Martha Stewart Living
Takeover talk lifted shares of Martha Stewart Living. Sequential Brands is nearing a deal to acquire the publishing and merchandising company, according to Dow Jones. Martha Stewart Living’s market value is around $350 million, including today’s move. Shares popped 26 percent to $6.44.
A mixed quarter for Kroger. The grocery store chain’s bottom line topped estimates, while revenue was off. The company lifted a key sales target for the year, which investors seemed to like. Shares were a fraction higher to close at $73.50.
For the first time in 40 years, McDonald’s is going to shrink. The burger chain plans to close more restaurants in the U.S. than it opens this year. This as the company trims the fat to improve lagging sales performance. Despite that, the stock was one percent higher to $96.17.
Rite Aid reported earnings that topped estimates, while revenue was in line. Same store sales rose in the drug store chains most recent quarter, but the company lowered its full-year outlook. Shares were off 3.5 percent to $8.60.
Fitbit made its Wall Street debut and shares soared, even though the stock was priced well above the expected range. The firm, which makes wearable fitness tracking bracelets, raised around $730 million with the sale. The CEO says they plan to be more than just a wearable maker. Shares popped 48 percent to $29.68.
An activist investor disclosed a seven percent stake in Conagra. Jana Partners wants to change the company’s board of directors and turn around what it describes as a disastrous deal. Referring to Conagra’s $5 billion purchase of private label food company Ralcorp. Shares moved higher initially after hours on the report. The stock finished the regular session at $39.12.