AAN: All the News Hitting Aaron’s Stock Today

by Christopher Freeburn | April 15, 2014 11:51 am

AAN: All the News Hitting Aaron’s Stock Today

Shares of Aaron’s (AAN[1]) fell sharply on Tuesday after the rent-to-own retailer dismissed a potential suitor and trimmed its quarterly guidance[2]. AAN stock tumbled more than 6% on the news.

Day Trading 185 AAN: All the News Hitting Aaron's Stock TodayAAN shares declined after Aaron’s said it had declined a $2.3 billion acquisition bid, calling the offer “inadequate and illusory.” Vintage Capital Management launched the bid — its fourth try at purchasing AAN — back in February, Reuters notes.

Aaron’s also issued new first-quarter guidance, reducing its outlook for quarterly revenue from previous estimates of almost $600 million, down to $587.5 million. AAN blamed the lowered outlook on harsh winter weather during the quarter. Aaron’s said that the bad weather would trim first-quarter earnings by as much as 6 cents per share.

While it turned down Vintage’s takeover bid, AAN announced that it had bought Progressive Finance, an online lease-to-own financing provider, for roughly $700 million.

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Endnotes:
  1. AAN: http://studio-5.financialcontent.com/investplace/quote?Symbol=AAN
  2. dismissed a potential suitor and trimmed its quarterly guidance: http://www.reuters.com/article/2014/04/15/us-aaroninc-acquisition-idUSBREA3E0WH20140415
  3. WWE Stock Needs a Buyout to Escape Its Sleeper Hold: http://investorplace.com/2014/04/wwe-stock/#.U01TzF5hOf0
  4. FB: 3 Reasons Battered Facebook Stock Is a Screaming Buy: http://investorplace.com/2014/04/facebook-stock-buy-fb/#.U01T9V5hOf0
  5. SLA Stock: More Bumps & Bruises Ahead?: http://investorplace.com/2014/04/tsla-stock-best-stocks/#.U01UVF5hOf0

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