BRIEFCASE
S&P 500 ends higher, extending streak to 7 weeks
NEW YORK — The S&P 500 kept its winning streak alive — just. The index ended the week slightly higher, enough to give it a seventh straight week of gains. That’s the longest stretch of advances in more than two years. The S&P slipped 1.59 to end at 1,519.79 Friday. For the week it held on to a gain of 1.86 points.
The Dow Jones industrial average rose 8.37 to close at 13,981.76 Friday, but ended the week down 11 points. The index has now edged lower for two straight weeks. The Nasdaq fell 6.63 to 3,192.03 and also was down for the week, dropping 1.84.
Activist investor buys chunk of MeadWestvaco
An activist investor known for shaking up corporate boardrooms has taken a stake in Virginia-based MeadWestvaco Corp., which has long business ties to the Charleston region.
Billionaire financier Nelson Peltz’s Trian Fund Management disclosed in a filing Thursday that it has bought 1.6 million shares in the packaging company. MeadWestvaco surged $3.97, or 12.5 percent, to $35.65.
The company’s chemical division is based in North Charleston. Also the head office for its real estate development arm is in Summerville.
Underwriter for airport bonds is recommended
A Charleston County Aviation Authority committee is recommending the board tap Bank of America as lead underwriter for revenue bonds that will be used to pay for most of the $200 million redevelopment of the aging terminal at Charleston International.
The committee agreed unanimously Friday on the recommendation that also will include co-managing underwriting with Raymond James and Wells Fargo. The debt issue is expected to total about $170 million. The recommendation will go before the full airport board.
Goodwill skills center opens in North Charleston
Goodwill employees have a new place in North Charleston to learn new skills. On Friday, Palmetto Goodwill opened a new training center, where it can train employees for jobs in retail, food and custodial services and grocery shelf stocking, and food service. The center also will offer leadership training.
The center has five computer stations allowing employees to take certification tests, use computer software and apply for jobs after graduating from the training program.
Herbalife stock surges after Icahn grabs stake
NEW YORK — Strictly business, nothing personal. That’s how Carl Icahn characterizes the latest turn in his clash with fellow Wall Street titan William Ackman.
Both men have a keen interest in Herbalife, a maker of dietary supplements. Ackman claims the company is a fraud and has bet that its stock price will crumble; Icahn says it’s a great buy.
They both can’t be right, and for now it’s not clear which one is. Icahn, for his part, disclosed in a regulatory filing late Thursday that he had taken a 13 percent stake in the company.
Burger King feels heat as rivals focus on value
NEW YORK — A revamped menu helped boost Burger King’s profit in the fourth quarter, but the hamburger chain says it needs to play up value more aggressively to compete with rivals.
The chain said Friday that sales in the new year are trending “modestly negative” as the broader fast-food industry fights to attract cash-strapped diners with cheap eats.
To address the intensifying focus on value from competitors, Burger King launched a limited-time offer for a Junior Whopper at $1.29 this week.
Staff and wire reports
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