Stocks lower…BlackRock, sizable stake in Authentic Brands…Rite Aid gets new CEO
NEW YORK (AP) – Stocks are lower on Wall Street amid investor concerns that the U.S.-China trade war may be worsening. Banks and industrial stocks are leading the market lower. Bank of America is down 2.4% and Citigroup is down 2.1%, while General Electric is down 2.2%.
NEW YORK (AP) – BlackRock is taking a sizeable stake in Authentic Brands Group, which is the parent of Sports Illustrated along with the retail chains Nine West and Aeropostale (ayr-uh-pohst-AHL’). Financial terms were not disclosed. According to a report in The Wall Street Journal, sources put the investment at $875 million, valuing the entertainment company at $4 billion, including debt. Authentic Brands Group has more than 50 brands and nearly $10 billion in annual global revenue.
UNDATED (AP) – Rite Aid has chosen a former insurance executive to replace its long-time CEO John Standley in an effort to right the struggling drugstore chain. Rite Aid runs nearly 2,500 drugstores and lost $99.7 million in the first quarter. In a bid to lift plummeting share prices, Rite Aid’s board approved a reverse stock split this year to keep the shares on the New York Stock Exchange. The company said today that the new CEO pick, Heyward Donigan, will take over immediately.
HONG KONG (AP) – The Hong Kong airport says it will restart flights starting early tomorrow morning after it completely shut down operations when thousands of pro-democracy demonstrators occupied its main terminal. All flights today that had not completed check-in procedures by afternoon were canceled, as were arriving flights that had not yet taken off. Hong Kong is one of the world’s busiest airports.
NEW YORK (AP) – The International Spa Association says spa visits and the money they generate reached a record high last year in the U.S. Revenue was $18.3 billion driven by 190 million pampering trips. And more men than ever are getting into the act. Some spas are seeing a 50-50 male-female split among guests. Another trend is the use of technology. One company was offering mani-pedis that included a virtual reality experience.