Equities were down in midday with the S&P 500 down almost 9 points to 2,087. The S&P Retail ETF was losing 22 cents to trade at $41.49 ahead of tomorrow’s retail sales data.
Iconix Brands stock is down around 4 percent to $7.35 in early trading after the company announced it is cutting its 2016 diluted earnings per share guidance as a result of share increase due to the repurchase of convertible notes. The GAAP earnings guidance was reduced by 4 cents to a range of 71 cents to 86 cents. The non-GAAP earnings forecast was cut by 9 cents to a range of $1.06 to $1.21. The Capital IQ estimate was for GAAP earnings of 87 cents and non-GAAP earnings of $1.20.
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L Brands Inc. announced it is offering to sell $700 million in senior notes due 2036 in a public offering. The company intends to use the proceeds to redeem its outstanding 6.9 percent notes due 2017. The stock is down by 29 cents to sell at $68.11.
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This follows Friday’s disclosure by PVH Corp. that it was selling 350 million euro senior notes due 2024. The company said it was going to use the net proceeds for general corporate purposes and to take advantage of favorable interest rates. The stock is down by 82 cents to trade at $95.83.
Hanesbrands Inc. stock is down almost 2 percent to $26.33 after the company announced chief executive officer Richard Noll was stepping down to focus on his role as chairman. Chief operating officer Gerald Evans will assume the ceo role and the transition will take place on Oct. 1. Evans joined the company in 1983, in L’eggs marketing. Evans led the reconfiguration of the company’s global supply chain into a low-cost operation balanced across the Western Hemisphere and Asia before taking on the chief operating officer position in 2013. Noll joined Sara Lee in 1992, which spun off HanesBrands in 2006. He became chairman and ceo of Hanesbrands in 2006. Under his leadership, sales increased from $4 billion to $6 billion and the company was admitted into the S&P 500 index and the Fortune 500.