Stocks Crushed as Wall Street Girds for Fiscal Cliff Battle
Shares of Papa 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.
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