The road to financial success started in H.J. Mennie’s garage in rural Illinois, where the tool and die maker built a parts-manufacturing business selling to Fortune 500 companies from Caterpillar Inc. to Cummins Inc. His strategy worked for four decades, until the last recession and global commerce’s volatility cut into the firm’s profits and workforce.
Herbalife Ltd., the nutrition company hedge fund manager Bill Ackman has accused of being a pyramid scheme, boosted its share buyback by 50 percent to $1.5 billion and announced a $1 billion sale of convertible bonds.
Smith & Wesson Holding Corp. led a decline in stocks of firearms makers amid speculation President Barack Obama will renew a ban on assault weapons following last week’s elementary school shooting that left 20 children dead.
Brazilian gunmaker Forjas Taurus SA is emerging as a likely bidder for Freedom Group Inc. as analysts bet that proposed U.S. gun controls will fail to deter demand in the world’s largest consumer firearms market.
Bearish stock bets against Smith & Wesson Holding Corp. have fallen to the lowest since before the school massacre in Newtown, Connecticut, as fading prospects for new U.S. gun-control laws ease concern that profits may tumble.
Avon Products Inc.’s Andrea Jung, the face of the door-to-door cosmetics seller for 13 years, will step down as executive chairman after a tenure that encompassed slumping earnings, a foreign-bribery investigation and a takeover attempt.