Stokke Recalls Clikk High Chairs Due To Fall, Injury Risks
Stamford, Connecticut – based Stokke LLC is recalling Clikk high chairs due to fall and injury risks, the U.S. Consumer Product Safety Commission said.
The recall involves about 790 units of Stokke Clikk high chairs in white sold in the United States. In addition, about 48 units were sold in Canada.
The recalled high chair has a white molded plastic seat and foot rest with wooden legs. The chairs with item number 552104 comes within the serial number range of 135AA057070 to 135AA0057908.
The affected high chairs were manufactured in Netherlands between December 16-18, 2020, and have Stokke Clikk High Chair on the label.
They were sold at Target, Buy Buy Baby, and other children’s product stores nationwide and online at www.stokke.com and www.amazon.com from January 2021 through June 2021 for about $180.
According to the agency, the white plastic seat can break, posing fall and injury hazards to children.
Stokke initiated the recall after receiving six reports of the seat breaking, including two reports of minor bruises.
Consumers are urged to immediately stop using the recalled white high chairs and contact Stokke for a free replacement.
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Designer Brands Raises FY22 EPS Outlook; Plans To Double Owned Brands Sales By FY26
Designer Brands Inc. (DBI) increased its fiscal 2022 EPS outlook range to a range of $1.80 to $1.90, from previous guidance range of $1.75 to $1.85. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.75. Analysts’ estimates typically exclude special items.
Designer Brands announced a five-year financial roadmap through which it expects to deliver significant bottom-line growth. By fiscal 2026, the company expects to achieve: revenue of $4 billion; gross profit margin of 35%; operating margin of 9%; and an EPS in range of $2.75 to $2.85. Also, the company plans to generate over $1 billion of cash from operating activities over the next five years. Designer Brands noted that this growth will be driven by doubling Owned Brand sales, from 19% of total revenue to nearly one-third.
The company’s Board has approved the reinstatement of the regular quarterly cash dividend to shareholders, starting in the first quarter of fiscal 2022. A dividend of $0.05 per share of class A stock will be paid on May 6, 2022 to shareholders of record as of the close of business on April 22, 2022.
Gold Stuck In A Narrow Range
Gold prices were mixed on Friday despite a pullback in the U.S. dollar and the Treasury yields.
Spot gold edged up 0.1 percent to $1,933.82 per ounce, while U.S. gold futures were down 0.2 percent at $1,933.40.
While geopolitical risks generated by the Russia-Ukraine conflict and rising inflation offered support, the Federal Reserve’s increasingly hawkish stance dented the precious metal’s appeal.
The dollar eased somewhat but was still up 1.3 percent for the week following hawkish remarks from several Federal Reserve officials. The benchmark U.S. 10-year Treasury yield hovered near a three-year high.
St. Louis Fed President James Bullard said on Thursday that the central bank remained “behind the curve” on interest rates and preferred to raise the federal funds rate by another 3 percentage points by the end of the year.
Chicago Fed President Charles Evans and his Atlanta counterpart Raphael Bostic said that it is appropriate to raise rates to neutral but in a measured manner.
According to the CME Group’s FedWatch Tool, investors are pricing in the Fed to raise interest rate to a target range of between 2.5 percent and 2.75 percent by the end of the year.
Pre-market Movers: BWV, SBFM, ATER, SMRT, ATNF…
The following are some of the stocks making big moves in Friday’s pre-market trading (as of 07.30 A.M. ET).
In the Green
Blue Water Vaccines, Inc. (BWV) is up over 24% at $12.66
Sunshine Biopharma, Inc. (SBFM) is up over 20% at $11.62
Aterian, Inc. (ATER) is up over 18% at $4.57
180 Life Sciences Corp. (ATNF) is up over 14% at $2.52
Better Therapeutics, Inc. (BTTX) is up over 13% at $2.26
Spire Global, Inc. (SPIR) is up over 9% at $2.14
WD-40 Company (WDFC) is up over 7% at $187
Qualys, Inc. (QLYS) is up over 7% at $147.80
Telecom Argentina S.A. (TEO) is up over 7% at $6.85
Dingdong (Cayman) Limited (DDL) is up over 5% at $6.51
Paysafe Limited (PSFE) is up over 5% at $3.15
In the Red
SmartRent, Inc. (SMRT) is down over 15% at $4.07
Werewolf Therapeutics, Inc. (HOWL) is down over 7% at $5.40
Mobiquity Technologies, Inc. (MOBQ) is down over 7% at $2.04
XP Inc. (XP) is down over 6% at $28.60
Littelfuse To Buy C&K Switches In $540 Mln Deal – Quick Facts
Electronic components maker Littelfuse, Inc. (LFUS) announced Friday that it has entered into a definitive agreement with an affiliate of Sun Capital Partners, Inc. to acquire C&K Switches at an enterprise value of $540 million.
The acquisition is expected to close during the second calendar quarter of 2022, subject to customary closing conditions and regulatory approvals.
Following the purchase, C&K Switches will be reported within the company’s Electronics reporting segment.
Littelfuse expects to finance the transaction consideration through a combination of cash and debt.
Massachusetts -based C&K Switches, which was founded in 1928, is a manufacturer of high-performance electromechanical switches and interconnect solutions for a broad range of end markets, including industrial, transportation, aerospace, and datacom. The company has annualized sales of over $200 million.
Littelfuse will share additional details about C&K Switches during the company’s first quarter earnings conference call.
In the deal, Wachtell, Lipton, Rosen & Katz is serving as legal counsel and Macfarlanes LLP is serving as UK legal counsel to Littelfuse.