Whirlpool Corp
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Consumer Discretionary : Household Durables | Mid Cap Value
Company profile

Whirlpool Corporation is a manufacturer and marketer of home appliances. The Company's segments include North America; Europe, Middle East and Africa (EMEA); Latin America, and Asia. In North America, the Company markets and distributes home appliances and small domestic appliances under a range of brand names. In EMEA, it markets and distributes its home appliances primarily under the Whirlpool, Bauknecht, Ignis, Maytag, Laden, Indesit and Privileg brand names, and domestic appliances under the KitchenAid, Hotpoint and Hotpoint-Ariston brand names. In Latin America, it markets and distributes its home appliances and small domestic appliances primarily under the Consul, Brastemp, Whirlpool and KitchenAid brand names. The Company markets and distributes its products in Asia primarily under the Whirlpool, Maytag, KitchenAid, Amana, Bauknecht, Jenn-Air, Diqua and Royalstar brand names. It manufactures and markets a line of home appliances and related products.

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UPDATE: GameStop falls after filing to sell up to 3.5 million shares

6:52 am ET April 6, 2021 (MarketWatch)

Tomi Kilgore

'At-the-market' share offering comes after stock soared 1,000% in past 3 months

GameStop Corp. shares dropped Monday, but bounced sharply off earlier lows, after the videogame and consumer electronics retailer finally took advantage of the trading frenzy in its stock to raise money through an "at-the-market" offering.

The company said it filed to sell up to 3.5 million shares (https://www.marketwatch.com/story/gamestops-stock-drops-after-first-quarter-sales-update-2021-04-05) of its common stock from time to time. That represents about 5.0% of the 69.9 million shares outstanding as of March 17.

Based on Monday's stock closing price of $186.95, the offering could raise up to $654.3 million. The company plans to use the proceeds from the offering "to further accelerate its transformation," as well as for general corporate purposes and to strengthen its balance sheet.

The stock (GME) fell 2.4% on the day, but pared earlier losses of as much as 16.2% at its intraday low of $164.81.

The share offering comes after the so-called meme stock (https://www.marketwatch.com/story/gamestops-53-surge-fueled-by-a-buy-sell-ratio-of-3-to-1-as-meme-stock-crowd-emboldened-11616723387) rose 5.8% last week, and rocketed 1,002.2% over the past three months through Thursday. In comparison, the S&P 500 index had gained 7.9% the past three months.

Don't miss: Reddit trading guru Keith Gill looks to have made over $25 million on his GameStop bet (https://www.marketwatch.com/story/reddit-trading-guru-keith-gill-looks-to-have-40-million-portfolio-after-his-gamestop-bet-11617301895).

Separately, GameStop provided preliminary sales results (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001326380/000119312521105534/d122181d8k.htm) for the fiscal first quarter.

Total sales for the nine weeks through April 4 rose 11% from the same period a year ago. That included a 5.3% rise in sales in February and an 18% sales increase in March.

The FactSet sales consensus for first-quarter of $1.14 billion implies an 11.3% rise from a year ago.

The company said government mandated restrictions resulting from the COVID-19 pandemic, primarily in Europe, negatively impacted results. The store base for the latest nine-week period decreased 13% from a year ago, due to its "store optimization efforts."

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com


(END) Dow Jones Newswires

April 06, 2021 06:52 ET (10:52 GMT)

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