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Morning Buzz: Steven Madden, Ltd. (NASDAQ:SHOO), Canadian Solar Inc. (NASDAQ:CSIQ), Immunomedics, Inc. (NASDAQ:IMMU)

Morning Buzz: Steven Madden, Ltd. (NASDAQ:SHOO), Canadian Solar Inc. (NASDAQ:CSIQ), Immunomedics, Inc. (NASDAQ:IMMU)
Written by
Joel Najarian
Published on
October 20, 2014
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Steven Madden, Ltd. (NASDAQ:SHOO), the footwear company released preliminary Q3 results below analysts' expectations and cut its full-year outlook, citing weaker-than-anticipated performance in its retail segment. Steven Madden, Ltd. (NASDAQ:SHOO) said it expects expects Q3 earnings to per to be approximately $0.61 to $0.62 per diluted share, below the $0.67 per share expected on average by analysts polled by Capital IQ. It sees Q3 net sales at $392.0 million, a 0.7% decrease from the same period in 2013 and below analysts' consensus estimate of $415.4 million.Net sales for the wholesale division were $343.3 million in Q3, down slightly from $345.9 for the same period of 2013. Retail net sales were $48.7 million, compared with $48.9 for the same period of 2013. Retail comparable-store sales for Q3 2014 decreased 7.4%. "Our third quarter results were disappointing, coming in below our forecast due primarily to weaker than anticipated performance in our retail segment," said Chairman and CEO Edward Rosenfeld. "Given the continued lack of significant fashion trends in the footwear space, our assumption that retail segment trends will remain difficult through the fourth quarter, and a reduced forecast for reorders in our wholesale segment, we are lowering our full-year guidance."For the full year, factoring in the recent acquisition of Dolce Vita and current expectations for the remainder of the year, the company said it now expects net sales will increase 1% to 2% over net sales in 2013 while it sees diluted EPS in the range of $1.81 to $1.86. That is below the company's late-July forecast for 2014 net sales to be up 2% to 4% and for diluted EPSin the range of $2.00 to $2.10. Analysts recently were projecting a 5.1% increase in revenue and EPS of $2.02. The company plans to release full Q3 results on Oct. 30.Canadian Solar Inc. (NASDAQ:CSIQ) is set to launch its new Diamond module at the upcoming Solar Power International exhibition. The Diamond module, or the double module, is rated for 1500V systems and utilizes heat-strengthened glass instead of the traditional polymer backsheet. Shares in Canadian Solar Inc. (NASDAQ:CSIQ), the solar power products maker are trading within a 52-week range of $21.38 - $44.50.Immunomedics, Inc. (NASDAQ:IMMU) said that one of its solid-tumor antibody-drug conjugates (ADCs), isactuzumab govitecan, or IMMU-132, has been granted orphan drug status by the European Medicines Agency (EMA) for the treatment of pancreatic cancer. Shares of Immunomedics, Inc. (NASDAQ:IMMU), the biopharmaceutical company are trading with a 52-week range of $3.04 - $6.17. Isactuzumab govitecan has also been designated an orphan drug by the Office of Orphan Products Development of the U.S. Food and Drug Administration (FDA) for the treatment of pancreatic cancer and small-cell lung cancer. The company had earlier reported that in an ongoing Phase 2 clinical study, IMMU-132 has resulted in partial responses in patients with colorectal cancer, esophageal cancer, triple negative breast cancer, and small-cell and non-small-cell lung cancers.

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