The List of all Lists; Kate Spade’s Numbers Need to Get Accessorized; GoPro Goes Big With Latest Acquisitions

A-listers…

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Image courtesy of iosphere/FreeDigitalPhotos.net

Forbes unleashed its latest list of the world’s richest people just in time to make you feel really bad about yourself. 1,810 billionaires made the list and their combined net worth is a mind-blowing $6.48 trillion. But don’t be too impressed since that figure is actually $580 billion less than it was last year. Hey, times are tough. There are 16 less billionaires this year and 540 of them are living large in the United States. The gender gap managed to rear its ugly face on this list as only 190 women made the cut, with 65 here in the United States. Unfortunately that figure was down from 197 last year. Heiress and L’Oreal businesswoman Lilliane Bettencourt is the highest ranked woman, taking the 11th spot with a net worth of $36.1 billion. For the third year in a row, Bill Gates is sitting pretty at the top with a net worth of $75 billion. However, to be fair, he is $4.2 billion poorer than he was last year. My heart aches for him, really. Like Zara clothing? Apparently most people do since its owner, Amancio Ortega, ranks in the number two spot. Warren Buffett, no surprise, takes third while Carlos Slim snags the fourth spot. Facebook’s 31 year old Mark Zuckerberg took the sixth spot with his $44.6 billion and becomes the youngest billionaire in the top ten. Lucky him. And whether you love him or hate him, Donald Trump did make the list with an estimated net worth of $4.5 billion.

Accessorized…

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Image courtesy of iosphere/FreeDigitalPhotos.net

Kate Spade almost fell out of fashion on Wall Street today when the company reported that its fourth quarter sales fell short, coming in at $62 million and adding 32 cents per share. The company missed estimates by a penny and posted a 51% decline from last year  when the company saw $126 million with 49 cents added per share.  At least its revenue was up 7.6% to $429 million, although analysts did expect that number to ring in closer to $442 million. Oh well. Maybe next quarter. Yet, Kate Spade shares rose as high as 6.7% today. And why shouldn’t they? After all, the swaggy design house is expanding its merchandise into home decor and children’s apparel, prospects that have Wall Street tongues wagging, if ever so slightly. The company has had quite the quirky fiscal ride as it was down a staggering 42% for the last twelve months yet managed to creep up 12% since the beginning of the year. That was happening even while the almighty S&P was going down 5.5%.  Go figure.

Pro-active…

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Image courtesy of iosphere/FreeDigitalPhotos.net

What to do when your company takes a vicious downward spiral killing 70% of its value? You go shopping, of course. And that’s exactly what GoPro Inc. CEO Nicholas Woodman did. The action-camera exec announced he is plunking down $105 million to buy not one, but two video editing applications, in hopes of beefing up one of the company’s bigger problem areas.  Wall Street responded kindly by sending shares up and let’s face it, GoPro shares need all the help they can get. GoPro’s acquisitions are Replay and Splice, applications that will allow users the ability to easily cut and publish footage on their mobile phones. Given that Woodman himself called he GoPro editing experience an “inconvenience,” these acquisitions seem like a prudent move. Too bad, however, that this move comes on the heels of GoPro’s decision last month to cut 7% of its workforce after weak holiday sales and slashing the price of its newest camera by 50%. That’s what happens when you’re staring into a crowded market of action-cameras. But, taking a page from Warren Buffett, Woodman is optimistic that 2016 will be a record year for GoPro. Let’s hope so since 2015 saw GoPro’s stock hit an all-time low.

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Try and Top This List, Buffet Not A Bit of A Fan and Shacked Out

Can I please get on the list?

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Forbes came out with its annual list of the world’s wealthiest people and it’s official:  None of my Facebook friends are on it.  Oh well.  But you can call Bill Gates the comeback billionaire because after four years he has returned to the top of this list beating out Mexican telecom mogul Carlos Slim Helu by a paltry $4 billion. Purchased anything from Zara lately? You must have because you helped Amancio Ortega of this giant clothing company fit  into the number three spot. Warren Buffet comes in fourth while Facebook’s Mark Zuckerberg comes in at the number 21 spot.

Warren Buffet biting at bitcoin…

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

It’s official: Warren Buffet is not a fan of Bitcoin calling it “…a Buck Rogers kind of thing.” Ouch. The Oracle of Omaha said “I wouldn’t be surprised if it’s not around in 10 or 20 years.”  Indeed,  Forbes fourth wealthiest man – who knows a thing or two – has shunned the virtual currency  – with no regulation or central bank because “it does not meet the test of currency.”   These comments came following the collapse of Mt. Gox, the now bankrupt and defunct Tokyo based bitcoin exchange.

Radio days…

Image courtesy of nirots/FreeDigitalPhotos.net

Image courtesy of nirots/FreeDigitalPhotos.net

Feeling nostalgic for Radio Shack?  If that’s the case, then you might want to hightail it over to one quickly because there’s a good chance that if you wait, it might not be there anymore.  The Fort Worth, Texas based electronics retailer is getting set to shutter 1100 shacks after posting its eighth consecutive quarter of losses.  CEO Joe Magnacca blamed the drop in sales on a slew of reasons including people not buying enough and bigger discounts from rivals.  Yes that’s right – blame it those gosh darn discounts from your competitors.