WRESTLED DOWN: We apperceive the action is fake, but WWE Entertainment built angry into a admired business afterwards activity public in 1999. Today, though, investors apparent bottomward the amount of that business by 43 percent afterwards the aggregation issued a black amend on its new online TV network. WWE shares accept collapsed 64 percent back hitting a almanac on March 20.
LOBSTER ROLL: Darden Restaurants is affairs its Red Lobster alternation to Golden Gate Capital, but investors are underwhelmed by the $2.1 billion deal. They bid Darden shares bottomward by 4.3 percent today. Darden is befitting its underperforming Olive Garden brand, which some shareholders were acquisitive would be included in a auction or spinoff.
SHINY PENNEY: J.C. Penney surprised investors with an admission in first-quarter sales, sending its shares up 16 percent. Upscale rival Nordstrom also exhausted analysts’ estimates, and its shares acquired 15 percent.
MAKING SOME DOUGH: Remember when Hostess cakes went abroad for a few months in 2012 and 2013? The association who bought Hostess out of bankruptcy, led by Apollo Global Management, are already planning to pay themselves a $175 actor allotment on their $410 actor purchase, according to a account from Standard & Poor’s.
LOCAL INDEX: The Bloomberg St. Louis Index rose 0.4 percent, in band with the broader market.
LOCAL GAINER: Investors were admiring when Mallinckrodt announced a amount admission for its biologic Ofirmev, an injectable anatomy of acetaminophen.
ANALYST’S INSIGHTS: IHS Global Insight economists Stephanie Karol and Patrick Newport alarm today’s address on apartment starts “a account of two apartment markets,” with multifamily architecture accelerating but the single-family bazaar actual slow. “Multifamily apartment has been the absolute almsman of the apartment recovery,” they write. “The accepted banal of apartments is bereft to amuse demand, sending rents aerial beyond the country and authoritative multifamily units an adorable advance for developers and landlords,” they write. Affordability is a botheration for the single-family market, they add, forth with “rising architecture costs, a absence of developed lots and bereft admission to acclaim for builders.”
THE WEEK AHEAD: It’s a big anniversary for the St. Louis startup scene, with Arch Grants announcing a new accumulation of winners on Wednesday and Capital Innovators showing off its portfolio companies at Demo Day on Tuesday. Existing home sales, on Thursday, may be the week’s best important bread-and-er indicator; economists surveyed by Bloomberg anticipate sales rose 2.2 percent in April. Several added retailers will address first-quarter earnings, including Home Depot on Tuesday, Target and Lowe’s on Wednesday, Best Buy on Thursday and Sears on Friday.
Make it your business. Get twice-daily updates on what the St. Louis business association is talking about.
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