Pershing Square Capital’s Bill Ackman laid out his plan to improve processes and growth at human resources software company ADP (NASDAQ:ADP) during a conference call on Thursday, saying the company lacks innovation and is losing market share when compared with competitors. Ackman, who is squabbling with ADP CEO Carlos Rodriguez over his vision for the company, has said ADP’s business model needs “transformative change.” The big issues identified by Ackman, who owns an 8% stake in the payroll processor, include failure to innovate and properly integrate acquired technology, which he said the company attempts to make up for with head count. “The status quo is harming the long-term competitive position of the company,” Pershing Square executives said Thursday.
Banking stocks fell more than 1.5 percent following minutes from the European Central Bank (ECB) Thursday showing concerns over a possible overshoot in the single currency. The business reported a fall in quarterly sales Thursday as it struggled with a slowdown at its B&Q business and weakening demand from France. Danish wind turbine manufacturer Vestas was down almost 8 percent, after reporting lower-than-expected operating profit in its second quarter results released Thursday. On the other end, shares of Swiss dental implant maker Straumann hit an all time high and rose 11.3 percent to the top of the European benchmark after earnings beat market expectations.
(An Etihad Airbus A380.Etihad) Etihad Aviation Group holds equity stakes in seven airlines. Two of them, Air Berlin and Alitalia, are now bankrupt. The CEO behind the strategy has left Etihad. But some investments have paid off. Etihad's grand plan