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Small-Cap Snapshot: Pier 1 Imports declines after NYSE notification on price compliance

Also moving are PG&E, Dave & Buster's Entertainment and Tenet Healthcare
Pier 1 store
The New York Stock Exchange is giving Pier 1 six months to meet exchange rules requiring a $1 average closing share price

Pier 1 Imports Inc (NYSE:PIR) sank a day after announcing that it received notification from the New York Stock Exchange on January 11, 2019, that the company is no longer in compliance with continued-listing criteria that require companies to maintain an average closing share price of at least $1 for a consecutive 30 trading days. Under NYSE rules, the Fort Worth, Texas-based company has six months from receipt of the notice to regain compliance, with the possibility of extension at the discretion of the exchange. In October, Pier 1 reported a miss in earnings and revenue. 

The shares fell 18% to $0.72.

READ: Pier 1 Imports reports miss on 2Q earnings and revenue; shares tumble in after-hours trade

PG&E Corp (NYSE:PCG) extended its slide a day after saying it would seek bankruptcy protection as Democratic California Governor Gavin Newsom and state lawmakers face decisions regarding the utility. The company could have at least $30 billion in potential liabilities from lawsuits over damages from the devastating California wildfires. PG&E's market capitalization has fallen by $21.2 billion since the start of the Camp Fire in November to $3.5 billion, making it a small-cap.

Shares dropped 27% to $6.12.

Dave & Buster's Entertainment Inc (NASDAQ:PLAY) advanced a day after updating its guidance to say that it expects 2018 total revenue ranging from $1.26 billion to $1.263 billion, compared with prior guidance of $1.24 billion to $1.25 billion. Net income is expected to range from $112 million to $114 million, versus prior guidance of $106 million to $113 million. The Dallas-based company expects same-store sales for the fourth quarter ending February 3 to increase 1.8% to 2.5%. Dave & Busters plans to delivery full fourth-quarter and 2019 results in early April.

The stock climbed 2.3% to $51.96.

Tenet Healthcare Corp (NYSE:THC) gained after The Dallas Morning News reported that country’s largest for-profit hospital system is looking at moving more than 1,000 positions offshore. According to the company’s website, Tenet employs 115,000 people.

Shares increased 4.4% to $21.93.

Contact Dennis Fitzgerald at [email protected]


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