WALL STREET
Google surpasses Exxon
Google has passed Exxon to become the second-most valuable U.S. company by market capitalization.
According to FactSet data, the Internet company’s market capitalization surpassed that of oil company Exxon Mobil Corp. last week. As of Friday’s market close, it sat at $395.42 billion compared with the oil company’s $392.66 billion.
Shares of Google Inc. have been on a steady climb since the beginning of 2013, gaining 66 percent.
Market capitalization is the number of outstanding shares multiplied by their value.
Meanwhile, Exxon shares have risen only 5 percent since 2013, and since the beginning of this year, they have lost about 10 percent of their value.
Both companies trail Apple Inc.’s market capitalization of $463.55 billion.
Sales fall at McDonald’s
McDonald’s says bad weather hurt its U.S. sales performance in January, representing another setback as the fast-food chain fights to fend off rivals and get its menu right.
The world’s biggest hamburger chain says sales fell 3.3 percent at established U.S. locations last month.
Its global sales figure rose 1.2 percent, however, lifted by improvements in Europe and the region encompassing Asia, the Middle East and Africa.
The decline in the U.S. is just the latest disappointment for McDonald’s, which has conceded its kitchen operations got overly complicated by the pace of new menu offerings. CEO Don Thompson also recently noted that the chain has lost some of its “relevance” with customers.
McDonald’s has been aggressively promoting its revamped Dollar Menu, which includes new burgers that cost more than a dollar. The rollout of the Dollar Menu & More was designed to help improve the company’s profit margins without alienating price-sensitive customers who’ve grown accustomed to the idea of paying just a buck for various items.
Job FAIR
Student employees
A student job fair will be held from 3:30 to 6 p.m. March 19 in the Commons at the Cuyahoga Valley Career Center.
Area businesses and non-profit organizations will interview students 16 or older for part-time and seasonal employment and volunteer community service opportunities.
This event is free for students.
Information on the job fair will be available to students at their schools and at www.cvccworks.edu.
The registration fee is $30 for employers, which includes a table and dinner.
Employers can register at CVCC’s website or call 440-838-8851 or email ncoleman@cvccworks.edu.
FOOD
Kraft removing preservative
Kraft is removing artificial preservatives from its most popular individually wrapped cheese slices, in the latest sign that companies are tweaking their recipes as food labels come under greater scrutiny.
The change affects the company’s Kraft Singles in the full-fat American and White American varieties, which Kraft says account for the majority of brand’s sales. Sorbic acid is being replaced by natamycin, which Kraft says is a “natural mold inhibitor.”
Kraft’s decision comes as a growing number of Americans try to stick to diets they feel are natural. That has prompted a number of food makers to change their recipes.
TELEVISION
HLN rebranding network
HLN plans to rebrand itself as a TV gathering place for the social media generation.
The network says it will reformat its programming to curate news, trending topics and other viral content from all media platforms.
In doing so, it will depart from its recent identity as more of a traditional talk-TV channel.
HLN Executive Vice President Albie Hecht says other networks may report on the conversation, but “HLN will be part of it.”
The reformatting starts with the syndicated RightThisMinute, a daily hour that spotlights emerging Web videos. It premiered Monday and will air at 10 p.m. Eastern time.
HLN’s “social media format” also will be integrated into existing programs.
Compiled from staff, wire reports.