Why L Brands Stock Just Popped 13%
Shares of Victoria's Secret owner L Brands (NYSE: LB) are soaring on angel wings, up 13.3% as of 11 a.m. EST after The Wall Street Journal reported this morning that CEO Leslie Wexner is in talks to sell Victoria's Secret, retire from his post as L Brands' boss, or both.
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L Brands stock and the S&P 500 have moved in opposite directions over the past year, with the S&P up 24% and L Brands stock down 26%. Sales are down, and profits along with them. For these reasons if no other, investors may be thinking that a change of management is in order.
Source Fool.com
