Portland getting out of Wal-Mart bonds
Officials with Portland, Ore., said the city will not make any future investments in global retail giant Wal-Mart Stores Inc. The city holds five Wal-Mart bonds, the last of which will expire in April 2016. When that happens, the city will have culled $36 million worth of investments in the retailer, according to a release Thursday.
The move to eliminate Wal-Mart from the city holdings comes as Portland seeks to evaluate holdings that may spur "health and environmental concerns, abusive labor practices, and corrupt corporate ethic and governance," the Portland Business Journal said in an article Friday. The Portland City Council adopted socially responsible investment principles in October, according to the article.
Portland's entire investment portfolio ranges between $940 million and $1.29 billion. It generated about $4.3 million in earnings during the past fiscal year. Wal-Mart holdings had, until Thursday, comprised about 2.9 percent of the city's investment portfolio.
Wal-Mart officials could not be reached for comment Friday.
-- Cyd King
Ex-CEO of J.B. Hunt sells slice of stock
J.B. Hunt board member Wayne Garrison has sold more than $6.8 million worth of stock in the company, according to a filing with the Securities and Exchange Commission.
Elected to the board in 1981 and a former chief executive officer of the company, Garrison sold 89,210 shares of J.B. Hunt stock at an average price of $77.20 a share. Garrison still owns more than 3 million shares in J.B. Hunt, the Lowell-based transportation company.
Garrison joined the company as a plant manager in 1976 and has served in a variety of roles, including vice president of finance, executive vice president of finance, president and CEO. Garrison was vice chairman of the board from 1986 until 1991.
Shares of J.B. Hunt stock traded at $76.89 on Friday.
-- Chris Bahn
Arkansas Index rises 7.18 to end 337.20
The Arkansas Index, a price-weighted index that tracks the largest-public companies based in the state, gained 7.18 to 337.20 Friday.
Shares of Acxiom Corp. dropped 3.9 percent to close at $20.61 in about twice the average trading volume.
Dillard's Inc. shares rose 14.9 percent to finish at $111 in more than twice the average trading volume.
Home Bancshares Inc. increased by 5.7 percent to end at $30.33 in heavy trading volume.
Murphy Oil Corp. shares fell 1.6 percent to close at $60.13 in average trading volume.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 05/17/2014