4 Consumer Stock Stories to Spark Chatter
J.C. Penney & Co. (NYSE:JCP): Closing price $19.35
On Monday, the retailer announced that it received a letter dated January 29th from Brown Rudnick claiming to represent holders of more than 50 percent of Penney’s 7.4 percent debentures due in 2037. The letter claims to be a notice of default under the indenture for these debentures dated April 1, 1994 between J. C. Penney Co. and U. S. Bank National Association as trustee. In a late afternoon press release, Penney’s strongly believes that “the notice of default is invalid and utterly without merit. Brown Rudnick alleges that the firm violated the indenture by entering into an inventory-secured Credit Agreement in January 2012 without providing for equal and ratable security for the debenture holders. However, the granting of a security interest in inventory pursuant to the Credit Agreement does not constitute an event of default under the indenture. Pursuant to the Indenture, the negative covenant extends only to principal property which does not include inventory.”
Safeway (NYSE:SWY): Closing price $19.22
The firm’s Chief Financial Officer Robert Edwards, has been promoted to president, and the Executive Vice President and head of Safeway Health Larree Renda has had her position expanded, with more control over real estate. Until Safeway can find a new CFO, Edwards will remain at his job; he will replace the current President Steve Burd who will now be chief executive. Before Safeway recruited him, Edwards was CFO of Maxtor Corp.
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McDonald’s Corporation (NYSE:MCD): Closing price $94.59
The first new Happy Meal in a decade will be launched this week called Fish McBites, and will last through March. The new offering will be available across the country and the end of the promotion will coincide with Lent. The Happy Meals will feature with seven pieces of Fish McBites, French fries, apple slices and a drink. Fish McBites are fried pieces of fish and will be made from the same Alaskan cod that is used in the Filet-O-Fish sandwich.
Hewlett-Packard Company (NYSE:HPQ): Closing price $16.18
Hewlett-Packard has introduced its first Chromebook laptop, according to The Next Web. The product is called the HP Pavilion 14 Chromebook, and employs Google’s Chrome operating system. What is more, the laptop is larger than other Chromebooks, uses a a chip made by Intel Corporation, has a 16-gigabyte SSD drive, and is available for $329.99, according to the website.