There was a big sell-off in Coach after the luxury retailer gave investors a gloomy outlook. At its investors day meeting today Coach said it expects revenue to decline in the low double digits for fiscal 2015. Coach also plans to close 70 of it’s under performing stores. The stock tumbled almost nine percent to $35.69.
It was the opposite story for Blackberry. Shares of the smartphone maker surged after a smaller than expected loss and revenue that beat estimates. The company says it spent less cash than expected and its gross profit margins were up from last year. The stock popped more than 9.5 percent to $9.09.
Kroger also out with strong earnings. The supermarket chain reported a four percent jump in first quarter profit. It also upped its earnings forecast for the year. Shares rose almost five percent to $49.66.
Shares of Pier 1 after its quarterly results missed estimates. The retailer cut its guidance for the year and warned of continued margin pressures because of a highly promotional environment. The stock tumbled 13 percent to $15.86.
Financial information company Markit saw its shares jump in its trading debut. Its initial public offering raised more than $1 billion after pricing its shares at $24 a piece, which was in the expected price range. The company provides pricing and reference data as well as index and valuation services. The stock rose 11 percent to $26.70.
Billionaire investor Carl Icahn is now calling for Family Dollar to put itself up for sale immediately. Icahn disclosed a stake in the dollar store chain earlier this month and said an overwhelming number of the company’s shareholders would be in favor of a sale and that three of his representatives should be added to Family Dollar’s board. Shares were down a fraction during the regular session to $68.14, but after hours, when the letter was released the stock jumped.
General Electric & Alstom
There’s another update on General Electric’s multi-billion offer to buy Alstom’s energy business. GE has now presented a revised proposal to the French government. Under the new terms GE will form three new joint ventures and will sell its signaling business to Alstom for an undisclosed price. The deadline for the offer to be accepted or rejected is June 23. Shares of GE rose a fraction to $26.93.