99 Cents Only Stores Dumped at the Alter, Stock Down 5%
99 Cents Only Stores (NYSE:NDN) is crashing 5% after reports that Apollo Global Management (NASDAQ:APO) may have ceased its bidding for the discount chain. There had been hopes Apollo would top the $1.3 billion takeover offer from Leonard Green & Partners.
99 Cents Only Stores’ (NYSE:NDN) stock is down 5.05% to $19.17 on the news. Shares are up 20.26% year to date. The stock has traded in a 52-week range between $14.32 and $21.00.
Keep your eyes on the discount retail sector as more buyout chatter arises: Family Dollar Stores, Inc. (NYSE:FDO), Dollar General Corp. (NYSE:DG), Dollar Tree, Inc. (NASDAQ:DLTR), Big Lots, Inc. (NYSE:BIG), Wal-Mart Stores, Inc. (NYSE:WMT), Target Corporation (NYSE:TGT), Fred’s, Inc. (NASDAQ:FRED), and Costco Wholesale Corp. (NASDAQ:COST).