Citing anonymous sources, Bloomberg reported that Shutterfly hired the boutique investment bank Qatalyst Partners to find a buyer. The sources claimed that potential buyers included e-commerce companies and private equity firms, and may not lead to a transaction.
Shutterfly allows users to apply their digital images to objects such as photo albums, magnets, and mugs. The company's earnings per share in the last fiscal year was 19 cents a share, down from 55 cents a share in the prior fiscal year. As of yesterday's close, shares had declined 12% year to date.
A Shutterfly spokesperson declined to comment.
Twitter (TWTR) shares were slightly higher, rising 0.81% to $42.39 following yesterday's appointment of a new CFO.
Anthony Noto, the former Goldman Sachs (GS) managing director who spearheaded Twitter's successful IPO in November of last year, has joined Twitter as its new CFO. Last month, Noto left Goldman, where he was co-head of the technology, media and telecom investment banking group, to join Coatue Management, a technology-based hedge fund.
From 2008 to 2010, he served as CFO of the National Football League. Noto replaces Mike Gupta, who will become Twitter's Senior Vice President of Strategic Investments.
Noto tweeted yesterday morning, "I could not be more excited about joining the Twitter team & helping them reach every person in the world."