Category: Stock Market News

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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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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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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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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Shares of Hormel Foods Corp. climbed 1.4% to a three-month high in morning trade Monday, after the packaged foods company was upgraded at Credit Suisse. Analyst Robert Moskow raised his rating to outperform from, after being at neutral for the last 13 months. He raised his stock price target to $43, which is 9.5% above current levels, from $38. “In an environment where packaged food peers are rationalizing their portfolios and turning almost exclusively to cost-cutting to adjust to slowing consumer demand, Hormel stands out as having a clear path toward volume growth over the next 12 months,” Moskow wrote in a note to clients. He said despite sharp declines in pricing for hogs, corn and turkey breasts, there have not been any “material” signs of pricing weakness or supply gluts. Hormel reported last week fiscal third-quarter earnings and revenue that beat expectations. The stock has slipped 0.8% year to date, while the S&P 500 has gained 8.5%.

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U.S. stocks opened slightly lower Monday, with investors taking a cue from a retreat by oil futures as they await a speech by Federal Reserve Chairwoman Janet Yellen at the end of the week. The S&P 500 fell 4 points, or 0.2%, to 2,180, while the Dow industrials declined 69 points, or 0.4%, to 18484. The Nasdaq Composite lost 8 points, or 0.1%, to trade at 5,230. Oil futures pulled back, with traders citing doubts about a potential production freeze. The week’s main event is expected to be Yellen’s speech Friday at an annual Fed retreat in Jackson Hole, Wyo., which will be watched for clues to the timing of the central bank’s next rate increase.

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Office Depot Inc. said Monday that Chief Executive Roland Smith will retire from that position, after joining the office equipment retailer in November 2013. He will remain in the position until a successor is found, which is expected to be by the end of the first quarter. The company expects Smith to remain as chairman of the board. Among other executive moves, made as part of a strategic plan that includes the consolidation of its retail, contract, ecommerce and omni-channel marketplace, Troy Rice was named to the newly-created position of chief operating officer, North America. Office Depot’s stock, which is still inactive in premarket trade, has plunged 38% year to date, while the SPDR S&P Retail ETF has climbed 6.2% and the S&P 500 has gained 6.9%.

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