Starboard Value Eyeing Potential in Quantum (QTM); Tailored Brands (TLRD) Improves Profitability, Boosts Outlook
After the closing bell Wednesday, Starboard Value LP disclosed in a regulatory filing ( SC 13D/A ) with the U.S. Securities and Exchange Commission (SEC) a 9.9% stake (29,103,694 shares) in Quantum Corp. (NYSE:QTM).
QTM stock finished the regular session at $0.92 with a total volume of 962,586 shares traded.
Quantum, which provides scale-out storage, archive, and data protection solutions for small businesses and multi-national enterprises, has 271.18M shares outstanding, market capitalization (intraday) of $250.41M and QTM stock 52-week range is between $0.35 and $0.97 per share.
Shares of Tailored Brands Inc. (NYSE:TLRD) soared more than 20% to touch a new 52-week high in the extended session Wednesday as the company delivered in its financial results quarterly profit and revenue numbers above Wall Street analysts’ expectations.
For its third quarter fiscal 2016, Tailored Brands posted net sales of net sales of $846.9 million and adjusted net income of $28.4 million or $0.58 per diluted share, topping the Capital IQ Consensus Estimate of $0.55 earnings per share on revenues of $832.72 million for the period.
The company said that it now expects full year 2016 adjusted net income to be between $1.70 and $1.85 per diluted share, compared to its previous range of $1.55 to $1.85 per diluted share for the period.
TLRD stock closed at $18.93, up $0.62 (or +3.39%) and 2.00M of its shares changed hands during the day.
Tailored Brands, which operates as a specialty apparel retailer in the United States, Puerto Rico, and Canada, has 48.69M shares outstanding. At close on Wednesday, the company had a market capitalization of $921.79M and TLRD stock one-year range was from $9.95 to $20.30 per share.
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