9 Buzzing Stocks: Wendy’s Declines 2%, Pep Boys Agrees to Buyout and Starbucks Expands to India
Shares of Wendy’s Company (NYSE:WEN) declined 2 percent on Monday morning. The company announced its fourth quarter income declined from $6.1 million to $4.3 million. Shares of McDonald’s (NYSE:MCD) and Yum! Brands Inc. (NYSE:YUM) also headed lower.
Pep Boys (NYSE:PBY) shares surged more than 24 percent after agreeing to a buyout offer from investment firm The Gores Group. “Partnering with The Gores Group delivers a significant premium for Pep Boys’ shareholders and ensures a strong foundation for us to continue our expansion,” the company said. Shares of Autozone Inc. (NYSE:AZO) edged higher on the news.
Gannett Co. Inc. (NYSE:GCI) fell .80 percent after reporting a decline in net income. The company earned $116.9 million (49 cents per share), compared to $174.1 million (72 cents per share) in the previous year period.
On Monday, Valeant Pharmaceuticals International Inc. (NYSE:VRX) said it is withdrawing its buyout offer of $7.50 per share for ISTA Pharmaceuticals Inc. (NASDAQ:ISTA) due to a lack of progress. Shares of ISTA declined 2.5 percent on the news.
Starbucks Corp. (NASDAQ:SBUX) finalized a deal with Tata Global Beverages on Monday to form an equal joint venture, that will help Starbucks offer cafes in India. Shares of the coffee giant slipped 1.25 percent in morning trading.
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