Business news in brief

Windstream appoints general counsel

Kristi Moody, senior vice president and corporate secretary at Windstream Holdings, has been named general counsel, the Little Rock firm said Tuesday.

Moody joined Windstream in 2006 as senior litigation counsel. She was named vice president of law in 2012 and deputy general counsel in 2013.

As general counsel, Moody is responsible for oversight of the company's legal affairs, including strategic initiatives, regulatory and securities law compliance, corporate governance and records, contracts and state government affairs.

Before joining Windstream, Moody was in private practice for 11 years at Wright, Lindsey & Jennings in Little Rock.

-- David Smith

Survey: Execs at midsize firms buoyant

A whopping 80 percent of the leaders at midsize U.S. businesses said they are optimistic about the economy's prospects, according to the Business Leaders Outlook survey conducted by JPMorgan Chase & Co.

That's up from 39 percent last year and reflects a change in sentiment in the ranks of corporate America since the November election.

More than three-quarters of executives say they expect the policies of President Donald Trump and a Republican-led Congress to have a positive effect on their businesses. The reason: an agenda that's pro-business and includes lower taxes and fewer regulations, the report on Tuesday showed.

"U.S. companies are gaining confidence, and they anticipate new economic support from Washington in the coming year," Jim Glassman, senior economist at JPMorgan Chase, said in a statement. "Even some of their top business challenges -- managing labor costs and trying to tap a limited supply of talent -- are more growing pains than survival tactics."

The JPMorgan Chase online survey of more than 1,400 middle-market executives in the U.S. -- defined as having company revenue ranging from $20 million to $500 million -- was conducted from Jan. 3 to Jan. 20, the day Trump took office. The margin of error is plus or minus 2.5 percent.

-- Bloomberg News

Home Depot's 4Q profit beats forecasts

If Home Depot Inc.'s results are any indication, Americans are showing no sign of putting down their tool belts.

Profit increased to $1.44 a share last quarter, the Atlanta-based company said Tuesday. That topped analysts' estimates and came along with strong sales and a plan to return more cash to shareholders.

The largest home-improvement retailer is benefiting from a yearslong rebound in housing prices that has made homeowners more willing to spend on their properties because they see them as a sound investment. That's helped Home Depot avoid the malaise that has spread across much of retail, where lackluster demand has weighed on results.

"The market had growing fears around trends in the home-improvement category due to rising interest rates and a commensurate drop in mortgage refinancing -- which is often used for larger projects," David Schick, director of research and lead retail analyst for Consumer Edge Research, said in an email.

The shares rose $2.02, or 1.4 percent, to close at $145.02.

Revenue climbed 5.8 percent to $22.2 billion in the fourth quarter, which ended Jan. 31, surpassing analysts' $21.8 billion projection. Sales at stores open for more than a year -- a key benchmark for investors -- rose 5.8 percent. That beat analysts' 3.5 percent prediction, according to Consensus Metrix.

-- Bloomberg News

Leaner Macy's tops estimates for 4Q

Macy's Inc. posted fourth-quarter earnings that beat analysts' estimates as the company closes stores and cuts costs in a bid to cope with an industrywide slump.

Profit was $2.02 a share, excluding some items, the Cincinnati-based company said Tuesday. Analysts projected $1.96 on average. While same-store sales declined 2.1 percent, that was better than the 2.2 percent drop predicted by analysts.

The results offered hope that Macy's can pull out of a downturn that has rocked the largest U.S. department-store chain.

Macy's shares fell a penny to close at $33.21.

Macy's previously announced plans to close 100 underperforming stores, with 68 of those shutting down this year. That move will eliminate about 4,000 jobs, in addition to the 6,200 job cuts announced in January.

The drive to cut costs should generate annual savings of $550 million, beginning in 2017, Macy's said. That's higher than a previous goal of $500 million announced in 2015.

Macy's is also looking for more real estate transactions, which generated about $673 million in cash proceeds last fiscal year, according to the statement.

-- Bloomberg News

AIG sells longtime Vermont ski holding

American International Group Inc., the insurer that's been divesting assets to narrow its focus, agreed to sell ski operations at Vermont's Stowe Mountain to Vail Resorts Inc.

AIG will retain majority ownership of the base area, which includes a 312-room lodge, along with a country club and future development rights, according to statements Tuesday from the companies. The Broomfield, Colo.-based buyer gains a foothold in the U.S. East Coast to complement locations in its home state, Utah and California.

AIG Chief Executive Officer Peter Hancock has been simplifying the investment portfolio, exiting some volatile hedge fund holdings and reshaping its real estate division. The CEO last year completed the sale of International Finance Centre Seoul in Korea. The Stowe deal fits a pattern of AIG retaining financial ties to divested assets, while leaving some oversight to operators with more specialized management.

"Under Vail Resorts' management, Stowe's reputation as a premier ski destination with a commitment to excellent service will continue to grow," Douglas Tymins, president of AIG Global Real Estate, said in the insurer's statement.

The Stowe relationship spans back to the 1940s when AIG's founder, Cornelius Vander Starr, was frustrated with the wait in line for a ski lift, according to a Burlington Free Press story posted on the ski resort's website. He decided to put up funds for another lift, and AIG eventually took ownership, the article said.

-- Bloomberg News

Business on 02/22/2017

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