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ORANGE COUNTY BRIEFLY

Oakley Stock Up Another 16% as Comeback Continues

May 30, 1997|(Dow Jones)

FOOTHILL RANCH — Oakley Inc. stock has surged 25% the last two days as the designer of sunglasses begins to show signs of bouncing back from some setbacks in recent months.

An analyst said Oakley's performance in the second quarter seems to be in line with analysts' expectations.

Oakley's shares on Thursday climbed $1.625, or nearly 16%, to $11.875 per share in heavy trading on the New York Stock Exchange. On Wednesday, the stock rose 75 cents, or nearly 8%, to $10.25 per share.

Michael Conn, an analyst at Gruntal & Co., said investors may be reacting positively to a quarterly performance that may meet expectations, as was the case for the first quarter. A survey of five analysts projected earnings of 14 cents a share for Oakley in the second quarter.

Orders have increased as retailers begin to stock up after adjusting their inventories to be more in line with demand, the analyst said. These inventory adjustments had caused Oakley's recent disappointments, Conn said.

Oakley corporate communications manager Renee Law said "it's too early to tell" whether the company will meet analysts' expectations for the second quarter. Law declined to comment on the recent stock activity.

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