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Hertz tumbling, Bob Evans pops on new board, Lowe's sliding on sales outlook

Yahoo Finance
Yahoo Finance

Lowe's (LOW): The second largest home improvement retailer sliding lower after cutting its full year revenue guidance. Lowe's said full-year sales will rise 4.5%, below its previous estimate of 5%, due to weaker than expected sales of air conditioners as the U.S. experiences a cooler summer. Just yesterday, its bitter rival Home Depot maintained its revenue guidance and upped its full year earnings outlook for the second time this year.

Bob Evans Farms (BOBE): The Ohio-based restaurant chain jumping nearly three percent as changes are coming to the board. Activist investor Sandell Asset Management said it won at least five seats on Bob Evans's board after an 11-month proxy fight. Sandler has been pushing to monetize assets of the company, which operates 560 restaurants and sells packaged foods. Bob Evans had previously said Sandler's plan “is a misleading attempt to generate short-sighted profit with no guarantees.”

Hertz (HTZ): The rental car and equipment operator tumbling nearly 12% today after announcing its 2014 results will be "well below" forecasts. Hertz, a darling of hedge funds like York Capital and Tiger Global Management, said profit will be hit by accounting costs and recalls of vehicles that hindered its ability to meet consumer demand. The company hasn't reported results for the first or second quarters, and is pulling three years of financial statements, claiming the company can no longer rely on them.

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