By Aman Shah and Siddharth Cavale
(Reuters) – Visa Inc and MasterCard Inc said they had launched a cross-industry group to improve security for card transactions and press U.S. retailers and banks to meet a 2015 deadline to adopt technology that would make it safer to pay with plastic.
The move follows several data breaches at U.S. retailers, including one at Target Corp late last year involving the theft of about 40 million credit and debit card records.
By Svea Herbst-Bayliss and Siddharth Cavale
(Reuters) – Billionaire hedge fund manager Daniel Loeb is mounting a proxy fight at Sotheby’s with the goal of winning three board seats after the auction house’s promise to return $450 million to shareholders failed to appease activist investors.
Loeb’s $14 billion Third Point, Sotheby’s biggest investor with a 9.53 percent stake, said on Thursday in a regulatory filing that it is proposing a slate that includes Loeb, restructuring expert Harry Wilson and former investment banker Olivier Reza.
Feb 20 (Reuters) – Activist Investor Nelson Peltz renewed
his crusade to convince PepsiCo Inc to spin off its
slow-growing beverage business from its flourishing snacks
division, less than a week after the company poured cold water
on the idea.
Shares of PepsiCo, whose snack brands include Lays, Cheetos
and Doritos, rose as much as 2.3 percent on Thursday.
(Reuters) – Coca-Cola Co’s (KO.N: Quote, Profile, Research) quarterly global sales volumes rose less than the company estimated and fell in North America, but the company said it expects to restore sales momentum in 2014.
Coca-Cola shares fell as much as 4.3 percent – their most in seven months – making the stock the biggest drag on the Dow Jones Industrials index .DJI on Tuesday.
(Reuters) – Coca-Cola Co’s (KO.N: Quote, Profile, Research, Stock Buzz) global sales volumes rose less than the company expected in the fourth quarter and fell in North America, sending its shares down as much as 4 percent.
Coke, like rival PepsiCo Inc (PEP.N: Quote, Profile, Research, Stock Buzz), has been battling declining soda sales in developed markets, especially the United States, as people reach for healthier options.
Feb 14 (Reuters) – Men’s clothing retailer Jos. A. Bank
Clothiers Inc, the target of an unwelcome bid from
rival Men’s Wearhouse Inc, said it would buy outdoor
clothing retailer Eddie Bauer for $825 million in its latest
effort to stay independent.
Jos. A. Bank said it had reviewed both a possible
acquisition of, and sale to, Men’s Wearhouse but had determined
that the Eddie Bauer deal and a share buyback that it also
announced on Friday would provide best value for shareholders.
(Reuters) – PepsiCo Inc (PEP.N: Quote, Profile, Research, Stock Buzz), rejecting a proposal by activist investor Nelson Peltz, said it had decided not to spin off its North-American beverage business, which posted another drop in sales in the fourth quarter.
PepsiCo shares fell about 3.5 percent in early trading on Thursday even though strong snack food sales helped the company report a better-than-expected 5 percent rise in profit.
Feb 11 (Reuters) – ConAgra Foods Inc cut its
full-year profit forecast for the second time, blaming weak
sales in its private-label business and a steeper-than-expected
fall in sales of its own brands such as Chef Boyardee pastas.
The company’s shares fell 8 percent on Tuesday to their
lowest in more than a year.
(Reuters) – Kellogg Co (K.N: Quote, Profile, Research, Stock Buzz), the world’s largest maker of breakfast cereals, reported lower-than-expected quarterly revenue as sales of cereals fell for the third time in a row in the United States.
Shares of Kellogg, which also sells Pringles chips and Keebler cookies, fell as much as 3 percent in early trading to their lowest in more than a year.
Jan 30 (Reuters) – Colgate-Palmolive Co, the world’s
largest toothpaste maker, reported a better-than-expected
quarterly profit as cost cuts offset the negative impact of a
Colgate shares rose as much as 4 percent on Thursday.
“The company continues to deliver solid results, despite
macro challenges – which is impressive,” JPMorgan analyst John
Faucher wrote in a note.