Beef maker bankrupt
NEW YORK >> Ground beef processor AFA Foods said Monday it is filing for Chapter 11 bankruptcy and selling its assets after the public outcry over the beef filler known as “pink slime” derailed its efforts to save its already struggling business. The controversy over the ammonia-treated filler has cut demand for all ground beef products.
Parker is named KITV news director
KITV has named Chuck Parker news director, effective immediately, to succeed Genie Garner, who left in February.
The announcement was made Monday in the newsroom at KITV, Hawaii’s ABC network affiliate.
"Chuck’s deep experience in Hawaii, passion for local news and expertise in multiplatform news generation make him the right choice to lead KITV4 News forward," said Andrew Jackson, president and general manager. "Our commitment to localism and superior local coverage across all platforms is reflected in Parker’s appointment."
Parker previously worked at the Honolulu Star-Bulletin, where he served as deputy city editor. He started at KITV in January 2010. Parker also had served as news director at KHNL-TV, managing editor at KGMB-TV and executive producer at KHON.
Allegiant Air to charge for overhead bins
DALLAS » Allegiant Air, which plans to begin service to Hawaii this summer, will charge passengers $35 to carry their own bag onboard the plane and stow it in an overhead bin.
The change starts with flights booked on Wednesday, said spokesman Brian Davis. Passengers who pay online when they book travel will pay less, but the price hasn’t been set, he said.
Each passenger will be allowed to carry one smaller bag — such as a purse or briefcase that fits under a seat — for free.
Allegiant ferries travelers from smaller cities to vacation spots such as Orlando, Fla., and Las Vegas. It touts low fares but, like many airlines, charges extra for services such as early boarding and checking bags.
Allegiant carries less than 4 percent of the traffic of United or Delta.
Pinnacle Airlines files for bankruptcy
NEW YORK » Pinnacle Airlines Corp., a regional carrier that flies under contract for Delta, United, Continental and US Airways, has filed for bankruptcy protection to deal with its mounting debt.
The Memphis, Tenn.-based airline said late Sunday its current business model isn’t sustainable. In its filing Sunday it lists $1.42 billion in debt and $1.54 billion in assets. It ended the third quarter — the most recent quarter for which financial results are available — with just $81.8 million in cash and cash equivalents.
Pinnacle, which mostly flies between major airports in the East, has been hurt by rising costs and integration problems. It plans to wind down the United Express flights it operates for United Continental Holdings Inc. It will continue Delta Connection flights for Delta Air Lines Inc. It’s already winding down its service with US Airways.
The airline lost $8.8 million in the first nine months of 2011 in contrast with a profit of $17 million in the same period a year earlier. Revenue improved in that time, but costs accelerated at a faster pace.
Analyst sets $1,001 price target on Apple
NEW YORK » A Wall Street analyst is setting the highest price target yet for Apple shares, valuing them at $1,001 each, or 62 percent more than their current price.
Topeka Capital Markets analyst Brian White says the Cupertino, Calif., company’s current stock price does not reflect its rapid growth in the last years, nor its future growth prospects.
He’s basing his price target on his estimate for Apple’s calendar-year 2013 earnings, multiplied by 17. He notes that Apple shares carried a multiple in the mid-20s from 2006 to 2010.
Wall Street analysts called the company undervalued for much of last year, but the stock has risen to match some earlier estimates. It’s up 79.5 percent over the past 12 months.
Apple Inc. shares closed up $19.08, or 3.2 percent, to $618.63 on Monday.
Avon Products rejects Coty’s $10B offer
NEW YORK » Coty came calling but Avon slammed the door.
Struggling direct cosmetics seller Avon Products Inc. rejected Monday a $10 billion buyout offer from Coty Inc., a smaller beauty products maker looking to capitalize on Avon’s business woes.
It is the largest takeover offer by far from New York-based Coty Inc., which has snapped up smaller beauty brands like OPI nail polish and Philosophy Inc. skin care in the past two years.
The $23.25-per-share bid also underscores the weakness at Avon, which has been beset by a foreign bribery investigation, weakening sales and a leadership vacuum.
Avon’s stock rose $3.34, or 17.3 percent, to $22.70 Monday.
On the Move
Ferraro Choi and Associates has promoted:
>> Kurt Katada to director of interiors from senior interior designer. He has worked for the company since 1996.
>> Marie Shanks to interior design project manager from interior designer. She joined Ferraro Choi in 2010.
The Public Relations Society of America Hawaii Chapter has announced its 2012 board of directors and committee chairpersons: Melissa Malahoff-Kamei, president; Moani Wright-Van Alst, immediate past president; Rebecca Pang, president-elect; Deborah Sharkey, secretary; Huy Vo, treasurer; Duke Gonzales, assembly and western district delegate; Kristen Bonilla, assembly delegate; Nancy Daniels, director of outreach; Noreen Kam, director of member services; Lee Britos, director of professional development; and Travis Taylor, director of communications. The 2012 committee chairpersons are: Erica Yamauchi, membership; Nathan Kam, programs; Kristen Bonilla, accreditation; Donda Spiker, neighbor island affinity group; Amy Hennessey, University of Hawaii chairwoman of education; Rob Deveraturda, Hawaii Pacific University chairman of education; Melissa Kim, Rhegan Liwanag-Luat and Maria Quidez Glidden, Koa Anvil Awards co-chairwomen; and Huy Vo, sponsorship.
