OpenTable, Apollo, Western Union, LPL Lead Major Stock Percentage Losers Feb 8th
OpenTable Inc (NASDAQ:OPEN): Oppenheimer downgraded OpenTable citing valuation following the company’s Q4 results. The firm points out that OpenTable expects weaker Q1 sales due to tough comparisons, reduced international dinner pricing and higher expenses. Note OpenTable shares were also downgraded this morning at Credit Suisse, but upgraded at Piper Jaffray. The shares closed at $45.40, down $6.05, or 11.76%. They have traded in a 52-week range of $35.60 to $118.66.
Apollo Investment Corp. (NASDAQ:AINV): In order to capitalize on various proprietary market opportunities and to maintain an appropriate capital structure, the Board has authorized management to explore whether the Company should raise up to $200 million of additional equity capital, which may be conducted, among other means, through either a marketed deal or a rights offering. Apollo Global Management has informed the Company that it intends to support AINV’s equity capital raise, which in the case of a rights offering could include the exercise of oversubscription rights as a backstop for up to $50 million. In further support of an equity offering, Apollo Investment Management has informed the Company that it intends to waive its management and incentive fees associated with any shares issued through this offering. Additionally, Apollo Global Management may also purchase shares of AINV in the open market. The shares closed at $7.11, down $0.83, or 10.45%. They have traded in a 52-week range of $5.97 to $12.46.
The Western Union Company (NYSE:WU): Jefferies views the weakness in Western Union shares following the company’s 2012 guidance as a buying opportunity. The firm lowered its price target for shares to $23 from $24 but finds the valuation attractive at current levels. The shares closed at $17.73, down $1.97, or 10%. They have traded in a 52-week range of $14.55 to $22.03.
LPL Investment Holdings Inc. (NASDAQ:LPLA): LPL Investment Holdings, parent company of independent broker-dealer LPL Financial LLC, and AXA Advisors, LLC announced the extension of their custody and clearing agreement effective immediately. LPL Financial will continue providing advisory, brokerage, clearing and custody services to AXA Advisors and its financial professionals. The shares closed at $32.44, down $3.46, or 9.64%. They have traded in a 52-week range of $23.04 to $37.50.
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