Penney chief touts sales gains and Eckerd lawsuits
Plano based J C Penney chair Allen Questrom told shareholders the retailer is on track for a five year turnaround with rising same store sales for the first time in five years. He touted cost cutting and store renovations while noting plans to open 60 Eckerds in Phoenix. He criticized two Florida class action suits against Eckerd, saying they are baseless and won’t affect sales.
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Associated Press
Auditor says no directive to destroy Enron docs
In Houston, former Arthur Andersen auditor David Duncan testified that his 30 minute October briefing to about 100 Enron audit staff did not instruct document destruction. He said he believed all actions complied with policy and focused on deleting extraneous information, not shredding Enron files. The trial centers on alleged shredding of records to hinder SEC scrutiny.
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Nancy Temple
Dynegy shareholders upbeat after annual meeting in Houston
Dynegy Inc. officials received generally favorable treatment at the annual shareholders meeting in Houston. Shareholders asked questions about the stock decline, the companys role in the California energy crisis, and an SEC probe into a natural gas contract. Many pledged to stay with Dynegy amid Enron fallout.
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Dynegy Inc
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Chuck Watson
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Dynegy
Enron
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