Weekly Market Movers: Footwear & Accessories on Top, Business Equipments Drops

October 21, 2019

The sentiment score for the Footwear & Accessories industry jumped significantly during the week of Oct 14 – 20 reaching 60 points. Bata India and Crocs Inc. were the drivers in the category with the highest aggregated sentiment score.

In its latest announcements, Bata India said it was looking into a franchise model to boost the company’s presence beyond metro cities. Over the last two years, the company has been focusing on smaller markets and adapting its strategies to target the younger generation. 

Last Thursday, shares of Crocs Inc. hit its new 52-week high at $32.34. Research analysts such as Piper Jaffray Companies, BidaskClub and Pivotal Research issued reports on the company shares with a positive rating. The company is scheduled to release its third-quarter 2019 results on Oct 30.

Meanwhile, the Business Equipment industry ranked bottom with a sentiment drop of 66 points. Pitney Bowes Inc and Veritiv Corp were amongst the biggest losers in the category with sentiment scores falling to -66 and -21 respectively.

On Oct 14, Pitney Bowes confirmed a cyberattack on its system but said no customer or employee data was accessed illegally. The shipping tech giant announced that it had resumed normal operations on Oct 19.

Veritiv Corp saw an increase in short interest of 16.9% during the month of September. As of October 14 approximately 8% of the shares were short sold. Veritiv currently has an average analyst rating of “Hold” and an average price target of $33.33.

Notes:

1 Companies that contributed most to last week’s industry sentiment change.

2  Top trending event related to the respective company.

3  Weekly aggregated company sentiment score (ranging from -100 to +100).

4  Weekly aggregated company attention buzz (the percentage by which the number of news, blogs and tweets about an asset deviates from normal attention).

*Industry name and classification as per Morning Star

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