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Fast-casual restaurant Cosi Inc. said late Monday that President and CEO R.J. Dourney has been fired, effectively immediately, the company said in a statement. A search for a new CEO will start immediately, with board member Patrick Bennett serving as interim CEO, the company said. In the same statement, Cosi said Chief Financial Officer Miguel Rossy-Donovan has tendered his resignation effective Sept. 23 to take up a CFO position at an unnamed company. Shares of Cosi were halted in late trading Monday after ending the regular session up 5.6%

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From:: Stock Market News

Zoe’s Kitchen Inc. shares fell in the extended session Monday after the casual-dining chain’s revenue and outlook fell below Wall Street targets. Zoe’s shares fell 10% to $33.55 after hours. The company reported fiscal second-quarter earnings of 6 cents a share on revenue of $66.3 million. Analysts surveyed by FactSet had forecast 6 cents a share on revenue of $67.2 million. For the year, Zoe’s lowered their revenue outlook to a range of $277 million to $280 million, down from a previous range of $277 million to $281 million. Analysts had estimated $280.6 million.

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U.S. stocks closed mostly lower Monday as oil futures snapped a seven-session win streak to finish sharply in negative territory. Losses in West Texas Intermediate oil trading on the New York Mercantile Exchange for September delivery , pushed the contract down 3% at $47.05 a barrel. The October contract is now WTI’s front-month contract. Energy shares on the S&P 500 followed oil’s lead, falling 0.9%–suffering the worst drop among the S&P 500’s 10 sectors. Overall, the large-cap benchmark ended about a point lower at 2,182, the Dow Jones Industrial Average closed off 23 points, or 0.1% , at 18,529, while the Nasdaq Composite Index edged 0.1% higher at 5,244. Thin trading and reluctance to make big bets ahead of a speech from Federal Reserve Chairwoman Janet Yellen in Jackson Hole, Wyo., on Friday, made for muted trading action. In merger news, Pfizer Inc. confirmed plans to buy biotech firm Medivation Inc. in a deal valued at $14 billion.

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WASHINGTON (MarketWatch) — Former Fannie Mae CEO Daniel Mudd agreed to pay a $100,000 fine to settle allegations of misleading disclosure during the financial crisis, Reuters reported, citing settlement documents. Mudd was the last of six executives at Fannie Mae and Freddie Mac sued over the crisis, the report said. None of the executives paid a fine of more than $250,000.

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From:: Stock Market News

Oil futures settled sharply lower on Monday, pulling back in the wake of a seven session climb. Expectations for a rise in global crude output pressured prices as the September futures contract went off the board at the session’s conclusion. September WTI crude fell $1.47, or 3%, to settle at $47.05 a barrel on the New York Mercantile Exchange. October WTI crude , which is now the front-month contract, settled at $47.41 a barrel, down $1.70, or 4.5%.

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From:: Stock Market News

Gold futures settled lower on Monday, extending losses to a second straight session with investors cautious ahead of Federal Reserve Chairwoman Janet Yellen’s speech later this week that may signal an interest rate increase as early as September. Gold for December delivery lost $2.80, or 0.2%, to settle at $1,343.40 an ounce.

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Intersil Corp.’s stock rocketed 20% to a nine-year high on heavy volume, but analysts say they believe it can rally a lot further, if they did their math right. Volume of 6.4 million shares was more than seven times the full-day average. The Wall Street Journal reported that Japan’s Renesas Electronics Corp. was in talks to buy the chip maker in a deal that would be valued at about $3 billion. Deutsche Bank analyst Ross Seymore said he had “no incremental knowledge” about a potential deal, but he would not be surprised since he had written about the possibility “many times in the past.” He the terms of the buyout, originally reported by Nikkei, would imply a bid of about $21 a share, which implies a further surge of 12% from current levels. Analyst Craig Ellis at B. Riley said the per-share bid could be $22, which is 17% above current levels. Stifel Nicolaus analyst Tore Svanberg said the bid could be in the range of $20 to $23 a share, or 6.8% to 23% above current levels. The stock has now run up 47% year to date, while the PHLX Semiconductor Index has climbed 20% and the S&P 500 index has gained 6.7%.

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From:: Stock Market News