Nasdaq warns West Marine of potential de-listing
West Marine (Nasdaq: WMAR) said it received a warning from the Nasdaq Global Market that it is late in filing its fiscal-year report and is subject to delisting.
The company said it expects to file its report for the year ended Dec. 29, 2007, by or before April 4.
If it does not file by April 7, however, it will request a hearing before the Nasdaq board to outline its plan to regain compliance. Pending a decision by the panel, West Marine shares will remain listed.
Crocs shares drop on analyst downgrade
Shares of Crocs (Nasdaq: CROX) fell as much as 9 percent to their lowest in at least 16 months after J.P. Morgan Securities downgraded the company, saying weaker-than-expected sales in the United States could hurt first-quarter results.
"While international sales could help to save the quarter, we believe a U.S.-sales miss will give fuel to the bear case and potentially send the stock lower," analyst Robert Samuels wrote in a client note.
Samuels cut his rating on the stock to "neutral" from "overweight" and reduced his 2008 estimates on the company to $2.59 from $2.70 a share and 2009 estimates to $3.13 from $3.24 a share. He added that he expects international sales to double in the first quarter.
Crocs has been dealing with reports of slowing business, rising inventory levels, patent disputes in Europe and consumer concerns over the safety of its signature shoes. It has lost about 57 percent of its market value this year.
Shares of the company fell to a low of $15.70 on April 2, before recovering slightly to trade down $1.48 at $15.85 in morning trade on Nasdaq.
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