Columbia Sportswear Co
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Consumer Discretionary : Textiles, Apparel & Luxury Goods | Mid Cap Blend
Company profile

Columbia Sportswear Company is an apparel and footwear company. The Company designs, sources, markets and distributes outdoor lifestyle apparel, footwear, accessories and equipment under the Columbia, Mountain Hardwear, Sorel, prAna and other brands. Its geographic segments are the United States, Latin America and Asia Pacific (LAAP), Europe, Middle East and Africa (EMEA), and Canada. The Company develops and manages its merchandise in categories, including apparel, accessories and equipment, and footwear. It distributes its products through a mix of wholesale distribution channels, its own direct-to-consumer channels (retail stores and e-commerce), independent distributors and licensees. As of December 31, 2016, its products were sold in approximately 90 countries. In 59 of those countries, it sells to independent distributors to whom it has granted distribution rights. Contract manufacturers located outside the United States manufacture all of its products.

Closing Price
$66.18
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
--
Day's Low
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Volume
(Light)
Volume:
0

10-day average volume:
472,664
0

UPDATE: Tesla stock called a 'buy' amid confusion about car maker's factory

1:30 pm ET March 18, 2020 (MarketWatch)
Print

By Claudia Assis, MarketWatch

Tesla's business future 'remains overhyped'

Tesla Inc. stock picked up a couple of upgrades this week while confusion still reigned about the extent the company's California factory had been affected by a coronavirus-related shutdown.

Bank of America analysts moved Tesla (TSLA) shares one notch to the equivalent of hold as Tesla stock fell about 50% during the coronavirus-related stock carnage. About a month ago, Tesla shares tested $900; they were recently trading under $400.

The upgrade is based "solely on valuation," the analysts said, also upgrading their price target on the stock from $370 to $500. "While we continue to view (Tesla) as a trailblazer in the electric vehicle (EV) market, we believe investor optimism around the company and its business/financial future remains overhyped."

Related: Dow tumbles more than 1,300 points amid questions whether government action on coronavirus is sufficient (http://www.marketwatch.com/story/dow-futures-tumble-amid-uncertainty-on-whether-governments-are-doing-enough-to-fight-coronavirus-2020-03-18)

Tesla's volume growth "is real, but governed by capacity expansion and capital commitment," the EV market is not unlimited, and likely smaller than people realized, and its profitability and cash flow "are not good or consistent, and are major risks," the analysts said as they enumerated risks around the stock.

CFRA analyst Garrett Nelson upgraded Tesla shares to hold from sell this week, also based on the stock's precipitous fall alongside U.S. equities.

See also:Coronavirus update: 204,255 cases, 8,243 deaths, Trump to share FDA news (http://www.marketwatch.com/story/coronavirus-update-204255-cases-8243-deaths-trump-to-share-fda-news-2020-03-18)

"With (Tesla) shares down more than 50% since hitting a record high last month and having reached our price target, we now view (Tesla's) risk/reward profile as much more balanced and raise our opinion to hold," he said. The new Model Y compact SUV is likely to sell "very well" and the timing of Tesla's $2.3 billion equity raise was a "prudent move that helped boost liquidity."

Tesla earlier this week announced its first Model Y delivery (http://www.marketwatch.com/story/tesla-starts-delivering-model-y-compact-suv-2020-03-16) and has said it planned to continue operating its Fremont factory in California.

Late Tuesday, the Alameda County Sheriff's Department said in a tweet that Tesla's Fremont, Calif., factory was a nonessential business and may only maintain "minimum basic operations" amid a regional shelter-in-place order to slow the spread of the novel coronavirus.

It was unclear if that meant the factory would shut, in part or in whole, and Tesla has not responded to several requests for comment. Several counties in the San Francisco Bay Area are under a shelter-in-place order that went into effect Tuesday.

Tesla workers reportedly showed up for work at the Tesla plant, though CEO Elon Musk said in an internal email that it was "totally OK" to stay home, the San Jose Mercury News reported, adding that Musk told employees he would continue coming to work every day.

The factory employs about 10,000 people. Musk has played down the risk of coronavirus in tweets, saying Monday that the "danger of panic still far exceeds danger" of COVID-19 and earlier this month calling the "panic" over the virus "dumb." (http://www.marketwatch.com/story/elon-musk-says-coronavirus-panic-is-dumb-as-other-silicon-valley-execs-tell-workers-to-stay-home-2020-03-06)Tesla has not updated investors about its plans for the coronavirus disruptions.

On Tuesday, the United Auto Workers and Detroit car companies reached agreements (http://www.marketwatch.com/story/detroit-auto-makers-uaw-agree-on-partial-factory-shutdowns-due-to-outbreak-2020-03-17)to avoid weeks-long shutdowns of U.S. factories. Tesla does not have an unionized workforce.

The union said late Tuesday that company executives had agreed to partial shutdowns of plants to allow for cleaning between shifts and other measures to minimize potential virus transmission.

Now read Jeff Reeves:Here's what it will take for Tesla's stock to recover from the coronavirus selloff (http://www.marketwatch.com/story/heres-what-it-will-take-for-teslas-stock-to-recover-from-the-coronavirus-selloff-2020-03-18)

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

March 18, 2020 13:30 ET (17:30 GMT)

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