Markets were heading up slightly on Monday after J.C. Penney Co. (JCP) revealed the name of their next CEO. The company said that Marvin Ellison, who currently serves as executive vice president of Home Depot Inc., would be taking over as president. They also reported they have plans to have him fill the chief executive officer position next year. This marks the next step in efforts the company is making to try and turn around the sinking business. The current plans have been less than victorious under the former CEO, Ron Johnson, who tried to modernize the company. Mike Ullman, the current CEO for J.C. Penny, said that “his experience and leadership are exactly what we need to accelerate the progress we have made over the last 18 months,” when talking about Ellison.
Shares of iBio, Inc. (IBIO) were skyrocketing up over 85% as news is circulating that a Texas nurse had tested positive for the Ebola virus. The penny stock company is based in Newark, DE, and is rumored to be in talks with the government in it’s efforts to increase the production of a drug called ZMapp. The drug is experimental and developed by a privately owned company called Mapp Biophamaceuticals. ZMapp was used to on two health employees that were infected with the Ebola virus and recovered.
Fiat Chrysler Automobiles entered trading on the New York Stock exchange on Monday in efforts to boosts the company’s presence in the U.S. The stock, which will be trading under the ticker symbol FCA, is expected to begin trading in the $8.90 range. It will also trade on the Milan stock exchange. Fiat Chrysler has announced their targets thru 2018 and they are projecting growth in sales of over 60% along with sales of over 7 million cars and trucks. During the last year the company has sold nearly 4.4 million vehicles.
That’s all for today,
Warren Gates, Normandy Research