Following U.S. Stocks were among the “Top Losers” during Friday’s trade: Quiksilver, Inc (NYSE:ZQK), Cliffs Natural Resources Inc (NYSE:CLF), Fossil Group Inc (NASDAQ:FOSL), Parsley Energy Inc (NYSE:PE)
Their insights are depicted underneath:
Quiksilver, Inc (NYSE:ZQK)’s shares dwindled -5.49%, and closed at $1.72.
According to BUSINESS WIRE, Quiksilver Inc. (ZQK), declared that it has postponed the distribution of its 2015 first quarter earnings release, in addition to the related conference call and webcast formerly planned to take place on March 5th, as a result of a proceed cut-off issue identified by administration and brought to the attention of the Audit Committee.
The Audit Committee plans to review progress regarding its investigation at a formerly planned regular meeting of the Board of Directors on March 16th, after which the Corporation anticipates announcing a date for distribution of its first quarter 2015 financial results during March.
Quiksilver, Inc. designs, develops, and distributes branded apparel, footwear, accessories, and related products primarily for men, women, and children. The corporation provides its products for various activities, counting casual and outdoor lifestyle associated with surfing, skateboarding, snowboarding, BMX and motocross, rally car, and other activities.
Cliffs Natural Resources Inc (NYSE:CLF) declined -5.43%, and closed at $6.27.
According to PRNewswire, Cliffs Natural Resources Inc. (CLF), declared that it has amended its formerly declared private offers to exchange its newly issued 7.75% Senior Secured Notes due 2020 for certain outstanding senior unsecured notes of Cliffs, upon the terms and subject to the conditions set forth in the Corporation’s offering memorandum dated February 26, 2015, in order to raise the maximum aggregate principal amount of Senior Secured Notes to be exchanged from $750 million to $1.25 billion.
Cliffs has also raised the maximum principal amount of 6.25% Senior Notes due 2040 that will be accepted in the Exchange Offers from $325 million to $400 million.
The acceptance priority levels for each series of outstanding senior unsecured notes subject to the Exchange Offers and the applicable consideration offered for each series of Existing Notes remain unchanged. The deadlines for the Exchange Offers also remain unchanged.
Accordingly, eligible holders must validly tender their Existing Notes at or preceding to 5:00 p.m., New York City time, on March 11, 2015, in order to be eligible to receive the applicable “Total Exchange Consideration”. Existing Notes tendered after the Early Tender Date but preceding to expiration of the Exchange Offers will not be eligible to receive the “Early Tender Premium” of $50 in principal amount of new senior secured notes per $1,000 principal amount of Existing Notes.
The Exchange Offers will expire at midnight, New York City time, on March 25, 2015. Tenders of Existing Notes may not be withdrawn after 5:00 p.m., New York City time, on March 11, 2015, except in certain limited circumstances described in the offering memorandum and related letter of transmittal.
Cliffs Natural Resources Inc. is a leading mining and natural resources corporation in the United States. The Corporation is a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota.
Fossil Group Inc (NASDAQ:FOSL) dipped -5.30%, and closed at $81.13.
According to Global Credit Research, Moody’s Investors Service recently assigned a Baa3 rating to Fossil Group, Inc. (FOSL), senior unsecured bank credit facilities. The rating outlook is stable.
The rating reflects the projected amendment to the credit facilities wherein it is anticipated that the obligor will be Fossil Group Inc. the parent corporation and our expectation that debt will be maintained at this level.
The following ratings were assigned:
$1,050 million revolving credit facility and $231 million Term Loan A due May 2018 at Baa3.
Outlook: stable.
RATINGS RATIONALE:
Fossil Group’s Baa3 investment grade rating reflects the corporation’s noteworthy competitive advantages and defensible market position as one of the world’s largest manufacturers and distributors of watches. The corporation benefits from a broad portfolio of owned and licensed brands, which provide the corporation with broad distribution across a wide range of retailers in the US from moderate department stores like JC Penney through luxury retailers like Neiman Marcus. The corporation brands have noteworthy international reach, with the majority of its merged net sales generated outside the US. Despite the companies high reliance on third party licenses - sales of licensed watch products represented around 49% of fiscal 2014 sales - we believe the corporation’s demonstrated manufacturing, design and distribution capabilities provide the corporation with a high likelihood of ongoing sizable relationships with a broad range of lifestyle brand owners. The rating also takes into consideration the corporation’s strong financial metrics with rent-adjusted leverage near 2 times for its most recent fiscal year. We expect the corporation to maintain rent-adjusted leverage (net of cash) below 2 times and the corporation could incur additional debt to maintain leverage near current levels as earnings improve.
Parsley Energy Inc (NYSE:PE) dropped -5.26%, and closed at $13.50. The company has the market capitalization of $1.70B. On the other hand the stock’s volatility for the week is 5.14%, and for the month is 6.46%. The stock price to book value is $1.27, however price to sale value is $5.64. Analyst’s mean recommendation regarding this stock is 2.30. (where 1=Buy, 5=Sale).
Parsley Energy, Inc. is an independent oil and natural gas corporation focused on the attainment, development, and exploitation of unconventional oil and natural gas reserves in the Permian Basin in West Texas.
