Arkansas Business headlines Jan. 23

    7:19 AM, Jan 23, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- The Dow closes up for the eighth time in nine tries.

    The Dow closed up half a percent to 13-7-12. The Nasdaq up eight to 31-43 while the S&P kept its pace in making gains, finishing up at 14-92 and a half.

    Positive earnings reports kept the market moving.

    Shares of Verizon on the rise, after announcing yesterday that it activated a record number of new mobile phones -- 63 percent of them from Apple -- in the past quarter.

    Verizon, a major employer in this market after its 2008 purchase of Alltel, closed up 40 cents to $42.94.

    And speaking of Alltel, the final pieces of that brand selling in a major transaction announced on Tursday.

    Atlantic Tele-Network Of Massachusetts said it is selling its domestic wireless business -- operated by Allied Wireless Communications Group of Little Rock -- to AT&T in an all-cash deal worth $780 million.

    Allied Wireless was formed from divested Alltel assets after Alltel sold to Verizon for $28 billion in 2008. The company has more than half a million customers in mostly rural areas.

    The deal, subject to regulatory approval, is expected to close in second half of 2013.

    It remain unclear what the deal would mean for Allied Wireless's Little Rock headquarters. Atlantic Tele-Network did not discuss Little Rock in a 9 a.m. conference call with investors, and local officials would not comment.

    Allied has at least 200 workers at its headquarters in west Little Rock.

    Also, Wal-Mart Stores putting the word out to its global suppliers that they'll lose their business with the world's largest retailer if any work is subcontracted to unauthorized factories.

    The move comes after calls for better safety policies following a Bangladesh factory fire that killed 112 workers last November.

    Though products being made at that factory were to be sold at Wal-Mart, but Wal-Mart said it had not given the contractor permission to use that factory.

    Walmart also adding a rule requiring that all subcontractors have an employee on the ground in any country they do business in, rather than rely on third-party representatives.

    (Source: Arkansas Business)

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