United Auto Workers members in Spring Hill last week voted to approve with General Motors a new contract that will bring another 384 jobs here. The new positions cover a variety of work and are on top of the 1,800 people GM said this summer it planned to hire locally. The agreement — see the highlights here — also sets the stage for Spring Hill to receive two new "core products" — and presumably, some more jobs — in the near future. Local 1853 Shop Chairman Mike Herron tells Chambers Williams there's no way to tell when that will be and that it will happen "when the company decides the timing is right."
For a second straight year, industrial employment in Tennessee posted a gain, according to the 2014 Tennessee Manufacturers Register. The state added 4,197 manufacturing jobs from September 2012 to September 2013, a increase of about 1 percent, in line with the 1 percent gain reported in last year’s survey and slightly ahead of the national average increase as reported by the U.S. Labor Department.
Relatedly, Manufacturers’ News reports Tennessee is now home to 6,990 manufacturers employing 385,858 workers.
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Ingram Publisher Services has named three new directors, one of whom is a new hire. Gonzalo Ferreyra comes to Ingram Publisher Services with 24 years of experience and will be its director of acquisitions for full-service distribution. He has 24 years of experience in the book industry and has worked at Weldon Owen Publishing, VIZ Media, Ten Speed Press and Borders Group. The other new directors are Carter Holliday, who moves over from fellow Ingram Content Group company Lightning Source to be director of acquisitions for third-party logistics and Ingram Content Group services, and Leah Rex, who has been promoted to director of client relations after working the job Ferreyra now holds. Rex will succeed VP of Client Relations Karen Cross, who will retire in January.
Deutsche Bank analyst Paul Sankey has upgraded his rating on shares of Delek US Holdings to 'buy' from 'hold' and hiked his price target to $40 from $30. Sankey, who also upgraded other refining plays, has grown more bullish on the company given the excess supply of light sweet crude. Investor sentiment toward refiners has swung in recent weeks, with Delek (Ticker: DK) popping 30 percent in the past month.
Over at Sidoti, analysts have begun covering shares of AmSurg with a 'neutral' rating and a price target of $48, about $2 above the company's Monday open. AmSurg (Ticker: AMSG) has risen 6 percent in the past month and is up more than 50 percent in 2013.
The board of directors of Delek US Holdings has approved a fourth special dividend of 2013, which will lift the company's total payouts for the year to $1.05 per share. Chairman, President and CEO Uzi Yemin points out that the company has been able to juggle many corporate finance priorities, which raises the question: What might investors do once (or if) the special dividends dry up?
On Thursday, Delek shares (Ticker: DK) fell 1.5 percent to $28.74. They are still up almost 15 percent in 2013 and have nearly tripled over the past two years.
Nissan's November sales were up 10.7 percent from a year ago to 106,528, with both the Nissan and Infiniti brands setting records for the month. The Franklin-based car maker outpaced the industry's 8.9 percent growth from a year ago but lagged the growth at General Motors and Chrysler. The company's sales are now up 9.2 percent for the year.
Nissan executives this spring made a big splash with their ZEOD electric race car, which the company rolled out after splitting from the innovative DeltaWing project. Now the DeltaWing group — newly led by former Firestone racing point man Al Speyer — is suing the car maker, saying it and designer Ben Bowlby have, among other things, misappropriated confidential information and breached their contracts. Racer's Marshall Pruett has the lowdown, including a short response from Nissan.
Genesco shares (Ticker: GCO) took a 3 percent hit Monday after Piper Jaffray analyst Stephanie Wissink downgraded them to 'neutral' from 'overweight.' We couldn't find any details as to why Wissink made her move, but we're guessing it's a post-Black Friday reaction along the lines of her Canaccord Genuity peer Camilo Lyon. Assessing consumers' holiday behavior, Lyon said apparel retailers appeared to have to dish out deep discounts to lure buyers. But athletic retailers, he added, seemed to fare better — presumably at the expense of more fashion-oriented Genesco.
Analysts at Howard Weil have begun covering the limited partner interests of Delek Logistics with an 'outperform' rating and a price target of $36. The company (Ticker: DKL) opened trading Monday at $30.01 and climbed more than 3 percent to finish a penny below $31.
- 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