Midday movers: Best Buy, Lowe's, Coventry
Stocks pare earlier losses and drift in a narrow range.
Best Buy (BBY) named Hubert Joly, formerly the top executive at privately owned hotel and restaurant operator Carlson Companies, as its new CEO. Shares slid 7% though, as the company also announced that its Board of Directors offered an opportunity to founder Richard Schulze to conduct due diligence and pursue his interest to acquire the company, but Schulze declined. Schulze responded that the Board initially proposed an 18-month standstill agreement, which he called "completely unacceptable"
Shares of Lowe's (LOW) slumped over 6% after its quarterly earnings and yearly guidance fell short of Wall Street's expectations.
Among the notable gainers Monday was Coventry Health Care (CVH), which rose about 19% after it agreed to be acquired by Aetna (AET) in a cash and stock deal valued at $7.3 billion, including the assumption of Coventry debt. In a continuation of a recent trend, the acquirer Aetna also saw its stock jump nearly 4% on the news.
Among the noteworthy losers were ZAGG (ZAGG), down almost 12%, after the stock was downgraded at Janney Capital following the resignation of the company's CEO, and Centene Corp. (CNC), down 5%, following peer Coventry's acquisition announcement.
MORE ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
John Stumpf acknowledges that growth has been slow, but he says he's still optimistic.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.