A trading firm’s mistake caused wild price swings in U.S. stocks including Caterpillar Inc., AOL Inc. and Nabors Industries Ltd. about 10 minutes before markets closed today, according to people familiar with the matter.
Avery Dennison Corp. closed at the highest price since July 2011 after reporting quarterly profit that beat analysts’ estimates and agreeing to a deal for its office products unit that 3M Co. scrapped a bid for in October.
Avery Dennison Corp. , the maker of labels for blue jeans and beer bottles, will be ready to boost its dividend this year after slicing it in half in 2009 to pay down debt, Chief Executive Officer Dean Scarborough said.
Avery Dennison Corp. agreed to sell two units to CCL Industries Inc., a maker of specialty packaging, for $500 million in cash after 3M Co. walked away from an offer for its office products division in October.
3M Co.’s $550 million takeover of Avery Dennison Corp.’s office-products unit will face a lawsuit by the U.S. Justice Department if the companies don’t abandon the transaction, said a person with knowledge of the process.