LITTLE ROCK, Ark. (Arkansas Business) --Arkansas Business Internet editor Lance Turner has the latest business headlines for Jan. 4.
A two-day rally on Wall Street comes to an abrupt halt.
The Dow was flat most of the day before settling down 21 points to 13-3-91. The Nasdaq dropped 12 to 31-01 and the S&P lost 3 at 14-59.
The market unhappy with revelations that Federal Reserve members were split last month on how long the government should buy back bonds to boost the economy.
Though the plan was approved, the slim margin by which it passed was disappointing to analysts who said that a deeper rift on the board could stall future buy-back plans.
One stock that did perform well was Hormel Foods, which announced that it's buying Skippy peanut butter from Unilever for nearly $700 million. Hormel stock jumped $1.19 to $33.20 on the news.
The deal includes the only domestic Skippy plant, located on Frazier Pike Road in Little Rock.
In a statement to Arkansas Business, Hormel said it "intends to maintain current operations at the plant in Little Rock." The company said it will keep current operations "as is."
The Little Rock plant has 153 employees.
Also yesterday, a new report showing that Arkansas revenue continue to grow -- though officials caution the pace is slow.
Arkansas brought in more money in December 2012 over December 2011, thanks mostly to more individual income taxes being collected.
The state Department of Finance and Administration says last month's revenue reached $456.5 million, up nearly $38 million from the year before and $17.5 million more than was forecast.
And finally, a big deal announced early today in Fayetteville.
Mitchell Communications Group Inc. -- a public relations firm founded by Elise Mitchell in Fayetteville in 1995 -- has sold to Dentsu Network, a Tokyo-based company looking to expand its global operations into public relations.
Dentsu chose Mitchell,whose clients include Wal-Mart Stores Inc., Sam's Club, J.B. Hunt, Tyson Foods, and Southwestern Energy, as its very first PR company acquisition.
Mitchell Communications will keep its headquarters in Fayetteville.
CEO Elise Mitchell has been named to the executive team and operating committee of Dentsu Network. She'll remain as CEO of Mitchell Communications.
(Source: Arkansas Business)