The feud between lululemon and its founder may be over soon. The athletic apparel maker filed for Chip Wilson to sell his family’s stake in the company. The sale could total 20-million shares, a 14 percent stake worth about $1.3 billion. The founder, who has fought with the board over its strategies, reportedly weighing the option. Shares were off one percent to $66.07.
The activist hedge fund Elliot Management has disclosed a seven percent stake in Citrix, which is best known for its Go-To-Meeting service. The firm wants to work with the company on improving operations, while also selling or spinning off corporate assets. Shares popped almost seven percent to $70.39.
Shares of Axovant surged after the company said its initial public offering raised $315 million, which is the largest amount ever raised by a biotech company. The firm is preparing to start late-stage testing of a Alzheimer’s disease drug treatment. Shares doubled, closing at $29.90.
Amazon & General Electric
European regulators taking aim at Amazon and General Electric. The European commission has opened a formal probe into Amazon’s e-book business, to investigate whether the retailer used its dominant position in the market to favor its own products over rivals. Separately, European regulators are set to say that General Electric’s deal to buy the energy unit of France’s Alstom could harm competition, according to a Reuters report. Amazon was up a fraction to $432.97. General electric fell slightly to $27.51.
Eli Lilly jumped in today’s trading session, but there doesn’t seem to be any significant news causing the move. Shares popped to a 14-year high. Closing four percent higher at $86.59.