By Dennis Seid
new yorkDennis Seid 5/26/09
spurs Wall Street rally
n NEW YORK – Consumers are getting more confident about the economy, and Wall Street is tagging along.
Stocks surged Tuesday, posting their first big win in a week after a research group said consumer sentiment rose in May to the highest level since September. Major stock indicators jumped more than 2 percent.
The Dow rose 196.17, or 2.4 percent, to 8,473.49. The Standard amp& Poor’s 500 index rose 23.33, or 2.6 percent, to 910.33, and the Nasdaq composite index rose 58.42, or 3.5 percent, to 1,750.43.
Tombigbee Country Cafe
now open in Aberdeen
n ABERDEEN – The Tombigbee Country Cafe is open at the Best Western at 801 E. Commerce St.
Open Sunday to Friday from 10:30 a.m. to 9 p.m. and Saturday from 7 a.m. to 9 p.m., the restaurant offers blue plate specials, plus a variety of other items including crawfish, catfish, shrimp, steaks, meatloaf, hamburgers and New Orleans-inspired cuisine. For more information, call (662) 319-9824.
Furniture Today: Lane
to see more layoffs
n TUPELO – Furniture Today said that Furniture Brands International is laying off additional Lane workers in Mississippi.
In a story about Furniture Brands cutting 150 workers from its Thomasville plant in Lenoir, N.C., the trade magazine said that the company also was cutting about 100 positions at Drexel Heritage plants in North Carolina and at Lane plants in Mississippi. Furniture Brands, whose brands include, Lane, Broyhill, Thomasville, Maitland-Smith and Drexel Heritage, would not break down the layoffs by individual company or plant.
UAW trust to get up
to 20 percent of GM
DETROIT – General Motors Corp. will give the United Auto Workers union up to 20 percent of its common stock, $6.5 billion of preferred shares and a $2.5 billion note to fund a trust that will take over retiree health care costs starting next year.
The funding is part of a tentative agreement that union members will vote on this week as GM tries to pull together the remaining pieces that would allow it to restructure outside of bankruptcy.
Facebook’s $200M investor
values company at $10B
NEW YORK – Facebook is getting a $200 million investment from a Russian Internet investor that values the social networking company at $10 billion even though it has yet to turn a profit.
The investment gives Digital Sky Technologies a nearly 2 percent stake in Palo Alto, Calif.-based Facebook’s preferred stock. Digital Sky won’t get a board seat.
The $10 billion valuation for Facebook is less than the $15 billion value implied in 2007, when Microsoft spent $240 million for a 1.6 percent stake in the company – even though Facebook has substantially grown since then. However Facebook’s own appraisal after the Microsoft deal gave the company a market value of about $3.7 billion, according to details revealed in a legal settlement.