Chief Executive Officer of AOL, Inc (NYSE:AOL) Tim Armstrong influenced shareholders to snub an activist investor’s offer to restructure the company’s board, defeating one of his biggest challenges since taking charge of the company.
The Internet company AOL’s group, Armstrong, Richard Dalzell, Karen Dykstra, Alberto Ibarguen, Susan Lyne, Patricia Mitchell, Fredric Reynolds and James Stengel, got the first round needed votes at the company’s shareholder summit.
Starboard Value LP, an investment company possessing 5.3% of outstanding shares, had struggled to fix three directors, mentioning the AOL was spending surplus money on failed efforts like the Patch news sites.
Armstrong stated after the meeting that the shareholder vote was a very clear sign the value of the company would be larger in the future.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. IAC/InterActiveCorp (NASDAQ:IACI) plunged -1.89% to settle at $44.07, Rediff.com India Limited (ADR) (NASDAQ:REDF) moved down -3.09% to end at $4.08 while Demand Media Inc (NYSE:DMD) plunged -1.09% to finish on Thursday at $9.06.
AOL, Inc (NYSE:AOL) began the last trading session with a price of $27.13 and throughout the session climbed at a high of $27.13 but when day-trade ended the stock finally declined -5.65% to $25.57.
AOL had a trade volume of 3.77 million shares was higher as compared to average trading capacity of 1.42 million shares.
The stock is ahead its 52 week low with +154.17% and lagging behind from its 52 week high price with -8.48%. AOL last month stock price volatility remained 3.02%. In its share capital AOL has 93.51 million outstanding shares among them 91.82 million shares have been floated in market exchange. AOL stock institutional ownership remained 98.40% while insider ownership included 0.35%.
Shares price of AOL moved forward from its 20 days moving average with -5.86% and remote negatively from 50 days moving average with -0.34%. AOL current year earnings per share experienced an addition with +101.67% while its current quarter performance remained +41.43%.
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