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PIR

Pier 1 Imports

15:18
10/14/16
10/14
15:18
10/14/16
15:18

Pier 1 Imports says Alden Global's demands 'not constructive'

Pier 1 Imports issued the following statement in response to a public letter today to its board from Alden Global Capital: "Pier 1 Imports' board of directors and management team are committed to acting in the best interests of all shareholders. The company is making significant progress under its omni-channel strategy, with e-commerce now representing 20% of Pier 1 Imports' sales. As we enter the critical holiday season, the board of directors is confident that the programs underway will drive sales and expand market share -- and recent operating results are encouraging. The board remains focused on the search for a new CEO to guide and execute the company's strategy and create increased value for all shareholders. Pier 1 Imports values constructive input from investors and regularly engages in dialogue with its shareholders regarding strategy and performance, including five recent meetings and calls with Alden. Nevertheless, Alden has demanded that the board be immediately reconstituted to include multiple Alden designees, including its president Heath Freeman. This ultimatum, coupled with the threat to run a consent solicitation to replace the board, is not constructive and could erode shareholder value by undermining the company's announced CEO search and disrupting its business in the holiday selling season. Pier 1 Imports has a highly qualified, diverse board with significant retail experience which was reelected with greater than 98% approval by our shareholders at our annual meeting less than four months ago. Nonetheless, we are mindful of Alden's significant investment and will continue to engage and attempt to work collaboratively with Alden and all our stockholders to help the company achieve success and enhance value for all stockholders."

PIR Pier 1 Imports

09/08/16
FBCO
09/08/16
DOWNGRADE
Target $4
FBCO
Underperform
Pier 1 Imports downgraded to Underperform from Neutral at Credit Suisse
Credit Suisse analyst Seth Sigman downgraded Pier 1 Imports to Underperform and lowered its price target to $4 from $4.50 based on weaker Q2 sales results and relative underperformance versus the industry. He sees increased risk of more aggressive promotional activity to improve sales and management uncertainty with the expected departure of CEO Alex Smith.
09/08/16
OPCO
09/08/16
DOWNGRADE
OPCO
Perform
Pier 1 Imports downgraded to Perform from Outperform at Oppenheimer
Oppenheimer analyst Brian Nagel downgraded Pier 1 Imports to Perform citing too much uncertainty after the company pre-released fiscal Q2 comp results below prior guidance and announced that its long-standing CEO Alex Smith will part ways with the company in December.
09/08/16
RAJA
09/08/16
DOWNGRADE
RAJA
Market Perform
Pier 1 Imports downgraded to Market Perform from Strong Buy at Raymond James
Raymond James analyst Budd Bugatch downgraded Pier 1 Imports to Market Perform from Strong Buy following the announcement that Alex Smith will step down as President and CEO and weak preliminary Q2 results. The analyst said furniture and home furnishing retail sales remain challenged and he cannot maintain a more constructive rating during a CEO transition.
09/08/16
09/08/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apple (AAPL) downgraded to Market Perform from Outperform at Wells Fargo with analyst Maynard Um saying he views the risk/reward as balanced with the stock up 12% since Apple's earnings report on July 26. 2. Nike (NKE) downgraded to Neutral from Overweight at Piper Jaffray with analyst Erinn Murphy saying the resurgence of adidas (ADDYY) has taken a toll on Nike's growth rate in Germany, United Kingdom and France. 3. lululemon (LULU) downgraded to Hold from Buy at Jefferies with analyst Randal Konik saying the company's opportunity to grow its topline and expand operating margins are now largely factored into the stock. 4. Pier 1 Imports (PIR) downgraded to Underperform from Neutral at Credit Suisse, to Perform from Outperform at Oppenheimer, and to Market Perform from Strong Buy at Raymond James. 5. HP Enterprise (HPE) downgraded to Market Perform from Outperform at Wells Fargo with analyst Maynard Um citing a lack of near-term catalysts following the company's third quarter results. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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FSLR

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ADP

ADP

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ADP

ADP

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$NSD

NASDAQ Market Internals

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BBRY

BlackBerry

$9.14

-0.12 (-1.30%)

, DLPH

Delphi

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0.07 (0.07%)

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  • 28

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$NYE

NYSE Market Internals

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ADP

ADP

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0.93 (0.87%)

12:15
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ADP

ADP

$107.48

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CMG

Chipotle

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5.98 (1.97%)

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ADP

ADP

$107.48

0.93 (0.87%)

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ADP

ADP

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  • 30

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ADP

ADP

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ADP

ADP

$107.48

0.93 (0.87%)

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LUXTY

Luxottica

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, ESLOY

Essilor

$63.35

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LUXTY

Luxottica

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ESLOY

Essilor

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PSEC

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ADP

ADP

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