Stock Market News Daily Roundup October 10

Pershing Square Capital Discloses $900M Stake In Starbucks

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Shares of Starbucks Corporation (NASDAQ: SBUX) rose 0.38% in premarket trade but is now down over 1%, as the market continues to fall in the face of rising yields. The company’s shares jumped 2.07% on Tuesday after activist investor Bill Ackman revealed a 1% stake in Starbucks at a conference in New York. The news is not enough to absorb the wave of selling though.

International Paper Hikes Annual Dividend

International Paper Co (NYSE: IP) shares moved up 0.49% in premarket trade but are now down three quarters of a percent, after the company reported increasing its dividend by 5.3% to $2 per share annually and buying back $2 billion worth of stock. International Paper is a producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa, Russia and India.

Papa John’s Likely to Get a Buyer In Coming Months: Analyst

Kalinowski Equity Research President Mark Kalinowski believes that Papa John’s Int’l, Inc. (NASDAQ: PZZA) will be taken private in 2019. Kalinowski’s comments follow a Monday report by The Wall Street Journal that Trian Fund Management LP is considering a possible takeover bid for the embattled company. Shares of Papa John’s closed up 8.89% on Tuesday but are down 2.6% on the wave of selling today.

IDT Corporation Posts Fiscal Q4 Earnings

IDT Corporation (NYSE: IDT) shares jumped 26.65% in the premarket trading session and are still up in that range Wednesday as the company reported fiscal fourth-quarter earnings. It had net income of $8.2 million, or 33 cents per share, versus a loss of $9.8 million, or a per share loss of 41 cents, for the year-ago same quarter. The company posted a revenue of $392.6 million, versus $395.0 million in the 2017 quarter. IDT Corp. is a global provider of communications and payment services.

SoftBank Considering Majority Stake in WeWork

SoftBank Group Corp (TYO: 9984) is reportedly talks to acquire a majority stake in U.S. shared office space provider WeWork Cos. The Wall Street Journal reported that SoftBank’s investment could be between $15 billion and $20 billion. Shares of SoftBank fell 5.37% on Wednesday on concerns about the company’s bet on a loss-making startup.

Sears Holdings Preparing For Bankruptcy Filing

Shares of Sears Holdings Corp (NASDAQ: SHLD) were down 29.93% before the bell after a report from The Wall Street Journal that the financially-troubled retailer is preparing to make a bankruptcy filing as soon as this week. The report, which cited people familiar with the situation, reveals that Sears Holdings has hired M-III Partners LLC to help prepare the bankruptcy filing.

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