Bed Bath & Beyond Inc (NASDAQ:BBBY) surged Tuesday after news broke that activist investors are attempting to oust the retailer’s entire 12-member board, as Bloomberg reported. Three activist funds that control about a 5% stake in the retailer argue that it has whiffed on e-commerce. The funds have lined up 16 candidates to replace the current board members.
Investors were ready for a change, sending the stock skyrocketing 22% to close at $16.92.
Apple Inc. (NASDAQ:AAPL) dropped for a second straight day after announcing its new streaming service, Apple TV+. The iPhone maker also introduced a new credit card in partnership with Goldman Sachs Group Inc (NYSE:GS), a news app called Apple News+ and a games bundle known as Apple Arcade. The stock fell during the star-studded presentation and was down again Tuesday.
Shares ended the day down 1% to $186.79.
Carnival Corp (NYSE:CCL) shares were taking on water after the cruise company cut its guidance Tuesday. The Miami-based company expects earnings to top out at $4.55 per share this year, lowering the upper bound from $4.80. Analysts had projected $4.76. The company cited fuel costs and currency fluctuations as the primary drivers of the diminished outlook.
The stock sank 8.7% to finish at $51.71.
Boeing Co (NYSE:BA) was hit with bad news as European rival Airbus inked a deal with China for an order of 300 jets, according to TheStreet. What’s more, China regulators announced a suspension of new safety certifications for the company’s 737 Max 8 planes that began March 21.
Shares were little changed at $370.38.
Bristol-Myers Squibb Co (NSE:BMY) plans to acquire Celgene Corporation (NASDAQ:CELG) for $74 billion, but the Federal Trade Commission wants more information and documents to conduct its review, according to a filing Tuesday.
Investors were optimistic about a deal, boosting shares 1.8% to $48.34.
Celgene was riding high.The Summit, New Jersey-based company’s drug for psoriasis raked in $448 million in the quarter ended Dec. 31, according to Reuters. Bristol-Myers is also developing a treatment for the condition and recently posted positive results from a mid-stage trial. The companies expect to complete the merger in the third quarter of 2019.
The stock advanced 1.5% to $89.20.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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