CFO Journal
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Bought Deals Surge in Equity Market
Low volatility in the stock market is encouraging more companies to raise capital by selling stock in “bought-deals.” Data from Dealogic show that more companies have done the deals so far this year than for any comparable period since 1998.
- Accounting
Hertz Accounting Fix Keeps CFO in Financial No-Man’s Land
Thomas Kennedy’s move from hotels to rental cars in December 2013 came with an unexpected twist. The finance chief came aboard Hertz Global Holdings Inc. barely five months before it announced a restatement.
- The Weekend Reader
Three Must-Read Stories
Marc Andreessen's plan to win the future; Elon Musk's space dream almost killed Tesla; the real teens of Silicon Valley.
- Benefits
Shift to 401(k) Plans Increasing Income Inequality: Study
More companies have shifted away from defined-benefit plans in the past few decades, as they struggle with mounting pension obligations. Now, a new report argues that the large-scale move by companies toward defined-contribution 401(k) plans is widening the gap between rich and poor in the United States.
- CFO Report
SEC Charges CFO and Son With Insider Trading
For Spiral Toys Inc. CFO Robert Stewart, Thursday was not all fun and games. The Securities and Exchange Commission charged Mr. Stewart and his son, Sean Stewart, a banker at Perella Weinberg Partners, with insider trading. In a parallel action, the U.S. Attorney’s Office for the Southern District of New York announced criminal charges against the Stewarts, according to the SEC’s press release.
- Banking
European Corporate Bonds Face Standardization Debate
Investors and companies are splitting over some key issues in the European Union’s plan to revive its credit markets and help companies raise cash.
- Earnings
Kohl’s Feels Impact of Oil Industry Decline
Department store chain Kohl’s Corp. suffered from the fall in the price of oil during its fiscal first quarter, as shoppers from oil and gas states avoided spending money
- Currency
Ralph Lauren to Hike Prices in Some Countries to Offset FX Hit
Clothing company Ralph Lauren Corp. will raise prices across the board in Japan, Canada, Australia and Europe during the next year in an effort to offset losses from a stronger U.S. dollar.
- Earnings
Strong Dollar Hurts Macy’s as Tourist Traffic Ebbs
Macy’s Inc. took a hit from a strong U.S. dollar during its first quarter, as tourist traffic slowed in cities such as New York, Las Vegas, San Francisco and Chicago. The department store chain gets roughly 5% of its annual sales from international tourists, and those sales fell by double-digits during the last quarter, said CFO Karen Hoguet.
- CFO Report
Bond Protections Still Weak: Moody’s
North American corporate borrowers are benefiting from easy access to capital through bonds. But the three-month average quality of those covenants through April was in Moody’s Investor Service’s weakest category for the eighth consecutive month. That average is weighted based on the number of bonds issued in each month.
- Debt
Encana Saves Money by Borrowing in CP Market
Canadian energy company Encana Corp. expects to save between $10 million and $15 million this year by borrowing money in the short-term commercial paper market instead of longer-term debt.
Latest Finance News
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In Unusual Bet, Activist Icahn Takes Stake in Startup Lyft WSJ
Carl Icahn is betting $100 million that ride-sharing startup Lyft can keep growing in a world increasingly dominated by its larger rival, Uber.
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U.S. Stocks Close Higher WSJ
The S&P 500 eked out a fresh record Friday following a quiet week of trading.
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Growth Hiccups Vex Fed Yet Again WSJ
A slew of recent soft economic data has fueled fresh expectations of dimmer U.S. growth, underscoring the already-anemic economy’s unusual vulnerability to even fleeting shocks.
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Bank of America’s Woes Test ‘Fixer’ CEO WSJ
Five years into the job, Brian Moynihan has struggled to move past the financial crisis, trying shareholders’ patience.
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New Fed Bill Is Like ‘Shutting Down the Fire Department to Encourage Fire Safety,’ Bernanke Says WSJ
Former Federal Reserve Chairman Ben Bernanke struck back at a bipartisan Senate bill designed to rein in the central bank’s emergency-lending powers.
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Dollar Stumbles on Weak U.S. Data WSJ
The dollar eased against the euro and pared gains against the yen Friday after a string of weak U.S. data, highlighted by falling consumer confidence, pushed back investors’ expectations for higher interest rates.
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U.S. Industrial Production Falls for Fifth Straight Month WSJ
U.S. industrial production fell for the fifth consecutive month in April, suggesting weak global demand, a stronger dollar and lower oil prices continue to limit output.
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U.S. Oil Prices Fall WSJ
U.S. oil prices fell for a third straight session on Friday, a signal to some in the market that the recent strong rally in crude-oil prices may be petering out.
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U.S. Government Bonds Gain as Economic Uncertainties Mount WSJ
U.S. Treasury prices rose Friday, as mounting uncertainties about an expected economic rebound brought safer bonds back in favor.
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Relief for Investors as Profit Fears Ease Financial Times
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Fading Optimism on Rebound WSJ
Fed staffers and private economists are increasingly glum about the prospect that the economy will rebound strongly in the second half.
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Netflix in Talks to Take Content to China WSJ
Netflix is in talks with Chinese online broadcasting firms BesTV and Wasu, amid an aggressive global push as subscriber growth slows in the U.S.
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Robots and the New Road to Serfdom WSJ
Intelligent machines are ousting low-skilled workers now. Next they’ll start encroaching on white-collar livelihoods.
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Fannie, Freddie on Track for Single Bond WSJ
Fannie Mae and Freddie Mac are a step closer to issuing a combined mortgage-backed security that would fundamentally overhaul one of the largest bond markets and could reduce borrowing costs for homeowners.
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Blue Bell Will Lay Off 1,450 Employees WSJ
Ice-cream maker Blue Bell Creameries said it would lay off 37% of its 3,900 employees as it works to recover from a sweeping recall of all its products last month because of a listeria outbreak.
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A Lower-Risk Strategy for Muni Bonds WSJ
Funds that hold shorter-term municipal bonds should suffer less when interest rates climb.
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Wall Street Shrugs Off More Bad News WSJ
Bad news isn’t all that bad for stocks. Despite even more disappointing data Friday, the S&P 500 is only fractionally lower after ending Thursday at a record.
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BDO Merging in Stone Carlie to Become $1 Billion Firm Accounting Today
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Commerce to Offer New Ways to Measure the Economy WSJ
The Commerce Department this summer will add to its gross domestic product calculations with two new sets of figures on economic output.
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China Retakes Top Spot as the Biggest Foreign Owner of U.S. Debt WSJ
After just a month of being the top holder of U.S. Treasury debt, Japan has once again been pushed into the No. 2 slot as China bulked up on Uncle Sam's bonds and notes.
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Foreigners Pinched Out of U.S. Housing Market WSJ
Many deals in markets that have long counted on foreign buyers are no longer as attractive for those paying in rubles, euros or Canadian dollars.
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Justice Department to Tear Up Past UBS Settlement WSJ
UBS had hoped that the Justice Department would look past alleged violations of a 2012 settlement related to alleged interest-rate rigging. That hope has been dashed.
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Earnings
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Petrobras Posts Rise in Adjusted Earnings
Brazilian oil firm Petrobras reported a 1.2% drop in first-quarter profit but a surprising 50% jump in adjusted earnings, as new management looks to cut costs and move beyond a corruption scandal.
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Hon Hai Enjoys Big iPhone Bump
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DHL Seeking New Delivery Routes for E-Commerce
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