Consumer companies showed little movement as traders remained cautious about the sector’s growth prospects.
Rover Group Acquired by Blackstone in $2.3 Billion Deal
In a significant development, Rover Group, the online pet-care marketplace, has agreed to be acquired by private-equity firm Blackstone. The deal places Rover Group’s value at approximately $2.3 billion.
Positive Outlook for Affordability Turnaround in 2024
Realtor.com predicts that lower mortgage rates and easing prices will provide a much-needed push to trigger an affordability turnaround in 2024.
Bed Bath & Beyond Files Largest-ever Lawsuit Against Mediterranean Shipping Co.
The bankruptcy estate of Bed Bath & Beyond has lodged a lawsuit with the Federal Maritime Commission, seeking an impressive sum of around $300 million from Mediterranean Shipping Co. The lawsuit alleges overcharging for cargo transportation during the pandemic.
Petco Health & Wellness Stock Declines Amid Unexpected Loss
Petco Health & Wellness experienced a 25% decrease in stock value after reporting an unexpected loss. The pet goods retailer also highlighted that shoppers are holding back on purchases.
Spirit Airlines Offers Early Retirement Packages to Salaried Corporate Employees
Facing decreased demand outside of peak periods and engine issues that will ground a part of its fleet next year, Spirit Airlines has decided to offer early retirement packages to its salaried corporate employees.
Hormel Shares Decline Following Fiscal Fourth-Quarter Results
Hormel, the food processor, experienced a sharp decline in shares after reporting fiscal fourth-quarter earnings slightly below Wall Street expectations. Earnings stood at 42 cents per share on revenue of $3.2 billion for the quarter.
