(Reuters) – Best Buy Co Inc’s (BBY.N: Quote, Profile, Research, Stock Buzz) former Chairman Richard Schulze is not expected to present a buyout or other proposal to the company’s board anytime soon, a person familiar with the situation said, putting a damper on market expectations that a move might be imminent.
Shares of electronics dealer Best Buy rose more than 10 percent on Monday morning to $23.56 on growing talk that Schulze was planning a buyout offer, but fell back to $22.13, or up 5.6 percent, on word the bid was unlikely to come soon.
June 26 (Reuters) – H.J. Heinz Co has replaced the
head of its North American business, which has been lagging the
rest of the company in sales growth as price increases and cuts
in promotions have hurt sales volume.
Scott O’Hara had been president and chief executive of
Heinz’s largest business segment for nearly three years and was
once considered a candidate to run the entire company. He is
leaving to pursue other opportunities, Heinz said on Tuesday,
without giving further details.
CHICAGO/LONDON, June 20 (Reuters) – Procter & Gamble Co
on Wednesday admitted that it has been lacking in big new
products and has not been fast enough at cutting costs as it
deals with persistent slowing demand in Western Europe, the
United States and China.
The world’s largest household products maker also cut its
growth forecasts as expected on Wednesday, and said it did not
expect to repurchase shares in the coming fiscal year as it
tries to maintain its “AA-” credit rating.
By Brad Dorfman
(Reuters) – Barnes & Noble Inc reported lower-than-expected quarterly sales, hurt by discounts as its Nook e-reader business competes with Amazon.com’s Kindle franchise.
The company said it expects sales at existing bookstores to drop by low to mid-single digits in the current fiscal year as the boost it got from customers shifting over from the now defunct Borders chain ebbs.
Taylor Swift, country music’s current sweetheart, performed at the Wal-Mart annual meeting Friday. But her record label doesn’t really want you to know that. Or at the very least, they didn’t want you to see or hear her.
Neither side is saying why, but is this a good time to mention the Mexican bribery allegations swirling around Wal-Mart?