Market recap: Barnes & Noble abruptly fires CEO, stock drops

Other losers on the week: Cimarex Energy, Tesla and Wynn Resorts.

July 7, 2018 at 5:14AM
A Barnes and Noble Booksellers store in Pittsburgh.
It was a difficult week for Barnes & Noble. The struggling bookseller fired CEO Demos Parneros. (Associatred Press/The Minnesota Star Tribune)

Chapter closed: Barnes & Noble fell 1.3 percent to $5.78 Thursday after the company fired CEO Demos Parneros late Tuesday, citing violation of company rules. The stock closed Friday at $5.25.

Upbeat report: Herman Miller jumped 10.2 percent to $37.95 Tuesday after the furniture maker's latest quarterly results topped Wall Street's expectations. The company also issued a strong sales forecast. The shares closed the week at $38.30.

Soup talk: Campbell Soup climbed 4.1 percent to $41.95 Tuesday after the New York Post reported an activist investor is in talks about potentially selling the company. Last month, Campbell announced a strategic review of its business plans and product portfolio, which has suffered a sales slump. Shares closed Friday at $41.91.

Oil slick: Cimarex Energy lost 3.4 percent to $98.25 Monday as energy stocks slumped following a claim by President Donald Trump that Saudi Arabia will raise oil production, which pushed oil prices down. Cimarex shares closed the week at $100.56.

Rough road: Tesla shares fell 7.1 percent to $310.86 Tuesday amid concern over the sustainability of Tesla's recent Model 3 production push and rumors the company skipped brake-and-roll tests. Tesla contested the claim. The stock finished at $308.90 Friday.

Bad bet: Wynn Resorts sank 8.2 percent to $153.56 Monday after June revenue growth at the casino operator's resorts in Macau fell well short of Wall Street's expectations. Shares closed Friday at $156.86.

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