Things just keep getting worse for Lumber Liquidators the flooring retailer’s CEO, Robert Lynch, quit abruptly, as the firm has been embroiled in an investigation over products imported from China. The probe was initiated because of allegations that some of the company’s flooring contains the carcinogen formaldehyde. Shares tumbled 16.5 percent to $21.10.
Chico’s chief will retire next spring and take the role of vice chairman until June of next year. A successor hasn’t been appointed yet. Shares were a fraction lower to close at $17.02.
Shake Shack got a lift on speculation that the company is eyeing chicken. The burger chain filed an application for “chicken shack” in April. Investors liked the possibility of expansion, sending shares up 8.5 percent to $89.87.
Dollar Tree posted higher sales and traffic. The company also updating investors saying it expects its nearly $9 billion deal to buy Family Dollar to close in early July. Its outlook for the current quarter came in below estimates. Still, shares were three percent higher to $78.68.
Qualcomm announced plans to launch an accelerated $5 billion stock buyback program. This as the chip maker has been under pressure by activist investor Jana Partners to increase shareholder value. Shares were one percent higher to $70.09.
Financial Engines & Wells Fargo
Financial engines, which is an online advisory service, spiked on a Reuters report that Wells Fargo is planning to offer Financial Engines’ service through its retirement platform. The move would make Financial Engines available to nearly four million Wells Fargo 401(k) participants. Financial Engines rose about four percent to $42.49. Wells Fargo was off a few cents to $56.01.