Christopher & Banks Backs FY19 Sales Outlook – Quick Facts
Specialty women’s apparel retailer Christopher & Banks Corp. (CBKC) reported Tuesday that comparable sales for the second quarter declined 4.1 percent following a 0.8 percent increase in the same period last year. Comparable sales for the third quarter to-date are also running positive in mid-single digits.
The company also maintained its sales growth guidance for the full-year 2019, based on the strong top line results quarter-to-date.
For fiscal 2019, net sales is still projected to in the range of flat to up 2 percent as the result of expanded omni-channel capabilities, enhancements to the overall product assortment, and more impactful marketing promotions intended to drive customer file growth.
“Based on current trends, we are confident that we have more than sufficient cash resources and liquidity to implement our strategies and effectuate the turnaround of the business,” said Keri Jones, President and Chief Executive Officer.
Gold Extends Losses For Fourth Day
Gold prices fell for a fourth straight session on Tuesday as reports of German stimulus plans helped sustain investors’ appetite for riskier assets.
Spot gold dropped 0.4 percent to $1,492.69 per ounce, after having hit its lowest level since Aug. 13 at $1,486 earlier in the session. U.S. gold futures were down 0.7 percent at $1,501.10 per ounce.
Bullion prices have fallen nearly 5 percent since hitting a more than 6-year peak of $1,557 on Sept. 4 amid hopes of progress in U.S.-China trade talks and talk of aggressive central bank stimulus.
German bond yields rebounded from record lows to hit one-month highs after reports that Berlin is considering taking on more debt to boost spending.
Ahead of Thursday’s European Central Bank meeting, investors remain convinced the central bank would introduce a stimulus package that includes a rate cut to boost growth amid the ongoing U.S.-Sino trade war.
Analysts, however, remain divided over whether the ECB will opt for a massive extension of bond purchases known as quantitative easing.
The Federal Reserve will continue to act “as appropriate” to sustain the U.S. economic expansion, Fed Chair Jerome Powell said Friday in Zurich, bolstering expectations for a rate cut at the Fed’s meeting on Sept. 18.
CenturyLink Acquires Video Delivery Innovator Streamroot, Terms Undisclosed
Global technology leader CenturyLink (CTL) announced Tuesday that it acquired privately-held video delivery innovator Streamroot Inc. to improve video and static content delivery within bandwidth constrained areas. Terms of the transaction were not disclosed.
The acquisition represents another step in CenturyLink’s commitment to innovation as a leader in content delivery network (CDN) and Edge Compute services.
Streamroot’s disruptive content delivery models enable connected consumer devices such as smart phones, tablets, computers, set-top consoles and smart TVs to participate in the serving of premium content through a secure and private mesh delivery.
Can-Fite’s stock soars on heavy volume after collaboration deal with cannabis company Univo
Shares of Can-Fite Biopharma Ltd. CANF, -2.05% soared 18% in active premarket trading Tuesday, after the Israel-based drug development company announced a collaboration agreement with Israeli medical cannabis company Univo Pharmaceuticals Ltd. UNVO, -3.66% to develop cannabis components for the treatment of cancer, inflammatory, autoimmune and metabolic diseases. Trading volume in Can-Fite’s spiked to 820,000 shares ahead of the open, compared with the full-day average of about 95,000 shares. Under terms of the agreement, Can-Fite and Univo will collaborate in the discovery, development and commercialization of medical cannabis-based therapeutics and the development and commercialization of cannabidiol (CBD) screening assays. As part of the deal, Can-Fite will pay $500,000 to Univo in two installments and is issuing 19.9 million of its ordinary shares, which represents 16.6% of the ordinary shares outstanding. Revenue from the collaboration will "generally be shared" based on each company’s contribution. Can-Fite’s stock has plunged 87.4% year to date through Monday, while the ETFMG Alternative Harvest ETF MJ, -2.76% has gained 0.3% and the S&P 500 SPX, -0.01% has rallied 18.8%.
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