Quiet day on Wall Street caps extraordinary year
The stock market ended a quiet Monday mostly where it began as investors shut their books for what has been an extraordinary year on Wall Street.
Traders had little corporate or economic news to work through. The bond market was quiet as well. The yield on the benchmark 10-year Treasury note continued to hover near 3 percent.
The Dow Jones industrial average moved less than 30 points the entire day, the narrowest range for the index since February 2007.
Netflix ends poison pill plan two years ahead of schedule
Netflix says it’s ending a move meant to help ward off hostile takeovers almost two years early.
The online video company adopted the shareholder rights plan, also known as a poison pill, in November 2012 after activist investor Carl Icahn disclosed a stake of almost 10 percent in the company.
The poison pill was scheduled to expire in November 2015, but the company terminated it effective Monday.
According to FactSet, Icahn now owns a 4.5 percent stake.
Cracker Barrel rejects push by shareholder to sell itself
Cracker Barrel says it won’t consider selling itself, rejecting a push from its biggest shareholder.
The company said Monday that it will continue pursuing its own business strategies.
Last week shareholder Sardar Biglari said he was willing to make a bid for the company and urged it to consider selling itself.
Biglari owns nearly 20 percent of Cracker Barrel Old Country Store Inc.’s shares.
Cooper Tire, Apollo Tyres both suing over failed deal
Cooper Tire & Rubber Co. said Monday it’s dropping plans to be bought by India’s Apollo Tyres Ltd., citing lack of financing for the transaction, and will seek damages. Apollo said it’s disappointed and will also sue.
The U.S. manufacturer, based in Findlay, Ohio, is seeking a $112.5 million “reverse termination fee,” Chief Financial Officer Brad Hughes said Monday.
Crocs getting cash infusion; its chief executive will retire
The company that makes Crocs shoes is getting a $200 million bailout from a private equity fund, and its CEO is retiring.
Crocs says it will use the money from Blackstone, plus cash on hand, for a $350 million share buyback.
The deal gives Crocs a cash infusion, gives Blackstone two seats on the board and preferred shares that pay a 6 percent dividend, and gives shareholders an additional return by way of the buyback.
Crocs also said late Sunday that CEO John McCarvel is retiring near the end of April.
– From news service reports