Quarles' nomination, which was widely expected, requires approval from the Senate.
3. -- Shares of Snap Inc. (SNAP - Get Report) fell 2.9% to $16.50 in premarket trading on Tuesday, putting the stock further below its initial public offering price of $17. On Monday, the stock declined 1.1% to $16.99, finishing the session below the March IPO price for the first time.
About 711 million shares could come unlocked later this summer and if they do the influx of supply could weigh on the stock price. Investors should wait for the lock-up period to pass before considering a position, Cramer said on CNBC's "Stop Trading" segment.
More of What's Trending on TheStreet
- Here Are the 5 Best Amazon Prime Day Deals We've Seen So Far
- I Am a Millennial Who Just Went to Kmart for the First Time Ever and Couldn't Believe This Place
- Best Buy's Geek Squad Is a Mess According to Customer Reviews, Opening the Door for Amazon's Entry
- Why This Summer Will Stay Quiet
- 10 Skinny Wallets to Help You Forget You Spent All Your Money on Amazon's Prime Day
- Why Jim Cramer Thinks Amazon Prime Day Could Create Buying Opportunities in Retail
The deal will see the educational publisher raise about $968 million from the sale of the Penguin Random House stake to its venture partner, Bertelsmann SE & Co. About £300 million ($386 million) of the proceeds will be redirected to shareholders through a buyback program.
"Combining Penguin with Random House has proved to be a great publishing success, as well as enabling some big cost savings. This has benefited readers, authors, and shareholders," said CEO John Fallon. "Today's deal enables Pearson to realize a significant amount of the value we've helped to create while continuing to be part of the world's biggest and best trade publisher. We will use the proceeds to maintain our strong balance sheet, invest in our business and return £300 million to shareholders."
Pearson shares were down more than 6% in London trading.
5. -- Rent-A-Center (RCII - Get Report) shares jumped more than 19% in after-hours trading on Monday following a Reuters report that said private-equity firm Vintage Capital had offered about $800 million to buy the rent-to-own company.
In an emailed statement to Reuters, Rent-A-Center said Vintage Capital's proposal "significantly undervalues the company" and its strategic plan.