In The News:
H.J. Heinz and Kraft (KRFT) Foods Group have agreed to merge creating the fifth largest food and beverage company in the world. The new combined company, The Kraft Heinz Company, will have an annual revenue of $28 billion and will include Heinz, Kraft, Oscar Mayer, Ore-Ida, and Philadelphia Cream Cheese. Shareholders of the privately held, Heinz, will hold a 51% stake in the combined company while, Kraft shareholders will hold a 49% ownership stake. The merger comes as food companies are struggling to cope with consumers moving away from package foods and towards healthier choices. Shares of Kraft rose in premarket trading.
Hertz Global Holding, Inc., (HTZ) has received notification from the New York Stock Exchange it is out of listing compliance because they are late filling the company’s annual report. On Tuesday, Hertz said it was unable to file a timely 2014 report with the Securities and Exchange Commission due to the company’s continuing investigation into its internal financial records and the potential impact of its 2014 financial results. Last June, after an internal audit, the car rental giant disclose it would have to restate its 2011 results and would correct and possibly restate 2012 and 2013 financial statements. Hertz missed the SEC’s March 17 extension deadline however, the company expects to file up dated statements and its 2014 report before mid-2015. The company has until September 17 to regain compliance with the New York Stock Exchange or the exchange can begin proceedings to delist the company’s stock.
Headed To Cali…
Ruth Porat, Morgan Stanley’s (MS) chief financial officer, is leaving New York and headed to Google (GOOG) for the same job. Porat was one of the highest-ranking women executives on Wall Street. A 28-year veteran of Morgan Stanley, Porat joined the firm in 1987 and worked her way to being named chief financial officer in 2010, her last day will April 30. Morgan Stanley selected Jonathan Pruzan, a 46-year old investment banker who once reported to Ms. Porat, as its new CFO. Shares of Morgan Stanley like the broader market closed down.
In The Markets:
Asian markets closed mixed on Wednesday after struggling for direction throughout the trading session. Investors balanced a lack luster handoff from Wall Street against growing concern over China’s lack of growth.
European shares rose on Tuesday after data indicated the Eurozone recovery is picking up speed.
U.S. stocks declined for a second straight day, with the Dow Jones losing more than 100 points. Better-than-expect economic data had investors worried it will give the Fed more reasons to hike rates midyear. DJIA: -104.90 18,011.14 NASDAQ: -16.25 4,994.73 S&P: -12.92 2,091.50
In Word Of The Day:
The removal of a listed security from an exchange. Removal of the stock can be either voluntary or involuntary, if the company is not in compliance with the listing requirements of the exchange.
In Dinner or Drink:
Negroni Jello Shots
¼ cup of Campari
¼ cup of gin
1 cup of club soda
¼ cup of vermouth
3 ounces of orange juice
2 envelopes of Knox Gelatin
Garnish: Orange zest
Materials: a circular tin mold –
In a saucepan add club soda ad orange juice. Turn heat on low and sprinkle 2 envelopes of gelatin into saucepan with other liquid. Stir mixture until the gelatin is dissolved. Remove from heat and stir in Campari, gin, and vermouth. Pour mixture into molds put in refrigerator to chill and set. After shots are chilled use a knife to loosen them from the pan and serve Garnish with orange zest -
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