GM and Ford Make Headway with Pension Costs and 3 More Hot Stocks
General Motors Co. (NYSE:GM): GM and Ford Motor Co. (NYSE:F) are reportedly making progress on the costs associated with their pension programs, allowing the companies to free up some much needed capital for their core businesses. The two are responsible for two of the largest pension obligations among all U.S. companies and said last week that they see significant improvement in their plans because of rising interest rates used to calculate the cost of future payments to retirees, The Detroit News reports.
Proctor & Gamble (NYSE:PG): Since taking the company’s reins, CEO A.G. Lafley’s top priority is the grow the base: the foundation of products that generate the bulk of P&G’s sales and profit — notably, the company’s Pantene shampoo brand, which is becoming the poster child for the company’s struggling beauty business. The first public read on the consumer-products giant’s new boss will come on Thursday, The Wall Street Journal notes, when P&G reports earnings for its fiscal fourth quarter and fiscal year.
Siemens AG (NYSE:SI): Although its expected that CEO Peter Loescher will be fired Wednesday at a supervisory board meeting, the executive is apparently not willing to go quietly, and will fight for his position despite slim chances of him staying. Sueddeutsche Zeitung said that Loescher was only willing to resign if Chairman Gerhard Cromme, who hired him six years ago, also quit, Reuters says.
Saks (NYSE:SKS): Hudson’s Bay says that it will be purchasing Saks for $16 per share to create a combined company boasting 320 stores in the U.S. and Canada. Under the $2.4 billion deal, Hudson’s Bay, Lord & Taylor, and Saks will fall under the same corporate umbrella and will be financed through a combination of $1 billion in new equity, $1.9 billion in secured loans, and cash on hand.