Wells Fargo & Company (NYSE:WFC) stock jumped after the bell when CEO and President Tim Sloan announced his resignation. Sloan, who took over in 2016, had been facing pressure from lawmakers such as Sen. Elizabeth Warren (D-MA) to resign. In February a report came out showing misconduct in the bank’s wholesale division, Bloomberg reported, which Sloan ran before becoming CEO. Allen Parker, the company’s general counsel, will serve as interim CEO and president.
Investors were ready for a change, boosting the stock 3.1% to $50.61 in after-hours trading.
Nielson Holdings PLC (NYSE:NLSN) was the S&P 500's biggest loser after private equity giant Blackstone dropped out of bidding to buy the TV and radio ratings calculator, the New York Post reported Wednesday. Apollo Global, another private equity firm, is also losing interest, a source said. The dwindling prospects for a buyer have the New York company in a state of limbo and have investors staying away.
Investors weren't tuning in, sending the price down more than 11% to $23.66.
Lululemon Athletica Inc (NASDAQ:LULU) hit its highest ever close after posting fourth-quarter results late Wednesday that beat Street expectations. For the three months ended Feb 9, the athletic apparel company raked in adjusted earnings of $1.86 per share on revenue of $1.2 billion. That easily topped analysts average forecast of $1.74 EPS on revenue of $1.15 billion.
The stock is stretched its legs, closing up more than 14% at 167.54.
PVH Corp (NYSE:PVH) stock had a strong day after the Calvin Klein maker came in ahead of expectations on fourth-quarter earnings and sales. The New York company earned $2.09 per share up from $1.29 per share the previous year and outpacing forecasts of $1.76. Revenue dipped 1% to $2.5 billion but beat expectations of $2.4 billion.
Shares fit like a glove, increasing nearly 15% to end the day at $127.29
Shares of Amarin Corporation PLC (NASDAQ:AMRN) spiked after its drug Vascepa was added to the American Diabetes Association’s Standards of Care list for 2019. In a study, the drug was showed to reduce triglyceride levels in adults with hypertriglyceridemia, a condition often seen in conjunction with Type 2 Diabetes. The drugmaker is seeking approval from the FDA include the ADA’s recommendation on its label.
The stock was looking healthy, up 6% to $18.44.
The Federal National Mortgage Association (OTCMKTS:FNMA), also known as Fannie Mae, rallied after the Trump administration released a memo late Wednesday calling for the end to the longtime conservatorship of the mortgage company and its rival Freddie Mac. The memo was thin on specifics but noted that President Trump wanted to increase competition in the mortgage industry.
The embattled mortgager grew 1.4% to $2.95.
The Federal Home Loan Mortgage Corp (OTCMKTS:FMCC), Freddie Mac, got a similar boost. The memo said that Congress should craft a solution, something the body has tried and failed to do in the past. Investors likely took it as a sign that the twin mortgage companies will likely remain in US control for a while longer.
The stock gained 2.6% to $2.80.
Deutsche Bank Aktiengesellschaft (NYSE:DB) slipped as Reuters reported Thursday that the company was headed for a weak first quarter. “January was catastrophic, February was bad, and March got slowly better,” a source told the outlet. Meanwhile, the Financial Times reported that the lender was considering raising as much as $11.2 billion to help finance its long-discussed merger with rival Commerzbank AG (OTCMKTS:CRZBY).
He beleaguered bank fell 3.2% to $8.19.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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