Stocks finished the week on a high note, with all three major indices finishing higher for the day. The Dow industrials (^DJI) gained over 100 points to finish the week up over 2%. The broader S&P 500 (^GSPC) gained 2.3% for the week, and the Nasdaq (^IXIC) gained nearly 3% over the last 5 trading sessions.
Men's clothing retailer Jos. A. Bank (JOSB) saw shares rise then fall after it announced that it agreed to acquire the Eddie Bauer clothing brand for $825 million in cash and stock. This is just adding more fuel to the fire in Jos. A. Bank's months long takeover battle with rival Men's Wearhouse (MW) which saw its shares drop nearly 5%. The deal is expected to immediately add to Jos. A Bank's earnings and the company said it now expects 2014 revenue to exceed $2.1 billion.
Online real-estate listing service Trulia (TRLA) saw shares plummet 19% after it reported adjusted earnings of 3 cents a share missing estimates by 5 cents, while revenue more than doubled from the previous year to $49.7 million narrowly topping estimates of $49.6 million. Trulia's miss on profits can be attributed to a jump in sales and marketing expenses which more than doubled to $25.6 million.
Weight Watchers International (WTW) shares had an even tougher day finishing the day down a whopping 28%, after its full-year earnings forecast for 2014 of $1.30 to $1.60 a share were well below the $2.78 a share Wall Street was expecting. The company also missed on earnings estimates by 7-cents after posting profits of 54 cents a share while revenue fell 11 percent to $366.1 million but beat estimates of $358 million. The company has been struggling to keep paying members as it competes with free smartphone apps and gadgets that track calories.
AIG (AIG) shares finished the day down over 1% even after positing earnings of $1.15 which beat earnings estimates by 19 cents while revenue grew 3 percent to $366.1 million beating estimates of $358 million as well. The company said it will also be upping its dividend by 25%. AIG also said it will be cutting its global workforce by 3 percent. AIG's board also approved an additional $1 billion share repurchase plan bringing the complete repurchase commitment to $1.4 billion.
- Investment & Company Information