On "Moneyline," CNN's Sean Callebs examined the rise of
Converse's stock, which over the past year has risen 350%.
Callebs noted Converse's turnaround is "credited in large
part" to Chair & CEO Glenn Rupp. Callebs also noted the
company's recent endorsement deal with Dennis Rodman.
Callebs: "The company's stock floundered around $4 a share
before Rupp left Wilson Sporting Goods a year ago to join
Converse. The price was above $14 a share when Rodman
signed on in the end of January, and by late February,
Converse's stock had almost doubled, to above $27."
Callebs, on Rodman: "The publicity-seeking big man isn't
likely to end up on the cover of Good Housekeeping, but
marketers say Rodman will sell shoes." The Marquee Group
Senior VP Mike Trager: "I don't think that what has happened
to date in that particular [cameraman-kicking] incident
destroyed Rodman's credibility with his audience. And his
audience is younger, and a little bit crazy and a little off
center. And that's youth" ("Moneyline," CNN, 2/21).
FINANCIAL REPORT: Converse announced total revenues for
its fourth quarter were $69.6M, compared to $76.8M for the
fourth quarter of '95. For FY '96, revenues were $349.3M,
versus $407.5M in '95 (Converse).
