Roundup: Icahn discloses new stake in Family Dollar; UPMC expands in Italy; more
Icahn discloses 9.4% stake in Family Dollar Stores
Billionaire activist investor Carl Icahn has acquired a 9.4 percent stake in Family Dollar Stores and is urging the discount retailer to explore ways to boost its value. Shares of the Matthews, N.C., company jumped more than 10 percent in after-market trading. In a regulatory filing, Icahn says he owns nearly 10.7 million shares of Family Dollar. Based on its closing price Friday of $60.53, the stake is worth $647.1 million. Family Dollar's low-income shoppers are still struggling as the economic recovery wears on, and its stock is down in the past year while the broader markets are booming. The company said in April it will close 370 under-performing stores and permanently cut prices on about 1,000 basic items. Family Dollar Stores Inc. officials weren't immediately available to comment late Friday.
UPMC expands operations in Italy
UPMC is expanding operations in Italy with an outpatient diagnostic center that is expected to open on Monday in Tuscany. The center, which adds to UPMC transplant and cancer treatment facilities in the country, will offer diagnostic screenings and imaging for liver and digestive disorders, heart disease, diabetes and other diseases. The cost of the center was not disclosed by UPMC, which also has operations or services in Ireland, India, Canada, China, Singapore, Japan and Kazakhstan.
‘Dark pool' broker to pay $2M to settle SEC case
A brokerage firm that operates a so-called “dark pool” trading system has agreed to pay $2 million to settle federal civil charges of using customers' confidential trading data to market its services. The settlement between Liquidnet Inc. and the Securities and Exchange Commission was announced on Friday, a day after SEC Chair Mary Jo White proposed rules that could bring closer oversight of high-speed trading and dark trading pools, which account for as much as 35 percent of trades. Unlike public stock exchanges, dark pools are private, off-market platforms that offer limited information about participants or operations. The SEC said Liquidnet improperly gave access to confidential trading information to a brokerage unit outside its dark pool from 2009 to late 2011.
Wal-Mart CEO: Speed up pace of change
Wal-Mart CEO Doug McMillon said the world's largest retailer's task is to bring e-commerce together with physical stores more quickly to better serve shoppers. At Wal-Mart Stores Inc.'s annual shareholders meeting on Friday, McMillon talked about a service that Wal-Mart offers at its Asda.com website in the United Kingdom, in which customers can order groceries online and then pick them up from trucks at various pickup points. He also showed off miniature figures of executives to illustrate how some Wal-Mart stores have been using 3-D printers to make miniature figurines for customers in the U.K.