Consumer Biz Review: Sealed Air Pops On RETIREMENT, GM and Ford Lose SHARE Here
Sealed Air Corporation (NYSE:SEE) shares pop, on word that the firm’s Chief Executive William Hickey is retiring, effective March 2013, and will be replaced by long-time Dow Chemical Company (NYSE:DOW) executive Jerome Peribere. Jefferies was pleased with the news, keeping its Buy and commenting that “the urgency level has clearly picked up, and with asset sales on the horizon and W.R. potentially emerging soon, shares are biased to the upside.”
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A TrueCar.com report on domestic new car sales predicts a rise of 17 percent in August year-over-year, which represents an annualized rate of 14.2 million, over 12.1 million a year earlier and 14.1 million in July. On the downside, the report has it that General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F) will continue to lose their market shares while Japan’s economy recovers, adding that “Volkswagen is quietly becoming a serious player whose growth can’t be ignored.”
Shares of Zagg Incorated (NASDAQ:ZAGG) held onto Tuesday’s conference call spin, but the saga of former Chief Executive Robert Pederson’s insider sales goes on. Even though he stepped down last week, subsequent to his disclosure of divesting 512,000 shares, the ex-executive revealed another sale late Tuesday, this time amounting to more than 1.25 million shares at an average price of $6.90, making a grand total of $8.6 million.
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