Golden Gate Capital reeled in Red Lobster from Darden. The restaurant operator has agreed to sell the chain for more than $2 billion in cash, going against pressure from activist investor Starboard Value that opposed the sale. Other investors didn’t seem to like the news either. Shares fell more than four percent to $48.49.
Abbott Laboratories & CFR Pharmaceuticals
Another drug merger in the news today. Abbott Laboratories is paying nearly $3 billion for Chile’s CFR Pharmaceuticals. The deal would expand Abbott’s presence in Latin America and more than double its branded generics drug business in the region. But shares of Abbott fell slightly to $39.06.
Shares of World Wrestling Entertainment got slammed today. The company said its new online network won’t make up for lost pay-per-view and streaming video on demand business until 2015. The stock plunged almost 44 percent to $11.27.
Dillard’s posted earnings that trumped Wall Street’s estimates. The apparel, cosmetics and home furnishings retailer did post revenue that came up a bit short, but that didn’t seem to bother investors. Shares jumped almost 15 percent to $111.
Pfizer will submit a new drug application with the FDA for its breast cancer drug early in the third quarter of this year. That means the drug maker won’t have to do bigger expensive late-stage testing for approval of the treatment. Shares rose slightly o $29.12.
TrueCar had a successful market debut, even after its initial public offering was priced at $9 a share, well below the expected range. The company, which operates TrueCar.com, an online car shopping and research site, raised about $70 million from the sale of its shares. The stock closed at $10.06, up almost 12 percent.