CNN News Headline June 16th, 2000 17:30:
Former J. JILL CEO Gordon R. Cooke refused to answer questions about the current bidding war between Microsoft and Intel to acquire JILL.COM. Speaking from his jail cell after being convicted of investor fraud in the Fall of 1999, Mr Cooke stated that he would interview each news reporter 1-on-1 later this year. JILL.com (Formally J. JILL group) was successfully restructured in the fourth quarter of 1999 by removing non-performing assets (and management), and initiating the first on-line auctioning of designer brand Fiber Optic cable and fashion coordinated Silicon chips. The products are specially designed for wireless biomedical PCs used to develop "Viagra-like" drugs that can be marketed through its online storefront. Since the restructuring JILL.COM has become the love of wallstreet.... and with the current bidding war between Microsoft and Intel should net savy investors a formitable fortune.
09/21 3:48P (DJ) +DJ J.Jill Dn 30% In 2nd Day, After Downbeat 3Q Outlook>JILL
Story 4645 (DMMC, JILL, I/RTS, I/SAP, N/DJN, N/DJWI, N/ANL, N/CGO, N/DJS...)
(MORE) DOW JONES NEWS 09-21-99
03:48 PM
Story 4686 +DJ J. Jill Shrs Off On Heavy Institutional Selling >JILL
(MORE) DOW JONES NEWS 09-21-99
03:51 PM
Story 5451 =DJ J. Jill Dn-2: Analyst: Current Problems To Hurt 4Q >JILL
NEW YORK (Dow Jones)--Like the Jill of nursery rhyme fame, shares of J. Jill
Group Inc. (JILL) came tumbling down Tuesday for the second straight session.
Monday, J. Jill announced it expects to post a third-quarter loss of 11
cents a share before a restructuring charge, compared with earnings of 14
cents a share a year ago and First Call/Thomson Financial's consensus estimate
of a profit of 8 cents.
The Hingham, Mass., women's apparel seller cited increased competition in
its J. Jill catalog and lower-than-expected sales in its recently revamped
Nicole catalog.
Institutional investors poured out of the stock throughout a trading day
dotted with six hot block transactions of 100,000 shares or more. At 12:47
p.m. EDT, there was a transaction for 400,000 shares, or 4.2% of the shares
outstanding at 4 9/16 on 1/16 uptick. Additionally, at 3:37 p.m. EDT, there
was a block of 200,000 shares, or 2.1%, at 4 1/16 on 5/32 downtick.
As of March 31, there were five institutional holders with shares of more
than 400,000, according to Compact Disclosure. These investors, who include
Pilgrim Baxter & Associates Ltd., Aim Capital Management Inc., Robertson
Stephens Investment Management Co., Peregrine Capital Management Inc. and RS
Investment Management LP, weren't ava As such, LeClercq reduced her fourth-quarter estimate to 26 cents a share
from the original estimate of 40 cents; she set her 1999 estimate at 63 cents
a share, compared with an original estimate of 97 cents.
As a result, she downgraded her rating on J. Jill to a hold from a buy until
she can determine the impact of the restructuring charges.
J. Jill executives weren't immediately available for comment.
Shares of J. Jill closed Tuesday at 4 7/16, down 1 11/16, or 27.6%, on
composite volume of 7.1 million shares, compared with average daily volume of
189,700 shares. Shares of J. Jill closed Monday at 6 1/8, down 5 1/4, or
46.2%.
Jim Callinan, portfolio manager of Robertson Stephens Investment Management
Co.'s RS Emerging Growth Fund, said his fund "started cutting (its holdings of
J. Jill) in the summer" because a new analyst didn't like the company for
proprietary reasons.
From March to June, RS Emerging Growth Fund reduced its holdings from about
524,000 shares to about 200,000 shares.
Callinan said his sale was unrelated to the catalog competition and
lower-than-expected sales. "Had we known about this issue, we probably would
have sold (the shares) quicker and faster. At this price, there is a lot more
value than at 20 when we were selling."
-By Beth M. Mantz; 201-938-5393
(END) DOW JONES NEWS 09-21-99 |
