Clothing retailer Express, Inc. (EXPR) confirmed yesterday that it has received a letter from investment firm Sycamore Partners intimating the latter’s interest in acquiring it. Sycamore had revealed on Thursday that it has purchased a 9.9% stake in the fashion retailer. Express’s stock price surged 22% in extended trading yesterday following the confirmation.
BP reported a sharp drop in fourth-quarter profits on Tuesday partly due to weakness in its refining business, providing more evidence of difficult times across the “big oil” sector.
BP’s results, hit by tough conditions in U.S. refining and partly offset by strong contributions from its stake in Russia’s Rosneft, highlighted the industry’s struggle to increase profits in the face of rising costs.
(DUBLIN) — Shares in Ryanair slumped after Europe’s top budget airline issued a new, harsher profits warning and pledged to maintain heavy fare discounts to keep aircraft full. Stock in the Dublin-based carrier fell 11.5 percent to 5.40 euros ($7.30), a two-month low. Ryanair had issued an initial, milder profits warning Sept. 4 citing weaker-than-expected demand and the need to reduce the average price of fares. Monday’s forecast means the airline is on course to record its first major drop in profits following two decades of industry-leading expansion.