Zoldan to ring bell at stock exchange

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Bruce Zoldan

Zoldan to ring bell at stock exchange

YOUNGSTOWN

Bruce Zoldan, Phantom Fireworks president and CEO, will ring Nasdaq’s opening bell on Wall Street in New York at 9:15 a.m. today in advance of Saturday’s 143rd Belmont Stakes.

Zoldan and Team Valor International own Animal Kingdom, the thoroughbred race horse that won this year’s Kentucky Derby and nearly won the Preakness.

Those interested can watch live at www.nasdaq.com.

McDonald’s sales climb 3.1% in May

OAK BROOK, Ill.

Sales of McDonald’s fruit and maple oatmeal and drinks such as frozen strawberry lemonade pushed the fast-food chain’s revenue at restaurants open at least 13 months up 3.1 percent in May.

Though that number would be enviable for many fast-food chains, it’s a slowdown from the 4.8 percent the company recorded a year ago.

Some analysts had been expecting more: 3.6 percent, according to Jefferies & Co., and 3.8 percent, according to Stifel Nicolaus & Co. McDonald’s stock rose 1 cent to close at $81.15 Wednesday.

Target Corp. raises dividend by 5 cents

NEW YORK

Target Corp. raised its quarterly dividend Wednesday by 5 cents to 30 cents as it sought to placate investors after a 22 percent decline in its stock price this year.

The 20 percent dividend increase came the same day the retailer’s executives faced shareholders at its annual meeting Wednesday at a store in Pittsburgh set to open next month.

Target’s shares have declined as the discounter now sees most of its shoppers skipping the home decor and clothing aisles and just sticking to food and other staples.

Chairman, President and CEO Gregg Steinhafel reiterated during the meeting that lingering economic pressures have shoppers still focusing on “value.”

SEC halts online effort to buy Pabst

WASHINGTON

It seemed like an innovative way to buy a beer company: Start an online campaign to purchase the iconic Pabst Brewing Co. and sell shares on Facebook and Twitter to cover the $300 million cost.

Michael Migliozzi II and Brian William Flatow found 5 million people who said they would invest a total of $200 million. But the federal government halted the venture after it informed the two men of one major oversight — they neglected to register the public offering with the Securities and Exchange Commission, a violation of federal law.

The SEC said Wednesday that it reached a settlement with the two advertising executives. The men, who never collected any money, agreed to stop selling shares to the public.

Staff/wire reports