Dish Gives Up On Clearwire, Huge Losses For Barnes & Noble: Morning Buzzers
U.S. stock futures have risen for the third day in a row as investors wait on data on consumer spending and jobless claims, which will give a better picture of the country’s economic health. The Federal Reserve has said it will begin curbing stimulus as soon as this fall if the U.S. economy proves it’s stable.
Futures at 8:30 a.m.: DJIA: +0.42% S&P 500: +0.53% NASDAQ: +0.50%
Here’s your cheat sheet to what’s buzzing Thursday morning:
Dish Network (NASDAQ:DISH) has pulled out of a bidding war over Clearwire (NASDAQ:CLWR), meaning Sprint Nextel Corp. (NYSE:S) will be able to acquire the half of Clearwire it doesn’t already own. The satellite TV provider also lost an attempted acquisition of Sprint to SoftBank (SFTBY.PK) last week. Both of these losses are bad news for Chief Executive Officer Charlie Ergen’s plans to break into the mobile phone market. Some analysts believe Dish could turn its focus to the nation’s number four wireless provider, T-Mobile (NYSE:TMUS).
Men’s Wearhouse (NYSE:MW) recently fired founder George Zimmer. He revealed that he planned to take the company private in an open letter he wrote explaining why he was ousted. He says in the letter, “The reality is that over the past two years, and particularly over recent months, I believe that the board and management have been eroding the principles and values that have made the Men’s Wearhouse so successful.” He added that the board rejected the idea of going private without reviewing what potential advantages such a move would have.
HD Supply Holdings Inc. (NASDAQ:HDS) has reduced prices on its initial public offering amid a stock decline. The company told prospective investors that the shares are being sold between $18 and $20, down from an original price of $22 to $25. U.S. stocks tumbled this week after Federal Reserve Chairman Ben Bernanke announced that the central bank could end stimulus soon.
Barnes & Noble (NYSE:BKS) will delay filing its FY 2013 annual report on time, as the book retailer goes through an accounting review that could lead to restatements. The company has suffered due to poor sales of its Nook e-reader and less foot traffic inside its stores. Barnes & Noble’s net losses for the quarter totalled $118.6 million, more than double compared to a year ago.
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