Why RLJ Entertainment, Supervalu, Apple, and Two Other Stocks Are Making Headlines Today

SUPERVALU INC. (NYSE:SVU) shares have soared by 5% after the company announced it had entered into a definitive agreement with an affiliate of Onex, which will buy SUPERVALU INC. (NYSE:SVU)’s Save-A-Lot business for $1.365 billion in cash, subject to general closing adjustments. The deal is expected to be completed by the end of January 2017 and helps improve SUPERVALU’s balance sheet and focus on its core strengths. SUPERVALU will use the net proceeds from the sale to prepay at least $750 million against an outstanding term loan balance. Conan Laughlin‘s North Tide Capital inched up its holding in SUPERVALU INC. (NYSE:SVU) by 3% to 24.5 million shares during the second quarter.

Although it doesn’t come at a complete surprise, Bloomberg is reporting that Apple Inc. (NASDAQ:AAPL) has ‘drastically scaled back’ its secret automotive project, causing hundreds of engineers to leave, as apparently the iPhone maker won’t produce its own vehicle. According to the article, Apple’s top brass has established a deadline of late 2017 to decide whether to proceed with its self-driving platform. One reason for the course change for Apple Inc. (NASDAQ:AAPL) was internal disagreements, while another reason was the complexity of the automotive supply chain. A total of 116 funds from our database were long Apple Inc. (NASDAQ:AAPL) at the end of June, down by 36 funds from the previous quarter.

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