Saks Inc. (NYSE:SKS): Closing price $15.88
Marigay McKee, chief merchant at Harrods in London, has been chosen by the owner of Saks Fifth Avenue as its new president. The New York Post reported exclusively on Monday that McKee had topped a list of candidates, including Tony Spring of Bloomingdale’s, Jim Gold of Neiman Marcus, and Brendan Hoffman of Bon-Ton Stores. McKee will replace outgoing President Ron Frasch, taking over at Saks in December after the expected shareholder approval of its $2.4-billion acquisition by Hudson’s Bay Co.
Ford Motor Co. (NYSE:F): Closing price $17.44
Along with the 128,000 cars vehicles recalled in August 2012, Ford Motor Co.’s Indian division Ford India Pvt. Ltd. is said to have recalled over 166,000 Figo subcompact hatchback and Classic compact cars in India recently. The vehicles were recalled to allow repairs to potential problems concerning the rear twist beam and power-assisted steering hose.
Close to 109,469 Figo and 22,453 Classic cars are being recalled to examine a faulty rear twist beam, which could crack, leading to noise and deteriorated performance, and in the extreme might cause vehicle breakdown. Beyond that, another 30,681 Figo and 3,418 Classic cars are being recalled to be examined for oil leakage in the power-assisted steering hose, which can lead to smoke and fire.
Johnson Controls Inc. (NYSE:JCI): Closing price $42.78
On Tuesday, Johnson Controls held a signing ceremony with Shanghai Hongqiao Linkong Economic Zone for its new corporate headquarters in China. The Johnson Controls corporate campus will feature sustainable construction and state-of-the-art building technologies, serving as a symbol of its commitment to a strong industry leadership presence in that country. The design and construction of the new campus should achieve China’s Three Star Green and LEED Platinum building certifications so as to become a landmark for China and the Asia region. Johnson Controls is a diversified global industrial firm in the building and automotive industries.
General Motors Co. (NYSE:GM): Closing price $36.71
General Motors officials say that the automaker is working on an electric car that can go for 200 miles on a charge and will sell for about $30,000, thus offering a challenge to the luxury electric-car startup Tesla Motors Inc. GM Vice President, Global Product Programs Doug Parks disclosed the project on Monday at the company’s battery laboratory and test facility in Warren, Michigan, but did not say when the car would become available. He added that while the technology is available now, the cost of the batteries prevents attaining the feat today.
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