Toyota arrest and Mindbody IPO — 5 things to know today
Hello friends and Fortune readers.
Wall Street futures are moderately higher Friday morning after European markets took the latest Greek disappointment in their stride. Crude oil futures are lower, while the dollar is higher.
Today’s must-read story is from Fortune‘s Chris Matthews and it argues that, while the U.S. Treasury Department’s recent decision to add put a woman on U.S. currency is long overdue, the government should be replacing noted centralized-banking opponent Andrew Jackson on the $20 bill rather than diminishing the portrayal of Alexander Hamilton, the nation’s first Treasury Secretary, on the $10 bill.
Here’s what else you need to know today.
1. Toyota’s first senior woman exec arrested
Toyota Motor Corp moved into damage control mode on Friday after its new communications chief Julie Hamp, an American and its first senior woman executive, was arrested on suspicion of illegally bringing pain killers into Japan just two months after her appointment.
2. Another fitness tech IPO
Fitness industry software company Mindbody makes its public debut today with an IPO that could raise around $100 million. The company, which charges health and fitness businesses monthly fees for its management software, will look to follow the success of fitness-tracking device-maker Fitbit’s successful IPO. Fitbit saw its shares more than double in value following Thursday’s market launch.
3. Office Depot merger vote
Today, Office Depot (ODP) shareholders vote on the office supply retailer’s proposed $6.3 billion sale to larger rival Staples (SPLS). The deal, which was announced in February, would strengthen Staples’ position as the leading U.S. office supplier at a time when the company faces increasing competition from online rivals and big-box stores. The merger agreement earlier this year followed a push for a merger by activist investor Starboard Value, which has stakes in both companies.
4. Carmax earnings
The country’s largest used-car seller reports first-quarter financial figures this morning. Carmax (KMX) reported a 14% rise in fourth-quarter revenue earlier this year, with that increase bolstered by strong used-car sales as well as returns from its auto finance unit.
5. Obama meets the mayors
The president is in San Francisco today at the U.S. Conference of Mayors, an annual meeting where the nation’s mayors will present current economic reports from the 381 U.S. metro areas along with 2015-2016 economic forecasts. Issues to be discussed by those in attendance include municipal bonds, education, workforce development, innovation, energy efficiency, and community policing. Democratic presidential candidates Hillary Clinton and Martin O’Malley will speak at the conference over the weekend.