April 29, 2020 Trump Will Pause Tariffs During Recession Except for China
As the U.S. economy contracted 4.8% in the first quarter with even worse news sure to follow, the President still believes that tariffs are a strong negotiating tool and a source of revenue for the U.S. but said he would temporarily not use them as he focuses on engineering an economic rebound. Gildan Swings to Q1 Loss, and Q2 Looks Worse
A $94.0 million goodwill impairment charge contributed to a $99.3 million loss in the first quarter, against a $22.7 million profit last year, on 26% lower revenues of $459.1 million down from $623.9 million with steep declines in both activewear and underwear. Vail Resorts Raising $600 Million, Issues Credits to Pass Holders
The offering of 6.250% senior unsecured notes due in 2025 is for general corporate purposes which certainly includes backstopping the resort operator’s liquidity to deal with the coronavirus shutdown. Garmin Fitness and Outdoor Results Improve in Q1
Fitness segment revenues was up 24% to $223,601,000 from $180,256,000 on growth in advanced wearables and contributions from Tacx, benefitting from the home fitness boom brought on by stay-at-home orders due to the coronavirus. Wolverine Worldwide Downgraded by S&P
Standard and Poor’s is now forecasting that WWW’s leverage will peak at over 4X in 2020 and not return to the 3X range until 2021. Callaway Offering $225 Million in Convertible Notes
The 2.75% convertible senior notes mature on May 1, 2026, and will be convertible into ELY stock at an initial conversion price of approximately $17.61 per share, a 30% premium over the current price. Covid-19 Update: Escalade, Hanesbrands, JackRabbit, Olympia Sports, Superfeet, H&B
Escalade, which had received a $5,627,500 loan through the Paycheck Protection Program, has repaid the loan after the SBA issued new guidelines that PPP loans are not intended for public companies that have access to conventional capital markets. |