3 Up 3 Down
By: Miles J. Bronstein
Pandora Media (P)- Shares of the online radio giant jumped 5.3% Wednesday on news that the company’s September listener hours increased 18% from last years September numbers.
Sothebys (BID)- On Thursday, Activist investor Dan Loeb of Third Point announced his 9.3% position in the global auction house. His position makes him the largest individual shareholder of the company. Loeb has already called for the dismissal of the company’s CEO and requested a seat on the company’s board. Shares were up $0.90 or %1.8 on Thursday.
See more: http://dealbook.nytimes.com/2013/10/02/loeb-raises-stake-in-sothebys-and-seeks-board-seat/
Potbelly Corp (PBPB)- The Chicago based sandwich shop chain went public on Friday, raising $105 million for the company and its shareholders. Shares were initially priced at $14 but the stock opened at $28.79. The stock closed Friday at $30.70, gaining %120 in its IPO debut. The sandwich chain is just the latest of fast food restaurant to go public after the popular Noodles & Co. (NDLS) enjoyed success following its June IPO.
Tesla (TSLA)- Shares tanked Wednesday and Thursday for a combined two day loss of %10.3 or $20 a share. The stock, now at $173 a share, dropped after footage circulated of the company flagship Model S on fire following a collision with a large metallic object. The fire has raised concerns regarding the safety of the Lithium Ion batteries featured in Tesla’s electric cars.
Angies List (ANGI)- Shares of the consumer review site dropped %17.5 Thursday and Friday following news that the company will reduce membership rates by %75 in order to attract new customers. Members will now pay an annual $10 fee to use the site instead of the $40 fee it previously charged. Shares closed at $16.70 for the week.
JC Penney (JCP)- The struggling discount retailer’s shares tumbled Friday to below $8 a share– the lowest price the stock has seen since 1982. The company’s shares have suffered after hedge fund guru and shareholder activist, William Ackman, failed to turn around the company’s fate earlier this year. Ackman relinquished his board seat and sold his firm’s shares in late August. On Friday, the stock closed at $7.86.