Monday's Winners & Losers: Pacific Sunwear
Updated from 11:56 a.m. EDT
Shares of Harrah's Entertainment (HET) were among the NYSE's winners Monday, jumping 14% after the casino operator said it received a buyout offer from private equity firms Texas Pacific Group and Apollo Management.
Harrah's said the firms offered to buy the company for $81 a share in cash. The company established a special committee to evaluate the proposal but noted that there is no assurance a deal will be reached. Shares recently were trading up $9.17 to $75.60.
Pacific Sunwear (PSUN) shares climbed 8% after the casual-apparel retailer announced the resignation of its chief executive and backed its third-quarter earnings guidance. The company said that Seth Johnson will be replaced by board member Sally Frame Kasaks on an interim basis until the company finds a permanent CEO. Kasaks is a retail industry veteran, having served as the head of AnnTaylor (ANN), Abercrombie & Fitch (ANF) and Talbots (TLB).Pacific Sunwear also reported a 2.4% decline in September same-store sales and said it continues to expect third-quarter earnings, excluding items, of 22 cents to 30 cents a share. Shares were up $1.19 to $16.27. Shares of Wal-Mart (WMT) slipped 2% after the world's largest retailer reported September same-store sales data that was toward the bottom half of its earlier guidance. The company posted a same-store sales gain of 1.8%, compared with its earlier projection for a rise of 1% to 3%. Wal-Mart plans to issue its complete September results on Thursday. Shares were down 85 cents to $48.47. Shares of Pier 1 Imports (PIR) rose 4% after the retailer said that its CEO will retire at the end of February. The company said that it hired a search firm to find a replacement for Marvin Girouard. "I am grateful to the board for their support. I feel it is time for me to leave in the course of a normal retirement and allow new leadership to emerge and flourish," Girouard said in a statement. Shares of the retailer have fallen about 9% since the beginning of the year. The stock recently was up 26 cents to $7.68.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV