Concerns about accounting issues pressured shares of Hertz. The car rental company is restating its 2011 financial results and reviewing its record for 2012 and 2013, according to a regulatory filing. Hertz also expects its first-quarter results to be below analyst estimates because of costs related to the review. Shares plunged nine percent to $27.73.
United Parcel Service
UPS named a company veteran as its next CEO. The package delivery giant’s chief operating officer David Abney will take the top job starting September 1st. The company’s current chief, Scott Davis will become non-executive chairman. Abney spoke today about the company’s future. Shares were off a fraction to $103.59.
Shares of Diamond Foods plummeted today after the company posted disappointing results. Earnings came in well below expectations, which the food company blamed on weakness in its nut business. Diamond did say it was pleased with its snack unit, which includes Pop Secret popcorn. Still shares were down almost 11 percent to $29.74.
A report that Sears CEO Eddie Lampert met with outgoing Ford CEO Alan Mulally drove shares of Sears higher today. The two reportedly discussed how to turn around the struggling retailer’s business. The stock was up almost two percent to $40.80.
After the close billionaire investor Carl Icahn disclosed a nine percent stake in Family Dollar. Icahn says he believes Family Dollar shares are undervalued, he plans to discuss strategies with the company’s board, which may include strategic alternatives. Shares spiked after the news. During the regular session the stock was up a fraction to $60.53.