Here are some of the stocks the Yahoo Finance team will be watching for you today, starting with the debut of Blue Apron (APRN), the food-delivery company that had to lower the price range for its deal because of weak demand.
And there’s some M&A action this morning. Shares of Staples (SPLS) are higher in early trading, as the office supply chain agreed to be acquired by Sycamore Partners for about $6.9 billion or $10.25 per share in cash. This comes about a year after Staples’ attempt to merge with rival Office Depot was blocked by antitrust regulators.
We’re also watching shares of Walgreens (WBA), as the drugstore scrapped its plans to purchase rival Rite Aid (RAD), after months of waiting for FTC approval of the merger. Walgreens instead plans to buy 2,186 Rite Aid stores for $5.18 billion in cash and pay Rite Aid a $325 million termination fee for ending the previous deal.
And shares of Pier 1 (PIR) Imports are falling. The home goods retailer reported a 4 cents per share loss and posted a miss on revenue. The company did, however, report a 23% increase in online sales, but Pier 1’s new CEO noted that its e-commerce presence isn’t going to be enough to drive growth.
Finally, shares of Constellation Brands (STZ) are higher in early trading. The owner of Corona posted a beat on first-quarter earnings, as Cinco de Mayo and Memorial Day helped boost high-end beer sales. However, while beer sales were up 8%, wines and spirits fell 4%.