Market Currents

• Thursday, August 27, 2009

• 16:51 PM Cost Plus (CPWM): Q2 EPS of -$0.90 misses by $0.06. Revenue of $183M (-13%) vs. $186M. Same-store sales down 10.9%. Sees Q3 revenue of $177M-186M vs. $190M. Sees Q3 same-store sales down 6-11%. (PR) Comment!

• Wednesday, June 25, 2008

• 10:45 AM Pier 1 (PIR) is up 20% after it dropped its offer to acquire rival Cost Plus (CPWM) for $88M in stock. Comment!
• 06:05 AM Pier 1 Imports (PIR) withdrew its proposal to buy rival Cost Plus (CPWM), saying it was unlikely it could acquire a majority interest at a decent price. Comment!

• Monday, June 16, 2008

• 10:28 AM Cost Plus (CPWM +1.8%) rebuffs Pier 1 Imports' (PIR +3.4%) $88M buyout offer, calling it "distracting and ill-timed given the difficult retail environment and the progress we have made..." Comment!

• Monday, June 9, 2008

• 15:17 PM Pier 1 Imports (PIR) falls 22% after offering to acquire Cost Plus (CPWM) for $4 per share, or about $88 million in stock. CPWM is up 9.8% to $3.32. Comment!
• 11:47 AM Pier 1 (PIR) has offered $88 million in stock for Cost Plus (CPWM). Shares of Cost Plus are up 18%, while Pier 1's stock is down 10%. Comment!