Wholesale inventories increase
U.S. wholesalers increased their stockpiles in April and their sales rebounded from a big decline in March, positive signs for economic growth.
The Commerce Department said Tuesday that stockpiles at the wholesale level rose 0.2 percent in April. That followed a 0.3 percent gain in March.
An increase in restocking can drive more economic growth. It means companies are ordering more goods from U.S. factories.
April’s gain was led by a 1.9 percent increase in restocking of autos and auto parts. Stockpiles of furniture, lumber and computer equipment also posted solid gains.
Inventories of machinery, farm products and chemicals were down in April.
Google is buying Waze
Google is buying online mapping service Waze in a $1.03 billion deal that keeps a potentially valuable tool away from its rivals while allowing it to gain technology that could improve the accuracy and usefulness of its own popular navigation system.
The acquisition announced Tuesday ends several months of speculation as Waze flirted with potential buyers interested in its rapidly growing service. Waze blends elements of a social network into its maps to produce more precise directions and more reliable information about local traffic conditions.
Google Inc. is believed to have trumped two of its fiercest foes, Facebook Inc. and Apple Inc., in the bidding for Waze, which is based in Israel but also maintains a Palo Alto, Calif. office near all three of the Silicon Valley giants.
Murdock wants to buy Dole
Dole Food’s Chairman and CEO David Murdock and his family are offering to buy the business with a bid that values the entire company at about $1.07 billion.
Murdock and other family members are making an unsolicited offer of $12 per share for the shares of the company that they don’t already own, an 18 percent premium to Dole’s closing price Monday. Murdock has about a 39.5 percent stake in Dole Food Co., which has about 89.5 million outstanding shares, according to FactSet.
The company said that its board will be meeting over the next several days to create a special committee of independent directors to assess the bid. It said that it is only in the beginning stages of evaluating the offer and that the board has made no decisions about the proposal.