News Recap: Tiffany & Co. (NYSE:TIF), Gevo, Inc. (NASDAQ:GEVO)
NEW YORK, January 03,2013 (MESHPRESS) – Csrnewsdaily.com, an investor research portal specializing in several sectors including biotech and healthcare and tech stocks on the U.S. market, issues news updates on the following Tuesday’s Top Gainers:-
Tiffany & Co.(NYSE:TIF) announces of signing a contract with Elsa Peretti according to which it stands exclusive license to sell jewelry and other items under the Italian jewelry designer’s name for another 20 years.
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Since 1974, Tiffany has been the only licensee for Elsa Peretti designs. As per the contract Tiffany is to make a one-time payment of $47 million to Peretti and the latter is also to receive royalties and fees related to the licensed jewelry.
Randal Konik, a Jefferies analyst states that Elsa Peretti jewelry accounts for about 10% of Tiffany’s sales, and that this new agreement is a positive move for the New York jewelry chain as this removes the uncertainty of company losing the exclusive license. The new contract is to terminate after 20 years or only if Tiffany changes ownership or due to a material breach by Tiffany or Peretti.
Shares of Tiffany & Co rose by $1.59 or 2.77% to close at $58.93 on Wednesday.
Gevo, Inc.(NASDAQ:GEVO) announced that its Board of Directors has approved a stock repurchase program amounting to $15,000,000 of its common stock over a one-year period with immediate effect.
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The repurchase program is expected to be funded from existing cash and cash equivalents on hand and this buy back can be made time to time through a variety of methods, including open market purchases, privately negotiated transactions, and block transactions, having no obligation to repurchase shares under the stock repurchase program.
The timing, volume, and value of the shares repurchased will be at the discretion of the Company`s management and depend upon a number of considerations, including the trading price of the Company`s common stock, general market conditions, applicable legal requirements, and other factors. Unless the program is completed sooner, suspended, terminated, or otherwise extended, the program is to expire on December 31, 2013.
Repurchased shares will be classified as treasury stock or retired.
“This new stock repurchase program reflects our confidence in Gevo`s future,” said Patrick Gruber Ph.D., Chief Executive Officer of Gevo. “We see this program as an opportunity to enhance value for our stockholders through disciplined repurchases of shares of our common stock at what we believe are undervalued prices.”
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