Before the Bell: U.S. factory orders, Barclays in focus
Wall Street’s indexes are steady before the bell on Tuesday as traders and investors are looking forward to a half-day of trading today and the July 4 Independence Day holiday on Wednesday. Europe focused on banking major Barclays, where CEO Bob Diamond stepped down and Marcus Agius, who on Monday had stepped down as chairman, retook his post at the head of the board to lead the search for a new chief. Microsoft shares are lower after the software firm announced a multibillion-dollar charge.
Attention JC Penney Shoppers, Look Out for the Return of ‘Sales Galore’
After months of abysmal sales tallies, the Ron Johnson era is over at JC Penney. Now that Johnson’s “fair and square” no-coupons pricing policies have proved to be a failure, the department store will have to try something else to win back customers and stop the bleeding. But what? Mike Ullman, who was replaced as CEO when Johnson took over at JC Penney in 2011, and who began serving again as top executive when Johnson was pushed out, told the Wall Street Journal that he wasn’t planning on reverting to the old business model. “I wouldn’t recommend that we go back to the way J.C. Penney was when I left,” he said. “Things change.” And yet, in some ways the department store is clearly trying to resemble the JC Penney of old. Management has already announced that newspaper ads will feature coupons once again. Johnson seemed to find coupon usage distasteful and silly, likening it to a drug that consumers needed to be weaned off. A little over a year after JC Penney went “drug-free,” ...
Avon Eliminating Hundreds of Jobs; Leaves Ireland
NEW YORK — Avon is eliminating more than 400 positions and abandoning or restructuring smaller or underperforming businesses in Africa, the Middle East and Europe, including an exit from Ireland. The company said Monday that the job cuts, which equate to about 1 percent of Avon’s 39,100 employees, will occur across all regions and segments. It is part of a turnaround plan under CEO Sheri McCoy, with the goal of achieving mid-single digit percentage revenue growth and $400 million in cost savings by 2016. Avon expects to complete almost all the cuts before year’s end. The New York company will take charges of around $35 million to $40 million before taxes and expects annualized savings of between $45 million and $50 million. (MORE: Report: Google Fiber Coming to Austin as Cities Race to Increase Web Speeds) The jobs cuts come on top of the 1,500 positions trimmed in December, when the company announced that it was exiting Vietnam and South Korea. The direct seller of beauty products ...
Fight over leadership divides Occidental shareholders: report
Occidental Petroleum Corp chairman and former chief executive Ray Irani is pushing to replace the oil company's current CEO, Stephen Chazen, the Wall Street Journal reported on Saturday, citing "investors and people familiar with the company's operations."
Found 1 month ago on channel Reuters
Car Buying, Reenvisioned: More Like Shopping for Apple Gadgets, Ice Cream, or a Date
Buying a new car is an awful experience. The sentiment has been expressed by many people, in many colorful ways. A few examples: In 2009, John Krafcik, CEO of Hyundai Motor America, addressed a crowd of auto insiders with refreshing honesty when he admitted that the entire industry was “viewed with contempt,” and that “we have reached the point where, frankly, Americans would rather go to the dentist than visit a car dealer.” The traditional back-and-forth games at car dealerships is “a process designed for the village idiot,” according to the CEO of the nation’s largest car dealership chain, quoted in a recent Wall Street Journal piece. “Buying a car sucks,” Scott Painter flatly told NPR. Painter is the founder and CEO of TrueCar, a service that’s supposed to help consumers buy cars at a decent price—and theoretically makes the experience less sucky. (MORE: How Car Buying Is Becoming Less Awful — Or At Least Less Time-Consuming) Does it have to be this way? The NPR ...