Saks Misses Revenue Projections and 4 Hot Stocks Attracting Investor Attention
Sony/ATV (NYSE:SNE), a joint venture between Sony Music and the estate of Michael Jackson, has put up for sale its The Rosetta music catalogue which includes the rights to about 30,000 songs and is concentrated on hits from the 1980s delivered by artists such as Bryan Ferry, Devo and Tears For Fears. According to a report in the New York Post, Warner Music Group has now joined the race for the rights to the catalogue, valued between $130 million-$150 million.
Retailer Saks (NYSE:SKS) reports third quarter EPS of $0.12, in line with expectations. However, at $713.2 million, revenue misses by $13 million. Same-store sales grow 3.3% on a quarterly basis, but came on top of a respectable 5.8% increase in the prior year third-quarter. The gross margin rate was 43.9% compared to 44.2% in the year ago quarter and fell mostly due to an increased promotional activity. The company closed the quarter with cash in hand of $74.2 million.
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Monster Beverage (NASDAQ:MNST) announces that its Board of Directors has authorised a fresh share repurchase program valued $250 million as the availability on its previous state sanctioned purchase plan of $500 million had been exhausted.
Opel Works Council Chairman Wolfgang Schaefer-Klug, a top German labour leader, has been quoted by Reuters as saying that General Motors (NYSE:GM) is unlikely to emulate Ford’s plans to shut factories and cut jobs in Europe. He says job cuts would be milder as he hopes to reach a deal on German jobs with the automaker before Christmas.
The Blackstone Group (NYSE:BX) announces a tie-up with closely held oil producer LLOG Exploration to invest in offshore energy assets in the Gulf of Mexico. An initial amount of $1.2 billion would be invested to develop LLOG’s existing energy assets in the region. The JV could also use the money to expand operations in the Gulf, including by acquisitions.