Saks Inc (NYSE:SKS) hires Goldman Sachs Group, Inc, MannKind Corporation (NASDAQ:MNKD)

Posted by Steve Raasch May 24, 2013 0 Comment 1980 views


Saks Inc (NYSE:SKS): Thursday’s trading session saw Saks Inc (NYSE:SKS) down by 0.06% and closed at $15.49. It opened at a price of $15.56 which touched an intraday high of $15.77, before moving down to close at $15.39 per share. In the previous day’s trading session, around 6.77 million shares were traded. This number was more than the average volume of 3.48 million that was measured over a 30-day period.

SKS has hired Goldman Sachs Group, Inc to help it with selling itself. The 41-store retailer has been struggling to stay afloat. It is expected to be fielding bids from different sovereign-wealth funds and private-equity firms.

Saks Inc (NYSE:SKS) is a department store retailer. SKS along with its subsidiaries is involved in operating Saks Fifth Avenue stores, SFA e-commerce operations and Saks Fifth Avenue OFF 5TH. Saks Inc (NYSE:SKS) is an omni-channel, luxury retailer. It offers a variety of fashion apparel, accessories, shoes, cosmetics, jewelry, and gifts. The SFA stores are largely free-standing stores located in exclusive shopping destinations or they could be anchor stores situated in upscale regional malls.

MannKind Corporation (NASDAQ:MNKD): Thursday’s trading session saw MannKind Corporation (NASDAQ:MNKD) rising 9.95% and closed at $6.85. It opened at a price of $6.50 which touched an intraday high of $6.99, before moving down to close at $6.23 per share. In the previous day’s trading session, around 20.00 million shares were traded. This number was more than the average volume of 6.10 million that was measured over a 30-day period

There was a massive call trade in Thursday’s option activity in bio-pharma company MNKD as speculation of a takeover rises. A particular trader bought 29,864, 5 January calls for an ask price of $1.98 in a volume that stood below the earlier open interest of over 111,000. Seconds later, the same trader sold the exact same number of 9 January calls for a bid price of $0.83 opposed to the open interest of only 1,380 at that strike rate. This was a sure-shot sign of new activity. It may be a totally new vertical spread that is on the lookout for MNKD to trade right upto the $9 range. On the other hand, it could be a trader who is rolling short calls.


About Steve Raasch

Steve Raasch is a breaking news reporter for GDP insider. During his nearly two decades of editorial experience, Steve has covered a variety of topics including small business, health, personal finance, advertising, workplace issues and consumer behavior. Steve is very passionate about his work. Steve earned a master of arts degree in international relations from the Johns Hopkins University School of Advanced International Studies in Washington.

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