Arkansas Business: Stocks up after government reopens

    6:18 AM, Oct 21, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- Investors changing focus from politics to profits on Friday, pushing the Standard & Poor's 500 index further into record territory.

    Two days after Congress struck a last-minute deal to keep the U.S. from a debt default, investors were bidding up stocks on good profits from companies in industries both old and new.

    Shares of General Electric and Morgan Stanley rose after reporting higher earnings than financial analysts had expected.

    And shares of Google surged nearly 14 percent, topping $1,000 a share for the first time.

    Looking ahead to this week: we'll get earnings reports from companies including Netflix, after markets close today.

    And on Tuesday, we'll get the September jobs report from the Labor Department. That report, which had been scheduled to come out the first Friday of the month, had been postponed two weeks because of the government shutdown

    Arkansas restaurants get new owner

    The ownership picture of Big Orange, Local Lime, and ZaZa has changed.

    Little Rock businessman Russ McDonough telling Arkansas Business that he bought out Herren Hickingbotham's share in the restaurants.

    That means that McDonough is now equal partners with Scott McGehee and John Beachboard in the two Big Orange restaurants in Little Rock and in ZaZa in the Heights.

    McDonough also owns a quarter of Local Lime with McGehee, Beachboard and Ben Brainard. He's also got a stake in the ZaZa in Conway.

    McDonough declined to reveal the purchase price. He said he, Beachboard and McGehee are all friends. He said he hopes to add value to the restaurants from the business side.

    No more signature logs in dry counties

    The state's Alcoholic Beverage Control Division has proposed ending the requirement that private clubs in Arkansas' "dry" counties maintain signature log books to record the names of their "guests."

    The move means private clubs serving alcohol will still be required to keep membership records; they'll just no longer have to ask members and guests to sign in.

    The proposed rule change has been submitted to the Review Subcommittee of the Arkansas Legislative Council, which has referred it to the Joint State Agencies Committee for review.

    The ABC is not expecting opposition.

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