A humorous look at the companies that caught our eye, for better or worse, this week
High Liner Foods
We went fishing once – still got the hook in our eye, matter of fact. Luckily for the folks at High Liner, they get someone else to catch the fish, which the company turns into frozen fish sticks and fillets to sell for a profit. With High Liner completing the integration of Icelandic USA after less than a year – well ahead of schedule – investors are reeling in some big capital gains.
If a buyer makes an offer to take over your company, the proper response is to:
a) Jump up and down and say “Yes! Yes! We’ll take it!” or
b) Reject the offer, hoping that a better one will come along.
Correct answer: b. Shares of Inmet surged after it disclosed that it turned down two approaches from First Quantum Minerals – the latest for $70 a share in cash and stock. Higher, please.
People in China love their KFC – but evidently there’s a limit to the number of drumsticks and thighs even they will scarf down. In an announcement that deep-fried Yum Brands’ stock, the owner of KFC, Taco Bell and Pizza Hut said same-store sales in China – its biggest market – will fall 4 per cent in the fourth quarter as the economy there continues to slow. At least the chickens are happy.
There once was a company called SNC
‘Twas caught in a scandal about bribery
Then wouldn’t you know
Did find himself charged with fraud and forgery
For years, middle-class folks have been having trouble putting food on the table. Now here’s something really scary: Some rich people are having trouble affording expensive jewellery. Bauble retailer Tiffany cut its full-year sales and profit forecast for the third consecutive quarter, after sales in Asia – excluding Japan – slumped by 4 per cent. Maybe it’s time for a “Buy One Get One Free” sale.