Liz Claiborne Cuts Estimates, Shares Hammered (LIZ, DISCA)
Liz Claiborne Inc. (NYSE: LIZ) today revised 2012 revenue estimates downward from $130-$150 million to $125-$140 million. The company also announced that its CFO is resigning at the end of March to become CFO at Discovery Communications Inc. (NASDAQ: DISCA).…
Liz Claiborne Inc. (NYSE: LIZ) today revised 2012 revenue estimates downward from $130-$150 million to $125-$140 million. The company also announced that its CFO is resigning at the end of March to become CFO at Discovery Communications Inc. (NASDAQ: DISCA).
Last week the company announced a name change to Fifth & Pacific Cos, and a new NYSE ticker symbol, “FNP”, both to become effective around mid-May. The company has sold its Liz Claiborne, Monet, Kenzie, and Dana Buchman brands, while retaining Juicy Couture, kate spade, and Lucky Brand.
Claiborne’s shares are down more than -13% on today’s announcement to $8.57 in a 52-week range of $4.02-$9.93.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
