1. LULULEMON CEO STEPS DOWN
Lululemon's stock has dropped almost 7 percent since Monday, when the company announced that it's looking for a new CEO. Current chief executive Christine Day, who made $4.28 million in 2012, told the board she's stepping down because she's exhausted by the 18 to 20 hour work days, and can't commit to the next few years of international travel the company's expansion plans will require, a source told The Wall Street Journal. During Day's five-year run, Lululemon's annual revenue more than quintupled to $1.37 billion, and profits shot up almost nine times to $271 million. [Wall Street Journal]
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2. STOCK MARKET FALTERS AS INVESTORS WORRY ABOUT FED'S BOND-BUYING
All three U.S. stock markets tumbled Tuesday morning, after Bank of Japan Governor Haruhiko Kuroda said he sees no need to expand monetary stimulus immediately, and investors continued to worry that the U.S. Federal Reserve might cut down its bond-buying programs. "We're going through a transition process right now, where better growth offset by higher interest rates is causing a lot of volatility," an investor told Bloomberg. "On the longer term basis, higher rates are indicating better economic growth, and that's good for equities." Since their initial dive, prices crept back to almost mid-level by noon. [Bloomberg, CNN]
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3. DOLE CEO OFFERS TO BUY THE COMPANY
As the food company struggles under a strained strawberry market, Dole Food CEO David Murdock, 90, has offered to buy the company he runs outright at $12 a share, or $1.1 billion. Murdoch, a vegetarian since he was in his 60s, eats 20 servings of fruits and vegetables a day (including the skins, even bananas) and expects to live to 125. As long as the offer is approved by a committee of independent directors and the investors who own a majority of Dole's shares, Murdock says he expects to sign the agreement by July 31. [USA Today]
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4. SKYSCRAPER PRICES REACH $1 BILLION-PLUS
As the stock market rebounds, Manhattan's tallest office buildings are starting to sell at pre-recession prices, with some price tags reaching over $1 billion. Only one such deal was made between 2008 and 2012, but already in 2013, three Manhattan deals have topped $1 billion: The Sony Building on Madison Avenue, the GM building overlooking Central Park, and the tower at 650 Madison Avenue. The Time Warner Building overlooking Columbus Circle has received offers for $1.2 billion. [Wall Street Journal]
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5. A TIRED GERMAN BANK EMPLOYEE ACCIDENTALLY TRANSFERS $300 MILLION
In the middle of a routine transfer, a German bank employee fell asleep for an instant with his finger on the "2" key, and instead of transferring 64.20 euros, he sent 222,222,222.22 euros (about $300 million) instead. His supervisor, who was fired for missing the error, took the case to court, where judges ruled that she should have simply received a warning, not been terminated. They ordered the bank to reinstate her. [BBC]
