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Oct 10- Activist investor Clinton Group said it will no longer push for a sale of Wet Seal Inc, which it won control of last week, but will instead focus on turning around the women's clothing retailer.
Oct 10- Activist investor Clinton Group said it will no longer push for a sale of Wet Seal Inc, which it won control of last week, but will instead focus on turning the apparel retailer around. On Friday, the investment firm managed to get four of its nominees elected to Wet Seal's eight-member board. Wet Seal also named a Clinton Group nominee as chairman on Wednesday.
By Juhi Arora and Siddharth Cavale. Oct 10- Premium jeans maker True Religion Apparel Inc, which has been hit by falling sales, said it may sell itself after receiving interest from potential buyers. More importantly, we question the relevancy of the brand, particularly given its premium price point, "said analyst Edward Yruma of KayBanc Capital Markets.
Oct 10- Clothing retailer Wet Seal Inc named a Clinton Group nominee as chairman of its board, after replacing four of its board members with the activist investor's nominees last week.
Oct 10- Jeans maker True Religion Apparel Inc, which has been hit by falling sales, said it may sell itself, after receiving interest from potential buyers. Shares in the company jumped 28 percent to $26.88 in premarket trade on Wednesday, valuing it at about $683 million.
Oct 10- Wet Seal Inc:. *The Wet Seal Inc announces appointment of new board members. *Appoints Lynda J. Davey as chairman of the board.
Recent changes at Wet Seal Inc. will vastly improve the board and could change the direction of the struggling retailer's business, a B. Riley& Co. analyst said.
*Merchandising chief moves to True Religion Apparel. Oct 5- Wet Seal Inc replaced four board members with Clinton Group nominees, putting the activist investor in a stronger position to push for a sale of the struggling clothing retailer.
Oct 5- Wet Seal Inc:. *The Wet Seal Inc announces resignation of Wet Seal division chief. *Harriet Sustarsic, Wet Seal division chief merchandising officer, resigned.
*Chairman Harold Kahn among those who resigned. Oct 5- Wet Seal Inc replaced four board members with Clinton Group nominees, putting the activist investor in a stronger position to push for a sale of the struggling clothing retailer.
U.S. stocks were poised to rise at the open, with the S&P 500 set to hit its highest since 2007, as a surprise drop in the jobless rate gives legs to this week's rally. S&P 500 futures rose 6.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
**ZYNGA INC, Thursday close $2.81, down 22.4 pct premarket. Brokerages lowered their price targets on Zynga's stock by up to $3 per share after the social-games maker slashed its 2012 outlook for the second time due to a decline in paying customers. Facebook, which derives over a tenth of its revenue from fees paid by Zynga, was also set to open lower as was Groupon.
NEW YORK-- U.S. stock futures are rising after a government report showed the U.S. unemployment rate fell below 8 percent for the first time in four years and the economy gained 114,000 jobs in September. The Labor Department said the unemployment rate declined to 7.8 percent, matching its level in January 2009 when President Barack Obama took office.
FOOTHILL RANCH, Calif.-- In a win for The Clinton Group, the chairman of Wet Seal and three other directors have stepped down from its board, replaced by four nominees of the activist investor group unhappy with the struggling teen retailer's performance. Wet Seal Inc., based in Foothill Ranch, Calif., and The Clinton Group have been in a proxy fight.
Oct 5- Clothing retailer Wet Seal Inc replaced four of its board members with Clinton Group nominees, ending months of attempts by the activist investor to take control of the board. Under the new team, Wet Seal has been trying to return to a fast-fashion model by maintaining light inventories to respond faster to new styles and trends.
Take a look at some of Fridays morning movers.
Oct 5- Struggling clothing retailer Wet Seal Inc. Clinton, which holds about 7 percent of the company, has argued that Wet Seal's management has made several mistakes in running the company, resulting in poor performance over the last five years. Shares of the Foothill Ranch, California based company closed at $3.14 on the Nasdaq on Thursday.
Oct 5- Wet Seal Inc:. *The Wet Seal Inc announces four directors resign and are replaced by four. *Says Jonathan Duskin, Sidney Horn, Hal Kahn and Henry Winterstern have.
U.S. stock index futures added to gains after European Central Bank President Mario Draghi said growth risks are on the downside and should be contained by effective policymaker action. Brokerages Canaccord Genuity, Robert W. Baird& Co, Mizuho Securities USA, BMO Capital Markets and ThinkEquity Llc cut their price targets on the stock.
U.S. stock index futures added to gains after European Central Bank President Mario Draghi said growth risks are on the downside and should be contained by effective policymaker action. **NUVASIVE INC, Wednesday close $22.62, down 29.3 pct premarket. **INFORMATICA CORP, Wednesday close $33.63, down 19.7 pct premarket.