JC Penny’s long search for a new chief is over. The retailer has names Marvin Ellison, a Home Depot executive as its new CEO. He will take over in August 2015 from Interim Chief Mike Ullman, who agreed to come out of retirement to help the company rebuild itself after Ron Johnson was ousted from the top spot. Shares were off by three cents closing at $7.09.
Canadian Pacific Railway & CSX
Canadian Pacific Railway approached CSX last week about a possible merger, according to reports. But CSX reportedly rebuffed that attempt that would have united two of the world’s largest railroad operators. Shares of CSX popped almost six percent to $31.70. Canadian Pacific fell by almost 2.5 percent to $184.97.
Another deal to report, General Electric will pay about $1.8 billion for the helicopter leasing company Milestone Aviation. The Dublin-based company will expand GE’s Capital Aviation Services unit, which rents planes and offers loans for buying aircraft. Shares of GE were off by one percent to $23.95.
Boeing announced a massive order an Indonesian airline purchased 50 jets from the company, worth about $5 billion. Despite that, shares were off about $1 at $120.45.
Fiat Chrysler made its return to the U.S. stock market today. The newly merged company’s stock began trading on the NYSE, part of an effort by CEO Sergio Marchionne to elevate the company’s profile globally. Marchionne says this day has been a long time coming and he wants to prove naysayers wrong. Not much vibrance in the stock on its first trading say; it lost about one percent to $8.92.
Shares of Lithia Motors plunged after the auto retailer issued an earnings warning. The company said a drop in used car prices hurt its third quarter profit and it also cut its fourth quarter earnings forecast. The stock was down 21 percent, closing at $64.01.
Luxottica, the maker of Ray Ban and Oakley sunglasses saw its shares drop in Today’s session. The company’s chief resigned after just six weeks in the, following the abrupt departure of the company’s long time CEO last month. Shares of Luxottica fell nine percent to $47.01.