Shares of Zoe’s Kitchen skyrocketed in the company’s trading debut. The Mediterranean-themed restaurant offered $5.8 million of its shares at $15 each. That was at the upper-end expected price range. Investors found the new offering appetizing and the stock surged about 65 percent to $24.72.
Alibaba & AutoNavi
China’s largest e-commerce company, Alibaba has agreed to buy Autonavi for $1.5 billion. Alibaba already has a stake in this mapping and navigation. Shares of Autonavi popped on the news, up almost three percent to $20.62. Alibaba isn’t public in the U.S. yet, but its expected to make its Wall Street debut later this year.
Shares of Herbalife plunged on a Financial Times report that the U.S. Department of Justice and the F.B.I. are investigating the multi-level marketing company. Herbalife has been accused of operating a pyramid scheme by hedge fun manager Bill Ackman. The company says it has no knowledge of any ongoing investigations. Shares tumbled about 14 percent to $51.48.
Sony is warning customers to stop using some of its Vaio laptops, saying its possible that the non-removable battery pack could overheat and catch fire. The defective batteries are in Fit 11A devices. The Japanese electronics maker says its in the process of creating a program to repair or replace the products. Despite that, shares were up more than one percent to $18.38.