Stocks Crushed as Wall Street Girds for Fiscal Cliff Battle
Shares ofPapa John's (PZZA) fell on news the company is facing a $250 million class-action lawsuit relating to the pizza chain's alleged involvement with excessive text messaging. The stock lost 3.1%.
Late in the session, news came down that Starbucks (SBUX) has agreed to acquire Teavana Holdings (TEA) for $620 million in cash. The deal values Teavana shares at $15.50 each. Starbucks's stock finished Wednesday at $48.84, down nearly 3%, while Teavana's stock shot up more than 50% to close at $15.45.
-- Written by Andrea Tse and Joe Deaux in New York.
>To contact the writer of this article, click here: Andrea Tse.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV