LITTLE ROCK, Ark. (Arkansas Business) - On Wall Street Friday, investors also saw a chance to add to their holdings after declines earlier in the week.
Among the companies reporting good news: athletic apparel and equipment maker Nike reporting a surge in profit, sending its stock price to a record. And jewelry retailer Tiffany topped earnings predictions, boosted by demand from customers in Asia.
In all, analysts say the strong run-up in stocks this year is encouraging investors to buy whenever the market dips.
Murphy Oil Corp. signaled spinoff gas station operation
Here in Arkansas, Murphy Oil Corp. of El Dorado signaled in its annual proxy statement, filed Friday, that the announced spinoff of its gas station operation Murphy USA will happen in the second half of 2013.
The company had previously said that the spinoff, first announced in October, would happen this year but had been even less specific. The proxy contains no other new details of the new publicly traded company.
The proxy statement also revealed that David M. Wood, who suddenly retired as CEO in June, received compensation of more than $18 million last year.
Legislators to discuss Big River Steel project
And later today, Arkansas legislators scheduled to start discussing the Big River Steel project set for Osceola. This comes after two independent studies of the proposed, $1.1 billion manufacturing plant, have come in.
Arkansas economic developers have proposed helping the plant, led by steel executive John Correnti, get off the ground with $125 million in special state incentives.
Legislators will have to vote on those incentives and without the money, the plant will likely go somewhere else outside Arkansas.
The two consultant studies on the plant have been somewhat optimistic about the plant, but warned that some state economic developers have overestimated the plant's benefits to Arkansas.
Also on Sunday: another northeast Arkansas steel maker Nucor voiceed its opposition to the new plant. The company taking out a full-page ad in the Arkansas Democrat-Gazette urging readers to call legislators and ask them to vote "no" on the project.