Shares of Ann Inc., popped on a better than expected earnings report. The retailer, whose brands include Ann Taylor and LOFT saw earnings almost double as gross margins improved and same-store sales grew. The company also announced a restructuring plan; it will cut 100 corporate jobs, which it says will save the company about $25 million a year. Shares rose more than 7.5 percent to $37.53.
Shares of General Mills took a hit after the company issued weak guidance. For the current quarter the packaged foods maker expects profit to fall below analyst estimates because of lower volume and negative currency effects. The stock was down almost 2.5 percent to $49.77.
The struggling teen retailer, Aeropostale reported its fifth straight quarterly loss and issued guidance that was far worse than expected. The chain also announced a deal with the private equity firm Sycamore Partners for a five percent stake in Aeropostale, in exchange for a loan. Shares plunged to their lowest level in almost 11 years, down 20 percent $5.83.
Cooper Tire saw profit fall more than 70 percent in the fourth quarter, driven by a drop in sales and its failed merger with India’s Apollo Tyres. Still, earnings topped expectations and the company reassured investors that the challenges it faced last year would diminish in 2014. Shares rose almost seven percent to $24.36.
Keurig Green Mountain
Keurig Green Mountain and Starbucks have brewed up a new deal. Starbucks agrees to give up its exclusive status as Keurig’s highest-end coffee brand. In return, Keurig will expand its range of Starbuck’s products. The deal opened the door for Keurig to sign a K-Cup deal with Peet’s Coffee and Tea. Shares rose more than 6.5 percent to $113.25.
Investors snapped up shares of Castlight Health in the company’s first day of trading. Castlight makes software that helps employers track health care costs and aims to save people money. Shares of the company more than doubled, up about 149 percent to $39.80.
Cisco is investigating whether some of its activities in Russia and neighboring countries violated U.S. laws that ban bribes to foreign officials. The network equipment maker launched the probe at the request of federal regulators. The company doesn’t expect its financial results to be materially affected. Shares fell a fraction to $21.35.