Wendy’s will purchase up to $1.4 billion in shares by the end of 2016. The repurchase will also include shares from activist investor Trian Group, as the firm is trying to cut its stake in the company. Also, Wendy’s hiked its long-term earnings growth target. Shares were up three percent to $11.47.
Disappointing results from Vera Bradley. The accessories maker, known for its quilted handbags, swung to a loss in its first quarter and slashed its earnings guidance for the year, as sales have been falling. The stock was off 14 percent to $12.16.
Stock Building Supply
A merger in the construction materials space to tell you about. Stock Building Supply is combining with a privately held company called building materials holding to form a company with about $3 billion in revenue. The move is an effort to expand in the fast-growing south and west regions of the U.S. Shares of Stock Building Supply surged 13.5 percent to $20.54.
Late earnings from Five Below topped estimates. The discount retailer reporting a 20 percent increase in profit and a strong outlook for the second quarter and the full year. Shares popped initially after the bell. Before the close the stock was up 2.5 percent to $35.10.