On this day in economic and business history ...
James Cash Penney opened his first store, one of a chain known as "the Golden Rule," in Kemmerer, Wyo., on April 13, 1902. Penney originally operated the store in partnership with two other entrepreneurs, but Penney proved the more dedicated of the three partners, and within five years the others had sold their interests and Penney was in sole control of three Golden Rule stores. Within a decade, there were nearly three dozen stores scattered across the Rocky Mountain states, and it was time for a new name for the business: J.C. Penney (NYSE: JCP ) , named after the man who built it.
J.C. Penney grew rapidly throughout the western half of the United States and had more than 1,400 stores in 1929, just before the stock market meltdown. Unfortunately for James Penney, the crash of 1929 destroyed much of his wealth, and the economic effect of the Great Depression was such that he had to borrow against life insurance policies just to meet J.C. Penney's payroll. Penney (the man and the company) survived the Depression and grew again, but it took a toll on the health of both. James Cash Penney wound up checking into the Battle Creek Sanitarium -- the birthplace of Kellogg (NYSE: K ) , where the highly religious Dr. John Harvey Kellogg attempted to cure his patients with boring food -- to recover from the stress of nearly losing everything. That was the end of his corporate leadership, but James Penney remained chairman of the board until after World War II and would serve as an honorary chairman until his death in 1971.
Top Insurance Companies To Watch For 2014: Rowan Companies Inc.(RDC)
Rowan Companies, Inc. provides onshore and offshore oil and gas contract drilling services in the United States and internationally. The company offers its contract drilling services through its fleet of 28 self-elevating mobile offshore drilling platforms and 30 deep-well land drilling rigs. The company was founded in 1923 and is headquartered in Houston, Texas.
Advisors' Opinion:- [By Bobby Raines]
Rowan provides offshore contract oil and gas drilling. The company is building three new drilling ships and recently announced a three-year contract for the first one. It seems likely that the company will have no problem finding work for the other two ships as well. The stock had a rough Spring, but recovered to levels close to its 52-week high in September before sliding during the Fall, but it has been moving higher since the start of 2013. The company has a five-year EPS growth rate of 36.22% and is trading at 118% of its 52-week low.
Top Insurance Companies To Watch For 2014: Jardine Lloyd(JLT.L)
Jardine Lloyd Thompson Group plc provides risk management advisory, insurance and reinsurance broking, underwriting, and employee benefit services worldwide. Its Risk and Insurance group provides accident and health, affinity partnerships, captives, caravan park owners, cargo, casualty, claims consultancy, clinical trials, construction insurance facilities, corporate recovery, credit and political risk, cyber and IT risk, directors and officers liability, environmental impairment liability, financiers insurance due diligence, football agents, insurance management, healthcare, kidnap and ransom, marine, performance bond enhancement, PPP/PFI, professional indemnity, property, reinsurance, residual value, risk consultancy, SME/commercial, specie and fine art, tenant risks, terrorism, transactional liabilities, and wholesale insurance services. The company?s Employee Benefits group offers advisory services, including pensions consulting, actuarial consulting, flexible benefit s, benefit communications, employee healthcare and protection, pension capital strategies, retirement, wealth management, pension, and discontinuance; and outsourcing services comprising pensions administration, administration consulting, and financial institutions services. This group also provides pensions administration software and complementary services; and various products, such as Classic, P3, and oPen administration systems, as well as the Aviary accounting system, Web-based solutions, workflow, and electronic document management systems for third-party administrators. Jardine Lloyd Thompson also markets its products on a non-advisory basis to affinities, SME, and retail markets, as well as to third party brokers primarily through open-market placements, delegated authorities, and managed general underwriting arrangements. The company is headquartered in London, the United Kingdom.
Top Clean Energy Companies To Invest In 2014: Virgin Media Inc.(VMED)
Virgin Media Inc., through its subsidiaries, provides entertainment and communications services in the United Kingdom. The company offers cable broadband Internet, television, and fixed line telephone services under the Virgin Media brand to residential customers; mobile telephony services through Virgin Mobile, a mobile virtual network operator; broadband and telephone services to residential customers through third-party telecommunications networks; and video on demand services, including access to movies, television programs, music videos, and other on-demand content, as well as provides digital video recorders. It also offers voice, data, and Internet solutions to commercial customers comprising analog telephony and managed data networks and applications, as well as supplies communications services to health and emergency services providers. As of December 31, 2011, the company provided cable broadband services to approximately 4 million subscribers; cable television s ervices to approximately 3.76 million residential subscribers; cable telephony services to approximately 4.2 million residential subscribers; mobile telephony services to approximately 3 million customers; non-cable fixed line telephone services to approximately 163,300 subscribers; and voice, data, and Internet solutions to approximately 50,000 businesses and 250 public sector organizations. The company offers its products and services through telesales, customer care centers, and online, as well as through its sales force. It serves mobile and fixed-line service providers, systems integrators, and Internet service providers; and private and public sector organizations. The company was formerly known as NTL Incorporated and changed its name to Virgin Media Inc. in February 2007. The company was founded in 1993 and is based in New York, New York.
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