Consumer companies edged higher, with stake purchases buoying some shares and earnings results weighing on others.
Big Lots shares rose 17% after Michael Burry's Scion Asset Management reported a new stake of 225,000 shares in the retailer.
Shares of Children's Place surged 81% after the specialty retailer disclosed that Saudi investment firm Mithaq Capital and related parties have accumulated a 54% stake in the company and plan to nominate a new slate of directors.
Shares of Herbalife lost almost a third of their value after the company said it expects sales to be flat this year. Billionaire investor Bill Ackman cheered the slide. In a post on X, the social-media platform, Ackman slammed Herbalife and regulators for not shutting the nutrition company down.
Shares of HanesBrands dropped 8.1% after the company's 2024 revenue outlook and fourth-quarter earnings missed analyst expectations.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
02-15-24 1859ET
