Stocks Going Viral Today: Staples, Nektar Therapeutics, Sealed Air Corp, More

Cerberus Capital Management to Acquire Staples’ European Stores

Investors are closely watching Staples, Inc. (NASDAQ:SPLS) today after the Daily Telegraph claimed that Stephen Feinberg’s Cerberus Capital Management is in talks to acquire the company’s European stores in a “rescue” deal. The source said that the deal pays a “nominal sum” for Staples’ stores, which include those in the UK. The Massachusetts-based office supplies company’s business in the UK has been struggling lately. Earlier this year, a U.S. federal judge blocked the planned merger of Staples and Office Depot Inc (NASDAQ:ODP), crushing the $6 billion deal, which could have resulted in an industry giant. A total of 33 funds tracked by Insider Monkey were long Staples, Inc.(NASDAQ:SPLS) at the end of the June quarter.

Nektar Therapeutics Announces Underwritten Public Offering

San Francisco-based biopharmaceutical company Nektar Therapeutics (NASDAQ:NKTR) is in the news after it announced an underwritten public offering of $175 million of shares of its common stock. Nektar said that it will grant the underwriters of the offering a 30-day option to purchase up to an additional $26.25 million worth of shares. J.P. Morgan is the sole book-running manager in the offering. A statement from the company said that the net proceeds from the transaction will be used for general corporate purposes, including R&D and working capital. Nektar shares have shed 8% of their value this morning. Drew Cupps’ Cupps Capital Management was one of 17 funds in our system with a long position in Nektar Therapeutics (NASDAQ:NKTR) as of the end of the second quarter.

Sealed Air to Spinoff One-Third of Company

Sealed Air Corp (NYSE:SEE)’s stock has been volatile today after the company said that it would spinoff around one-third of its operations. The packaging and hygiene solutions company will spin-off its cleaning products unit Diversey Care, which it acquired back in 2011, and its food hygiene and cleaning business. The new two outfits will be based in Charlotte, North Carolina. Sealed Air’s CEO said in a statement that the spinoff will allow both businesses to reach their “full potential”. David Cohen and Harold Levy’s Iridian Asset Management owns over 10.7 million Sealed Air Corp (NYSE:SEE) shares as of June 30, one of 46 hedge funds in our database with a stake in the company at that time.

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