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Australian Stocks News: Billabong (BBG)

19th Dec 2011

Billabong (ASX:BBG) is a major international retailer whose core business is the marketing, distribution, wholesaling and retailing of apparel, accessories, eyewear, wetsuits and hardgoods.

BBG’s products are licensed and distributed in more than 100 countries, and are distributed through specialised retailers and through their own branded retail outlets.

Billabong provided the market with a trading update today, in which it announced a strategic review of its operations and capital structure after a slowdown in Christmas sales.

The company also downgraded its EBITDA guidance for the first half of FY12 to $70-$75 million compared to the previous corresponding period’s $94.6million

Billabong said reasons for the slowdown varied by region, but it believes fears of a global recession are impacting consumer confidence and spending patterns.

Billabong has been one of the shares to sell amongst recent times.

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Australia Stocks News: Sundance Resources (SDL)

13th Sep 2011

Sundance Resources (ASX:SDL) is an Australian-based international iron ore company developing the Mbalam Project in the Republic of Cameroon in the central west coast of Africa.

Today SDL has been rocked by allegations a Hanlong Mining director is being investigated by ASIC for insider trading. In July, Hanlong made a $1.2 billion takeover offer for SDL.

ASIC has made interim orders preventing Hanlong’s managing director from leaving Australia, and has frozen assets of other Hanlong staff members.

In response, SDL said its company strategy will be unchanged despite the probe.

SDL shares have been hammered on the back of news. It has been one of the worst performers in the stock market in today’s session.

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