Chesapeake Energy Corp. (CHK): Chesapeake Energy Corporation announced today that it has commenced a private placement offering of $850 million of convertible senior notes. The company stated that it intends to use the net proceeds from the offering for general corporate purposes, which may include debt repurchases and the repayment of its credit facility.
CBS Corp. (CBS) and Viacom Inc. (VIA): Bloomberg.com reported today that National Amusements Inc., the majority shareholder in both CBS Corp.’s and Viacom’s voting shares that's controlled by Sumner Redstone, has asked both companies to consider a merger.
Stein Mart, Inc. (SMRT): Stein Mart announced today that its comparable-store sales for the three months ending October 29, 2016 had declined by approximately 4% through September 27, as compared to the same period a year ago. Separately, the company reported that its CEO, Dawn Robertson, has tendered her resignation.
Fitbit Inc. (FIT): MarketWatch reported today that Pacific Crest Securities has downgraded its rating for Fitbit to underweight from sector weight, due to its research indicating that recent sales of the company’s fitness-tracking wristband products are lower than it expected.
Tyson Foods, Inc. (TSN): Tyson Foods announced today that it plans to invest $27 million to expand the production capacity of its case-ready beef and pork plant in Council Bluffs, Iowa. The project will include a 55,000 square-foot addition for new production lines and warehouse space and will increase the plant’s capacity to produce fresh ground beef, beef and pork cuts, and meal kits that are ready for distribution to retail grocers. The expansion is underway and scheduled to be completed during July 2017. It is expected to add 350 jobs, bringing total employment at the plant to more than 1,400.