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Bob McKnight is apparently using “technology” to help Quiksilver stay ahead of the “wolf pack” and surf a thrilling “tsunami” and still “rip it up” according to this new commercial for Microsoft.
Could the launch of this commercial possibly be more poorly timed? Microsoft does it again.
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We’ve heard all the rumors that everyone has been quoting lately, and we’re not sure we’d put our money on their lines, but Citi is saying that VF Corp could be a good stock to purchase and they’ve reiterating their “buy” raiting on the stock with a target of $74.
Citi analyst says, “VFC may be close to acquiring skate brand DC Shoes from Quiksilver (NYSE: ZQK), according to WWD reports on Friday. We think this could be a positive acquisition for four reasons:
1) The brand fits well within VFC’s newly created Action Sports Americas coalition, and we think there are opptys to create synergies w/ its Vans & Reef brands, 2) VFC will leverage its global sourcing and distribution to further grow the brand like previous acquisitions; 3) VFC is likely to get an attractive price as a result of market valuations and ZQK’s balance sheet; and 4) We think the deal would be slightly accretive, w/out impacting VFC’s dividend or our est. of ~$200M in repurchases for FY09.”
Since we don’t buy, sell, or own action sports stocks we’re going to sit this one out from the sidelines. VF is up $1.24 right now, but the whole market is up.
[Link: The Street Insider]
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Special Note to Quiksilver employees: Tuesday January 27, 2009 is “bring a box to work” day.
We’re not saying you’ll need it, just that it might not be a bad idea to be prepared in case you need to take a few extra things home at the end of the day: family photos, favorite staplers, Roxy hula girls, Signed skateboard decks, and other personal effects.
Hopefully, no one will need their box, but it’s better to have a box and not need it than to need a box and. . .
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On the way to the ASR Show one of our stringers spotted this message:
Sheesh, times are getting tough when you are driving to ASR worrying about the state of the surf industry, and you drive past a random BMW with this stock market advice personalized on the license plate.
[Photo: Omar The Cat]
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As if all the rumors we’re enough, Quiksilver was just cited by the US Department of Labor (along with six other stores) for having teenagers “operating machines that could hurt them” in The Gardens Mall in Palm Beach Gardens, according to a story in the Sun Sentinel.
In all, investigators found 50 teenagers whose jobs included working with trash compactors, paper balers and similar equipment — violations of the youth employment portion of the Fair Labor Standards Act, the Department of Labor said. Paper balers help bundle used cardboard boxes for disposal or recycling. The machinery is considered hazardous; the law bars those under 18 from operating it. . . The seven stores cited face civil penalties with a combined total of $53,271.
Government regulations are going to kill us all, aren’t they John Galt?
[Link: Sun Sentinel]
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The San Diego Union-Tribune is holding no punches in its coverage of the January 2009 ASR Show.
In a story filled with words like “struggling” and “tough” and “worst” writer Jennifer Davies talked to many industry players and got nothing but bad news from nearly everyone.
“There is no immunity idol on this island,” said Doug Palladini, vice president of marketing at Vans, referring to the “Survivor” television show. “It can happen to anybody.”
Doug is always so poetic, isn’t he? ASR spokesperson Lora Bodmer on the other hand was alone with her glimmer of positivity. “We looked out over the show and said, ‘Hey, this isn’t so bad,’ ” she said.
And that’s kind of what we thought at first, but after walking the isles on day one and seeing that zombie “God, I hope I don’t get fired tomorrow” look in everyone’s eyes we’re not so sure anymore. While watching toilet seat tossing at the Vee-Haw Volcom booth we couldn’t help but think of them as a bunch of oblivious Hillbillies fiddling away on their out-of-tune banjos while flames licked at the cuffs of their overalls.
[Link: San Deigo Union-Tribune]
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Billabong newest retail outpost is in the Singapore Changi Airport’s terminal three in partnership with Travel retailer Lagardère Services Asia Pacific, according to a story on DFNIonline.com. Jason Neely, Billabong’s retail ops manager had this to say:
Billabong is focused on building its presence in Asia and the opening in Singapore of the world’s first Billabong airport store illustrates the brand’s commitment to the region. This is a significant move for Billabong so it is comforting to be working with LSAP, one of the world’s leading airport retail operators. We feel the combination of a world leading retailer and a world leading brand will add an exciting new dimension to the Changi airport retail mix.”
People who can afford to fly must have money, right?
[Link: DFNIonline.com]
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The Captain and Casey’s Chris Casey with the beautiful am babies award presenters. Diapers never looked so good.
We hung out for a little while after the show before “getting the hell out of there.” Photos from some after-show festivities including the Grind For Life High Ollie Contest and The Am Awards after the jump.
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We mentioned ASG parent corporation Source Interlink Cos. a couple weeks ago when their owner Ron Burkle bought an 8.5 percent share of Barnes & Noble Booksellers. Now, the company has announced that beginning February 1, 2009 they are joining Anderson News in charging a 7-cent fee per issue of magazines delivered to the newsstand regardless of the sell through, according to a story in the NY Post.
The remaining big distributors – Jimmy Pattison’s News Group, based in Atlanta and Vancouver, British Columbia, and New York-based Hudson News – have not sought a fee hike.. . . But if all magazine distributors follow suit, publishers worry it could sock them with an additional $1 billion a year in expenses at a time when they are contending with plunging advertising revenue and sagging newsstand sales.
Of course, magazines could easily cover these increased costs by simply cutting a few more editorial positions. . . and maybe the ASG titles will get a synergistic freeride.
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