Summit Wireless Technologies Inc
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Information Technology : Semiconductors & Semiconductor Equipment |
Company profile

Summit Wireless Technologies Inc., formerly Summit Semiconductor, Inc. is an early-stage company that develops and sells wireless audio integrated circuits for home entertainment and professional audio markets. The Company develops and provides semiconductors and wireless audio modules to consumer electronics companies, which transmits and receives audio directly to speakers. Its technologies focus on providing wireless, interference free and uncompressed high-definition audio signals. Its subsidiaries include Summit Semiconductor, Inc., Summit Semiconductor K.K., and WiSA, LLC.


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UPDATE: Meet the new 'fallen angels': Macy's, Coach- and Michael Kors-parent credits cut to 'junk' at Fitch

7:50 am ET April 2, 2020 (MarketWatch)

By Tomi Kilgore, MarketWatch

Continued 'negative' outlooks warn of further downgrades, as coronavirus pandemic disruptions could extend into 2021

Macy's Inc., Coach-parent Tapestry Inc. and Michael Kors-parent Capri Holdings Ltd. have joined the ranks of "fallen angels," after Fitch Ratings downgraded their credit ratings to "junk" territory on Wednesday, citing the "unprecedented" impact of the COVID-19 epidemic on the consumer spending on nonessential items.

Fitch cut the long-term issuer default ratings (IDR) of both Macy's(M) and Capri(CPRI) by one notch to BB+, the highest speculative-grade, or "junk" rating, from BBB-, and lowered Tapestry's(TPR) IDR by two notches to BB from BBB-.

The outlooks for the IDRs of all three retailers remains negative, which warns of further downgrades, as the "significant business interruption from the coronavirus pandemic ( and the implications of a downturn in discretionary spending that Fitch expects could extend well into 2021."

Shares of Macy's tumbled 9.8% to the lowest close since it started trading in February 1992, according to FactSet. The department store chain was also booted from the S&P 500 index by S&P Dow Jones Indices late Tuesday (, and placed in the S&P SmallCap 600 index . Shares of Tapestry sank 14.5% and Capri plunged 17.4%.

Don't miss: Here's why stock investors should care about investment-grade credit ratings (

The ratings downgrades and negative outlooks at Fitch are part of a more pessimistic view of the broader discretionary retail sector, given the uncertainty over the duration of closures of stores selling nonessential goods.

"Fitch has assumed a scenario where discretionary retailers in the U.S. are essentially closed through mid-May with sales expected to be down 80%-90% despite some sales shifting online, with a slow rate of improvement expected through the summer," Fitch said. "Given an increased likelihood of a consumer downturn, discretionary sales could decline in the mid-to-high single digits [on a percentage basis] through the holiday season."

See related: How the Fed's latest crisis-era credit facility aims to finally calm rattled markets (

Also read: Cracks are forming in corporate bonds as coronavirus slams Wall Street (

"Fallen angel" is a term used to describe a situation in which a company's debt rating falls from investment grade to junk status. Typically, a rating isn't considered junk unless at least two of the three major credit-rating agencies rate them as such. Of the three, Macy's is the only "official" junk credit, as S&P Global Ratings cut its rating to BB+ ( in February and Moody's Investors Service cut its rating ( to Ba1 -- Moody's highest speculative grade rating -- last week.

Tapestry is still investment grade at Moody's and S&P Global and Capri is investment grade at S&P Global but is not rated at Moody's.

Fitch also cut on Wednesday the IDRs of Dillard's Inc.(DDS) two notches to BB from BBB-, of Nordstrom Inc.(JWN) to BBB from BBB+, of Kohl's Corp.(KSS) to BBB- from BBB, of Levi Strauss & Co.(LEVI) to BB from BB+, of Signet Jewelers Ltd.(SIG) to B from B+ and of J.C. Penney Corp.(JCP) to CCC- from CCC+, while keeping that of Burlington Stores Inc.(BURL) at BB+. The outlooks for all the ratings remain negative.

Fitch said that while it expects "significant" sales growth in 2021 off a weak 2020, the level could be as much as 8% to 10% below 2019 sales. Department store sales could fare much worse, Fitch said, with sales projected to decline in the low to midteens percentages in 2021.

"Given the typical timing of a consumer downturn (four to six quarters), revenue trends could accelerate somewhat exiting 2021, with 2022 projected as a modest growth year," Fitch said.

For Macy's, Fitch expects 2020 revenue to be nearly 25% below 2019 levels followed by a decline of over 15% in 2021. Tapestry revenue is expected to decline around 25% in 2020 and around 10% in 2021, while Capri revenue is forecast to fall around 25% in calendar 2020 and is expected to decline around 10% in fiscal 2022.

Year to date, shares of Macy's have plunged 73.9% through Wednesday, Tapestry have tumbled 59.0% and Capri have plummeted 76.6%, while the SPDR S&P Retail exchange-traded fund(XRT) has dropped 39.1% and the S&P 500 has lost 23.5%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

April 02, 2020 07:50 ET (11:50 GMT)

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