Consumer Business Recap: Skullcandy and Career Education in the Spotlight
Shares of Skullcandy (NASDAQ:SKUL) rip loose following word from a filing that its Principal Accounting Officer Ronald Ross purchased 18,000 of the shares, in total value of approximately $250,000. This move was seen as a vote of post-earnings confidence after a disappointing report. Meanwhile, Morgan Stanley places a price target of $21 on the shares, representing more than a 50 percent premium over the Ross transaction.
Worsening student enrollment trends have cost Career Education (NASDAQ:CECO) shares have dropped 20 percent year-to-date, but BMO Capital believes that the bottom has been found. The analyst thinks that a further slide has limited room, as Friday’s closing was near CECO’s cash and investments balance, plus the likelihood that the company will generate positive free cash flow and repurchase stock.
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