Abercrombie & Fitch, MannKind and Exco Hit 52-Week Lows as DJIA Closes at 12,862
Abercrombie & Fitch (NYSE:ANF): Baird lowered its price target on Abercrombie & Fitch following its Q4 preannouncement. The firm cited its weak near term trends in its US stores. Baird maintains its Outperform rating citing strength in Europe, new international store openings, its premium positioning and global strategy. The firm believes this is an attractive entry point for long term investors. The shares closed at $40.51, up $0.11 or 0.27% on the day. They have traded in a 52-week range of $40.31 to $78.25.
Mannkind Corp. (NASDAQ:MNKD): MannKind announced that it has entered into a purchase agreement with The Mann Group LLC, an entity controlled by MannKind’s CEO and principal stockholder, Alfred E. Mann, for the sale of shares of its common stock to The Mann Group. The Mann Group has committed to purchase 31.25M restricted shares of MannKind’s common stock, the same number of shares as the number of units that are expected to be purchased in the concurrent public offering of MannKind’s common stock and warrants, which was initially announced on Jan. 31. The shares to be purchased by The Mann Group will be priced at $2.47 per share, the consolidated closing bid price for MannKind’s common stock as reported by The NASDAQ Global Market on Feb. 2, resulting in an aggregate purchase price of approximately $77.2M. The shares closed at $2.17, down $0.3 or 12.15% on the day. They have traded in a 52-week range of $2.20 to $5.42.
Exco Resources Nl (NYSE:XCO): EXCO Resources (NYSE:XCO) announced that it has entered into an agreement granting a forty-five day exclusivity period to an unaffiliated private infrastructure fund to negotiate the sale of a one-third equity interest in TGGT Holdings, LLC. EXCO anticipates that an affiliate of BG Group plc (BRGYY) will participate in the sale transaction on a pro rata basis. EXCO expects a purchase price in excess of $400M for the equity interest. TGGT Holdings, LLC owns and operates midstream gathering and transportation assets in East Texas and North Louisiana and is a joint venture entity owned 50/50 by affiliates of EXCO Resources, Inc. and BG Group plc. The shares closed at $6.98, down $0.26 or 3.59% on the day. They have traded in a 52-week range of $7.02 to $21.04.
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