Stock buy gives fund 8.5% of USA Truck
Stone House Capital Management LLC of New York has purchased 900,000 shares of USA Truck, according to a Securities and Exchange Commission filing.
With its single purchase of USA Truck shares, Stone House now holds an 8.5 percent stake in the Van Buren trucking company.
Mark Cohen, named a “Hedge Fund Rising Star” in 2013 by Institutional Investor magazine, is the managing member of Stone House Capital. Cohen, who is listed on the SEC filing, did not return a call seeking comment about the stock purchase.
USA Truck has been fighting a takeover attempt by Knight Transportation Inc. of Phoenix. Knight, which offered USA Truck $9 per share in August, reiterated its interest in reaching a deal during Wednesday’s third-quarter earnings call.
Trading of USA Truck ended Thursday at $12.65 per share.
- Chris Bahn
Wal-Mart plans 110
new Chinese stores
Wal-Mart Stores Inc. is set to open 110 new stores in China after announcing Oct.
15 that the company would shutter two dozen underperforming Chinese stores later this year and in early 2014.
Many existing stores will be remodeled. New development will come in the form of Sam’s Clubs and Wal-Mart Supercenters to be built over the next three years. China has the world’s second-largest economy.
“We adapt to market changes by making adjustments and innovations, and we will modify our operations in China by upgrading the merchandise well, especially in fresh food and grocery,” Greg Foran, Wal-Mart China president and chief executive officer, said in a statement.
Online sales in China are soaring, the company has said. Wal-Mart owns more than a half interest in the fast-growing online company, Yihaodian. Wal-Mart entered the Chinese market with its first store in Shenzhen in 1996. The retailer now operates about 400 stores there.
A report from Deloitte said Wal-Mart as a foreign operator is likely to gain more profits from its investment. Enterprises from outside the country have been able to earn a higher gross margin than domestic enterprises in China, the report said.
- Cyd King
State index up 2.06;
Acxiom, P.A.M. rise
The Arkansas Index, a price-weighted index that tracks the largest public companies in the state, increased 2.06 to 311.70 on Thursday.
Acxiom shares gained 1.4 percent to close at $32.89 in average trading. Dillard’s Inc. shares rose 1.4 percent to close at $81.81 in light trading. P.A.M. Transportation Services Inc. shares rose 3 percent to end at $17 in heavy trading.
Tyson Foods Inc. shares fell 1 percent to close at $28.33 in light trading.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 27 on 10/25/2013