Tempur-Pedic to Buy Sealy for $1.3B: Hot Trends
Tempur-Pedic hopes to fend off competition by expanding its market share through the deal, which will also give the company brands like Sealy Posturepedic and Stearns & Foster. Tempur-Pedic said the combined company will have a presence in more than 80 countries in every product category.
According to Tempur-Pedic, it has received consent from shareholders holding about 51% of Sealy, and no other shareholder approvals are needed to complete the deal.
Tempur-Pedic's market value was slashed in half to $1.5 billion after it cut its full-year forecasts in June, citing rising competition. The company solidified is place in the specialty beds market with foam technology developed by NASA.
Campbell Soup (CPB) is trending as the company will shut down two U.S. plants, cutting about 700 jobs. Campbell Soup will cut one plant in Sacramento, Calif., where 700 workers are employed. Another plant in South Plainfield, N.J., will be closed. The 27 employees at that plant will be moved to Milwaukee. The company is looking to cut costs as overall canned soup consumption has declined over recent years. Campbell expects annual savings of about $30 million starting in fiscal 2016.
Rovio is another popular search. The gaming developers behind the successful app Angry Birds has launched a spinoff of the game, Bad Piggies. In just a few hours after its launch, the new game climbed to the top spot among all paid iPhone and iPad apps in Apple's (AAPL) app store.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.
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