In Monday trading, shares of Facebook Inc. (FB, Financial) plunged on news that Cambridge Analytica, a consulting firm, had inappropriately gained access to the accounts of 50 million Facebook users.
The selloff of Facebook fueled the negative trend of the Nasdaq composite.
Newell Brands Inc. (NWL, Financial) lost ground despite announcing an agreement with Carl Icahn (Trades, Portfolio). The deal includes four new independent directors: Patrick Campbell, Brett Icahn, Andrew Langham and Courtney Mather.
“We are pleased to have reached this agreement with the Newell Brands Board and I am confident that the entire company will benefit from the fresh perspectives of these new directors,” Icahn said.
Further, the company has expanded its transformation plan. It will focus on strategic initiatives, which include optimizing the portfolio, operational efficiency and simplifying operations and improving financial flexibility, increasing free cash flow and returning capital to shareholders.
The stock jumped in premarket trading, but reversed after the open.
CSRA Inc. jumped more than 1% after CACI International (CACI, Financial)Â offered $44 per share to buy the company, more than General Dynamics' (GD, Financial)Â bid of $40.75 per share. According to Reuters, CACI’s offer consists of $15 per share in cash and 0.184 CACI shares for each CSRA share. CSRA shareholders would own 55% of the new company.
This represents an 8% premium over the price CSRA’s shareholders would receive from General Dynamics.
Disclosure: The author holds no position in any stocks mentioned.
