On Friday, Shares of Ascena Retail Group Inc (NASDAQ:ASNA), subtract -0.35% and closed at $5.71 in the last trading session. The last trading range of the stock ranges between $5.66 and $5.95. The company’s Market capitalization is $1.08 Billion with the total Outstanding Shares of 194.21 million. During the 52-week trading session the minimum price at which share price traded, registered at $5.33 and reached to max level of $14.76. After more than six months of extensive planning, ascena retail group, inc. (ASNA) (the “Company”) recently begins the execution phase of its major enterprise transformation plan. In addition to the ongoing implementation of its $235 million cost-savings program associated with its integration of ANN INC., the Company anticipates its new Change for Growth program will deliver an incremental $100 – $150 million of cost savings by fiscal 2019. The Change for Growth program will refine ascena’s operating model to increase its focus on key customer segments, improve its time-to-market, reduce working capital, and enhance its ability to serve its customer on any purchasing platform, all while better leveraging the Company’s powerful shared services platform.
The Company is making noteworthyorganizational changes as part of its accelerated execution plan, and has restructured its business into four operating segments. Reporting of future results will be based on this new segment structure:
Premium Fashion – Ann Taylor, LOFT, and Lou & Grey
Plus Fashion – Lane Bryant and Catherines
Value Fashion – maurices and dressbarn
Kids Fashion – Justice
The Company also declared the creation of its new ascena Brand Services (aBS) team, which will assume the responsibilities for its existing centralized Shared Services Group functions, counting supply chain, logistics, sourcing, and IT, in addition to additional brand support functions to be developed through its Change for Growth program.
Cosan Ltd (USA)(NYSE:CZZ), jumped 1.91% and closed at $8.00 in the last trading session. The last trading range of the stock ranges between $7.81 and $8.09. The company’s Market capitalization is $2.31 Billion with the total Outstanding Shares of 168.36 million. During the 52-week trading session the minimum price at which share price traded, registered at $2.47 and reached to max level of $8.09. Cosan Limited, together with its auxiliaries, engages in piped natural gas, Logistics service, agricultural land, lubricant, sugar and ethanol, and fuel businesses mainly in Brazil and internationally. The companys Raízen Energia segment produces and markets various products derived from sugar cane, counting raw sugar, and anhydrous and hydrated ethanol. This segment is also involved in activities related to energy cogeneration from sugarcane bagasse; and holds interests in companies involved in research and development on new technology. Its Raízen Combustíveis segment distributes and markets fuels, mainly through a franchised network of service stations under the Shell brands in Brazil. The companys COMGÁS segment distributes piped natural gas to customers in the industrial, residential, commercial, automotive, thermogeneration, and cogeneration sectors in part of the State of Sao Paulo. Its Cosan Logística segment provides logistics services for transport, storage, and port loading of commodities, mainly for sugar products; and leasing or lending of locomotives, wagons, and other railway equipment. The companys Radar segment is involved in buying, managing, selling, and leasing agricultural land. Its Lubricants segment produces and distributes lubricants under the Mobil and Comma names.
On the otherhand United Technologies Corporation (NYSE:UTX), dropped -1.48% and closed at $100.58 in the last trading session. The last trading range of the stock ranges between $99.81 and $101.01. The company’s Market capitalization is $82.80 Billion with the total Outstanding Shares of 836.93 million. During the 52-week trading session the minimum price at which share price traded, registered at $83.39 and reached to max level of $109.83. United Technologies Corp. (UTX) recently declared two related actions that are expected to reduce the overall size of its pension obligations by about $1.77 billion.
First, United Technologies will transfer about $775 million of its outstanding pension benefit obligations under the UTC Employee Retirement Plan and the UTC Represented Employee Retirement Plan to The Prudential Insurance Company of America (PRU). This transaction is expected to close on October 12 with the purchase of a group annuity contract from Prudential. Prudential was selected in consultation with independent experts after a competitive bidding process. Prudential will assume the obligation and administrative responsibility for retirement benefits owed to about 36,000 United Technologies retirees and surviving beneficiaries who presently receive a benefit of $300 per month or less from the plans.
The United Technologies retirees and beneficiaries included in this group will not see any reduction in their monthly payments and will soon receive detailed information packages. United Technologies anticipates a seamless transition since Prudential already administers benefit payments for United Technologies retirees. “This transaction is an important part of United Technologies’ long-term strategy to reduce future pension risk and expense. It will not affect participants remaining in the plans and entrusts the assets leaving the plans to a highly rated insurance company whose core business is retirement security and administration of pension benefits,” said Robin Diamonte, United Technologies’ Chief Investment Officer.