Visteon’s Offer REJECTED and 3 Stocks Falling to 52-Week Lows
Sony Corp Ord (NYSE:SNE): Universal Music (VIVHY), who is still working toward agreements on concessions with the European Commission which will enable its proposed bid for EMI to continue, seeks to divest assets to independent labels instead of larger competitors like Sony Music (NYSE:SNE) and Warner Music, reports Financial Times. The shares closed at $11.70, down $0.38 or 3.15% on the day. They have traded in a 52-week range of $12.04 to $26.89.
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UBS Ag (NYSE:UBS): The new Greek government wishes to cut more billions of euros from its budges ahead of the return of a number of international inspectors this week, states the Wall Street Journal. The shares closed at $9.95, down $0.2 or 1.97% on the day. They have traded in a 52-week range of $10.08 to $17.49.
Visteon Corp.’s (NYSE:VC) tender offer to acquire South Korea’s National Pension Service 8.1 percent stake in Halla Climate Control Corps was rejected, according to Reuters. Visteon is an owner of 70 percent of Halla Climate. The shares closed at $30.53, down $0.82 or 2.62% on the day. They have traded in a 52-week range of $31.12 to $68.56.
The Wet Seal (NASDAQ:WTSLA): The Board continues its search for a new CEO. In the interim, as the search process is conducted, the Company formed an Office of the Chairman, which is led by Hal Kahn, the Company’s non-executive chairman of the Board. Also, during this period, the president and COO of the company and the Company’s COO Steve Benrubi will be co-principal executive officers and members of the Office of the Chairman until the Board has chosen a new CEO. The Board expressed its confidence that beneath the leadership of Mr. Kahn and the senior management members, the company will have a capable leadership team ready during the search process. The shares closed at $2.66, down $0.3 or 10.14% on the day. They have traded in a 52-week range of $2.60 to $5.23.
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