Fitness financials: Sport Chalet board member steps down, plus Garmin
Sport Chalet said Frederick H. Schneider notified its board of directors that he would not stand for re-election as a director of the company, and Bank of America downgraded shares of Garmin from “buy” to “underperform,” citing slower consumer spending trends.
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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.
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.
–Compiled by Wendy Geister
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