Shares of Sears Holding Corp. rose on Thursday as the cash-strapped company secured a $200 million line of credit. The new credit line was provided by ESL Investments, a hedge fund found by Sears Chief Executive Edward Lampert, and can be expanded to total up to $500 million. The retailer will use the funds to improve its operations. The retailer has posted annual losses in each of the past six fiscal years as it copes with shoppers opting for online choices over traditional brick and mortar stores.
Honda Motor Company announced Thursday it will recall approximately 650,000 Odyssey minivans in the U.S. A defect that could cause the second-row seats to shift suddenly in a crash triggered the recall involving 634,000 vehicles. The Japanese automaker reported to the National Highway Traffic Safety Administration the defect involves a release lever that may remain in the unlocked position unintentionally and allow the seats to move unexpectedly. The recall is for model year 2011-2016 Odyssey vehicles manufactured from August 17, 2010 through October 1, 2015. Letters will go out to owners starting in February instructing them of the recall and where to take their vehicles for repairs.
Asia: Asian markets closed mixed on Friday as traders started their New Year’s parties early.
Europe: European markets closed mostly lower dragged down by the financial sector.
U.S: U.S. markets closed slightly lower on Thursday as the Trump rally continues to fade. DJIA: -13.90 18,819.78 NASDAQ: -6.46 5,432.08 S&P: -0.66 2,249.26
Word of The Day:
An individual or group which purchases a large amount of a company’s shares and or tries to obtain seats on the company’s board with the goal of effecting major change in the company. A company can become a target for an activist investor if it is mismanaged, has excessive cost or another problem an activist investor thinks they can fix to make the company more profitable.
Dinner or Drink:
- 1 1/2 parts Bourbon
- 1/2 part Creme de Cocoa White Liqueur
- 1/2 part Hazelnut Schnapps Liqueur
- Heavy Cream
- Garnish Chocolate Shavings
- Garnish Whipped Cream
Add Bourbon, Crème de Cocoa White Liqueur, Hazelnut Liqueur and heavy cream to taste. Shake and serve up or on the rocks. Garnish with whipped cream and chocolate shavings.
Wishing you a prosperous 2017!!!