The dollar was higher and gold gained 0.7% on a down day for U.S. equities, while crude oil surged 0.8%. The S&P 500 Index lost 0.4%, the Dow Jones Industrial Average fell 0.3% and the Nasdaq Composite was 0.3% worse by day’s end.
Here’s how they did:
DDR Corp (DDR)
DDR announced plans to spin off part of its business.
The company announced that it would be spinning off roughly 50 properties, which include all of its shopping centers in Puerto Rico. The result will be a new real estate investment trust.
The move is designed to help DDR have a new business that will offer a more focused real estate portfolio that will appeal more to investors. The company made the announcement Thursday afternoon after Wall Street closed.
The spin-off will be in effect starting early next year, when the company plans to close on a $1.35 billion mortgage that will help it pay off existing debt on the named properties.
The entire deal should be complete by July, according to an investor presentation posted online.
DDR stock skyrocketed over 10% after the bell Thursday.
Hess Corp. (HES)
Hess may be headed for a changing of the guard soon.
The U.S. oil and gas producer is reportedly considering removing its CEO John Hess by pushing him to sell all or part of the company, according to a Wall Street Journal report.
The move is being spearheaded by Elliott Management Corp., which owns 6.7% of Hess, as the company seeks to make certain changes such as a dividend cut that would be in “favor of stock buybacks.
Hess executives have yet to comment on the matter.
HES shares surged 5.4% after hours yesterday.
Verastem Inc (VSTM)
Verastem has announced an expansion of its share offering program.
The company, which has built a business on discovering and developing drugs that help the survival rates and quality of life of cancer patients, will offer $25 million in common stock.
The move will take place through an underwritten public offering, with all of the shares sold through the transactions will be sold by the cancer drugmaker. Verastem recently announced good news regarding one of its medications.
The company’s stock grew higher earlier this week thanks to the Phase 3 DUO study that studied the efficacy and safety of duvelisib, which is a leukemia drug.
VSTM shares fell 3.3% after the bell yesterday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.