Joe's Jeans Inc (NASDAQ:JOEZ) fell over 30% to a new 34-month low of $0.57 Friday after the apparel maker disclosed in a regulatory filing it received a notice of default and demand for payment of default interest from Garrison Loan Agency Service on Nov. 6. The term loan agent said a default occurred as Joe's Jeans failed to meet an EBITDA financial covenant for the 12-month period ended Sept. 30. As a result, Garrison Loan Agency said it demanded interest payment at the default rate of interest. Joe's Jeans Inc (NASDAQ:JOEZ) had $59.926 million outstanding under the term loan agreement as of Sept. 30.
As a result of the default, Joe's Jeans also defaulted under the terms of its revolving credit agreement and factoring facility with CIT Commercial Services (CIT), which were entered into on Sept. 30, 2013. Joe's Jeans specified it is holding talks with the loan agent and CIT to resolve the defaults through possible amendments, although no assurances can be given. JOEZ was down 37% at $0.60 in recent trade, with a new 52-week range of $0.57-$1.55. More than 2.7 million shares changed hands, over ten times the average three-month volume of 211,903 shares.USA Technologies, Inc. (NASDAQ:USAT) shares were up over 2% Friday after the company swung to a higher-than-expected net loss in Q1 of fiscal 2015 ended Sept. 30 with revenues climbing above the consensus. The provider of wireless, cashless payment solutions also reiterated full-year guidance above Street expectations. Q1 net loss totaled $0.4 million, or $0.02 per share, compared to net income of $0.1 million, or $0.01 per share, in the year-ago period. Quarterly revenues climbed 21% year-on-year to $12.3 million. Analysts were expecting a loss of $0.01 per share on revenues of $11.7 million. For fiscal 2015, USA Technologies, Inc. (NASDAQ:USAT) continues to expect total revenues of between $51 million and $53 million, above the average forecast of three analysts of $50.6 million. In mid-day trade, USAT shares were up 2.5% at $1.63, with a 52-week range of $1.51-$2.48.Shares of Yahoo! Inc. (NASDAQ:YHOO) were trading more than 1.6% higher at $51.32 Friday midday, marking a new 52-week high, after FBR Capital raised its price target for the technology company to $60 from the previous target of $50, representing a 19% upside from Thursday's close. The increase was based on the appreciation of Alibaba (BABA) stock, partially offset by reduced share repurchases and dilution from the recently announced BrightRoll acquisition. The research firm currently has an Outperform rating for the stock. Yahoo! Inc. (NASDAQ:YHOO) trades in a 52-week range of $32.15 - $51.19.
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