Jos. Bank to Buy Eddie Bauer; GNC, Weight Watchers Plunge

Nigel Thomas
14 Feb, 2014
New York City

GNC plunged after the vitamin supplement retailer reported less than expected quarterly earnings. Weight Watchers International tumbled 26% after the diet food purveyor lowered earnings outlook. Jos. A. Bank agreed to acquire Eddie Bauer for $825 million.

Agilent Technologies Inc plunged 7% to $55.91 after the company lowered its annual adjusted earnings per share estimate to between $2.96 and $3.16 from the previous outlook of $3.03 to $3.33.

Campbell Soup Co gained 4% to $42.62 after the food processor reported second quarter adjusted earnings of 76 cents per share and the company reaffirmed its full-year estimates. The company also said its U.S. sales increased 5%.

Cliff Natural Resources Inc. increased 6% to $23.15 after the second largest U.S. iron ore miner reported earnings ahead of analysts’ expectations. The company also appointed former president and chief operating officer Gary Halverson as chief executive.

GNC Holdings Inc. tumbled 13% to $45.72 after the vitamins supplement retailer reported quarterly earnings and sales that missed analysts’ estimate. The retailer also estimated adjusted earnings per share between $3.18 and $3.24.

The Men’s Warehouse, Inc ((MW)) 4.5% to $44.41 plunged after the retailer’s merger target Jos. A. Bank said it has agreed to buy Eddie Bauer outdoors clothing business for an enterprise value of $825 million.

Jos. A. Bank Clothiers Inc. declined 0.5% to $54.64.

Occidental Petroleum Corporation ((OXY)) increased 3.6% to $95.56 after the oil explorer said it will spin-off its California operations and focus on assets that are more profitable. The company has also sold off assets in other locations including its oil wells in Persian Gulf.

Weight Watchers International, Inc ((WTW)) plunged 26% to $22.48 and dropped to a lowest level since 2009 after the diet food company reported fourth-quarter adjusted earnings per share of 58 cents, lower than expected 60 cents a share. The company also guided annual earnings per share between $1.30 and $1.60.