Three execs resign from LR ad agency
Three vice presidents with the Little Rock advertising and public relations firm CJRW, formerly known as Cranford Johnson Robinson Woods, resigned Monday, said Richard McKeown, a spokesman for the firm.
Ross Cranford, vice president of tourism services, and Jay Cranford, senior vice president and chief creative officer — both sons of founder Wayne Cranford, a CJRW director — resigned, along with Denver Peacock, who was senior vice president for public affairs, McKeown said.
McKeown declined to comment on the reason the three left the firm. Chris Cranford, another son of Wayne Cranford, remains with the firm, though one source indicated Chris Cranford is out of the country.
— David Smith
Failed Wal-Mart deal cost firm $334 million
Wal-Mart Stores Inc.’s failed joint business venture with Bharti Enterprises in India cost the Bentonville-based retailer $334 million, according to Wal-Mart’s recently released annual report. The company paid $100 million to take over its Indian partner’s half stake in Bharti Wal-Mart Pvt. Ltd., which ran 20 wholesale stores under the Best Price Modern Wholesale brand. Wal-Mart also took a $234 million hit that included debt and other investments in back-end partner Bharti Retail, which it waived as part of the October separation, according to the annual report. — Cyd King
State index up 2.47 as 12 issues advance
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, gained 2.47 to 336.44 Monday.
“The major averages were mostly higher as merger and acquisition news in the health-care sector offset weakness in financial stocks,” said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock. “Twelve stocks in the Arkansas Index rose and five fell.”
P.A.M. Transportation Services surged almost 5 percent on strong volume and set a 52-week high, closing at $24.99, Williams said.
Murphy USA gained 3.3 percent in active trading, reaching $64.12, Williams said.
Looking to the downside, shares of Acxiom fell just over 2 percent to $28.64.
Dillard’s hit a 52-week high before pulling back later in the session, closing at $98.07, Williams said.
Total volume of the index was 28.1 million shares.
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 23 on 04/29/2014