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Marshall Hargrave
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Former registered investment adviser rep and current entrepreneur. CFA Level 2 Candidate. Started with out NMFN before venturing out on my own. Now running an equity research company.
My company:
Bridgewater Investments
My blog:
stockpucker
  • Billionaire Ken Griffin Dresses Down, Dumps Express (EXPR) 0 comments
    Feb 27, 2013 4:40 PM | about stocks: EXPR, JWN, KATE, GES, ARO

    Billionaire investor and founder of Citadel Investment Group increased his stake by 240% in the clothing retailer Express (NYSE:EXPR), per a 13G filing earlier this month. At the end of the third quarter, Citadel owned 1.41 million shares, and now owns 4.8 million shares or 5.6% of Express' outstanding shares. The stock is up 20% already this year after upping its full year 2012 (ending Feb.) outlook, but I tend to agree with Griffin that there is still room for the stock to go higher. Fellow billionaire Jim Simons is invested in Express alongside Griffin.

    Despite the stock's strong performance year to date, it is still trading around 30% below its 52-week high. The retailer's third quarter numbers came in weak, with EPS of $0.20 compared to $0.37 for the same quarter last year, which has pressured the stock price. This was on the back of 5% lower comp sales and 4% lower revenue year over year. The uncertainty and weakness for the entire industry is related to continued weakness in discretionary spending. Notable clothing retail competition for Express includes the likes of Nordstrom (NYSE: JWN), Fifth & Pacific (NYSE: FNP), Guess (NYSE:GES) and Aeropostale (NYSE: ARO).

    read the rest here...

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