For Immediate Release
Chicago, IL – December 9, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Iconix Brand Group, Inc. (ICON), Kohl’s Corporation (KSS), Target Corporation (TGT), Lowe’s Companies, Inc (LOW) and PartnerRe Ltd. (PRE).
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Here are highlights from Tuesday’s Analyst Blog:
Iconix Renews 3 Licenses
Iconix Brand Group, Inc. (ICON) announced yesterday that it has renewed three separate direct-to-retail license agreements for its Candie’s, Fieldcrest and Waverly brands.
The exclusive multi-year license agreement for Candie’s, the junior lifestyle brand, has been renewed with Kohl’s Corporation (KSS), who has held Candie’s license since 2005. The terms of the agreement will be similar to the terms of the original agreement. Kohl’s will continue to distribute Candie’s apparel, accessories and lifestyle products in its stores and at kohls.com through the year 2016.
The company has also renewed direct-to-retail license agreements for two of its home brands, Fieldcrest and Waverly. Fieldcrest will continue to be sold exclusively at Target Corporation (TGT) through 2015. The bed and bath products of the Fieldcrest brand have been licensed exclusively to Target since 2005.
Furthermore, the exclusive license for Waverly Home Classics paint will also continue with Lowe’s Companies, Inc (LOW). Lowe’s has been the exclusive distributor of Waverly Home Classics paint since 2003. The terms of each of these renewals are almost similar to the terms of the original agreements.
Iconix currently has 17 direct-to-retail deals with a variety of retailers in the U.S. and internationally. With these renewals, the company is expected to have approximately $600 million in contractually guaranteed royalties.
PartnerRe Acquires PARIS RE
Bermuda based reinsurer PartnerRe Ltd. (PRE) announced that it has completed the acquisition of Switzerland-based diversified reinsurer PARIS RE. The process went according to plans and got completed on time.
Announced in July 2009, the transaction costing $2 billion took place in a series of transactions and ended with Partner Re paying 0.3018 of its common shares for each remaining PARIS RE common share. The company has maintained uniformity in terms of share exchange ratio in its prior purchases.
From an initial stake of 6%, PartnerRe had acquired 77% of PARIS RE during October, building its ownership to 83%.
We think the acquisition will help PartnerRe’s visibility in a wider market and strengthen its operations to weather the ongoing market volatility. Following the closing of the acquisition, PartnerRe announced that it has successfully cross-listed itself on NYSE Euronext Paris.
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