outdoor apparel, footwear and equipment, youth culture/action sports-inspired footwear, handbags, luggage, backpacks, totes, accessories, merino wool socks, women’s activewear, and travel accessories under the The North Face, Vans, Timberland, Kipling, Napapijri, Jansport, Reef, Smartwool, Eastpak, lucy, and Eagle Creek brands.
Star Bulk Carriers Corp. (NASDAQ:SBLK)’s shares dropped -4.46% to $3.00.
Deutsche Bank analyst Amit Mehrotra upgraded the rating on Star Bulk Carriers Corp. (SBLK) from Sell to Hold, while raising the price target from $2 to $3, following meeting with the management that offered a better view of the company’s cash position.
The analyst believes that the company is currently well positioned to cope with a prolonged downturn without having to resort to additional dilutive financing, following Star Bulk’s equity raise in January and May.
At the same time, the analyst cautioned that the company continues to face noteworthy challenges due to its large on-the-water fleet, which leads to considerable cash flow, and capital commitments related to its new building book. The analyst also anticipates the stock to remain range bound till there is an improvement in the rate environment.
Star Bulk Carriers Corp., a shipping company, provides seaborne transportation solutions in the dry bulk sector worldwide. Its vessels transport various bulks, which comprise iron ore, coal, and grain, in addition to bauxite, fertilizers, and steel products. As of April 21, 2015, the company owned 70 dry bulk vessels, counting 1 Newcastlemax, 19 Capesize, 4 Post-Panamax, 20 Kamsarmax, 8 Panamax, 7 Ultramax, 10 Supramax, and 1 Handymax vessel with a total carrying capacity of 7.2 million dwt.
At the end of Wednesday’s trade, Agilent Technologies Inc (NYSE:A)‘s shares surged 1.00% to $40.52.
Agilent Technologies Inc (A) declared updates to its SurePrint gene expression microarrays for messenger RNA profiling applications for human, mouse and rat models. The updates improve coding and noncoding content, which will provide up-to-date tools for researchers to investigate expression patterns on a highly accessible platform.
Agilent developed the updates to its flagship SurePrint G3 Human v3 gene expression microarray in partnership with Ghent University for complete coverage of the LNCipedia 2.1 database to assay high-confidence, long noncoding RNA (lncRNA) transcripts.
LncRNAs (noncoding RNA longer than 200 nucleotides) modify gene regulation through direct interactions with DNA, RNA and proteins to enable target-specific or system-wide modulation. The broad but critical role of lncRNAs can be seen in their association with cancer, cardiovascular and neurodegenerative diseases.
Agilent Technologies, Inc. provides bio-analytical solutions and services to the life sciences, diagnostics and genomics, chemical analysis, communications, and electronics industries worldwide.
GameStop Corp. (NYSE:GME), ended its Wednesday’s trading session with -0.12% loss, and closed at $42.85.
GameStop Corp. (GME) declared they have reached a definitive agreement under which GameStop will acquire all of the outstanding shares of Geeknet’s common stock for $20.00 per share in cash. The transaction has been approved by the board of directors of both companies and will be accomplished by means of a tender offer. The transaction has a total equity value of about $140 million, counting $37 million of cash and cash equivalents as of March 31, 2015.
Geeknet also declared that it had terminated its formerly declared merger agreement with Hot Topic, Inc. (“Hot Topic”). Following talk about with both GameStop and Hot Topic, the Board of Directors of Geeknet determined that the GameStop transaction represented a superior proposal. Geeknet will pay Hot Topic a termination fee following the Hot Topic agreement, for which GameStop has agreed to reimburse Geeknet.
The transaction provides a natural extension of GameStop’s existing product offering and is predictable to add an immediate incremental $100+ million in annual net sales. The acquisition of Geeknet will enhance shareholder value through the following planned benefits:
- Expands GameStop’s diversified revenue stream by adding ThinkGeek, the No. 1 brand in the fast growing collectibles category
- Once accomplished, the acquisition is predictable to enhance operating earnings, and has a targeted IRR that exceeds 20%
- Extends the company’s global, multichannel retail expertise – online, pickup-at-store, web-in-store and standalone retail
- Utilizes Geeknet’s proprietary product innovation capabilities and established portfolio of premier, hard-to-secure licenses
Under the terms of the definitive agreement, GameStop will commence a tender offer for all outstanding common shares of Geeknet, at $20.00 per share in cash. The tender offer is conditioned on Geeknet’s stockholders tendering at least a majority of Geeknet’s outstanding shares in the tender offer, clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The acquisition is predictable to close by the end of GameStop’s second quarter 2015. Geeknet stockholders representing about 21% of outstanding shares have committed to take part in the tender offer.
GameStop Corp. operates as a multichannel video game retailer. It sells new and pre-owned video game hardware; physical and digital video game software; pre-owned and value video game products; video game accessories, such as controllers, gaming headsets, memory cards, and other add-ons for use with video game hardware and software; and digital products, counting downloadable content, network points cards, prepaid digital and online timecards, and digitally downloadable software.
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