Posts by Rebecca Stropoli

  • Food Stamp Issue Derails Farm Bill as Recipients at Record High

    Siemond Chan at The Exchange9 mths ago

    Last week's dramatic defeat of the farm bill in the House put a fresh emphasis on the issue of food stamps in the U.S., just as the number of recipients for the program sits at a record high.

    The 195-234 vote against the $500 billion farm policy bill, a version of which the Senate passed earlier this month, came amid congressional disagreements regarding cuts to the Supplemental Nutrition Assistance Program, or SNAP. Keen focus was placed on an amendment put forth by Republican Rep. Steve Southerland, which required beneficiaries to sign up for employment-training programs in order to continue receiving food stamps. Many Democrats, who may have been willing to OK the $20 billion in food-stamp cuts the House version included, balked at the amendment, and only 24 ultimately voted for passage of the bill. Another dysfunctional-family blame game between the GOP and Democrats ensued as the defeat provided a serious blow to House Speaker John Boehner.

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  • Finance Week Ahead: Focus on the Fed

    Rebecca Stropoli at The Exchange10 mths ago

    Another volatile trading week has come to an end, with the major U.S. indices in the red overall and the Dow on Friday seeing its fourth straight day of triple-digit swings. Central bank concerns, from lack of further Bank of Japan action to continued worries over the timing of Fed tightening, led the way; Japan's Nikkei also saw some serious action, plunging to officially enter bear market territory on Thursday before recovering a bit on Friday, while the yen soared against the dollar.

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  • Coty Not Smelling So Sweet as Shares Debut

    Rebecca Stropoli at The Exchange10 mths ago

    Coty (COTY), the consumer beauty and fragrance company whose portfolio includes such brands as Calvin Klein, Marc Jacobs, Adidas, Sally Hansen and Philosophy, is seeing its shares slip Thursday in its debut on the New York Stock Exchange.

    The stock is trading down 1% as the broader U.S. market sees a bit of green following a three-day dive amid global volatility and Fed-tightening concerns.

    The Coty IPO, the third largest of the year thus far, priced on Wednesday at $17.50 a share, in the middle of its expected range of $16.50 to $18.50. It raised just under $1 billion in proceeds, giving the company a market value of more than $6 billion. Coty is the first U.S. consumer-products retailer to go public this year. The only other U.S. retailer to debut in the first half of 2013 has been grocery operator Fairway (FWM), whose shares, at $23, are up 74% from their April offer price.

    [See related: Pricey Fairway IPO Leads Pickup in Consumer Offerings]

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