Cash mob planned
Neighborhood organizations in West Akron are encouraging shoppers to support businesses on Hawkins Avenue at the Hawkins and New Seasons plazas today for what is called a “cash mob.”
A cash mob is a planned event where supporters meet and spend at particular businesses. Supporters are encouraged to spend at least $20 at one or more businesses.
A flier suggests Henry’s Acme, 1525 S. Hawkins Ave., which is open from 7 a.m. to 10 p.m.; Transformations Barber & Beauty Shop, 1479 S. Hawkins, open from 9 a.m. to 6 p.m., and Nicole’s Restaurant, 1477 S. Hawkins, open from 10 a.m. to 9 p.m.
The cash mob is sponsored by the Buchtel CLC PTA, Project Ujima and the 100 Black Men of Greater Akron Inc.
Restraining order issued
The state of Ohio obtained a temporary restraining order against a Uniontown man, Geoffrey Nehrenz, to prevent his businesses, Keystone Capital Management and Keystone Active Trader, from doing any work without getting prior court permission. The state also seeks to appoint a receiver to recover assets on behalf of investors.
The state alleges the companies made false representations in the sale of securities and engaged in securities fraud. The state said 19 investors from Northeast Ohio and Pennsylvania invested nearly $7.9 million between May 2009 and September 2012 with the businesses and that as of May 15, only $13,213.37 remained in liquid assets.
The state alleges Nehrenz used investor funds for personal and business use, the Ohio Department of Commerce’s Division of Securities reported Friday.
P&G dumps CEO
Procter & Gamble Co. of Cincinnati is replacing Chief Executive Officer Bob McDonald with his predecessor, A.G. Lafley, as the world’s largest consumer-products maker struggles to rekindle growth at home and abroad.
McDonald embarked on a turnaround plan last year to cut $10 billion in costs through 2016 and renew focus on the company’s leading businesses after losing market share to such rivals as Unilever. Activist investor Bill Ackman bought a stake valued at $1.8 billion last year and pushed to replace McDonald.
Hulu popular target
Investment firms KKR & Co. and Silver Lake Management LLC have made separate bids for Hulu LLC, Bloomberg News reported, adding two private-equity suitors to a growing bidding war for the Internet TV service.
Silver Lake is working with William Morris Endeavor Entertainment LLC, the talent agency led by Ari Emanuel and Patrick Whitesell. The new suitors join an auction that already includes DirecTV, Time Warner Cable Inc. (which has Akron operations), Guggenheim Digital and the Chernin Group LLC.
The growing list of bidders for Hulu, owned by Walt Disney Co., News Corp. and Comcast Corp., underscores the escalating interest in the popular streaming service, which increased subscription and advertising revenue by 65 percent last year to $695 million. Pay-TV companies are interested in Hulu to bolster their offerings, which let customers watch movies and TV shows on mobile devices.
“Video is migrating to the Internet,” said Brett Harriss, an analyst at Gabelli & Co. “Hulu is a great platform to use as a base to build an Internet video business.”
Pandora revenue up
Internet radio company Pandora reported higher-than-expected revenue in the latest quarter, with losses in line with analysts’ forecasts, as the number of subscribers who pay for ad-free listening rose above 2.5 million.
The net loss in the three months ending April 30 grew to $28.6 million, or 16 cents per share, from a loss of $20.2 million, or 12 cents per share, a year ago.
Excluding items such as stock-based compensation costs, the loss came to 10 cents per share, matching the forecast of analysts polled by FactSet. Revenue rose 55 percent to $126 million, above the $124 million that analysts were looking for.
New Twitter plan
Twitter Inc. plans to release a tool that makes it easier for advertisers to find their customers who use the social-messaging service. The feature will let marketers use email addresses to identify and target Twitter users who match up with a company’s own customer lists.
The tool is similar to a custom-audience feature Facebook began offering in 2012 and will probably be unveiled by year’s end.
Compiled from staff and wire reports.