Top gainers and losers
The top gainers in the S&P 500 on June 28, 2017, were:
- Staples (SPLS) rose 8.4%.
- Arconic (ARNC) rose 5.8%.
- TripAdvisor (TRIP) rose 4.5%.
- J.B. Hunt Transport (JBHT) rose 4.2%.
- Paccar (PCAR) rose 4.1%.
The top losers in the S&P 500 on June 28, 2017, were:
Staples, a US multinational office supply retailing corporation, rose on Wednesday. The stock rose after the announcement regarding the company’s sale to private equity firm Sycamore. Sycamore already owns retailers like The Limited, Hot Topic, and Talbots.
Competition from online retailers amid four consecutive years of falling sales and profits resulted in Sycamore buying Staples. Speculations started to emerge on how Sycamore would take Staples forward considering that Staples has been cutting down the active stores it operates amid tough market conditions. In the recent annual report, management said that Staples is working to increase its profitability and reduce risks in its underperforming businesses. Staples plans to close 70 stores in North America in 2017.
To withstand competition from online retailers, Staples tried to merge with Office Depot (ODP). The deal was blocked by the Federal Judge. Sycamore is expected to buy Staples for $6.9 billion—one of the biggest retail deals. On June 29, Staples rose 8.4% and closed at $9.93.
In the next part, we’ll discuss how crude oil, copper, and precious metals performed in the early hours on June 29.