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Strategies & Market Trends : Can you beat 50% per month? -- Ignore unavailable to you. Want to Upgrade?

To: Smiling Bob who wrote (10243)	6/28/2006 9:39:02 AM
From: Smiling Bob	Read Replies (1) \| Respond to of 19256

ANN - 42.06 x.07 new op to short ahead of JCG, which will fizzle shortly after debut. The novelty wears quickly No individual wanted to be tied to this story, so it was done by "The Staff" J. Crew IPO Looks Sharp By TSC Staff 6/28/2006 8:17 AM EDT URL: thestreet.com Preppy clothes dealer J. Crew is poised for a tasteful debut. The company priced 18.8 million initial shares at $20 apiece Tuesday night, topping the expected range of $15 to $17 a share and raising about $376 million for itself and its private equity backers. The offering cut the ownership stake of major shareholder Texas Pacific to about 40% from just above 50%. J. Crew will start trading Wednesday on the New York Stock Exchange under ticker JCG. The specialty apparel chain run by Mickey Drexler, whose fashion sense gave rise to the Gap (GPS:NYSE) , reported a 36% jump in same-store sales in the first quarter. That contrasts sharply with Gap, where sales have been in a tailspin for years in Drexler's absence. Despite having suffered losses in four of the past five years, J. Crew is currently profitable. Its first-quarter operating income increased by $5 million to $28 million, and its net income jumped 60% to $8 million from $5 million a year earlier. Total sales for the period rose 15% to $167 million. Proceeds of the offering will be used to repurchase preferred shares. The company, which sells upscale casual clothing in about 200 stores and through catalogs and its Web site, sold the deal through underwriters led by Goldman Sachs and Bear Stearns.