In this report: Bon-Ton Stores (NASDAQ:BONT), Jarden Corp. (NYSE:JAH) and Vmware (NYSE:VMW).
Bon-Ton Stores (NASDAQ:BONT) shares soared today after news was released that the company’s President and CEO Bud Bergren is stepping down and that former Lord & Taylor CEO Brendan Hoffman would take over the helm at Bon-Ton. The move comes shortly after the company received a number of analyst cuts due to ongoing weak performances. The Standard & Poor cut Bon-Ton corporate credit rating and Moody’s cut its non-investment grade corporate family and probability of default rating. Today’s news sent shares nearly 18 percent higher to its current price of $3.81 per share.
Jarden Corp. (NYSE:JAH) seen a 8 percent jump in its stock price today after the company forecast a stronger than expected fourth quarter. The company now expects fourth quarter revenue to be between $1.73 billion to $1.74 billion, up slightly from its previous guidance of $1.72 billion. The company then stated that it would launch a tender offer to buyback $500 million in common shares in an effort to speed up its repurchase program. Both moves increased investor confidence in the stock which led to the boost in its share price today. Jarden currently trades at $33.29 per share.
Vmware (NYSE:VMW) is trading over 7.8 percent higher today following the company’s latest quarterly report. The software company posted a 67 percent increase in fourth quarter profits as it saw higher license and service revenue. The company posted earnings of $200.4 million, or 46 cents per share, up from last years same quarter net income of $119.9 million, or 28 cents per share. Excluding one time items the company would have earned 62 cents per share, topping analyst expectations of 60 cents per share. Revenue during the period jumped 27 percent to $1.06 billion and again beat Wall Street estimates of $1.05 billion.
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