Outdoor financials: Garmin downgraded by Bank of America, plus Oakley, Sport Chalet
Bank of America downgraded shares of Garmin from “buy” to “underperform,” Luxottica Group, parent of Oakley, bought back 435,000 shares on the Milan Stock Exchange, and Sport Chalet said Frederick H. Schneider would not stand for re-election as a director of the company.
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Garmin downgraded by Bank of America
Bank of America downgraded shares of Garmin (Nasdaq: GRMN) from “buy” to “underperform,” citing slower consumer spending trends. It added that the downgrade was also prompted by increased competition from SmartPhone makers like Apple and Google, whose phones have most of the same navigation features.
Bank of America also dropped its price target from $43 per share down to $26. That new target represents a potential 13 percent downside to the stock’s July 1 closing price of $29.80.
Oakley parent buys back 435,000 shares in June
Luxottica Group (NYSE: LUX), parent of Oakley, said during the month of June it purchased under its buyback program 435,000 shares on the Milan Stock Exchange’s Mercato Telematico Azionario.
The average unit price was EUR 20.43 (USD $25.02) per share, for a total of EUR 8.8 million (USD $10.7 million).
In parallel, Luxottica Group’s subsidiary, Arnette Optics Illusions, sold during the same period on the MTA 410,000 treasury shares, at an average unit price of EUR 20.54 (USD $25.15) per share, for an aggregate amount of EUR 8.4 million (USD $10.2 million).
Since the launch of the program in November 2009, Luxottica Group said it has purchased 2.8 million of its shares, at an average unit price of Euro 18.51 (USD $22.67) per share, totaling EUR 52.2 million (USD $63.9 million). In parallel, Luxottica Group’s subsidiary Arnette Optics Illusions sold 3 million treasury shares, at an average unit price of EUR 18.34 (USD $22.46) per share, for a total of EUR 55 million (USD $67.3 million).
(Conversion of Euros into U.S. dollars is for information only, is not necessarily relative to earnings, and is based on the currency rate as of July 1.)
Sport Chalet board member steps down
Sport Chalet (Nasdaq: SPCHA and SPCHB) said Frederick H. Schneider notified its board of directors that he would not stand for re-election as a director of the company at the 2010 annual meeting of stockholders.
It reported in an SEC filing that Schneider “did not refuse to stand for re-election because of a disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”
The company’s 2010 annual meeting of stockholders will be held Aug. 3. The agenda includes electing seven people to the board and ratifying the appointment of Moss Adams LLP as the company’s independent public accounting firm for 2011.
–Compiled by Wendy Geister
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