Hawaiian Air names head of turboprop unit
Hadden Watt has been named managing directorturboprop operations for Hawaiian Airlines and will lead the company’s service to Molokai and Lanai in 2013.
Watt was instrumental in developing the business case for the new turboprop service in his previous role as senior director of strategy and transformation.
As part of his new role, Watt will oversee operations of the new service by Idaho-based Empire Airlines, which has signed a three-year memorandum of understanding to maintain and fly ATR 42 twin turboprop planes owned by Airline Contract Maintenance and Equipment Inc., a sister company of Hawaiian Airlines.
Empire will be recruiting locally for pilots, cabin crew and mechanics starting in the first half of 2013. Established in 1977, Empire operates more than 120 scheduled and charter cargo flights each day in 18 states and Canada.
Hawaiian Airlines will be responsible for marketing and scheduling the new service. The name and branding of the new entity will be unveiled in early 2013.
Herbalife stock falls amid pyramid claim
Los Angeles-based Herbalife Ltd., the nutritional supplements company, fell $1.21, or 4.4 percent, to $26.06 Monday on the New York Stock Exchange. The stock has tumbled 43 percent this month after William Ackman, the founder and CEO of hedge fund Pershing Square Capital Management LP, claimed that the nutritional supplements company is a pyramid scheme.
The company said it would hold an analyst and investor meeting Jan. 10 to discuss the company’s business in detail.
Analysts find hopeful signs for J.C. Penney
Analysts who are getting out into J.C. Penney stores are finding some positive signs.
Oppenheimer & Co. issued a note Monday saying Plano, Texas-based Penney’s recent promotions are showing "evidence of success."
"We are increasingly optimistic that the more price promotional stance that J.C. Penney is now assuming will allow the chain to make the most of a challenging holiday selling season and position it well to re-accelerate its aggressive turnaround strategy in 2013," the note said.
Analysts Brian Nagel, Rupesh Parikh and Erica Eiler spent the weekend visiting Penney stores in the New York and New Jersey area. They found store traffic remained consistent with other December visits and significantly better that in prior months.
Markdowns were more aggressive. Clearance inventory was selling better and some racks were cleared out. Inventory was light in home, which could represent lost sales. Inventory has been moved out to make way for new brands coming in the early 2013.
"A move back to more aggressive price promotions represents a clear deviation from the strict EDLP (every day low price) strategy initially outlined by CEO Ron Johnson. That said, we think a hybrid promotional effort will improve cash generation and serve as a more steady traffic driver for JCP," the note said.
Oil prices lower in quiet holiday trading
NEW YORK » The price of oil fell slightly Monday during a shortened pre-Christmas trading day.
Concerns over the political stalemate in Washington continue to be the focus of traders, with the price of U.S. benchmark oil closing down 5 cents to $88.61 a barrel on the New York Mercantile Exchange.
Energy traders have been watching Democrats and Republicans clash over tax hikes and social service cuts. Normally, recent good economic data would signal more energy consumption and higher prices. But fears about the "fiscal cliff" have so far tempered prices, according to Phil Flynn of The Price Future Group.
"Because of the holiday, a lot of people are sitting on the sidelines," Flynn said. "We’ve priced in those scenarios, and now we’re just waiting for something definitive."
London Exchange trims LCH.Clearnet offer
LONDON » London Stock Exchange PLC has reduced the value of its bid to buy up to 60 percent of European clearinghouse LCH.Clearnet to take into account new capital requirements being imposed by regulators.
The Exchange said Monday that its offer values LCH.Clearnet at a provisional 15 euros ($19.83) a share, down from the March offer of around 20 euros a share.
ON THE MOVE
Leahi Hospital has announced that Lani Tsuneishi has been named director for nursing. She joined the hospital in February as an assistant director of nursing and was previously a registered nurse at the state Department of Health, Hawaii State Hospital in Kaneohe. Tsuneishi also has more than 30 years of health care and nursing experience, including working at Kapiolani Children’s Medical Center, Jones Convalescent Hospital, Children’s Hospital as well as the Department of Health, Immunization Department in Los Angeles.
Coldwell Banker Pacific Properties has announced the following new Realtor associates to NATO, New Agent Training Office:
» Eric Chu was previously a bartender at Element Management Group.
» Steven Dutcher was previously a self-employed stock trader.
» Mindy Liu received her bachelor’s degree at the University of Hawaii-Manoa School of Travel Industry Management.
» Dennis Noah Jr. also serves as a concierge at Trump International Hotel Waikiki Beach Walk.
» Chong Shi Zheng was previously a tutor at Dr. Takahashi Juku in Honolulu.
