Hertz investors hit the road, Movado maligned and Halliburton-Baker Hughes Merger?
Investors are driving Hertz (HTZ) shares into the ground, now off 8%, after the rental car company said financial statements for 2011 should be restated. And there could be problems with the 2012 and 2013 numbers. That likely means those numbers are no good. This disclosure came in an SEC filing which detailed a laundry list of problems including items related to non-fleet assets and allowances for doubtful accounts in Brazil. Hertz is also without a CEO after Mark Frissora hit the road in September. Those ongoing investigations are that much harder without the CEO who signed off on the original financials.
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From cars to watches, Movado (MOV) shares getting maligned by over 30% after the company slashed its outlook for Q3, Q4 and 2015! Why? the overall watch category is experiencing slower growth and certain brands did not perform as well as planned, especially internationally. It is however management’s job, the most critical job, to deal with declining watch demand. If Movado can't get their arms around that idea they should review Fossil's (FOSL) quarter. Fossil kicked butt selling Fossil watches, as well as Michael Kors, Armani and Burberry watches which are all made by Fossil. Someone needs to tell Movado that their time is up.
In deal news, energy giant Halliburton (HAL) is in talks to buy Baker Hughes (BHI). The stocks are slightly higher on the news. Estimates peg a deal around $22 billion. The companies confirmed the discussions but offered investors few details. You would have to be living under a rock if you have missed the global collapse of energy prices which is likely why the two companies think they would be better together. This potential tie-up could energize the entire sector which has tanked along with the price of oil in recent months. The Market Vectors Oil Services ETF (OIH) is down 9% this year.
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