Nurses union to strike for day
Nurses at Northside Medical Center on Friday moved ahead with preparations for a one-day, unfair labor practice strike Tuesday at the hospital, according to the Youngstown General Duty Nurses Association. The union said it was requesting a meeting for negotiations with management.
The Youngstown center is owned by for-profit Tennessee-based Community Health Systems Inc., which is seeking to acquire Akron General Health System in a partnership with the Cleveland Clinic.
ClubCorp stock begins trading
ClubCorp’s stock climbed 50 cents, or 3.6 percent, to $14.50 in its first day of trading on the New York Stock Exchange.
ClubCorp Holdings Inc., which owns Firestone Country Club in Akron and Silver Lake Country Club in Silver Lake, priced the initial public offering of 18 million shares at $14. The company planned to raise about $252 million from the offering.
ClubCorp is offering 13.2 million shares. A selling stockholder affiliated with KSL Capital Partners LLC is offering 4.8 million shares. ClubCorp initially said in the filing it would offer 10.9 million shares and the stockholder would offer 7.1 million shares.
The stock is trading under the “MYCC” ticker.
YRC Freight executive is gone
Less-than-truckload company YRC Freight, part of YRC Worldwide Inc., is looking for a new president. YRC announced the Jeff Rogers “is no longer with the company” and that YRC Chief Executive Officer James Welch will assume responsibilities as president of YRC Freight. Welch will continue as CEO as well.
The Overland Park, Kan., trucking company did not say why Rogers is no longer with YRC Freight. “On behalf of the entire YRCW board of directors, management team and entire employee base, I want to thank Jeff for his service at Holland and YRC Freight,” Welch said in a news release. Welch previously headed YRC Freight predecessor Yellow Transportation, which bought out Akron-based trucking company Roadway to form YRC.
Restaurateur’s profits down
For the three months ended Aug. 25, Darden Restaurants said it earned $70.2 million, or 53 cents per share, which was far short of the 70 cents per share analysts expected. A year ago, the company earned $110.8 million, or 85 cents per share.
Sales rose to $2.16 billion, helped by new locations. But that was still short of the $2.19 billion Wall Street expected, according to FactSet.
Buffett calls Fed a hedge fund
Billionaire investor Warren Buffett compared the U.S. Federal Reserve to a hedge fund because of the central bank’s ability to profit from bond purchases while accumulating a balance sheet of more than $3 trillion.
“The Fed is the greatest hedge fund in history,” Buffett told students on Thursday at Georgetown University in Washington. It’s generating “$80 billion or $90 billion a year probably” in revenue for the U.S. government, he said. “And that wasn’t the case a few years back.”
The central bank has been buying $85 billion of bonds a month to help the U.S. recover as it emerges from the deepest slump since the Great Depression. Chairman Ben S. Bernanke and other Fed policymakers unexpectedly opted this week to sustain that pace of asset purchases instead of tapering it, saying they need to see more signs of lasting improvement in the economy.
Target to hire 70,000 workers
Target plans to hire about 70,000 seasonal workers for the critical holiday shopping season, down about 20 percent from a year ago. The discounter is aiming to be more efficient in its hiring practices.
‘Grand Theft Auto’ is big hit
Take-Two Interactive Software Inc. said retail sales of its Grand Theft Auto V video game exceeded $1 billion during the first three days on sale. That marks the fastest any video game or feature film has reached that revenue milestone, Take-Two said.
Home Depot shifts coverage
Home Depot is eliminating the limited medical insurance it offers its many part-time employees, forcing those workers to seek coverage from new public insurance marketplaces that open Oct. 1 or face a penalty. The Atlanta retailing giant said it was reacting to the new law on health-care coverage. The change affects about 20,000 part-time Home Depot workers nationwide.
Compiled from staff and wire reports