SUPERVALU INC.(NYSE: SVU) is back in action and rose 13% in the morning session on Monday on reports that private equity firm Cerberus is still analyzing multiple options for the grocery store chain. It was just 5 months ago when Supervalu said that it was looking at its strategic alternatives, including putting itself up for sale.
Amid cash crunch, the company has also suspended its dividend, closed stores, cut staff and replaced its CEO in the past year.
The Eden Prairie, Minn.-based grocer has struggled for a number of years to turn around its business. It was an industry laggard prior to the recession and was getting a revamp ready when the economy crumbled. It has been unable to keep up with the intense competition of other grocers, big box store and discount retailers.
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Health Management Associates (NYSE: HMA) rebuts as "inaccurate" a 60 Minutes report on allegations doctors faced pressure to admit patients from the emergency room to fill hospital beds. CRT Capital cuts HMA to Sell, seeing significantly more risk of a bigger federal investigation and potential settlement fines - “as serious an allegation of fraud as we have ever heard." Shares of the company are down 3%.
First Solar (NASDAQ: FSLR) added 1.50% after announcing a deal to supply 2MW of modules for a "demonstration project" in China's Xinjiang province. 2MW isn't much for a supplier of First Solar's size, but it could pave the way for bigger deals in a giant market that's dominated by local vendors, and which receives large and growing government subsidies.
Chemical maker TPC Group Inc(NASDAQ: TPCG) shares slumped 6.70 after Innospec (IOSP) says it is withdrawing its takeover proposal. A bidding war looked to have been brewing, as IOSP's $47.50/share offer last month trumped an earlier $45 bid from P-E firms First Reserve and SK Capital Partners.
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