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More new jobs than predicted; expanding the board at Martha Stewart Living Omnimedia; an inflow for junk-bond mutual funds; Celenese raises more than $1 billion, but with hefty interest.
Stephen Taub, CFO.com | US
June 7, 2004
- U.S. employers added 248,000 jobs in May, according to the Department of Labor, much higher than Wall Street's forecast of 216,000 new jobs. This strong showing followed upwardly revised totals of 346,000 jobs in April and 353,000 in March. The 947,000 jobs created in the March-through-May period represent the strongest three-month stretch in four years, according to Reuters.
- Martha Stewart Living Omnimedia Inc. nominated four new members to its board of directors, which would expand the board from five members to nine. The nominees are Michael Goldstein, former chairman and CEO (and once the CFO) of Toys "R" Us; Rick Boyko, managing director of the Virginia Commonwealth University Adcenter and former co-president and chief creative officer of Ogilvy & Mather; Susan Lyne, former president of ABC Entertainment; and Wenda Harris Millard, chief sales officer of Yahoo Inc.
- U.S. junk-bond mutual funds experienced a $565 million inflow in the week ended Wednesday, the largest inflow since October 2003, according to AMG Data Services. The prior week, junk-bond funds suffered a $162 million outflow — at the time, the seventh straight week of net redemptions.
- German chemicals company Celanese raised $1.244 billion in the junk-bond market to help fund its leveraged buyout by the Blackstone Group. However, it had to offer yields as high as 10.375 percent to overcome a cautious market, according to Reuters.