Good Evening. Following their worst year-to-date start in decades, equities stabilized as US stocks ended a choppy session higher on Friday.
The S&P 500 fluctuated between gains and losses throughout the session before rising by about 1.06%. The Nasdaq increased 0.90%, while the Dow Jones gained 1.05%.
ACQUISITION MIGHT FALL THROUGH
The ease and convenience of digital retail has driven customers away from physical locations, and Kohl’s (KSS) is one of many brick-and-mortar retailers that have struggled recently. A lot of investors had hoped that negotiations between Kohl’s and Franchise Group (FRG) would lead to the retailer being acquired.
With today’s announcement that Kohl’s had ended its “strategic review process” and its exclusive negotiations with Franchise Group without reaching an agreement, the company dashed those hopes. Following its offer to buy Kohl’s for $60 per share, The Vitamin Shoppe’s owner was given an exclusive three-week window to complete its due diligence and secure financing.
The companies made some inferences but did not specifically state why they were unable to come to an agreement. In a statement, Kohl’s board chair Peter Boneparth said: “Despite a concerted effort on both sides, the current financing and retail environment created significant obstacles to reaching an acceptable and fully executable agreement. Given the environment and market volatility, the board determined that it simply was not prudent to continue pursuing a deal.”
Even though e-secular commerce’s headwind may have slowed, it still doesn’t appear to be going away. There is a chance that the struggling retailer will turn things around, but there are no guarantees. That turns Kohls into more of a gamble than an investment.
At closing, KSS fell by 19.64% to $28.68 per share.
Southern California and U.C.L.A. made the decision to leave the Pac-12 Conference, causing another seismic shift in the competitive and financial landscapes of college sports.
The presidents and chancellors of the Big Ten’s 14 current institutions—mostly Midwestern universities stretching from Nebraska to New Jersey—said they had unanimously decided to accept U.C.L.A. and U.S.C. The schools declared their intent to join the league in 2024.
The Big Ten will unquestionably become the most potent rival to the Southeastern Conference due to its stampede into the Southern California media market, further consolidating its power in a sector under constant political and legal pressure over athletes’ rights. The Pac-12 Conference, a proud league that has included the schools within its ranks since the 1920s but has struggled in recent years to keep pace financially and on the field with the Big Ten and the SEC, is also imperiled by the exodus of U.C.L.A. and U.S.C.
Oklahoma and Texas decided to leave the Big 12 Conference for the SEC, which has recently been the top college football league, less than a year ago. Their actions caused a wave of realignment across the nation. Within the next few years, each conference will have at least 16 universities, including some of the most well-known names in college sports, if the Big Ten and SEC grow as anticipated.