Active stocks: BlackBerry Ltd (NASDAQ:BBRY), Coach Inc. (NYSE:COH), Darden Restaurants, Inc. (NYSE:DRI)
Dallas, Texas, 09/29/2014 (ustrademedia) – BlackBerry Ltd (NASDAQ:BBRY) CEO John Chen mentioned in a 2Q15 earnings call that it was a very solid quarter in terms of all key operating measures. The company was able to report a non-GAAP operating profit and its non-GAAP loss per share narrowed to $(0.02) as compared to $(0.11) in 1Q15. The company also maintained its cash balance at $3.1 billion and added roughly one million new users to Blackberry 10. BlackBerry’s hardware business also reported a non-GAAP gross profit in 1Q15, slightly ahead of the expectation. The company also reported significant reduction in use of cash to $36 million in 2Q15 as compared to $255 million in 1Q15.
Coach Inc. (NYSE:COH) announced the retirement of its Executive Chairman Lew Frankfort, effective November 2014 at the expiration of his term. He will also not stand for re-election to the Board at the upcoming Annual Meeting of Stockholders. The company would bestow upon Mr. Frankfort the honorary title of ‘Chairman Emeritus’ at that time. Mr. Frankfort referred to as the ‘Second Founder’ of Coach has consistently served the company over the last 35 years. Coach CEO, Victor Luis expressed that the company took the brand global under his leadership, transforming sales from $6 million to $5 billion. Mr. Frankfort also helped creating a unique performance culture and forged an empowered leadership team.
Darden Restaurants, Inc. (NYSE:DRI) issued a statement following a September 25, 2014 report by ISS (Institutional Shareholder Services) pertaining to the election of Directors at the upcoming Annual Meeting. The company said that many shareholders have expressed support for ‘new perspectives’ in the Board while also recognizing the risks of conceding total control to Starboard and its Nominees. The company recommended its shareholders to vote ‘For All’ on the BLUE Proxy Card that provides for majority change and a balanced approach of new perspectives and representation for Starboard Nominees. Darden also warned shareholders that any vote on the WHITE Card could favor giving total control of the Board to Starboard.