Why Clothing Company Guess? Shares Are Surging Today
Portfolio Pulse from Shivani Kumaresan
Guess? Inc (NYSE:GES) shares surged in premarket trading after announcing a new $200 million share repurchase program and a convertible bond exchange transaction. The company has repurchased 326,429 shares for $10.3 million and entered into an agreement to exchange convertible senior notes due 2024 for new notes due 2028. This follows a strong Q4 earnings report that exceeded analyst expectations.
April 01, 2024 | 12:31 pm
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Guess? Inc announced a new $200 million share repurchase program and a convertible bond exchange, following strong Q4 earnings that beat estimates.
The announcement of a new share repurchase program typically signals a company's confidence in its financial health and future prospects, often leading to a positive reaction in its stock price. The successful Q4 earnings report further supports this positive outlook, making it likely that GES shares will experience short-term price appreciation.
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