News, Information and Ideas From Around the Web

New-Home Sales Up An Unexpected 16.2 Percent In April
from the National Association of Home Builders
Sales of new single-family homes increased a surprising 16.2 percent in April to a seasonally adjusted annual rate of 981,000 units, according to figures released by the U.S. Commerce Department today. The April sales pace was 10.6 percent below a year earlier.

The increase followed downward revision to the sales rate for the previous month, and the sales pace remained below the 1 million-unit pace for the fourth consecutive month... read more

Apologetic, Home Depot Tries to Move Beyond Nardelli’s Shadow
from The New York Times
For two hours, Home Depot executives did not utter his name. But it was no use. Robert L. Nardelli loomed large over this year’s annual shareholder meeting here on Thursday, as the company’s directors and executives struggled with, and at times delivered clashing views of, the legacy of Mr. Nardelli, the ousted former chief executive... read more

Lowe's Shareholders Want Directors Elected Yearly
Board says 3-year terms help promote stability
from the Charlotte Observer
Lowe's Companies Inc. shareholders overwhelmingly approved a proposal Friday to elect directors annually instead of every three years.

Shareholders, meanwhile, voted down proposals to limit executive pay and prevent people who do not own Lowe's shares from sitting on the board... read more

Alcoa Stays Put on Alcan Bid, Shares Surge on Bid War Speculation
from SeekingAlpha
Alcoa said late Wednesday it would not raise its $27.6 billion, $74.60/share (as of May 22 close) offer to acquire rival aluminum maker Alcan ($58.60 in cash and 0.4108 of a share), saying they have "already met with a significant number of Alcan’s shareholders and are pleased to have received strong support for the combination." The price represents a 35% on Alcan's average share price 30-days prior to the offer, and a 22% premium on its May 4 close (its all-time high) before the offer was announced... read more