== Five Below (FIVE): CEO Joel Anderson steps down to serve as CEO of Petco Health and Wellness (WOOF)

• Joel Anderson has stepped down from his roles of President and CEO, and from the Board of Directors.
• Co appoints COO Kenneth Bull as interim President and CEO.
• Thomas Vellios, Co-Founder, Non-Executive Chairman and former CEO, is assuming the role of Executive Chairman on an interim basis to support Mr. Bull and the executive leadership team in the transition while the Board conducts a comprehensive search for a permanent CEO.

 

Anderson joined Five Below as CEO in 2015. He led the company's U.S. expansion from 366 to over 1,500 stores and e-commerce site launch, optimized operations, expansion into new categories, and drove revenue growth from $500 million to more than $3.5 billion. 

Anderson previously served for three years as the president and CEO of Walmart.com, leading the business unit from 2011 to 2014. For four years before that, he was divisional senior VP of the Northern Plains division of Walmart stores.

Petco has been on the hunt for a new CEO since March, when Ron Coughlin, stepped down as chief executive, chairman and board member after a disappointing quarter. He had led Petco since June 2018.  

Upon Coughlin’s departure, board member and former longtime Best Buy executive R. Michael Mohan was tapped as interim CEO. Petco said that Mohan will transition from interim chief on July 29 to chair a new board committee focused on Petco's ongoing value creation initiatives, working with Anderson to ensure a smooth leadership transition and continued execution towards the company's objectives. 

-----

Petco operates more than 1,500 stores  across the U.S., Mexico and Puerto Rico, which offer merchandise, companion animals, grooming, training and a growing network of on-site veterinary hospitals and mobile veterinary clinics.

==UiPath (PATH) reported earnings on Wed 29 May 24 (a/h)

 

UiPath beats by $0.01, reports revs in-line; guides Q2 revs below consensus; guides FY25 revs below consensus; CEO departing

• Reports Q1 (Apr) earnings of $0.13 per share, excluding non-recurring items, $0.01 better than the FactSet Consensus of $0.12; revenues rose 15.7% year/year to $335.11 mln vs the $333.08 mln FactSet Consensus.
• Co issues downside guidance for Q2 (Jul), sees Q2 revs of $300-305 mln vs. $342.32 mln FactSet Consensus.
• Co issues lowered guidance for FY25 (Jan), sees FY25 revs of $1.405-1.410 bln (down from $1.555-1.560 bln) vs. $1.56 bln FactSet Consensus.
  • Co added, "During the first quarter we saw increased deal scrutiny and lengthening sales cycles for large multi-year deals. We have considered these factors, the current macroeconomic environment and our leadership transition in our updated guidance for the remainder of the year."
• Co announced Rob Enslin is resigning as Chief Executive Officer and member of the UiPath Board of Directors effective June 1, 2024. Daniel Dines, Founder and former CEO of UiPath, will be re-appointed CEO, also effective June 1, 2024. Dines currently serves as Chief Innovation Officer and Executive Chairman of the Board.

Planet Fitness (PLNT) : CEO Chris Rondeau to step down

ticker: PLNT

 

 

Planet Fitness appoints Craig Benson as Interim CEO, effective immediately

The Planet Fitness board decided to “transition to new leadership, resulting in the departure of Chris Rondeau,” the company said in a news release Friday. The former CEO, who had been at the helm since January 2013, will continue to serve as a member of the board and will be nominated for re-election next year, the company said.

• Rondeau will continue to serve as a member of the co's Board of Directors and will be nominated for re-election at the co's 2024 Annual Meeting.
• Rondeau will continue to serve the co in an advisory role as contemplated under his existing agreements with the co to help ensure a smooth transition.

Earlier this year, the company grappled with a disappointing first-quarter earnings report. This year, the stock is off 34%.

Cano Health (CANO) removes Dr. Marlow Hernandez as CEO

• CEO Dr. Marlow Hernandez has agreed to step down immediately
• Co names current Chief Strategy Officer Mark Kent as Interim CEO while an external search is conducted for a permanent successor.

Lulu’s Fashion Lounge (LVLU) reported earnings on Tue 15 Nov 22 (a/h)

 ** charts before earnings **

** charts after earnings **

 

Lulu's Fashion Lounge promotes CFO Crystal Landsem to become new CEO, effective March 6

• Co announces that CFO Crystal Landsem has been named CEO, effective March 6, 2023.
• David McCreight, currently CEO, will become Executive Chairman of the Board, also effective March 6, 2023.
• Co plans to announce its new CFO in early 2023.

Third Quarter 2022 Highlights:

Net revenue of $105.3 million, a 1.0% decrease compared to the same period last year, driven by a 1% decrease in Total Orders Placed with higher return rates offset by higher Average Order Value (“AOV”), net of promotions and discounts.

Active Customers of 3.2 million, a 29.2% increase compared to the same period last year.

AOV of $133, an increase of 6.4% compared to the same period last year.

Gross Margin decreased 560 basis points to 42.1% and gross profit decreased 12.7%, in each case compared to the same period last year.

Seagen (SGEN) to be acquired by Merck (MRK)?

 The Wall Street Journal reported the $40 billion deal for Seagen Inc. is unlikely to be finalized ahead of the pharmaceutical giant’s earnings later this month, though the talks remain on track, according to people familiar with the matter.

• Seagen helped pioneer a class of drugs known as antibody drug conjugates. The therapies take advantage of the honing abilities of antibody drugs to deliver a potent toxin to a specific tumor target.
• As soon as this month, a study evaluating Seagen’s Padcev as a first-line treatment for bladder cancer could produce data. The study is examining Padcev’s use alone and in combination with Keytruda, according to analysts.
• Longtime CEO Clay Siegall, who co-founded the company more than 24 years ago, resigned in May in the wake of allegations of domestic abuse.
  

Oct 8, 2020 :  Seattle Genetics shortened its name to Seagen, dropping local connection as it goes global. The name reflects the company's growth over 23 years from a Seattle-based biotech to an organization with three cancer fighting drugs on the market.

  

May 16, 2022 — Clay Siegall spent 33 hours in jail and was charged with fourth degree misdemeanor assault. 

Seagen CEO and co-founder Clay Siegall, 61, built the Seattle-area biotech into one of the most successful in the world.   A proxy filing also revealed Siegall to be one of the highest-paid executives in the industry, making $18.9 million in 2021.

 

Seagen has gained FDA approvals for four of its cancer treatments. Last year, the company reported $1.6 billion in revenue.
 

Siegall has been the company’s CEO since he co-founded the company, then called Seattle Genetics, in 1998. The company’s first oncology drug, Adcetris, was approved in 2011, and it now has four commercial products and employs 2,800 people in the Seattle area, Canada, Switzerland, and Europe. New plans are also in place to build a 270,000 square foot manufacturing facility north of Seattle. Seagen’s market value is $20 billion and it reported $1.6 billion in revenue last year.

 

Siegall, 61, is alleged to have pushed his 46-year-old wife, Nellie, to the floor and dragged her causing bruises and abrasions.

 

 Clay and Nellie Siegall

• April 23, 2022 : Clay Siegall is arrested and taken to jail in Snohomish County, Washington.
• Seagen CEO's arrest came during a hazy night of booze, sex and alleged violence
• When police arrived at the home sometime near 4 a.m., Nellie Siegall, Siegall’s wife of nearly three years, was at the front door naked and intoxicated, according to the report, with abrasions on her forehead and knees. Clay Siegall was described as “intoxicated” and “assaultive” as he denied the abuse.
• A summary of jail calls between Siegall and his wife shows that a day after the arrest, Siegall “thanked her for the possibility that he may get fired and that she may have ruined his career.” Siegall was released on April 24.
  
• April 28: Clay Siegall filed for divorce from his wife, Nellie.
• May 15: Seagen CEO and co-founder Clay Siegall resigned from Seagen.  Seagen has named its chief medical officer, Roger Dansey, M.D., to take over as interim CEO.
  

Cisco Systems (CSCO) reported earnings on Wed 12 Aug 20 (a/h)

** charts after earnings **

 

Cisco announces that CFO Kelly Kramer has notified the co of her decision to resign, she will stay on until a replacement is named

Cisco beats by $0.06, reports revs in-line; guides OctQ EPS below consensus, revs below consensus

Reports Q4 (Jul) earnings of $0.80 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.74; revenues fell 9.5% year/year to $12.15 bln vs the $12.09 bln S&P Capital IQ Consensus.

• Non-GAAP operating margin in Q4 was 33% vs prior guidance of 31.5-32.5%.

Co issues downside guidance for Q1 (Oct), sees EPS of $0.69-0.71, excluding non-recurring items, vs. $0.76 S&P Capital IQ Consensus; sees Q1 revs declining 9-11% yr/yr, which we compute as $11.71-11.98 bln vs. $12.29 bln S&P Capital IQ Consensus. Guides to Q1 non-GAAP op mgn of 30-31%.

-=Tivity Health (TVTY) reported earnings on Wed 19 Feb 20 (a/h)

• Update June 2022: Tivity Health has been acquired by Stone Point Capital in a take-private deal for $2 billion or $32.50 per share.
  

Tivity Health CEO Donato J. Tramuto to depart, effective immediately 
The Board has appointed current Director Robert ("Bob") J. Greczyn, Jr. Interim CEO while it conducts a comprehensive CEO search with the assistance of a leading executive search firm. Greczyn has been a member of the Board since 2015 and has over 30 years of experience in leadership roles in managed care and healthcare at some of the nation's leading organizations.

Tivity Health misses by $0.15, reports revs in-line; guides Q1 revs below consensus; guides FY20 revs below consensus

Reports Q4 (Dec) earnings of $0.40 per share, excluding non-recurring items, $0.15 worse than the S&P Capital IQ Consensus of $0.55; revenues rose 78.3% year/year to $272.8 mln vs the $275.15 mln S&P Capital IQ Consensus.

• Revs driven by driven by the addition of Nutrition segment revenues of $113.7 million and an increase in Healthcare segment revenues of $6.0 million.
• Adjusted EBITDA was $55.5 million and $222.1 million for the fourth quarter and fiscal year 2019, respectively. The Company benefited from cost synergies realized of $5.4 million during the fourth quarter and $9.8 million during the fiscal year. The Company remains on track to deliver on its stated cost synergy and integration goals.

Co issues downside guidance for Q1, sees Q1 revs of $335-350 mln vs. $367.05 mln S&P Capital IQ Consensus.

Co issues downside guidance for FY20, sees FY20 revs of $1243-1285 mln vs. $1.34 bln S&P Capital IQ Consensus.

=J. Jill (JILL) reported earnings on Thur 5 Dec 19 (b/o)

J.Jill (JILL) came out with quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -36.36%. A quarter ago, it was expected that this retailer of women's clothes, shoes and accessories would post a loss of $0.09 per share when it actually produced a loss of $0.05, delivering a surprise of 44.44%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

J.Jill, Inc. Appoints Jim Scully as Interim CEO

The company said Linda Heasley stepped down from her roles as CEO and president at J.Jill and left the board, which has begun a search process for a new top leader.

Board member James Scully, who has served in executive roles for Avon Products Inc. and J. Crew Group Inc., will serve as interim CEO.

-=Symantec (SYMC) reported earnings on Thur 9 May 2019 (a/h)

Symantec reports EPS in-line, misses on revs; guides Q1 EPS below consensus, revs in-line; guides FY20 EPS in-line, revs below consensus; CEO steps down

• Reports Q4 (Mar) earnings of $0.39 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $0.39; revenues fell 2.2% year/year to $1.2 bln vs the $1.21 bln S&P Capital IQ Consensus.
• "Our Consumer Cyber Safety segment continued to deliver solid results, and we were pleased with increases in average revenue per user, both year-over-year and sequentially. However, our Enterprise Security revenue was below our guidance range due to lower than expected bookings, which led to year-over-year reported billings declining greater than we anticipated. Despite this weakness, we remain confident in our Integrated Cyber Defense strategy, which has produced a strong and competitive product portfolio. Moving forward, in Enterprise Security we are focused on operational discipline, increasing sales productivity, expanding operating margins and managing the shift to our ratable cloud delivered solutions. In Consumer Cyber Safety we will continue to execute on multiple initiatives to drive revenue growth. With industry-leading solutions across both our enterprise and consumer businesses, we are optimistic that we are well positioned to execute against a growing opportunity in the cyber defense market."
• In a separate press release issued today, Symantec announced that Richard S. Hill has been named Interim President and CEO, effective immediately. Mr. Hill succeeds Greg Clark, who has stepped down as President and CEO and as a member of the Symantec Board, also effective immediately. The Company will commence a search process to find a permanent CEO.
• Vincent Pilette, CFO of Logitech and former VP of Finance for Hewlett Packard Enterprise's server, storage and networking business, has been appointed Executive Vice President and Chief Financial Officer of Symantec, effective May 21, 2019. Mr. Pilette's appointment follows a comprehensive search process initiated in connection with Nicholas Noviello's departure as EVP and CFO to pursue other opportunities, as announced on January 31, 2019.
• Co issues guidance for Q1, sees EPS of $0.30-0.34, excluding non-recurring items, vs. $0.40 S&P Capital IQ Consensus; sees Q1 revs of $1.175-1.205 bln vs. $1.2 bln S&P Capital IQ Consensus.
• Co issues guidance for FY20, sees EPS of $1.65-1.80, excluding non-recurring items, vs. $1.78 S&P Capital IQ Consensus; sees FY20 revs of $4.76-4.9 bln vs. $4.97 bln S&P Capital IQ Consensus.

=Activision Blizzard (ATVI) reported earnings on Tue 12 Feb 2019 (a/h)

Activision Blizzard beats by $0.31, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY19 EPS in-line, revs below consensus

• Reports Q4 (Dec) earnings of $0.84 per share, $0.31 better than the S&P Capital IQ Consensus of $0.53; net bookings rose 7.6% year/year to $2.84 bln vs the $3.04 bln S&P Capital IQ Consensus. 
  • For the quarter ended December 31, 2018, Activision Blizzard's net bookings were a record $2.84 billion, compared with $2.64 billion for the fourth quarter of 2017, below prior outlook. Net bookings from digital channels were a record $1.88 billion, as compared with $1.62 billion for the fourth quarter of 2017, and in-game net bookingswere a record of $1.2 billion.
• Co issues downside guidance for Q1, sees EPS of $0.39 vs. $0.73 S&P Capital IQ Consensus; sees Q1 net bookings of $1.18 bln vs. $1.48 bln S&P Capital IQ Consensus.
• Co issues downside guidance for FY19, sees EPS of $1.18 vs. $2.13 S&P Capital IQ Consensus; sees FY19 net bookings of $6.3 bln vs. $7.3 bln S&P Capital IQ Consensus.
• "The number of developers working on Call of Duty, Candy Crush, Overwatch, Warcraft, Hearthstone and Diablo in aggregate will increase approximately 20% over the course of 2019. The company will fund this greater investment by de-prioritizing initiatives that are not meeting expectations and reducing certain non-development and administrative-related costs across the business. The company is also integrating its global and regional sales and go-to-market, partnerships, and sponsorships capabilities. As part of these restructuring actions, the company expects to incur a GAAP-only pre-tax charge of approximately $150 million, the majority of which is expected to be incurred this year."
• Board increases quarterly dividend to $0.37/share from $0.34/share.
• Additionally, the Board of Directors authorized a new two-year stock repurchase program under which the company is authorized to repurchase up to $1.5 billion of its outstanding common stock during the period.

Activision's results follow weak reports from other rival publishers such as Take-Two Interactive Software Inc and Electronic Arts Inc, adding to fears that competition from free-to-play battle royale games "Fortnite" and "PUBG" was eating into sales.

Even as jettisons workers as some of its revenue evaporates, Activision said it will also boost its stockholder dividend by 9 percent from last year to 37 cents per share.

Activision to lay off 800 workers as video game sales drop

SANTA MONICA, Calif. (AP) — Video game maker Activision Blizzard is laying off nearly 800 workers as the company braces for a steep downturn in revenue following the best year in its history.

The cutbacks announced Tuesday illustrate the boom-and-bust cycles in an industry whose fortunes are tied to video games that can have a relatively short lives before players move on to the next craze.

Right now, Epic Games' "Fortnite" is a hot fad that has been siphoning attention — and potential sales — from the titles made by other companies.

Although Activision also still owns popular games such as "Call of Duty" and "Candy Crush," it expects its revenue this year to fall by about 20 percent to $6.03 billion.

Activision will cope trimming 8 percent from its workforce of nearly 10,000 people and assigning more of its remaining employees to work on "Call of Duty," ''Candy Crush," and several other of its most popular titles.

The Santa Monica, California, company had already reshuffled its leadership, even though it profits rose last year by more than five-fold to $1.8 billion. Revenue climbed 7 percent to $7.5 billion, the highest since Activision's inception 40 years ago.

At the same time, Activision Blizzard (NASDAQ: ATVI) will increase the number of developers on key franchises by 20 percent, including “Call of Duty” “CandyCrush,” “Overwatch,” “Warcraft,” “Hearthstone” and “Diablo.”

Guess? (GES) CEO Victor Herrero to leave the company effective February 2

Los Angeles-based Guess (NYSE: GES) said Chief Executive Victor Herrero is leaving the company and will be replaced by Lucky Brand Chairman and CEO Carlos Alberini. Guess didn’t give a reason for Herrero’s departure.

• Alberini will assume the Guess CEO role after he leaves Lucky Brand, where he has been chairman and CEO since 2014.
• Alberini is returning to Guess, where he was president and chief operating officer from 2000 to 2010. After leaving Guess, Alberini became co-CEO of Restoration Hardware until 2014, and a board member of Restoration Hardware from 2010 until the present.
• In addition, Guess said Paul Marciano, the company's co-founder, will remain as chief creative officer, on an "at will" basis. 

 

Guess Inc. co-founder Paul Marciano is staying on as chief creative officer

Paul Marciano resigned as executive chairman last year after an internal investigation into claims of sexual assault and harassment. The month-long investigation began after model Kate Upton accused Marciano on Instagram of sexual and emotional harassment. He was replaced last June by his brother Maurice.

Víctor Herrero has a degree in Law from the University of Zaragoza and a degree in Business Administration from the prestigious Parisian business school  ESCP Europe. Herrero also has an MBA from the  Kellogg School of Management at Northwestern University in Illinois (USA).

As of November 2018, the Guess directly operated 1,108 retail stores in the Americas, Europe and Asia. The company’s licensees and distributors operated 584 additional retail stores in roughly 100 countries.

=Kona Grill (KONA) announces resignation of Co-CEO

• Co announces that Steve Schussler resigned as Co-Chief Executive Officer and the Board of Directors to focus on his ongoing commitments to his existing restaurant concepts. Marcus Jundt will remain as the company's Chief Executive Officer.

Just 65 days after taking over as co-CEO of Kona Grill Inc., Steve Schussler has stepped down.

The Scottsdale-based sushi and happy hour restaurant chain announced Schussler’s resignation from the co-CEO job and from the company’s board of directors Thursday afternoon. He served on the board since 2012.

The company’s announcement said Schussler wants to spend more time focusing on his other restaurant company, Minnesota-based Schussler Creative Inc. Schussler is the founder of Rainforest Cafe Inc. and has developed a number of other larger-than-life themed restaurant concepts.

In November, Kona Grill’s board fired Jim Kuhn as CEO after only a few months on the job, and replaced him with Schussler and Marcus Jundt. Jundt will now serve as CEO going forward, according to a company statement.

Jundt, 77, was one of the founding partners of Kona Grill in 1998.

“Steve Schussler’s creativity and attention to customer service has been a valuable asset to Kona Grill through his service as both a director and officer. We are sad to see him leave, but understand the commitments that he has to his existing restaurants,” Jundt said in a statement.

This is just the latest blow to Kona Grill (Nasdaq: Kona Grill), which has struggled for more than a year. Most recently, the company was put on notice by the Nasdaq Stock Market for not having a high enough market value and could face being delisted from the exchange.

=Executive shake-up at Cboe (CBOE)

• Cboe Global Markets, Inc. (CBOE)'s president and COO, Chris Concannon, 51, is leaving next week, obliterating expectations that he might have eventually become CEO.
• Marketaxess (MKTX) appoints Chris Concannon as President and Chief Operating Officer, effective as of January 22, 2019. MarketAxess was founded in 2000 and is headquartered in New York, New York.

Ed Tilly, chairman and CEO, will add the role of president, effective Jan. 14. Tilly, 55, previously served as president from 2011 to 2013.

Cboe Global Markets, Inc. (CBOE) announced that Chris Isaacson, 40, Executive Vice President and Chief Information Officer, will become Executive Vice President and Chief Operating Officer, reporting to Chairman and Chief Executive Officer Ed Tilly.
Eric Crampton, Senior Vice President and Global Head of Software Engineering, will become Senior Vice President and Chief Technology Officer, reporting to Chris Isaacson.

Chris Concannon is President and Chief Operating Officer of Cboe Global Markets, Inc. (Cboe), joining the firm in 2017 as part Cboe’s acquisition of Bats Global Markets (Bats). He is responsible for Cboe’s transaction businesses, including Global Derivatives, U.S. and European Equities, and Global Foreign Exchange – as well as overseeing the company’s Technology, Operations, Risk, and Marketing divisions.

As CEO of Bats, Mr. Concannon led that company’s initial public offering in 2016, as well as the acquisition by Cboe in February 2017, creating one of the world’s largest exchange holding companies.

Under Mr. Concannon’s guidance, Bats operated the largest stock exchange by value traded in Europe, the second-largest stock exchange in the U.S., and growing exchange-traded products and U.S. options businesses.

-=GrubHub (GRUB) reported earnings on Thur 25 Oct 2018 (b/o)

GrubHub beats by $0.04, beats on revs; guides Q4 revs above consensus, but guides Q4 EBITDA below consensus as co invests in marketing and delivery expansion; COO resigns, co will eliminate position 

• Reports Q3 (Sep) earnings of $0.45 per share, excluding non-recurring items, $0.04 better than the S&P Capital IQ Consensus of $0.41; revenues rose 51.6% year/year to $247.23 mln vs the $238.7 mln S&P Capital IQ Consensus and vs prior guidance of $232-240 mln. 
  • Adjusted EBITDA rose 41% YoY to $60.1 mln, in-line with prior guidance of $58-64 mln but below consensus of $62.7 mln.
• Co issues upside guidance for Q4, sees Q4 revs of $283-293 mln vs. $270.6 mln S&P Capital IQ Consensus.
  • Co guides to Q4 adjusted EBITDA of $40-50 mln vs consensus of $72.5 mln. 
  • Weak guidance may be due to co saying it will invest an incremental $20-30 mln in marketing and delivery expansion in Q4.
• Also, in an 8-K filing, co says its COO Stan Chia has tendered his resignation, effective on Nov 16, to pursue another opportunity. The resignation was not a result of any disagreement with the company or any matter relating to its operations, policies or procedures. The company is eliminating the position of COO.

Petrobras Brasileiro (PBR) confirmed CEO resignation

Petróleo Brasileiro S.A. - Petrobras operates in the oil, natural gas, and energy industries.
Sector: Energy
Industry: Oil & Gas Integrated
HQ: Rio de Janeiro, Brazil
Full Time Employees: 62,703
http://www.petrobras.com.br

• Petrobras informs that this morning Mr. Pedro Parente resigned from his position as CEO of the company. The nomination for an interim CEO will be analyzed by the Board of Directors in due time. The composition of the Executive Board remains the same.
• Petrobras Brasileiro confirms the Board appointed the engineer Ivan de Souza Monteiro as interim CEO until the election of the new CEO.

  

Infosys (INFY) : CEO resigns

MUMBAI (Reuters) - India's second-biggest IT firm Infosys (INFY) said on Saturday it will buy back shares worth up to 130 billion rupees ($2 billion), a day after Vishal Sikka resigned as chief executive after a long-running feud with the company's founders.

• The announcement of the company's first-ever buyback could offer at least some respite to Infosys shareholders on Monday after the value of their holdings fell nearly 10 percent on Friday following Sikka's surprise exit.
• Bigger, cash-rich rival Tata Consultancy Services announced a buyback of up to 160 billion rupees earlier this year.

=Six Flags Entertainment (SIX) reported earnings on Wed 26 July 2017 (b/o)

• Earnings miss
• New CEO
• Div/yield 0.64/4.30

GRAND PRAIRIE, Texas (AP) _ Six Flags Entertainment Corp. (SIX) on Wednesday reported second-quarter profit of $52 million.

The Grand Prairie, Texas-based company said it had net income of 59 cents per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The amusement park operator posted revenue of $422.4 million in the period, which also did not meet Street forecasts. Nine analysts surveyed by Zacks expected $436.8 million.

Six Flags shares have fallen 7 percent since the beginning of the year. The stock has fallen 6 percent in the last 12 months.

=Merrimack Pharmaceuticals (MACK) : CFO resigns

Dr. Yasir Al-Wakeel said he will resign as Merrimack's chief financial officer and head of corporate development effective June 9, 2017.

Merrimack's shares have been in free fall ever since management decided to sell pancreatic-cancer drug Onivyde and the generic version of the anti-cancer medicine Doxil to the French drugmaker Ipsen SA in January. In a nutshell, Merrimack has reverted back to being a high-risk clinical-stage biotech since this deal, and the unexpected departure of its CFO adds yet another layer of uncertainty regarding the company's ability to create value for shareholders moving forward.

Merrimack's future now squarely depends on the fate of its trio of anti-cancer clinical candidates: MM-121, MM-141, and MM-310. The glaring problem is that experimental cancer drugs in general have an absurdly poor track record, with over 95% of these drugs failing to ever reach the market. In fact, prospective cancer drugs are the least likely to get a green light from the FDA.

Snack maker Snyder's-Lance (LNCE) swaps CEOs, warns of weakness

Snyder’s-Lance Inc. said Monday that Chief Executive Carl Lee Jr. has retired after 12 years at the company, and the maker of Kettle Brand and Cape Cod chips braced investors for weakness going forward.

** charts before  announcement **

  

** chart after announcement **

Snyder's-Lance sees Q1 results lower than consensus; lowers FY17 outlook; CEO retires; Brian Driscoll to step in as interim CEO :

Co announces CEO Transition and provides preliminary Q1 results, as well as updating FY17 guidance

• Q1
  • Co issues downside guidance for Q1 (Mar), sees EPS of 0.13-0.14, excluding non-recurring items, vs. $0.27 Capital IQ Consensus Estimate
  • Co sees Q1 (Mar) revs of $530-532 vs. $551.13 mln Capital IQ Consensus Estimate.
• FY17
  • Co issues downside guidance for FY17 (Dec), sees EPS of $1.05-1.20, excluding non-recurring items, vs. $1.38 Capital IQ Consensus Estimate, and down from prior guidance of $1.24-1.30
  • Co sees FY17 (Dec) revs of $2.2-2.25 bln vs. $2.27 bln Capital IQ Consensus Estimate, and down from prior guidance of $2.29-2.31 bln

CEO Transition

• Co also announced that its President and CEO, Carl Lee, Jr, has retired.
• Brian Driscoll, former President and CEO of Diamond Foods and a current Director of Snyder's-Lance, has agreed to step in as interim CEO.
• The Company has announced that it will launch a national search for a permanent replacement to Lee.
• Driscoll is considered a strong candidate for that role, and will have full faith and confidence of the Board to develop and execute the Company's strategies until a permanent decision is made.