Walgreen Impacted By Sandy, Campbell Soup To Make Electricity: Consumer Biz Wrap
Walgreen (NYSE:WAG) says that its sales slipped by 2.1 percent to $6.13 billion for October, with the results having been impacted by Hurricane Sandy. At the peak of the storm, more than half of the its stores in the affected area had to be closed. However, lower customer traffic was outweighed in part by a 2.3 percent rise in the average basket size during the month.
General Motors (NYSE:GM) is reporting a new $11 billion revolving credit facility which replaces an existing $5 billion credit facility set to mature in 2015. The new arrangement will be divided into a $5.5 billion three-year facility and a five-year facility in the same amount.
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Activist investor Carl Icahn reappears. Netflix (NASDAQ:NFLX) says it has a poison pill aimed at deterring Icahn’s goal to grow his 10 percent position in the firm. Under this plan, all shareholders will have the option to buy more stock if any single shareholder holds in excess of 10 percent. For his part, Icahn bashes Netflix over its adoption the strategy, saying that pushing the measure through without a shareholder vote is “poor corporate governance.”
Campbell Soup Company (NYSE:CPB) intends to generate electricity from the waste it accumulates from producing soup and sauces under a partnership with CH4 Biogas. The historic company says that this move might lead to cost savings and also shrink the amount of waste sent to landfills.
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