12 Buzzing Stocks: Urban Outfitters Plummets 16%, Icahn Dropps Takeover Bid and Walgreen Tries New Store Concept
Shares of Citigroup Inc. (NYSE:C) declined more than 1 percent early Wednesday. The bank received regulatory approval to engage in investment banking in the Chinese market with Shanghai-based Orient Securities Co. Other large banks such as Goldman Sachs (NYSE:GS) and Bank of America (NYSE:BAC) are also trading lower.
Urban Outfitters Inc. (NASDAQ:URBN) shares were torn apart on Wednesday, falling more than 16 percent. Citi analyst Jeff Black cut his rating from buy to sell, and reduced his price target from $34 to $20. Shares of Aeropostale Inc. (NYSE:ARO) and Gap Inc. (NYSE:GPS) are trading slightly lower.
Don’t Miss: Urban Outfitters CEO Resigns, Shares Plummet.
Commercial Metals Co. (NYSE:CMC) is down almost 4 percent after the opening bell. It has been announced that Carl Icahn dropped his attempted hostile takeover of the company. Icahn launched a $1.73 billion tender offer for Commercial Metals last month.
Supervalu Inc. (NYSE:SVU) shares fell 9.8 percent after it said its fiscal third quarter loss increased to $750 million ($3.54 per share), compared to a loss of $202 million (95 cents per share) last year.
Microsoft (NASDAQ:MSFT) shares continue to fall after saying PC sales will be worse-than-expected, due to last year’s Thailand flooding. Shares of Apple Inc. (NASDAQ:AAPL) and Hewlett Packard Co. (NYSE:HPQ) are also trading lower.
On Tuesday, Walgreen Co. (NYSE:WAG) opened a new store in Chicago that will sell a variety of new items, including: fresh hand-rolled sushi, made-to-order smoothies and fine wine. The company looks to change its perception among the public. Shares are down .71 percent Wednesday morning.
To contact the reporter on this story: Eric McWhinnie at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com