December sales at Nissan came in at more than 96,000, a jump of 11.4 percent from 2012, on the back of strong gains for the big-selling Sentra, Rogue and Maxima models. (Infiniti sales climbed almost 5 percent.) For the year, Franklin-based Nissan sold a record 1.25 million cars, which was 9.4 percent more than in 2012.
Nissan's motorsports arm has signed on to supply prominent sports car team Muscle Milk Pickett Racing for the upcoming Tudor United SportsCar Championship season. The Franklin-based auto maker had a successful stint at the top level of the U.S. sports car circuit more than 20 years ago and also will feed some of the international drivers in its racing programs to Muscle Milk Pickett for the year's endurance races.
Some refining and transportation subsidiaries of Delek US Holdings have added three years to the crude oil supply and offtake agreement they have with J. Aron & Co., the commodities brokerage owned by Goldman Sachs. J. Aron will continue to supply crude to Delek's El Dorado, Ark., refinery and be the first-in-line buyer for refined products. The companies' new deal extends until April of 2017.
The average per-gallon price of regular gas in Nashville on Sunday was $3.12, up four cents from the mark of a week ago and down five cents from the $3.17 figure from a month ago, according to AAA The Auto Club Group.
Relatedly, Tennessee’s average price was $3.11 Sunday, up five cents compared to the figure from the previous week.
Multiple factors pushed the price for a barrel of oil to more than $100 last week. As a result, retail gas prices will likely move higher this week and into 2014, AAA reported.
Oil prices jumped to $100 for the first time in two months after a government report showed supplies for oil, gasoline and heating oil fell as demand increased, AAA reported. Crude inventories decreased by 4.8 million barrels, according to the Energy Information Administration. At the same time, U.S. refineries are operating at 93 percent capacity, the most since July. The value of the euro gained 1.5 percent on the dollar, increasing the appeal of crude oil as a commodity and helped to push prices higher, AAA reported.
"There's a lot of upward momentum on oil prices right now, and it's expected to continue into January,” Jessica Brady, AAA spokesperson, said in a release. "The jump in crude prices means more expensive gasoline. The increased demand is taken as a sign the economy is improving and fuels optimism that the growth will continue in the new year. Motorists will see gas prices increase for the next few weeks before relief is in sight."
Nationally, the average price of regular unleaded gasoline was $3.31 as of Sunday, seven cents more than the figure of the previous Sunday.
For comparison with Tennessee’s average of $3.11, Georgia’s average price for a gallon of regular gas was $3.21 yesterday, an increase of three cents compared to the mark of the previous Sunday. Florida's average of $3.39 as of yesterday also represented a rise of three cents.
Louisiana-Pacific has secured a $200 million revolving credit line from a bank group led by American AgCredit and CoBank, which both specialize in lending to agricultural ventures. The new financing replaces a $100 million revolver LP (Ticker: LPX) had had since 2009.
Analysts at Moody's Investors Service have placed the debt ratings of Noranda Aluminum Holdings under review for downgrade, saying the Franklin-based company "will face challenges in returning to and sustaining more robust metrics without meaningful improvement in its cost position or reduction in debt balances." The low prices of aluminum products on world markets have been a big drag for Noranda, which has launched a second cost-cutting program that aims to save $225 million by 2016.
Word of Moody's move didn't do Noranda shares (Ticker: NOR) a lot of good. They stumbled out of the gate and kept falling into the afternoon until they were off more than 10 percent at $2.31. That put them within shouting distance of their all-time low set in October.
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR