Rent-A-Center snubs buyout offer, Michael Kors gets sell rating, Arena Pharmaceuticals surges

Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.

Rent-A-Center (RCII) tops our list. The stock soared in early trading after the company disclosed that it rejected an $800 million buyout bid from Vintage Capital Management. Rent-A-Center says the offer from the private-equity firm significantly undervalues the company.

There’s another executive exodus in the retail sector, JCPenney‘s (JCP) CFO Edward Record is stepping down from that role effective today, but will remain with the company in an advisory position until next month. JCPenney’s chief accounting officer will take over the CFO duties in the interim. Shares of Penney’s fell on the news in early trading.

Sticking with the retail space, MKM Partners began coverage on Michael Kors (KORS). The firm issued a sell rating on Kors with a price target of $26 a share. MKM is not convinced the retailer will meet earnings estimates for 2018 and ’19 after a disappointing fourth quarter.

And finally shares of Arena Pharmaceuticals (ARNA) spiked this morning. The company’s experimental drug designed to treat a rare but deadly lung disease met its main goal in a mid-stage study.

Advertisement