GE to Eliminate 600 Finance Arm Jobs In France and 2 Other Dow Movers to Watch
General Electric Co. (NYSE:GE): Current price $24.55
A French union official said Friday that GE is poised to eliminate 600 jobs in France, primarily at its finance arm, as it pushes to scale back on the unit’s activities following the banking crisis. CEO Jeff Immelt is accelerating long-running endeavors to shrink the size of the finance arm, GE Capital, and concentrate more on its other businesses. Chief Fiancial Officer Keith Sherin was recently named to oversee the division and conduct the cutbacks.
Travelers Cos. Inc. (NYSE:TRV): Current price $82.95
A.M. Best Co. assigned a debt rating of A to the recently issued $500 million 4.6 percent senior unsecured notes, due 2043, of Travelers Cos. Inc., with the assigned outlook as positive. The proceeds will be used to fund a portion of the acquisition price of the Dominion of Canada General Insurance Co. and for general corporate purposes.
Wal-Mart Stores Inc. (NYSE:WMT): Current price $77.80
To commemorate its three-day August Open House event, Sam’s Club has invited shoppers throughout the United States to try the store. From August 2 to 4, Sam’s Club and SamsClub.com will offer members-only savings to the public without a non-member shopping upcharge. Non-members will be directed to the Member Services desk as they enter to receive a temporary membership pass that permits them to shop with no fees during the event. Non-members accessing SamsClub.com will be asked for their email address before proceeding to checkout.
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