It looked like a happy holiday for workers looking for retail jobs during the industry's busiest time, but reality didn't live up to the expectations. » Read More
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.
U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 rising between 0.2 and 0.5 percent. **NUVASIVE INC, Wednesday close $22.62, down 27.4 pct premarket.
*Clinton says Wet Seal backtracked on board control deal. *Wet Seal says company needs experience of current directors.
NEW YORK-- The Clinton Group Inc., which is in a proxy fight with Wet Seal Inc., said Wednesday that the retailer has reneged on an offer to give up majority control of its board. However the Clinton Group said that Wet Seal's banker contacted the firm on Tuesday and said "It appears you have won".
Oct 3- Activist investor Clinton Group, which is engaged in a proxy battle with Wet Seal Inc, on Wednesday claimed that the retailer backtracked on an offer to give it majority control of the board.
FOOTHILL RANCH, Calif.-- The Wet Seal Inc. said Tuesday that revenue from its stores open at least a year fell nearly 13 percent for September. Wet Seal said this measure fell 12.6 percent at its namesake stores, which target teenagers, and fell 13.6 percent at its Arden B stores for young women during the five-week period that ended Sept. 29.
Oct 1- Wet Seal Inc:. *The Wet Seal Inc issues letter to shareholders. recent day trading of Wet Seal shares.
Take a look at some of Friday’s morning movers:
Stocks closed lower in thin trading Thursday after a round of interest rate cuts by major central banks and as investors remained cautious ahead of Friday’s key government jobs report.