Container Store’s stock tumbles as biggest investor downsizes stake

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Container Store’s largest shareholder just downsized its investment in the retailer, sending its shares tumbling more than 5 percent.

Leonard Green & Partners has sold 5 million shares in the Coppell, Texas-based home- and office-furnishings chain, representing 9.9 percent of the company’s outstanding shares, according to a regulatory filing. 

The private equity firm, which did not immediately respond to a request for comment, still holds 15.8 million shares.

The company has gotten a boost from the work from home trend during the past year, with sales up 20.5 percent to $275.5 million in the most recent quarter ended Dec. 26. Profits were $19.7 million compared with $2.4 million a year ago.

Its stock, which has risen nearly 62 percent over the past three months, was recently off 4 percent at $15.11.

Container Store hired a new chief executive a year ago — Satish Malhotra — who hailed from Sephora and became the retailer’s first CEO from outside the company in February.

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Stock Alert: Tortoise Acquisition Hits New 52-week High On Merger With Volta Industries

Shares of Tortoise Acquisition Corp. II (SNPR), a special purpose acquisition company, are gaining more than 34 percent or $4.46 in Monday’s morning trade at $17.36, after surging to a new 52-week high of $18.33.

Volta Industries Inc., an operator of public electric vehicle charging infrastructure, and Tortoise Acquisition said Monday they intend to merge. Upon the closing of the transaction, the combined entity will be named Volta Inc. and remain listed on the New York Stock Exchange or NYSE under the new ticker symbol “VLTA.”

The companies expect the pro forma equity value of the combined company to exceed $2 billion at the $10.00 per share PIPE price and assuming minimal redemptions by Tortoise Acquisition public shareholders. The transaction is expected to close late in the second quarter of 2021.

Tortoise Acquisition has traded in a range of $9.46 to $18.33 in the past 52 weeks.

Stock Alert: Coherent Touches New High; Receives Buyout Proposal From MKS Instruments

Shares of laser manufacturer, Coherent, Inc. (COHR) are rising more than 15% Monday morning after the company said it has received an unsolicited buyout proposal from MKS Instruments.

According to the terms of the proposal from MKS, each common stock of Coherent would be exchanged for $115.00 in cash and 0.7473 of a share of MKS common stock.

On January 19, 2021, Coherent had announced its merger agreement with Lumentum Holdings Inc. As per the deal, each share of Coherent common stock would be exchanged for $100 in cash and 1.1851 shares of Lumentum common stock.

Coherent is planning to engage in discussions with MKS to gauge the benefits and risks compared to its proposed transaction with Lumentum.

“Notwithstanding its receipt of MKS’ proposal and pending discussions between Coherent and MKS, Coherent’s board of directors continues to recommend Coherent’s merger agreement with Lumentum to its stockholders,” the company said.

COHR touched a new high of $227.18 this morning before slipping to $222.51 currently.

Watch live: New York Gov. Andrew Cuomo holds a press briefing on Covid pandemic

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New York Gov. Andrew Cuomo is scheduled to hold a press briefing Monday on the coronavirus pandemic as the state continues to push forward with its vaccination efforts and business reopenings.

The state's hospitals have until the end of the week before Cuomo transfers unused vaccine doses from the facilities to local health departments, which can begin vaccinating people with certain underlying health conditions, the governor said Friday. Cuomo posted a list of 15 so-called comorbidities that meet the eligibility requirements for a jab, including cancer, heart failure, severe obesity, pregnancy and diabetes, among others.

On Feb. 14, New York City restaurants will be allowed to reopen their indoor dining sections with limited capacity for the first time since mid-December. Some industry experts have been concerned that 25% capacity for indoor dining may not be enough for restaurants to stay afloat. 

New York is reporting an average of 8,616 Covid-19 cases daily, a more than 28% decline compared with a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University.

Read CNBC's live updates to see the latest news on the Covid-19 outbreak.

Jump In Exports Leads To Narrower U.S. Trade Deficit In December

A report released by the Commerce Department on Friday showed the U.S. trade deficit narrowed in the month of December, as the value of exports jumped by more than the value of imports.

The Commerce Department said the trade deficit narrowed to $66.6 billion in December from a revised $69.0 billion in November.

Economists had expected the trade deficit to shrink to $65.7 billion from the $68.1 billion originally reported for the previous month.

The narrower deficit came as the value of exports surged up by 3.4 percent to $190.0 billion, while the value of imports increased by 1.5 percent to $256.6 billion.

The spike in the value of exports reflected significant increases in exports of crude oil, soybeans, capital goods and automotive vehicles and parts.

Meanwhile, notable increases in imports of industrial supplies and materials and passenger cars were partly offset by a slump in imports of consumer goods.

“Exports were boosted by a further surge in soybean shipments, presumably to China, with the value of industrial supplies trade in both directions boosted by the rebound in energy prices,” said Andrew Hunter, Senior US Economist at Capital Economics.

The report also said the goods deficit narrowed to $84.2 billion in December from $87.0 billion in November, while services surplus fell to $17.5 billion from $18.0 billion.