J.C. Penney: We're sorry. Please come back.
J.C. Penney Co. is apologizing. The department-store chain is airing a television commercial this week — in time for Mother's Day — that says it made mistakes and asks former customers to come back. Development of the 30-second ad began a few months ago after executives reviewed customer feedback, said Joey Thomas, a company spokesman. In other words, the ad originated under Ron Johnson, the former chief executive officer who alienated customers by ditching discounts and axing dozens of popular brands in favor of ones aimed at a younger shopper. Myron Ullman replaced him on April 8.
Future Voya Financial raises $1.27B in IPO
ING U.S. Inc., the New York-based unit of the Dutch financial services company, raised $1.27 billion in its initial public offering, pricing an increased number of shares below the marketed range. ING U.S. sold 65.2 million shares for $19.50 each, after offering 64.1 million shares for $21 to $24 apiece. ING U.S. will be renamed Voya Financial after the IPO, and the switch will take about two years, the company has said. The stock will start trading Thursday on the New York Stock Exchange under the symbol VOYA. ING Group NV took its U.S. unit public after it agreed to sell global-insurance and investment-management operations to win European Union approval of its 2008 bailout from the Netherlands.
April auto sales up 10 percent from year ago
U.S. automakers said sales of pickup trucks rose sharply in April because of a revival in the housing market and increased demand from the oil and gas industry. The increase in truck sales fueled double-digit sales growth at all three Detroit automakers and kept the industry on track to sell more than 15 million vehicles this year. Auto analysts said the overall industry sold about 1.3 million new vehicles during April, a 10 percent improvement over the same month a year ago. It was another indication that sales of new cars and trucks in the United States were returning to prerecession levels.
Ticketmaster sues to stop scalping operation
Ticketmaster, in an attempt to oppose the computer tactics used by some of the most advanced ticket scalpers, has sued 21 people, accusing them of fraud, breach of copyright and other charges in circumventing the company's online security system to try to buy huge numbers of tickets. In the suit, filed in U.S. District Court in Los Angeles, Ticketmaster accuses Joseph Shalom, a producer of live entertainment events in New York, as being the central figure in a coordinated series of attempts to obtain large numbers of tickets and resell them at a profit. Ticketmaster seeks unspecified damages in the suit.
Private job growth slows, ADP report says
Private-sector job growth slowed more than expected last month, with employers adding just 119,000 net new workers in a harbinger of a stalling labor market, payroll processing firm ADP said. It was the second straight decline in the widely watched reading. ADP also lowered its March figure to 131,000 from the initial estimate of 158,000. Analysts had expected the report to show about 150,000 net new private-sector jobs were added in April.
Dean Foods to spin off maker of soy milk
Dean Foods Co. said it will spin off WhiteWave Foods Co., maker of Silk soy milk, this month to unlock shareholder value, leaving the dairy company with a minority stake. Shareholders will receive about 47.7 million WhiteWave Class A shares and 67.9 million Class B shares on May 23, Dallas-based Dean said. WhiteWave also produces Land O'Lakes brand creamer and half-and-half under license from Minnesota-based Land O'Lakes Inc.
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