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.
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