Why Dow Chemical, LendingClub, CBRE Group and Two Other Stocks Are on the Move Today

Dow Chemical To Cut 2,500 Jobs

Investors are watching Dow Chemical Co (NYSE:DOW) today after the company announced to slash 2,500 jobs globally, around 4% of its total workforce. The step comes as part of the company’s restructuring plan following its acquisition of full ownership of Dow Corning. Dow Chemical’s CEO Andrew N. Liveris said that the company is effectively moving towards integrating Dow Corning and delivering synergies to increase growth of the company and return for the shareholders. The chemical company now expects to save $400 million in annual costs, up from a previous estimate of $300 million. Dan Loeb’s Third Point held 25 billion shares of Dow Chemical Co (NYSE:DOW) at the end of March.

LendingClub Gets New CEO and Board Chairman

LendingClub Corp (NYSE:LC)’s stock has advanced by nearly 5% after it announced the appointment of Scott Sanborn the company’s new CEO and President. Also, Hans Morris, who had assumed the temporary role of Executive Chairman, has been named as the new Chairman of the Board of Directors. Mr. Morris said that Scott and his team has the capability to lead the company through the current “turbulent time.” Scott Sanborn said that he and his team is “working closely” to rebuild investors’ confidence. Troubles for LendingClub started when its CEO resigned in May following an internal investigation regarding $22 million issued in an improper loan sale. Among the funds that we track, 18 held shares of LendingClub Corp (NYSE:LC) at the end of March. Alexander Tamas’ VY Capital reported holding 4.4 million shares of the company as of the end of March.

FactSet Research Beats Estimates

FactSet Research Systems Inc. (NYSE:FDS) is moving today after it reported better than expected fiscal third quarter earnings on Tuesday. The Connecticut-based multinational financial data and software company posted EPS of $1.62, above the estimated EPS of $1.61. Revenue came in at $287.5 million, better than the expected $287.66 million. For the fourth quarter of 2016, Factset sees its EPS between $1.68 and $1.72. The company also announced the appointment of two new directors, Sheila B. Jordan and Malcolm Frank. A total of 16 hedge funds tracked by us were long FactSet Research Systems Inc. (NYSE:FDS) at the end of the first quarter, having amassed $226.2 million worth of stock.

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