16:45 ET - Tailored Brands plummets 25% in extended trading after warning about the current quarter and saying it will suspend its quarterly cash dividend starting in 4Q. The owner of Men's Wearhouse, sees adjusted F3Q EPS of 40-45 cents versus EPS of 88 cents Wall Street analysts expected. The retailer says it will "redeploy" capital from the suspended dividend for "debt repayment and share repurchases..." Michael Burry's Scion Asset Management had been pressuring Tailored Brands to suspend its quarterly dividend which would free up about $36.5M on an annualized basis. Total liquidity as of Aug. 3 was $421.3M while debt was about $1.2Bbillion, the company said. Scion has disclosed a roughly 5.1% stake in Tailored Brands. Trading had been halted for news pending earlier this afternoon and reopened shortly after the regular session closed. (maria.armental@wsj.com)
lots of after hours T trades going through, saw one phat finger buy placed at $7.17
The stock market is a device for transferring MONEY from the impatient to the patient......Warren Buffett
