Saturday, 23 May 2015
Last updated 21 hours ago
Oct 18 2011 | 8:24am ET
David Einhorn of Greenlight Capital sent shares of Green Mountain Coffee Roasters’ tumbling on Monday when he criticized it for a lack of transparency and for capital spending that has outpaced the growth of its business.
Speaking during the Value Investing Congress in New York, Einhorn said the company has a “looming patent issue” on its single-serve K cups, a “litany of accounting questions,” and recent earnings that are “perhaps too good to be true,” reports Bloomberg.
Einhorn, whose Greenlight Capital is known for its activism, also said the company needed to improve its disclosure, revealing that Green Mountain had refused to speak to him while citing a quiet period.
Green Mountain shares fell 9.8% to $83.07 at 12:23 p.m. in New York, after earlier dropping to $81.61. But that said, shares are still up 137% since the start of the year.
Green Mountain's per-share earnings have been in the triple digits in the last two quarters and analyts expect similar growth in Q4.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…