Bank of America
Shareholders voted to allow Bank of America’s chairman and CEO to keep both titles. More than 60 percent of the company’s investors voted not to separate Brian Moynihan’s two titles. Last year, the bank’s board elevated him to chairman without consulting shareholders, leading to criticism. Shares fell a fraction to $15.57.
Groupon is cutting about ten percent of its workforce or about 1,100 jobs. The move comes as the daily deals site restructures outside North America and shuts down some of its oversees operations. Shares were off two percent to $4.08.
Office Depot & Staples
Shares of Office Depot and Staples slipped today on reports that its merger may get blocked. The New York Post reported that the head of the Federal Trade Commission may oppose the $11 billion combination. Commissioners are expected to rule by October. Office depot fell four percent to $7.06. Staples slipped almost six percent to $12.75.
Mixed results from General Mills. The food maker’s adjusted earnings beat estimates, but revenue was slightly below forecasts. Restructuring and cost controls are helping the company’s bottom line. Shares were up slightly to $57.13.
Darden Restaurants managed to top consensus on the top and bottom lines. Same-restaurant sales also rose and the parent of the Olive Garden hiked its earnings guidance for 2016. Despite that, shares were off slightly on this down day to $69.69.
Conagra’s quarterly profit topped estimates and the firm said it expects profit margins to continue to expand. But the food producer warned that currency issues will impact profits.
Shares fell seven percent to $39.40.
Weatherford International announcing that its cancelling its share and convertible debt offering only a few hours after announcing the plan. This as its stock price dropped on the initial plans. Shares popped on the reversal, up more than ten percent to $9.31.
The specialty chemical maker Ashland says it will split into two companies. The firm will spin-off its engine lubricants unit into a publicly traded company to focus on its higher margin business. Shares rose 2.5 percent to $108.50.