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Danish jeweller Pandora’s chief executive steps down after profit warning

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Anders Colding Friis, chief executive officer of Pandora AS, poses for a photograph in his office at the company's headquarters in Copenhagen, Denmark, on Monday, July 9, 2018. Pandora designs, manufactures, markets, and distributes hand finished and modern jewelry made from primarily sterling silver, gold, and precious and semi-precious stones.

Carsten Snejbjerg/Bloomberg via Getty Images

Anders Colding Friis, chief executive officer of Pandora AS, poses for a photograph in his office at the company’s headquarters in Copenhagen, Denmark, on Monday, July 9, 2018. Pandora designs, manufactures, markets, and distributes hand finished and modern jewelry made from primarily sterling silver, gold, and precious and semi-precious stones.

Danish jewelry maker Pandora‘s chief executive, Anders Colding Friis, is stepping down, the firm said on Thursday, just days after warning of lower sales and profit margins this year.

Shares in Pandora, known for its silver charm bracelets, have plunged by more than a fifth since the company lowered its sales and profit margin guidance for this year and announced plans to cut almost 400 jobs on Monday.

Pandora confirmed preliminary second-quarter sales of 4.8 billion crowns and an EBITDA margin of 31.1 percent released on Monday in connection with the profit warning.

Like-for-like sales growth in the second quarter was down 1 percent compared to a 5 percent decrease in the previous quarter.

The quarterly results were below its expectations partly due to a weak development in the charms category, it said in a statement.

It acknowledged that the strategy it launched in January, aimed at rectifying a lack of innovation and weak growth in key markets, was not progressing as fast as expected.

“We still believe in our strategy towards 2022, but we have realized that we have been too optimistic on the speed of the impact from new products,” said Friis, the outgoing chief executive.

Pandora said in January it would target an EBITDA margin of 35 percent in 2018-2022 and expects sales to increase by 7-10 percent per year in the period.

Late on Monday, it slashed its 2018 sales growth outlook to 4-7 percent, and its EBITDA margin outlook for the year to around 32 percent.



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Three options strategies for the week: August 20

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The “Options Action” traders share three options trading strategies to kick off the week.

Dan Nathan recommends a call spread in Alibaba.

Mike Khouw recommends a put spread in the Energy ETF

Mike Khouw recommends an iron condor strategy in the Russell 2000 ETF

Trader disclosure: On July 17, 2018, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Options Action” were owned by the “Options Action” traders: Dan Nathan is long XLF Sept put spread. Dan is long CAT put spread. Dan is long QQQ Sept put spread. Dan is long SMH Oct put spread. Carter disclosures not available. Long S&P, HAL. Bearish on TSLA.



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cornhole wants to make it to the big leagues

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Ankit Mittal, of Ellicott City, Md., tosses a bean bag as his friend Shean Flynn, of Newport News, Va., waves his Terrible Towel as the two were playing Corn Hole while enjoying tailgating before the game between the Pittsburgh Steelers and Washington Redskins at FedEx Field in Landover, Md.

Ricky Carioti | The Washington Post | Getty Images

Ankit Mittal, of Ellicott City, Md., tosses a bean bag as his friend Shean Flynn, of Newport News, Va., waves his Terrible Towel as the two were playing Corn Hole while enjoying tailgating before the game between the Pittsburgh Steelers and Washington Redskins at FedEx Field in Landover, Md.

Every day after he leaves his job as a warehouse general manager, Cody Henderson runs up to three miles. Then, he sets up cornhole boards and practices throwing beanbags for a couple hours, focusing on timing, balance and precision.

“It helps a lot with the endurance and mental game,” Henderson, 27, told CNBC. “If you can sit there and not get bored in a quiet area for two or three hours, you are really going to set yourself up to succeed on the pro level.”

Succeed he has. Henderson, who lives in Jackson, Ohio, is the top-ranked player out of the 20,000 pros in the American Cornhole League (ACL). He says he earned between $20,000 and $25,000 in prize money last year. He’s peaking just as the sport is surging in popularity.

While cornhole is generally thought of as a beanbag tossing game played at family gatherings or tailgate parties, it’s gotten so big that players like Henderson are making their way to ESPN. During last year’s The Ocho, a one-day event for alternative sports on ESPN 2, the Championship of Bags was the most viewed competition.

In the 18 to 49 age group, more peopled watched cornhole on that day than the competing game coverage of Major League Baseball, the WNBA or the final stage of the Tour de France, according to Sports Media Watch.

For Henderson, cornhole requires 20 hours a week of training and tournaments on weekends. Still, he said most people don’t take him seriously when he says he plays professionally.

“They’ll say, ‘Oh yeah really?’ and just change the subject,” he said. “When people were seeing me on ESPN, everyone’s attitude changed.”



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TiVo falls on report Amazon is developing live TV recording device

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TIVO, Inc. gave a way free TIVO (DVR) Digital Video Recorder, boxes to thousands of happy Comcast Cable customers, who also donated a toy or clothing for charity outside their corporate headquarters.

Kim Kulish | Corbis | Getty Images

TIVO, Inc. gave a way free TIVO (DVR) Digital Video Recorder, boxes to thousands of happy Comcast Cable customers, who also donated a toy or clothing for charity outside their corporate headquarters.

Shares of TiVo fell as much as 10 percent in afternoon trading Friday following a Bloomberg report that Amazon is eyeing a live TV recording device.

TiVo pared losses and closed just 4 percent down at $12.20. The drop extends a challenging run for TiVo, which is now off 20 percent in 2018 and 30 percent in the last 12 months.

Amazon is known to scare investors and send stocks tumbling with news of a planned entrance into a new industry. Earlier this week, movie theater stocks dropped on a report that Amazon is considering a bid for Landmark Theaters.

Representatives for Amazon and TiVo were not immediately available to comment.



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