Nasty results from RadioShack sent its shares tumbling. It reported its ninth straight quarterly loss. The electronics retailer is burning through cash as its tried to turnaround its business, but so far those efforts aren’t working. It blamed the bigger loss on weakness in its mobile and consumer electronics business. The stock plunged more than ten percent to $1.38.
Chico’s is exploring a sale to a private equity firm, according to reports. The women’s retailer has been in talks with suitors, which could lead to one of the largest take-private transactions so for this year. Reacting to the takeover buzz, shares rose 7.5 percent to $16.53.
Allergan & Valeant
Meanwhile in another takeover saga, Botox maker Allergan rejected the latest offer from Valeant Pharmaceuticals. The company said the sweetened $53 billion bid significantly undervalues its prospects for growth and it creates risks for Allergan shareholders. Shares of both companies fell by a fraction. Allergan closed at $163.09 and Valeant at $125.55.
Metlife announced its first share buyback program since 2008. The nation’s largest life insurer by assets will buy up to $1 billion dollars. Shares rose a fraction to $55.05.
Keurig Green Mountain & Subway
Shares of Keurig Green Mountain rose on news the company is teaming up with Subway. The company’s single serve coffee brewers will be available at Subway locations. The stock was up one percent to $115.38.