Lightinthebox Holding Co Ltd (LITB) Posts Q3 adj.-Loss of 4c/ADS
6:40 AM ET, 11/19/2013 - Street Insider
Lightinthebox Holding Co Ltd (NYSE: LITB) reported Q3 adjusted loss of $0.04 per ADS, $0.09 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $68.1 million versus the consensus estimate of $69.97 million.
Sees Q4 2013 revenue of $75-77 million, versus the consensus of $83.1 million.
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Last update: 11/18/2013 9:21:33 am. In a report published Monday, Oppenheimer analyst Andy Yeung reiterated an Outperform rating on E-Commerce China Dangdang (NYSE: DANG), and raised the price target from $9.50 to $11.00.
In the report, Oppenheimer noted, "DANG reported mixed 3Q results, but provided better than expected 4Q revenue guidance. Margins continued to improve y/y for the fifth consecutive quarter, leading to the highest gross and operating margins since 1Q11. We expect DANG's operating margin to turn positive again by 2Q14. We're raising our revenue and non-GAAP EPADS estimates to reflect management's guidance and higher margin assumptions. We're also raising our price target from $9.50 to $11.00 on higher estimates and market multiples. DANG's valuation remains attractive, trading at ~0.6x 2013E EV/Sales, especially given its strong brand and leadership position (No. 1 online bookstore, No. 3 B2C e-tailer, and No. 5 B2C ecommerce website)."
Sky-mobi Limited (MOBI) Tops Q2 EPS by 2c
6:14 AM ET, 11/18/2013 - Street Insider
Sky-mobi Limited (NASDAQ: MOBI) reported Q2 EPS of $0.00, $0.02 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $19.1 million versus the consensus estimate of $18.5 million.
Nov 14, 2013, 12:27pm CST
YRC Worldwide CFO: No Teamsters deal this week
Jamie Pierson, CFO, YRC Worldwide Inc.
Andrew C. Grumke
Jamie Pierson, CFO, YRC Worldwide Inc.
Reporter- Kansas City Business Journal
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YRC Worldwide Inc.’s negotiations with the International Brotherhood of Teamsters will not be finished by Friday, according to a report filed by Bloomberg.
YRC CFO Jamie Pierson told Bloomberg that he did not expect to see negotiations completed before a Nov. 15 goal the company set when officials met with leaders of the Teamsters Nov. 5 in Dallas. YRC officials have said a deal must be completed soon in order for the Overland Park-based trucking company (Nasdaq: YRCW) to refinance before its debts begin to come due in February.
YRC formally acknowledged it is in “discussions” with the labor union that represents more than 25,000 of the company’s 32,000 employees but has not commented further on the situation. CEO James Welch did not take analysts’ questions on the subject during the company's quarterly earnings conference call.
Representatives of the Teamsters’ national office in Washington have also declined to comment on the negotiations.
YRC is seeking an extension or an amendment to its current contract with the Teamsters. The two parties current contract runs through March 2015. YRC has told the union it needs to extend the life of that contract into 2019. The company says an agreement is necessary for it to pay $1.4 billion in debts that were incurred under the watch of former CEO Bill Zollars which will come due in 2014 and 2015.
The existing labor agreement is based on three rounds of concessions the company and the union agreed on between 2008 and 2010. In those concessions, the union consented to a 15 percent cut in wages, suspension of pension payments and reduced vacation time for members. YRC began to make pension payments again in early 2012 at 25 percent of the rate paid in 2009.
The deal saves YRC an estimated $350 million in labor costs annually. It also gave the Teamster employees stock in the company and granted the labor union the right to nominate two members to the YRC board.