Business news from the Fredericksburg region.
BUSINESS BRIEFS: Culpeper Restaurant Week is Oct. 14–20
Culpeper Renaissance’s Fifth Annual Restaurant Week will be held Oct. 14 to 20.
Nine downtown Culpeper restaurants will be offering special three-course dinner options for $25 during the weeklong event. The courses will include an appetizer, entrée and dessert.
The restaurants are: The Copper Fish, Culpeper Cattle Company, Davis Street Pier, It’s About Thyme, Foti’s Restaurant, Hazel River Inn Restaurant, Piedmont Steakhouse, The Rathskeller and The Restaurant of Shenandoah Spice Company.
Restaurant Week was started by downtown Culpeper restaurateurs in 2009. Culpeper Renaissance is a member of the Virginia Mainstreet Program, and has been instrumental in the town’s revitalization
Takeover leads to Smithfield changes
The takeover last week of Smithfield Foods Inc. by China’s Shuanghui International Holdings Ltd. has led to some changes at the top of the Smithfield-based pork products company.
Smithfield said today that Chief Financial Officer Robert Manly will shift to a new position as the company’s chief synergy officer in charge of the integration of Smithfield’s operations with those of its parent company. Manly will remain in charge of Murphy–Brown, Smithfield’s hog production operation.
Meanwhile, Kenneth Sullivan has been promoted to replace Manley as CFO. He had been senior vice president of finance and chief accounting officer.
n other Smithfield-related news, Cracker Barrel Old Country Store Inc. said today that the first shipments of its CB Old Country Store-brand bacon, ham and lunch meat products will go out next week under a licensing agreement with a Smithfield subsidiary, the John Morrell Food Group.
Market shows gains despite shutdown
NEW YORK—The stock market closed modestly higher Friday even as a partial shutdown of the U.S. government continues.
The gain left the Standard & Poor’s 500 index flat for the week.
The Dow Jones industrial average rose 76 points, or 0.5 percent, to 15,072.
The S&P 500 rose 11 points, or 0.7 percent, to 1,690 and the Nasdaq composite index rose 33 points, or 0.9 percent, to 3,807.
The market has been weak recently as investors fret over the fiscal impasse in Washington. The Dow and S&P 500 gained for just the third time Friday in the last 12 trading days.
Two stocks rose for every one that fell on the New York Stock Exchange. Volume was below average at 2.8 billion shares.
You say Twitter, I say Tweeter
NEW YORK—A bankrupt electronics retailer appears to have gotten caught up in the investor fervor for Twitter.
Shares of Tweeter Home Entertainment Group Inc. rose as high as 15 cents Friday. That’s up 1,400 percent from Thursday’s closing price of 1 cent.
The Financial Industry Regulatory Authority, Wall Street’s industry regulator, says the shares were halted Friday afternoon because of a misunderstanding related to the “possible initial public offering of an unrelated security.”
What could have gotten investors so confused?
Tweeter trades over the counter, under the “TWTRQ” symbol.
Twitter on Thursday offered investors details about its highly anticipated IPO and proposed the stock symbol “TWTR.”