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MarketWatch MarketPulseFeb 18, 2020
China marketing company Acorn shares hit as exec chair pulls bid over coronavirus fears
U.S.-listed shares of China brand and marketing company Acorn International Inc. slid 10% Tuesday, after its executive chairman said he was pulling an offer for the company made in November because of risks relating to the coronavirus. Robert Roche said in a letter to the Shanghai-based company that he and shareholders of a buyer vehicle were not willing to pursue a $19.50 per American Depositary Share offering made in a Nov. 4 letter. The parties are willing to continuing talks with a special committee formed to review the offer. "No additional terms or proposals have been discussed at this time and there can be no assurance that negotiations will continue or that a revised offer will be made, that any agreement related to the Acquisition will be reached, or that the Acquisition or any other similar transaction will be consummated," said the letter. Shares have fallen 42% in the last 12 months, while the S&P 500 has gained 22%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseFeb 18, 2020
Macy's stock takes a dive after S&P cuts credit to 'junk'
Shares of Macy's Inc. took an midday dive Tuesday, after S&P Global Ratings downgraded the department store chain's credit to "junk" status, citing a weaker profitability outlook after the company unveiled its three-year strategic plan. The stock was down 3.9%, after being down about 1.4% prior to the downgrade. S&P cut its rating one notch to BB , which is the highest speculative grade rating, from BBB-. The rating's outlook is stable. S&P said Macy's three-year "Polaris" plan, which includes a significant reduction of the store network, focus on growth in private label brands and off-price stores and cost cutting, has "considerable" execution risks. "While we believe management's strategic plan is a necessary step toward rightsizing the enterprise, it demonstrates to us that the company's competitive advantage has diminished more than we expected, and to a point that we no longer believe is consistent with an investment-grade rating," S&P wrote in a research note. "We now project operating performance will deteriorate over the next several quarters, with declines in comparable same-store sales." Fellow rating agencies Moody's Investors Service rates Macy's at Baa3, the lowest investment-grade rating, and said last week that the strategic plan was "credit positive." Macy's stock has lost 5.1% over the past three months, while the SPDR S&P Retail ETF has eased 0.1% and the S&P 500 has gained 7.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatchFeb 18, 2020
The Ratings Game: Tesla's stock spikes above $850 after Bernstein sees no ‘imminent' negative catalyst
Shares of Tesla Inc. shot back above $850 Tuesday before paring gains, after Bernstein analyst Toni Sacconaghi nearly doubled his price target, saying he didn't see any negative catalysts on the horizon for a stock that wasn't especially expensive.

MarketWatchFeb 18, 2020
Market Extra: The hedge-fund investor who has beaten Warren Buffett by 200x likely made a killing on Tesla
Renaissance Technologies, added more than 3 million shares of Tesla to its holdings in the fourth quarter of last year, as the electric-vehicle maker's shares catapulted higher, according to public filings.

The Motley FoolFeb 18, 2020
Why ImmunoGen Shares Are Sinking Today
Investors appear to be taking profits off the table after the biotech's positive Q4 update.

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