Expeditors takes on the lawyers (again)…
For the most part, being a footnoted frequent flyer is a lot like winning our annual Footnote of the Year contest: Not something sane investors should want for companies in their portfolios. And yet there’s one exception: Expeditors International of Washington (EXPD). The company’s filings are quirky, opinionated, irascible, often funny — and, most importantly, in...
Everyday mediocre disclosure at Wal-Mart Stores…
This morning, Wal-Mart Stores (WMT) filed its most extensive disclosure yet about questions of corruption and bribery in its Mexico operations, but sadly, that isn’t saying much. What’s most striking about the new disclosure is that it was buried at the bottom of the 8-K that put Wal-Mart’s first-quarter earnings release on record. Somehow, though,...
Doughnut line keeps chugging at Krispy Kreme…
There’s plenty of news on the pay, performance and corporate governance front out there today, what with JPMorgan Chase’s (JPM) annual meeting, the recent departure of Yahoo’s (YHOO) embattled chief executive, and more. Those are getting plenty of attention — and, honestly, we didn’t see a lot in recent JPMorgan and Yahoo filings that hasn’t...
Island living at $34 an hour, from Axis Capital…
There are all kinds of tax, regulatory and other reasons that insurance companies like to operate off the coast of the U.S. But it’s also no coincidence that some of the most popular spots for their headquarters are island get-aways like the Caymans and Bermuda. What’s more striking is the way these companies treat the...
Wal-Mart, Mexico, red flags and hindsight…
The initial buzz has faded when it comes to David Barstow’s stunning April 21 New York Times report on Wal-Mart and bribery allegations in Mexico, but from what we can tell, it still features prominently in the conversation whenever corporate-governance types gather. And there has been plenty of follow-up: a lawsuit by CalPERS, more scrutiny...
A trifecta of Apple gadgets at Hyatt Hotels…
Try as we might, we can’t trick out three of the hottest products from Apple (AAPL) seriously enough to bring the total price tag over $5,000 (before taxes and shipping) — and that’s even after we throw in a gratuitous 27-inch Thunderbolt display for $999. No, we’re not re-equipping footnoted World Headquarters. Rather, we’re trying...
The other Deepak Chopra is a busy man…
Early last month we footnoted about the other Deepak Chopra — chairman and chief executive of OSI Systems (OSIS), maker of airport X-ray machines and medical devices, not the doctor and self-help entrepreneur – and how he stood to collect $12.5 million in return for staying employed for eight more years. Now he’s back on our...
Chesapeake: Still a gusher…
Some footnoted frequent fliers are gifts that keep on giving, and probably none more so than Chesapeake Energy (CHK). Chesapeake and its chief executive, Aubrey K. McClendon, won our 2009 Footnote of the Year contest (no great honor, trust us) with the disclosure that the company had bought the executive’s antique map collection for $12.1 million....
Aon sweeps jet-ride errors under the rug…
We took Aon (AON) to task in a recent post for splashing out a bunch of money to move its top brass to the U.K. after relocating the company’s headquarters. Now, eagle-eyed footnoted researcher Bhattiprolu Murti has spotted another doozy in the insurance broker’s filings. The company, by all appearances, is trying to gloss over an...
Reviewing the warning signs at Polycom…
Almost two months ago, we noticed some unsettling disclosures in the 10-K that Polycom (PLCM) filed with the SEC after the market closed on the Friday before President’s Day: The company had added several new and very specific risk factors. Today, the stock is down about 35% from that day’s close, trailing the Nasdaq by...
