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Omar Venerio
Omar Venerio
Articles (1577) 

Wall Street Posts Solid Gains on Monday

Crocs rallies in premarket trading

U.S. stocks were in positive territory on Monday morning, with the Dow Jones advancing more than 200 points. The Dow Jones Industrial Average gained 1.02% to 25,799, the S&P 500 index rose 0.95% to 2,786 and the Nasdaq Composite Index advanced 1.29% to 7,424.

Shares of Crocs Inc. (NASDAQ:CROX) gained more than 4% on Monday morning after the company announced an agreement with Blackstone Capital Partners to repurchase and convert the company’s Series A convertible preferred stock. This was part of a $200 million investment in Crocs in January 2014.

The investment had a cash dividend payable at 6% per annum and an allocation of earnings in any quarter in which the net income was positive. The shares were converted into 13.8 million shares of common stock at $14.50 per share.

Under the agreement, the company will buy back 6.9 million common shares for $183.7 million, or $26.64 a share. Blackstone will convert the other half of preferred shares into common shares, and has agreed not to sell or transfer the shares for about nine months.

Gainers

Losers

Global markets

The main European stock markets traded higher. The U.K.'s FTSE 100 rose 1.18%, France's CAC 40 gained 1%, Germany's Dax climbed 1.85% and Spain's IBEX 35 inched up 1.13%.

In Asia, Japan's Nikkei 225 jumped 1%, India’s BSE Sensex swelled 0.13%, Hong Kong's Hang Seng advanced 2.55% and China's Shanghai Composite rose 2.57%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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