S&P 600 Index adds
America's Car-Mart, a buy-here, pay-here used-car dealer, will be added to the S&P Small Cap 600 Index at the open of trading today.
Car-Mart shares rose $3.37, or 3%, to close Wednesday at $120.52. Shares have traded as low as $77.93 and as high as $120.73 over the past year.
According to Investopedia, the S&P 600 tracks a broad range of small companies that meet specific liquidity and stability requirements. Stocks must have a market cap of $450 million to $2.1 billion. It is the benchmark index for small-cap stocks published by Standard and Poors.
Car-Mart's customers often do not have access to traditional vehicle financing because of poor credit or no credit history.
In November, Car-Mart of Bentonville reported earnings of $13.9 million, or $2 per share, in its second quarter, which ended Oct. 31, for its fiscal year 2020. That compares with $11.3 million, or $1.58 per share, for the same quarter a year ago. Revenue was $190 million for the quarter, a new record according to the company, up from $167 million in the second quarter of fiscal 2019.
It was the seventh quarter in a row that Car-Mart's profits exceeded the average analyst prediction.
-- John Magsam
Windstream, Uniti mediation intensifies
Settlement talks between Windstream Holdings Inc. and Uniti Group Inc. are picking up again as the two Little Rock companies near a court battle scheduled for March 2.
Bloomberg News reported Wednesday that lawyers for Windstream told a federal judge in New York that mediation between the two communications companies has intensified.
"Those discussions have intensified and the pace of those discussions has accelerated," Marc Kieselstein of Kirkland & Ellis, a lawyer for Windstream, said in a court hearing Wednesday. "The issues have been very substantially narrowed."
Both companies are scheduled to announce fourth-quarter 2019 earnings later this month.
Last year, Windstream sued Uniti over a fiber-leasing arrangement. Trial is scheduled for March 2-6 before Judge Robert Drain in U.S. Bankruptcy Court in the southern district of New York. Mediation talks are focused on altering the terms of the lease.
-- Andrew Moreau
Arkansas Index gains 5.65 reaching 453.84
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Wednesday at 453.84, up 5.65.
"Energy shares outperformed the broader market despite a reduction in the demand outlook by OPEC as stocks closed again at record levels with investors adding to risk assets," said Leon Lants, managing director at Stephens Inc. in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 02/13/2020
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