Liz Claiborne Surges on Name Change
Liz Claiborne (LIZ) surged 9% today on news that its new name would be Fifth & Pacific and trade under the symbol FNP beginning May 15, 2012. Wow, guess the problem all along was a name associated with an old business line.
Guess people really liked the new name. My wife seemed to think it sounded like a hip California concept. She sure knows fashion better than me.
The move was even more bizarre given that it was a known event in the works. [Read: Liz Claiborne Transformation Complete: A Look At What's Left] Sill like my name: Lucky spade.
Possibly the new name was just the catalyst for a technical move. The stock was holding in a tight pattern above important moving averages and this little catalyst was enough to juice the stock to new 52 week highs.
Disclosure: Long LIZ/FNP. Please review the disclaimer page for more details.
Guess people really liked the new name. My wife seemed to think it sounded like a hip California concept. She sure knows fashion better than me.
"While it's difficult to replace an iconic name like Liz Claiborne, we believe that Fifth & Pacific Companies telegraphs who we are today – taking inspiration from New York and California , while describing our reach and our potential. From New York to Los Angeles to Shanghai and beyond, our intrinsically American brands have global appeal, serving customers worldwide with high quality and imaginative product," said Liz Claiborne Inc. Chief Executive Officer William L. McComb .
The move was even more bizarre given that it was a known event in the works. [Read: Liz Claiborne Transformation Complete: A Look At What's Left] Sill like my name: Lucky spade.
Possibly the new name was just the catalyst for a technical move. The stock was holding in a tight pattern above important moving averages and this little catalyst was enough to juice the stock to new 52 week highs.
Disclosure: Long LIZ/FNP. Please review the disclaimer page for more details.
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