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FLEX - Flex News Story

$17.56 0.1  0.3%

Last Trade - 7:25pm

Sector
Technology
Size
Large Cap
Market Cap £6.18bn
Enterprise Value £6.99bn
Revenue £17.07bn
Position in Universe 1006th / 6846

BUZZ-Flex plummets as Nike partnership ends, CEO retires

Fri 26th October, 2018 3:16pm
** Shares of manufacturing and supply chain services co Flex
Ltd  FLEX.O  plunged ~35 pct to a near-5-yr low early Fri after
announcing end to Nike Inc  NKE.N  partnership, retirement of
CEO
    ** Needham cuts rating to "hold" from "buy," Craig-Hallum
lowers PT to $14 from $17.50
    ** FLEX last down 31.4 pct at $7.49, the top percentage
loser in the Nasdaq  .IXIC 
    ** On Oct 25, FLEX announced on its earnings call that it
would wind down manufacturing operations in Guadalajara by the
end of the year; also said its CEO Mike McNamara would retire
 urn:newsml:reuters.com:*:nPn52jljXa
    ** Co reported qtrly adj EPS of 29 cents, beating consensus
by a penny  urn:newsml:reuters.com:*:nPnb76QXQa
    ** Needham analyst Sean Hannan cites end of NKE partnership,
ramp-up of India business, and "challenges" with core products
as impetus for downgrade
    ** Of 12 analysts covering FLEX, 8 rate co "buy" or
stronger, remaining 4 say "hold"; median PT $15.50
    ** With today's slide, stock has plummeted ~59 pct so far
this year

 (Reporting by Stephen Culp)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))
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