Consumer Biz Recap: Talbots Shares CRASH HARD, Time Warner Eyes Sports Website
Plans by Procter & Gamble (NYSE:PG) to offer consumers small lightweight packets of detergent have hit the wall, due to an increasing number of reports of poisoning in the U.S. The problem seems to be that the packet are brightly colored, and might cause small children to think they contain candy. Late Friday P&G said that it will add latches to the mini-packs to enhance safety.
Shares of Talbots (NYSE:TLB) lose almost half their value, following the news that its exclusivity agreement with Sycamore Partners has expired without results. The latter backed out of a deal to acquire Talbots at $3.05 a share, and now it seems that no one wants to make an offer. A total of 90 store closures, falling same-store comparables, and the failure to turn around its fortunes with advertising, has led Focus Investment Banking‘s Abe Garver to say that the company has talked to all potential purchasers, with no luck.
Director Armandi Cidina of Home Depot (NYSE:HD) has bought around $999,000 worth of its shares, at an average price of $48.37. The remaining shares fell a tiny bit on the news.
Time Warner (NYSE:TWX) is looking at the purchase of the popular sports website Bleacher, says a Wall Street Journalreport. Other suitors might be hovering nearby, but talks between Time Warner and VC-backed Bleacher are said to be ongoing.
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