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BKS

Barnes & Noble

$4.65

-0.05 (-1.06%)

12:33
02/13/18
02/13
12:33
02/13/18
12:33

Barnes & Noble makes job cuts, expects $40M in annual cost savings

In a regulatory filing the company said, "On February 13, 2018, Barnes & Noble announced that it has implemented a new labor model for its stores that has resulted in the elimination of certain store positions. The new model will allow stores to adjust staff up or down based on the needs of the business, increase store productivity and streamline store operations. The company wants to assure its customers that this will not affect its commitment to customer service. The company estimates that it will incur a charge of approximately $11M in its fiscal 2018 third quarter for aggregate employee-related severance costs in connection with these actions. The majority of these costs will result in cash payments during the company's fiscal 2018 fourth quarter, with the balance paid in fiscal 2019. The company estimates that these actions will result in annual cost savings of approximately $40M. The company anticipates completing these actions by February 16, 2018."

BKS Barnes & Noble
$4.65

-0.05 (-1.06%)

12/01/17
12/01/17
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. Priceline (PCLN) downgraded to Hold from Buy at Argus with analyst John Staszak downgraded Priceline (PCLN) saying shares are fairly valued around the current price level of $1,740 as the stock trades near the high-end of its five-year PE range. 2. Cummins (CMI) downgraded to Neutral from Buy at Goldman Sachs with analyst Jerry Revich saying to position for the next leg of the Machinery recovery, he prefers exposure to agriculture over trucks. 3. VMware (VMW) was downgraded to Hold from Buy at Gabelli and Drexel Hamilton. 4. Barnes & Noble (BKS) downgraded to Hold from Buy at Craig-Hallum with Alex Fuhrman citing the company's second quarter revenue miss. 5. Regeneron (REGN) downgraded to Neutral from Buy at Citi with analyst Robyn Karnauskas saying she believes the competitive threat from Novartis' (NVS) vision-loss drug RTH258 is being underappreciated by the market. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/01/17
12/01/17
DOWNGRADE
Target $8

Hold
Barnes & Noble downgraded to Hold following revenue miss at Craig-Hallum
As previously reported, Craig-Hallum analyst Alex Fuhrman downgraded Barnes & Noble to Hold from Buy after the company's Q2 revenue missed expectations, saying that its reiterated 2018 EBITDA guidance is now more dependent on a second half improvement and cost cuts. The analyst, who thinks weak top-line growth is likely to continue for the foreseeable future, cut his price target on B&N shares to $8 from $15.
12/01/17
CHLM
12/01/17
DOWNGRADE
CHLM
Hold
Barnes & Noble downgraded to Hold from Buy at Craig-Hallum

TODAY'S FREE FLY STORIES

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DBX

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MSFT

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AMZN

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AMZN

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$1,500.00

14.66 (0.99%)

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BHGE

Baker Hughes

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GE

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BEDU

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AET

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MYND

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MYND

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CTRV

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VLKAY

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IAC

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SPG

Simon Property

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FN

Fabrinet

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CASI

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DXCM

Dexcom

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IDXX

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CYDY

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