GAAP

Michael Kors Buys Jimmy Choo For $1.2 Billion

Michael Kors announced it has agreed to acquire iconic shoemaker Jimmy Choo for £896 million ($1.17 billion), as the US company seeks to offset slower growth in its core handbag business. As part of the recommended all cash acquisition the entire issued and to be issued ordinary share capital of Jimmy Choo will be acquired by JAG Acquisitions (Michael Kors Bidco), a wholly-owned subsidiary of Michael Kors.

Gradually... And Then Suddenly

What do socialism and modern monetary policy have in common? Magical thinking. For both, it’s true on the giddy years up, and it’s true on the sad years down.

JPM Slashes iPhone Sales Forecasts: Expects Only 2MM Units Sold In September Vs 9MM Previously

"In our original model we had forecast 9m units sold in September, and we now reduce that number to ~2m units. We increase our FY18 unit forecasts by about the same amount to reflect time-shifted demand.  New iPhone shipments  estimate: Our total iPhone shipments estimate for FQ4 is now 42.2m, reduced from our prior 49.5m forecast. Our FY18 iPhone shipments estimate is now 270.2m, up from our previous estimate of 262.9m."

Netflix Now Has More Subscribers Than Cable

Despite going all-in on Adam Sandler content – a bizarre choice - Netflix has managed to continue growing its subscriber base, recently reaching a new milestone: It now has more paying customers than Comcast Corp., Charter Communications and all other US cable companies combined.

Cisco Plunges After Slashing Revenue Guidance

While Cisco reported both EPS and revenue that beat Wall Street estimates, it was the company's revenue guidance that stunned the market as the company now expects sales to decline between 4 and 6% in the fourth quarter, crushing consensus estimates of a modest 1% decline.

Dick's Slammed After Company Admits It Doesn't Know How To Calculate EBITDA

First it was non-GAAP adjustments, then it was stock buybacks, then it was fudging the effective tax rate; and now, in the most creative way to "boost" one's earnings, Dicks Sporting Goods admitted it blatantly fabricated its Adjusted EBITDA. But it's ok: it was a simple calculation error, and now everything is "fixed", the company reported in an 8K filed this morning.