U.S. Morning Call: P&G turning the 'tide' on McDonald
Friday, May 24, 2013 - 02:45
May 24 - P&G brings back A.G. Lafley as CEO, replacing Bob McDonald immediately in the midst of a major restructuring.
▲ Hide Transcript
▶ View Transcript
Call for Friday out with a new in with the old seems to be the trend is picking up the CEO. First -- and now Procter & Gamble. PG bringing back AG -- to run the company after his handpicked successor Bob McDonald got the this simple coincidence but -- act in a big investor in both penny and PNG. His stake in PNG is worth two billion dollars or 1% of the company. Ever since he bought shares act has been agitating for MacDonald's departure saying PG just wasn't expanding its fastest -- like you know -- PG stock rose 26% in the last twelve months but last month sales the company relapsed and that seemed to be the beginning of the end for McDonald. Now the past is any indication of the future. -- he's got an interesting one. He started PNG in 1970s. As a brand assistant for joy dish washing liquid. He's one launched tie and he's also responsible for -- Gillette in 2005. PG now luring him back with that two million dollar paycheck. Some stocks watching you can keep your shirt on for this one. Shares of Abercrombie & Fitch down 7% in the premarket after the chain reported a 15% drop in quarterly same store sales. The company is partially blaming. Short inventory but if you look at it appeared that -- retail market. They're not doing too well either American Eagle missed estimates when reported yesterday. An -- apostle that's habits and a website that saw sales plummet 14% in the first quarter. Starting a bidding war with FaceBook over ways that an Israeli mobile navigation start up. Reports it -- seeking more than one billion dollars and his interest from several buyers. -- wondering Apple's not one of them. The four year old company has 47 million users and has raised 67 million dollars in funding from backers including Qualcomm. Revenue up with a look at markets stock futures point to a lower start today. Data on durable good out at 8:30 eastern art experts I are looking for rebounds 2.0 percent for quarters in April. That's a fair Friday morning call enjoy -- -- While -- weekend and why you're doing -- never follow us on Twitter at Reuters Insider and get more great videos at Reuters dot com slash writers TV. I'm Lisa Bernhard this is Reuters.
Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code