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Dunkerton, who owns 18.4 percent of the equity, quit the firm a year ago after a row over strategy. He takes issue in particular with Superdry’s product design and internet plans. He was backed by the firm’s co-founder and former brand and design director James Holder, who has a 9.7 percent stake. The board said Dunkerton had told them he wanted an executive role responsible for product, brand and marketing, which would have required over 75 percent support. For a graphic on Superdry founder to return after profit warnings hit shares, see – tmsnrt.rs/2WGbKcC cufflinks on sale.
SAN FRANCISCO (Reuters) – Lyft Inc’s stock sank further below its IPO price on Tuesday after receiving its first negative review from an analyst who is skeptical that consumers will give up car ownership in favor of relying on ride-hailing services. Shares of the money-losing San Francisco company fell as much as 4.2 percent to $66.10 on Tuesday, their second straight session of losses after a hotly anticipated $72 initial public offer on Friday. The stock was down 2.3 percent at $67.41 early on Tuesday afternoon on the Nasdaq cufflinks on sale.
The stock’s weak performance could make investors more cautious about a string of expected public listings from Silicon Valley unicorns, including Uber Technologies Inc and Pinterest, which are also unprofitable. Seaport Global initiated coverage of Lyft with a “sell” rating and a $42 price target, with analyst Michael Ward calling the stock’s current valuation a “leap of faith” that consumers will forego owning cars in favor of using ride-hailing services cufflinks on sale. “Despite the optics of vehicles being an underutilized asset, we believe people will continue to own their own vehicles as primary transportation and instead rely on the ridesharing services as a convenient supplement,” Ward wrote in a client note..
Another five analysts have initiated coverage of Lyft, with two of them recommending the stock and three assigning neutral ratings. Those five analysts on average expect Lyft’s revenue to jump 60 percent to $3.45 billion in 2019, while Ward estimated 2019 revenue would reach $3.40 billion. Lyft reported a loss of $911 million in 2018, wider than its $688 million loss in 2017, despite revenue doubling in 2018 to $2.16 billion. It has not said when it expects to become profitable. The stock, which surged as high as $88.60 in the first few minutes after its listing on Friday before slipping steadily lower, is now trading at about 5.7 times expected annual revenue cufflinks on sale. By comparison, Alphabet Inc’s stock is currently at 4.8 times expected revenue, while Facebook Inc is at 6.5 times expected revenue..
BEIJING (Reuters) – Apple and luxury labels such as Gucci have lowered their prices in China after a cut in its value-added tax (VAT) rate came into effect from April 1. Beijing said last month that it would cut taxes and fees for all companies by nearly 2 trillion yuan in 2019, with the manufacturing, transportation and construction sectors set to benefit as it looks to stimulate a slowing economy cufflinks on sale. Price tags for products listed on Apple’s China website were lowered on Monday, including a discount of up to 500 yuan ($74.44) for some of its latest iPhone models..