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Papa John’s International Inc (NASDAQ:PZZA) shares are plunging on Tuesday after Reuters reported Apollo Global Management Inc (NYSE:APO) has withdrawn its bid to take the company private.
PZZA stock is struggling to find support. Watch the momentum here.
What Happened: Apollo pulled its $64 per share offer approximately one week amid consumers tightening spending and the quick-service restaurant industry facing headwinds, according to two people familiar with the matter who spoke to Reuters. The withdrawal comes ahead of Papa John’s expected third quarter earnings report on Thursday.
Apollo and Irth Capital Management submitted a joint offer for the pizza chain at just above $60 per share earlier this year before Apollo submitted a solo bid in early October.
Wall Street analysts have slightly trimmed their expectations for Papa John’s earnings over the past month, lowering forecasts by 1.77%, according to Zacks. The company is now projected to earn 40 cents per share — about 7% less than it did in the same quarter last year — while revenue is expected to rise 3.8% year-over-year to $525.88 million.
In the second quarter ending June 29, the company reported a 4% year-over-year increase in sales to $529.2 million, but profits dropped nearly 23% to $9.7 million.
PZZA Price Action: Papa John’s shares are having a rough day, down 9.59% at $43.66 at the time of publication on Tuesday, according to Benzinga Pro. They've been moving quite a bit, hitting a high of $52.02 and a low of $38.28. Today’s trading volume is pretty hefty with 6.6 million shares changing hands. Even with this drop, the stock is still 31.0% above its 52-week low, although it’s now 19.0% below its 50-day moving average.
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