PPG, SHLD, and BEBE are among the stocks in the news today
Stock futures are pointed lower following Tuesday's bloodbath, with crude oil prices sliding once again. Among stocks in focus are paint specialist
PPG Industries, Inc. (NYSE:PPG), as well as retail stocks
Sears Holdings Corp (NASDAQ:SHLD) and
bebe stores, inc. (NASDAQ:BEBE), Here's a quick roundup of the headlines moving shares of PPG, SHLD, and BEBE.
Akzo Rebuffs PPG Industries Buyout Bid
PPG's improved $24 billion
takeover proposal has been rejected by Dutch paints company Akzo Nobel, though Elliott Advisors is urging the latter to engage with PPG. On the charts, shares of PPG Industries, Inc. have advanced since bottoming below $90 in late October, settling Tuesday at $104.48. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), options traders are counting on further gains for the stock. PPG's 10-day call/put volume ratio is a top-heavy 10.34, ranking just 5 percentage points from a 12-month peak.
SHLD's Future in Jeopardy
SHLD stock has plunged 12% in electronic trading, after the retailer said in its
annual report that "substantial doubt exists related to the company's ability to continue." Year-over-year, the shares have shed roughly two-fifths of their value, closing yesterday at $9.10. It's no wonder 18 million Sears Holdings Corp shares are sold short, which would take two weeks to cover, at the stock's typical daily trading rate. Notably,
short interest on Sears stock hasn't been this high since the financial crisis.
BEBE Closing Stores, Focusing Online
BEBE announced it will
shutter its remaining stores to focus on its online business. The news is apparently being well-received, based on the stock's 14.6% pre-market gain. Last night, bebe stores, inc. shares ended at $3.57, not far from their record low of $3.13, touched last June. Meanwhile, 23.5% of BEBE stock's available float is sold short, which would take well over a month to cover, at the stock's average trading pace.
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