JoS. A. Bank is on quite the roller-coaster ride.
Despite posting a 1.4 percent increase in store sales for March from the previous year, the Hampstead-based men?s clothing retailer fell short of its projected increase. Wall Street analysts had projected an upswing of more than 2 percent over last March?s number, The Associated Press reported.
With the company?s 10 percent jump in total sales, $4.2 million, for the month, JoS. A. Bank?s stock fell more than 10 percent Thursday, closing at about $33.17.
The drop only set the stage for a strong rebound this week, with JoS. A. Bank storming back Tuesday, trading at $37.44, up $3.81 or 11.33 percent.
Adding even more to the crazy ride of the clothing company was the most recent Consumer Price Index for All Urban Consumer numbers released by the U.S. Department of Labor?s Bureau of Labor Statistics. For March, apparel prices rose nearly 9.7 percent, the highest of any category expenditure.
For the 2006 fiscal year, JoS. A. Bank reported a 17.6 percent increase in net sales, up to $546.4 million.
MedImmune investigates sale possibilities
Following urging by shareholders, Gaithersburg-based MedImmune Inc. has finally looked into the possibility of selling.
After the company announced the hiring of Goldman Sachs, an international investment and security advisory firm who will asses the sales possibilities of the pharmaceutical company, MedImmune?s shareholders were pleased that the board responded to their outcry, but plan to keep a close eye on the proceedings.
Carl Icahn, a major shareholder from New York City, has informed the board that he reserves the right to launch a proxy contest should a sale fall through, a brief stated.
Matrix Asset Advisors Inc., a financial services company from New York City, has been one of the loudest proponents of a sale since last fall, led by its chief investment officer David Katz.
“It?s rumored there have been multiple expressions of interest and it will be a very healthy sale process,” Katz said. “It should be a matter of a month, rather than a several-months-long kind of thing.”
All along, Katz and other shareholders have looked to what they consider “maximizing profits” when MedImmune stock reaches a share level somewhere above $45.
As of Tuesday, shares of MedImmune traded at $45.08 down 36 cents or 0.79 percent.
