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Kenneth Cole Productions (NYSE: KCP) Up For Grabs As Shares Are Jumping
Shares of
Kenneth Cole
have rallied with news of talks of a takeover by Iconix Brand Group Inc., a company owned by Neil Cole, the brother of designer Kenneth Cole, the brains behind Kenneth Cole Productions.
As the owners of brands such as Candie's and London Fog, Iconoix licenses its recognizable branda to retailers and manufacturers all over the world.
"Iconix has a long-standing history of purchasing well- known consumer brands and making them stronger than they were prior to their purchase," said Steven Marotta, an analyst at CL King & Associates in Albany, New York.
The New York Stock exchange listed Kenneth Cole as one of the top ten volume gainers at the close of trading Friday. Kenneth Cole had an 840.3% increase in trading volume over its 65-day average volume. Approximately 801,900 shares exchanged hands as the shares jumped $2.13 a share, or 14.7% to trade at $16.59.
Kenneth Cole has done pretty well according to the market analysts since the company released earnings results last month. Shares have gained 8.08% since August, currently trading above its 20 day, 50 day, and 200 day moving averages.
Kenneth Cole is a leader in the footwear, apparel, handbags and accessories business, which products featured in major retail locations throughout the country. The product lines include Kenneth Cole New York, Kenneth Cole Reaction, Unlisted, Le Tigre and Gentle Souls, distributed among 5k large departmental stores and discount chains, boutiques stores, and their own retail stores.
It is worthwhile to note that the good performance of Kenneth Cole can also be attributed to the fact that the retail textile and footwear industry has been holding steady throughout the recessions. Kenneth Cole, considering the recent performance of the shares, seems to be leading the small-cap pack. Kenneth Cole has outperformed most competitors in the textile, apparel, foot wear and accessories industry in terms of sales and unit volumes.
Some of the major players and competitors in the industry, with iconic names like Nike and Weyco Group, also reported substantial profits this past quarter, although the 8% growth demonstrated by Kenneth Cole beats the industry average of 6.62%.
The fact that the major players in this industry are doing well could be an indication for continued strength for stockholders of Kenneth Cole.
Today, shares of Kenneth Cole Productions are trading up $.66, or about 4% at $17.20 a share, a new high for the year one twice the average trading volume.
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