General Electric Co plans to spin off part of its North American retail finance business next year as a separately traded public company in a long-term attempt to generate less profit from the volatile financial sector and more from manufacturing.As part of the move, which Chief Executive Jeff Immelt hinted at earlier this year, GE said on Friday it will float about 20 percent of the retail finance unit in the initial public offering.The retail finance unit manages private-label credit cards, or loans for customers at Pep Boys, AGCO Corp's Massey Ferguson, La-Z-Boy Inc, Wal-Mart Stores Inc among others. It also makes personal loans to consumers to pay for such things as vacations.GE plans to exit the retail finance business entirely by 2015 in a tax-free distribution of its remaining stake to GE stockholders in exchange for GE common shares.
La-Z-Boy Incorporated is a global producer of reclining chairs. Shares of LZB traded higher by 0.87% or $0.21/share to $24.43. In the past year, the shares have traded as low as $13.30 and as high as $24.42. On average, 380275 shares of LZB exchange hands on a given day and today's volume is recorded at 32209.
Wal-Mart Stores, Inc. (Walmart) operates retail stores in various formats around globally. Shares of WMT fell by 0.05% or $-0.039/share to $79.04. In the past year, the shares have traded as low as $67.37 and as high as $79.96. On average, 6402390 shares of WMT exchange hands on a given day and today's volume is recorded at 1474129.
Source
