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The Wendy’s Company said Thursday that it has named Todd Penegor chief executive officer in addition to his role as president of the company. Penegor succeeds Emil Brolick, who announced his retirement in October 2015. He will continue to serve on the board of directors, pending approval at Thursday’s annual shareholder meeting. Penegor has been chief financial officer since 2013, a role that transitioned to Gunther Plosch, who joined the company earlier this month. Finally, Bob Wright has been named chief operations officer for Wendy’s international division, effective May 30. Wendy’s shares are inactive in premarket trading, but down 3.7% for the year so far. The S&P 500 is down 2.3% for the year to date.

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From:: Stock Market News

Chico’s FAS Inc. [s:chs] shares sank 4.9% in Thursday premarket trading after the fashion retailer announced first-quarter earnings that missed estimates. Chico’s, whose brands include the namesake clothing line, White House Black Market, and the Soma lingerie line, said it had net income of $31.3 million, or 23 cents per share, compared with $32.5 million, or 22 cents per share for the same period last year. Adjusted earnings were 25 cents per share, below the 31 cents per share FactSet consensus. Revenue totaled $643 million, down from $697.8 million last year and below the $669 million FactSet consensus. Same-store sales decreased 4.2% for the quarter. The company said it is taking cost-cutting actions that will improve its supply chain and other areas of the business, generating between $50 million and $70 million in annual savings. This is in addition to previously announced cuts to marketing and digital commerce actions expected to generate $14 million in annual savings. Chico’s shares are down 35.1% for the past year while the S&P 500 is fell 0.7% for the same period.

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From:: Stock Market News

Chico’s FAS Inc. [s:chs] shares sank 4.9% in Thursday premarket trading after the fashion retailer announced first-quarter earnings that missed estimates. Chico’s, whose brands include the namesake clothing line, White House Black Market, and the Soma lingerie line, said it had net income of $31.3 million, or 23 cents per share, compared with $32.5 million, or 22 cents per share for the same period last year. Adjusted earnings were 25 cents per share, below the 31 cents per share FactSet consensus. Revenue totaled $643 million, down from $697.8 million last year and below the $669 million FactSet consensus. Same-store sales decreased 4.2% for the quarter. The company said it is taking cost-cutting actions that will improve its supply chain and other areas of the business, generating between $50 million and $70 million in annual savings. This is in addition to previously announced cuts to marketing and digital commerce actions expected to generate $14 million in annual savings. Chico’s shares are down 35.1% for the past year while the S&P 500 is fell 0.7% for the same period.

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From:: Stock Market News

Gannett Co. Inc. on Thursday urged shareholders of Tribune Publishing Co. to withhold their votes on the election of directors at the Tribune annual meeting to be held on June 2. “Gannett encourages Tribune stockholders to deliver a mandate to the Tribune Board that it should engage constructively with Gannett regarding its $15.00 per share all-cash premium offer to acquire Tribune,” the company said in a statement. Tribune has rebuffed Gannett’s advances and argued that its own transformation plan would be better for shareholders. Earlier this week, the company said it would receive a $70.5 million growth-capital investment from Nant Capital LLC, which was founded by billionaire Patrick Soon-Shiong, in exchange for Tribune common stock. Tribune has agreed to issue 4.7 million shares of its common stock to Nant Capital at $15 a share. Gannett said it will review whether to proceed with its offer after the results of the withhold vote are in. Shares of both companies were not yet active in premarket trade.

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From:: Stock Market News

Gannett Co. Inc. on Thursday urged shareholders of Tribune Publishing Co. to withhold their votes on the election of directors at the Tribune annual meeting to be held on June 2. “Gannett encourages Tribune stockholders to deliver a mandate to the Tribune Board that it should engage constructively with Gannett regarding its $15.00 per share all-cash premium offer to acquire Tribune,” the company said in a statement. Tribune has rebuffed Gannett’s advances and argued that its own transformation plan would be better for shareholders. Earlier this week, the company said it would receive a $70.5 million growth-capital investment from Nant Capital LLC, which was founded by billionaire Patrick Soon-Shiong, in exchange for Tribune common stock. Tribune has agreed to issue 4.7 million shares of its common stock to Nant Capital at $15 a share. Gannett said it will review whether to proceed with its offer after the results of the withhold vote are in. Shares of both companies were not yet active in premarket trade.

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From:: Stock Market News

Signet Jewelers Ltd. shares were indicated down more than 2% in premarket trade Thursday, after the jewelry retailer missed fiscal first-quarter sales expectations and provided a downbeat outlook. For the quarter ended April 30, earnings rose to $146.8 million, or $1.87 a share, from $118.8 million, or $1.48 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.95, above the FactSet consensus of $1.94. Revenue increased to $1.58 billion from $1.53 billion, but missed the FactSet consensus of $1.61 billion. Same-store sales grew 2.4%, compared with the FactSet consensus of a 3.6% increase, with its Zale, U.K. Jewelry and Sterling Jewelers divisions all falling shy of forecasts. For the current quarter, Signet expects same-store sales growth of 1% to 2%, below the FactSet consensus of 3.5%. Adjusted EPS is expected to be $1.49 to $1.54, surrounding the FactSet consensus of $1.53. Separately, Signet said it retained Goldman Sachs to help conduct a strategic evaluation of its credit portfolio. “The primary objective of this process will be to ensure Signet has an optimized business structure that enhances our ability to execute against our strategic objectives which in turn delivers value for shareholders,” said Chief Executive Mark Light. The stock has tumbled 12% year to date through Wednesday, while the S&P 500 has gained 2.3%.

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From:: Stock Market News

Denmark’s Dong Energy has set a price range for its initial public offering in Copenhagen, valuing the Danish utility at 83.5 billion to 106.5 billion Danish kroner, or $12.5 billion to $16 billion. The price range for Dong shares has been put at 200 to 255 Danish Kroner, and they’re expected to start trading on June 9, Dong said in a news release. “The Kingdom of Denmark, as majority shareholder, will sell part of its current shareholding while maintaining a 50.1% shareholding after the IPO,” Dong said. Dong Energy, part-owned by Goldman Sachs Group Inc. , made waves earlier this year with news that it’s going ahead with the world’s largest offshore wind farm.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News