Wal-Mart and 3 Dow 30 Movers Making Headlines
General Electric Co. (NYSE:GE): Emirates Airline has chosen GE Aviation to bring its airline-based flow management system to Dubai International Airport for a validation period of 16 months, beginning in July of this year. The GE subsidiary will work with the local airline to implement its FLOW project, which will enable it to decrease costs from fuel and delays, as it improves Emirates’ hub passenger connection schedule at the Airport by sequencing and spacing arrivals according to the airline’s commercial priorities. In addition, the installation, integration and service for the FLOW aircraft arrival management system will be supplied by GE Aviation.
Wal-Mart Stores Inc. (NYSE:WMT): CEO Jack Ehnesof the California State Teachers’ Retirement System, or CalSTRS, made a statement in explanation of that body’s intention to vote its 5.3 million shares (worth $313.5 million) at the upcoming shareholder meeting: “CalSTRS believes former and current Wal-Mart executives and board members breached their fiduciary responsibilities. They did so by failing to respond to indications of a pattern of unethical conduct in the company’s foreign operations. Beyond that, CalSTRS believes that in some cases, Wal-Mart leadership actively suppressed an internal investigation which would have brought these improper actions to light. Based on these allegations, which indicate a breakdown of corporate governance and lack of oversight that should have averted this situation, CalSTRS does not have confidence that the current board has the independence and leadership needed to address these difficult issues. CalSTRS will vote its more than five million investor shares against the entire board’s reelection at Wal-Mart Stores, Inc. annual meeting. We encourage our fellow shareholders to do the same.”.
Investing Insights: Does This Spell Doom for Wal-Mart Board?
Merck & Co. Inc. (NYSE:MRK) and Codexis (NASDAQ:CDXS) extend their catalyst and process development collaboration, which was begun in 2007 for development of enzymes for use in pharmaceutical manufacturing by three years. As the partnership enters its sixth year, Merck will continue the use of Codexis’ proprietary enzyme products, in the development of more cost- and resource-efficient manufacturing processes for its pipeline of therapeutic candidates. This extension keeps the collaboration in effect until 2015.
International Business Machines Corp. (NYSE:IBM) reported the launch of a branch office in Da Nang, which is a part of the company’s ongoing geographic expansion move to increase its footprint in key growth markets. The Da Nang office is IBM’s third in Vietnam so far, following openings in Hanoi and Ho Chi Minh City.
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