Stocks to watch: Groupon, Ford, GM
The SEC will examine Groupon's revision of its first-quarter financial results. The automakers will release US sales figures for March.
Groupon's (GRPN) revision of its first set of financial results as a public company is being examined by the Securities and Exchange Commission, a report said. The SEC's probe into the online deal company is at a preliminary stage and the SEC hasn't yet decided whether to launch a formal investigation into the matter, a person familiar with the situation told The Wall Street Journal.
Groupon revised its reported fourth-quarter results lower and said its independent auditor determined it has a "material weakness" in its internal controls.
Avon Products (AVP) rejected an unsolicited $10 billion bid from privately held beauty company Coty on Monday, saying the offer wasn't in the best interest of its shareholders. But terms of the offer, and an immediate rejection of the bid by Avon, indicate that a breakup or a price increase to the offer rest on whether Avon will agree to open takeover discussions with Coty.
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The apparel chain takes a hard hit after blaming the weather for its quarterly sales decline. But cold temperatures don't explain the drop in full-year sales as well.
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