Category: Stock Market News

Macy’s Inc. said its Chief Marketing Officer Martine Reardon will leave the company, effective May 13. She has been with Macy’s for 32 years and was named CMO in February 2012. In a statement, Reardon said she will be taking personal time after her departure. Macy’s said it is now looking for a successor. The retailer’s shares are up 0.5% in Tuesday trading, and up 14.4% for the year so far. The S&P 500 is up 0.6% for the year to date.

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L Brands Inc.’s stock dropped 3.5% in morning trade Tuesday, after the apparel retailer was downgraded at Goldman Sachs, which cited concerns that the recently-announced restructuring at Victoria’s Secret could hurt same-store sales in the near term. Analyst Lindsay Drucker Mann cut her rating to neutral, after being at buy for the last 16 months, and removed the stock from the firm’s conviction list. Although Mann expects the restructuring moves will create value long term, some of the moves, such as reduced promotions, could hurt sales near term until customers are weened off the promotions. Therefore, she now sees potential for same-store sales deceleration, and as a result, earnings multiple compression during early implementation, “and we prefer to stay on the sidelines until the full scope and impact of these actions are better understood.” The stock has shed 20% year to date, while the S&P 500 has gained 0.2%.

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U.S. stocks opened higher on Tuesday, as rising oil prices gave the main indexes a small boost. Investors shrugged off disappointing earnings from Alcoa Inc . The S&P 500 rose 4 points, or 0.1%, to 2,046. The Dow Jones Industrial Average gained 30 points, or 0.2%, to 17,593. Meanwhile, the Nasdaq Composite advanced 4 points, or 0.1%, to 4,838 at the open.

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Revlon Inc. said Tuesday that Juan Figuereo was elected chief financial officer by the board of directors, effective immediately. Figuereo most recently served as chief financial officer of NII Holdings Inc. between Oct. 2012 and Oct. 2015. NII Holdings is a wireless provider under the Nextel brand in Brazil. Revlon shares are inactive in premarket trading, but up 30.2% for the year so far. The S&P is down 0.1% for the year to date.

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Revlon Inc. said Tuesday that Juan Figuereo was elected chief financial officer by the board of directors, effective immediately. Figuereo most recently served as chief financial officer of NII Holdings Inc. between Oct. 2012 and Oct. 2015. NII Holdings is a wireless provider under the Nextel brand in Brazil. Revlon shares are inactive in premarket trading, but up 30.2% for the year so far. The S&P is down 0.1% for the year to date.

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Cracker Barrel Old Country Store Inc. said Tuesday that Jill Golder will join the company on April 25 and assume the responsibilities of chief financial officer on June 6. She replaces Lawrence Hyatt, who will continue to serve in the CFO role until June 6. He previously announced his retirement. Golder was most recently the CFO of Ruby Tuesday Inc. and spent 23 years at Darden Restaurants Inc. . Cracker Barrel shares are inactive in premarket trading, but up 19.5% for the year so far. The S&P 500 is down 0.1% for the year to date.

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Alaska Air Group Inc. unit Horizon Air has agreed to buy 30 three-class Embraer E175 jets, in a deal valued at $2.8 billion. The order includes 33 options and is the airline’s biggest since it was founded in 1981, according to a statement. The jets will expand the Portland-based carrier’s fleet of Bombardier Q400 turobprops, it said. Horizon plans to start using the jets exclusively for Alaska Airlines under a capacity purchase agreement that will launch in Spring 2017. The jets “will allow the carrier to fly ‘long, thin routes’ — destinations that are too distant for a turboprop, but currently don’t have enough customer demand to fill a mainline jet,” said the statement. Alaska Air last week won the bidding for Virgin America over rival Jetblue Airways Corp. in a deal with an equity value of $2.6 billion. Shares were not yet active in premarket trade, but are down 2.5% in the year so far, while the S&P 500 is down 0.1%.

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Duke Energy announced Dhiaa Jamil as executive vice president and chief operating officer Tuesday. Jamil currently works at the company on sectors including nuclear, fossil and hydro fuels and operations. The company also announced Melissa Anderson as executive vice president of administration and chief human resources officer.

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Singapore-based Shanda Group has agreed with Trian Fund Management to purchase a 9.9% stake in asset manager Legg Mason Inc. , the companies said in a statement Tuesday. Legg Mason shares rose 1.7% in premarket trade, but are down 20% in the year so far, while the S&P 500 is down 0.1%.

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