Tag: John Yarmuth

Louisville employer stocks jump again, as post-Brexit investor confidence rises; the Dow soars 285 points; and Walmart hits Amazon with free-shipping trial

A news summary, focused on 10 big employers; updated 6:18 p.m.

Brexit umbrealla
Clouds are parting.

Those employers’ shares closed higher today, as overall U.S. stocks clawed back half the ground lost after Britain’s surprise vote Thursday to quit the European Union. It was the second rally in two days on Wall Street, which had been rattled since Friday by uncertainty over the so-called Brexit. Britain’s stock market also has recouped losses in the same stretch, although other major markets in Europe and Asia have yet to bounce back fully, according to The Associated Press.

The three major U.S. stock indices all closed higher. The Dow Jones Industrial Average rocketed 285 points, or 1.6%; the S&P 500, 35 points or 1.7%, and the Nasdaq, 87 points or 1.9%, according to Google Finance.

Here are today’s closing prices for the 10 employers tracked by Boulevard:

In non-Brexit news:

AMAZON: Walmart today launched a free 30-day trial of ShippingPass, its two-day shipping program to all U.S. consumers, as the world’s biggest retailer ratchets up the competition with Amazon’s Prime subscription service. ShippingPass costs $49 a year, half as much as Amazon’s $99 (Reuters and press release). Also today, Amazon slashed prices up to 50% on newly released, full-featured, unlocked Android smartphones for Prime members (company website). Amazon employs 6,000 workers in the Louisville area, at distribution centers in Jeffersonville, and in Bullitt County’s Shepherdsville.

KINDRED: Senior Vice President John Lucchese sold 4,341 shares for about $11.39 a share today for a total $49,000, the company said in a Form 4 regulatory filing (SEC document). Kindred shares closed this afternoon at $11.43, up 5%.

GE: U.S. regulators rescinded stricter oversight of the company’s finance arm, GE Capital, after saying the conglomerate had made changes that significantly reduced its threat to U.S. financial stability (Wall Street Journal). Its former residential home appliance business, now owned by Haier Group, employs 6,000 workers in Louisville.

John Yarmuth
Yarmuth

In other news, U.S. Rep. John Yarmuth of Louisville has once more donated his entire congressional salary — $174,000 — to charity, making good on a campaign promise when he was first elected a decade ago. The 17 recipients include three arts and humanities groups: Louisville’s Fund for the Arts, Louisville Orchestra, and the Muhammad Ali Center (WDRB).

Massie won’t pay six-figure tribute to congressional campaign fundraisers

Thomas Massie
Massie

Republican U.S. Rep. Thomas Massie is the lone holdout in the state’s Washington delegation, refusing to make six-figure contributions to congressional committees from their own campaign funds and PACs — a system both parties impose.

Massie, who represents the fourth congressional district from Lewis County, likened the dues system to “extortion,” because he said those who give win an edge in better committee assignments, according to a USA Today report this morning. He’s given only $6,000 of an expected $240,000.

Other delegation members denied they were giving under duress. How much the Republican members donated during the 2013-14 campaign cycle to the Republican Congressional Committee, according to The Courier-Journal:

The delegation’s lone Democrat, John Yarmuth of Louisville in the third district, gave $265,000 during the 2014 cycle to the Democratic Congressional Campaign Committee.

 

Mr. Yarmuth goes to market

John Yarmuth
Yarmuth

In his most recent financial disclosure report, Rep. John Yarmuth (D-Louisville) said he’d bought stock in 23 companies, including four expected to grow faster than sleepy “widow and orphan” stocks. But they can also be more risky; high flyers can go way down, too.

The report doesn’t disclose exactly what Yarmuth paid per share, nor how much he invested, only valuing the stakes in the range of $1,000 to $15,000 each. Still, we can get a glimpse at their performance by comparing their closing price on the date of the report to Friday’s closing price.

His results were mixed: The best performer was Facebook, and the worst was Irish drugmaker Allergan. We’ve thrown in the S&P 500 index for comparison.

Yarmuth stocks

Related: Search for more congressional financial disclosure reports. And follow Boulevard’s stock portfolio of big Louisville employers.