The Home Depot CLOSING China Locations and 2 Dow Movers to See Now
The Boeing Company (NYSE:BA): The proposed merger of Airbus parent European Aeronautic (EADSY.PK) and BAE Systems (BAESY.PK) is to a great extent being structured to appease possible security worries of the United States Department of Defense, according to sources to the Wall Street Journal.
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E.I. DuPont de Nemours and Company (NYSE:DD) and certain bioengineering firms such as Monsanto Company (NYSE:MON) are shelling out millions of dollars to stop a California ballot initiative which would mandate that companies identify genetically modified foods on labels, says The New York Times. Other firms fighting the initiative own large organic brands such as Dean Foods Company (NYSE:DF), Kellogg Company (NYSE:K), and J. M. Smucker Company (NYSE:SJM).
Home Depot, Inc. (NYSE:HD) is shutting its remaining seven big box stores in China, as it shifts its concentration in that market to specialty stores and online offerings. The closings will impact around 850 associates who will receive severance packages and assistance in job placement. As a result of this move, Home depot will post an after-tax charge of approximately $160 million, or about 10 cents per diluted share, in the third quarter, which includes lease terminations, impairment of goodwill and other assets, severance and other charges arising from the closure of the stores. Excluding the charge, the company said that it still expects its fiscal year 2012 diluted earnings per share to be up about 19 percent to $2.95 for the year, which is in-line with previous guidance. Home Depot will continue to employ around 170 associates in China, who work in the sourcing offices in Shanghai and Shenzhen, and on its new retail formats team and also in the specialty stores.
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