After-Hours Buzz: Men's Wearhouse Hires Jefferies to Evaluate Strategic Alternatives for Its K&G Operations...& More
Check out which companies are making headlines after the bell Wednesday:
Men's Wearhouse - The men's clothing retailer posted a loss of 7 cents a share on revenue of $608 million, missing expectations for 5 cents a share on sales of $610 million. The company authorized a new $200 million stock buyback program. Also, the company hired Jefferies to evaluate strategic alternatives for its K&G stores, sending shares sharply higher in extended-hours trading.
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Green Mountain - The specialty coffee company announced a workforce reduction affecting a total of 2 percent of its North American employees. The company added it expects a one-time pre-tax charge related to the cuts in its second-quarter in the range of $600,000 to $650,000.
Vera Bradley - The accessories company best known for its pattered bags posted earnings of 62 cents a share on revenue of $163 million, exceeding expectations for 57 cents a share on sales of $153 million. But the company provided current-quarter and full-year 2014 earnings and revenue guidance that missed Wall Street consensus. Shares dropped sharply after being briefly halted in extended-hours trading.
Etrade - The financial services company announced that Citadel Equity plans to offer 27.4 million shares of Etrade's common stock in an underwritten offering. Shares declined in extended-hours trading.
Target - The retailer completed the sale of its credit-card portfolio to TD Bank. The company added it continues to expect that net income from the portfolio profit-sharing arrangement will result in mild dilution to its adjusted earnings in the first year following the close.
Sterne Agee initiated coverage of homebuilders Beazer, DR Horton, Meritage Homes, Pulte and Ryland with a "buy" rating and started coverage of KBHome, Lennar and MDC Holdings with a "neutral" rating. Meanwhile, the brokerage initiated coverage of Toll Brothers with an "underperform" rating.