Former Vanguard CEO Bill McNabb Just Loaded Up on UnitedHealth Stock - Barron's

Photograph by Michael Nagle/Bloomberg

F. William “Bill” McNabb III, the former chairman and CEO of investment giant Vanguard Group, has made a bold purchase of UnitedHealth Group stock (UNH). McNabb serves as a director on the board of the diversified health-care company.

McNabb paid $1.5 million on May 1 for 6,430 UnitedHealth shares, an average per-share price of $233.21. He now owns 7,879 shares, according to a form he filed with the Securities and Exchange Commission.

UnitedHealth didn’t immediately respond to a request to make McNabb available for comment on his stock purchase.

Not only was it McNabb’s first purchase of UnitedHealth stock on the open market as a director, it was the first by any of the company’s insiders in five years. Former director Rodger Lawson, who left UnitedHealth’s board in 2018, was the last company insider to buy stock on the open market, paying $76,210 for 1,000 shares on April 24, 2014.

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According to UnitedHealth’s latest proxy, McNabb wasn’t required to buy stock this early into his service. Nonemployee directors have five years to meet the company’s stock-ownership guidelines, which specify ownership equal to five times the directors’ annual base cash retainer of $125,000. A director’s stock ownership may include vested deferred stock units, or DSUs. Nonemployee directors currently receive each year $205,000 in DSUs that are issued quarterly and vest immediately upon grant.

It seems possible, then, for a nonemployee director to meet the stock-ownership requirements without ever buying UnitedHealth stock on the open market. McNabb not only met the requirement early, he more than doubled the $625,000 expected ownership level.

UnitedHealth stock is in the red for 2019. As of Friday’s close of $231.95, shares sport a year-to-date loss of 6.9%. Last month the company reported upside first-quarter earnings and lifted guidance, but that didn’t have a lasting effect on the stock. Barron’s has noted that UnitedHealth stock offers strong dividend growth.

McNabb stepped down as the CEO of Vanguard in January 2018 and joined UnitedHealth’s board the next month. Vanguard has a large investment in UnitedHealth. Its 71.5 million UnitedHealth shares represent a 7.5% stake, according to S&P Capital IQ, making Vanguard the second-largest holder in the company.

Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.

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2019-05-05 10:00:00Z
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More than 2 million pounds of frozen entrees recalled over allergen risk - CNN

The recall affects 2,094,186 pounds of P.F. Chang's Home Menu Chicken Pad Thai and Chicken Fried Rice. The items may contain milk, a known allergen that's not declared on the product labels.

"The products are ... described as frozen, heat treated, not fully cooked and not shelf stable," the USDA's Food Safety and Inspection Service said Saturday. They were produced between Oct. 1 and April 11, 2019, with "Best By" dates of Sept. 26, 2019 through April 5, 2020.

The products were distributed to retailers nationwide and health officials are urging consumers who have them in their freezers to throw them away or return them to their place of purchase.

"There have been no confirmed reports of adverse reactions due to consumption of these products," the USDA's Food Safety and Inspection Service said.

"The problem was discovered when Conagra Brands, Inc. conducted a routine label verification check and determined that the product did not declare milk on the label."

The recall does not include products sold at PF Chang's restaurants.

Chicken strips recalled over metal concerns

Tyson Foods significantly expanded a recall of its chicken strips over concerns that some might be contaminated with pieces of metal, the Food Safety and Inspection Service said Saturday.

The recall now affects more than 11.8 million pounds of frozen, ready-to-eat chicken strip products that were shipped nationwide, up from more than 69,000 pounds when the recall initially was issued in March.

The expansion comes after three of six people who complained about finding pieces of metal in certain Tyson products also said they suffered an injury in their mouth, the agency said.

The products now being recalled were produced from October through March 8, and they have "use by" dates of October 1, 2019, through March 7, 2020.

A Tyson Foods official said Friday that the company is taking corrective steps at the location where the products are made.

Tainted ground beef sickens scores

Meanwhile, an outbreak of E. coli from tainted ground beef sickened 177 people in 10 states, the US Centers for Disease Control and Prevention said Friday.

Two companies last month recalled products amid an outbreak of E. coli . There's no definitive link between these products and the ongoing outbreak, the FSIS says, with no supplier, distributor or brand of beef identified.

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2019-05-05 12:44:00Z
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Billionaire Warren Buffett Calls Bitcoin a 'Gambling Device' As Berkshire Hathaway Buys Back $1.7 Billion in Shares - The Daily Hodl

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2019-05-05 08:53:06Z
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More than 2 million pounds of frozen entrees recalled over allergen risk - CNN

The recall affects 2,094,186 pounds of P.F. Chang's Home Menu Chicken Pad Thai and Chicken Fried Rice. The items may contain milk, a known allergen that's not declared on the product labels.

"The products are ... described as frozen, heat treated, not fully cooked and not shelf stable," " the USDA's Food Safety and Inspection Service said Saturday. They were produced between Oct. 1 and April 11, 2019, with "Best By" dates of Sept. 26, 2019 through April 5, 2020.

The products were distributed to retailers nationwide and health officials are urging consumers who have them in their freezers to throw them away or return them to their place of purchase.

"There have been no confirmed reports of adverse reactions due to consumption of these products," the USDA's Food Safety and Inspection Service said.

"The problem was discovered when Conagra Brands, Inc. conducted a routine label verification check and determined that the product did not declare milk on the label."

The recall does not include products sold at PF Chang's restaurants.

Chicken strips recalled over metal concerns

Tyson Foods significantly expanded a recall of its chicken strips over concerns that some might be contaminated with pieces of metal, the Food Safety and Inspection Service said Saturday.

The recall now affects more than 11.8 million pounds of frozen, ready-to-eat chicken strip products that were shipped nationwide, up from more than 69,000 pounds when the recall initially was issued in March.

The expansion comes after three of six people who complained about finding pieces of metal in certain Tyson products also said they suffered an injury in their mouth, the agency said.

The products now being recalled were produced from October through March 8, and they have "use by" dates of October 1, 2019, through March 7, 2020.

A Tyson Foods official said Friday that the company is taking corrective steps at the location where the products are made.

Tainted ground beef sickens scores

Meanwhile, an outbreak of E. coli from tainted ground beef sickened 177 people in 10 states, the US Centers for Disease Control and Prevention said Friday.

Two companies last month recalled products amid an outbreak of E. coli . There's no definitive link between these products and the ongoing outbreak, the FSIS says, with no supplier, distributor or brand of beef identified.

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2019-05-05 07:34:00Z
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Tyson recalls 11760424 lbs. of chicken strips due to possible pieces of metal - WZTV

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1. Tyson recalls 11760424 lbs. of chicken strips due to possible pieces of metal  WZTV
2. Tyson recall chicken: Nearly 12 million pounds of chicken strips recalled over possible metal contamination  CBS News
3. Almost 12 million pounds of Tyson chicken strips have been recalled because they might have metal  CNN
4. Nearly 12 Million Pounds Of Tyson Chicken Strips Recalled For Possible Metal Pieces Inside  HuffPost
5. HUGE recall on Millions of Tyson Chicken Strips because they might have metal - Victor Valley News Group  VVNG.com
6. View full coverage on Google News

http://fox17.com/news/local/tyson-recalls-11760424-lbs-of-chicken-strips-due-to-possible-pieces-of-metal

2019-05-04 17:37:00Z
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U.S. Ride Share Drivers Will Strike On May 8th Ahead of Uber IPO - Jalopnik

Image: AP Images

Uber and Lyft drivers in major U.S. cities have united to strike during peak hours on Wednesday May 8th for two hours from 7AM to 9AM local time, according to a report from Autoblog. Cities which may see rush hour even more rush-y include New York, San Francisco, Chicago, and Los Angeles, among others. The strike is a protest of business and payment practices ahead of Uber’s planned IPO on May 9th with trading on the stock exchange to begin the following day.

The New York Taxi Workers Alliance website features a post about the strike which lays out the plans of the strikers. The protest is an effort to influence Uber and Lyft to provide a more secure work environment and ensure that drivers can actually make a living on the income paid. Uber has already acknowledged that shifting drivers from independent contractors to full employees would be bad for its business model.

Even presidential candidates are weighing in on the strike.

Following the strike, drivers plan to rally at Uber and Lyft respective headquarters from 1PM the same day.

From the NYTWA post:

“With the IPO, Uber’s corporate owners are set to make billions, all while drivers are left in poverty and to go bankrupt.”

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So, don’t cross the picket line. Don’t use a ride share app on Wednesday the 8th. Find another way to get around. Every human deserves a living wage.

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2019-05-04 17:30:00Z
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HUGE recall on Millions of Tyson Chicken Strips because they might have metal - Victor Valley News Group - VVNG.com

WASHINGTON, May 4, 2019 – Tyson Foods is recalling approximately 11,829,517 million pounds of frozen, ready-to-eat chicken strip products that may be contaminated with extraneous materials, specifically pieces of metal, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today.

The frozen, ready-to-eat chicken strip items were produced on various dates from Oct. 1, 2018 through March 8, 2019 and have “Use By Dates” of Oct. 1, 2019 through March 7, 2020. The chart contains a list of the products subject to recall.[View Labels (PDF only)]

The products subject to recall bear establishment number “P-7221” on the back of the product package. These items were shipped to retail and Department of Defense locations nationwide, for institutional use nationwide and to the U.S. Virgin Islands.

The problem was discovered when FSIS received two consumer complaints of extraneous material in the chicken strip products. FSIS is now aware of six complaints during this time frame involving similar pieces of metal with three alleging oral injury.

Anyone concerned about an injury or illness should contact a healthcare provider.

FSIS is concerned that some product may be in consumers’ freezers. Consumers who have purchased these products are urged not to consume them. These products should be thrown away or returned to the place of purchase.

FSIS routinely conducts recall effectiveness checks to verify recalling firms notify their customers of the recall and that steps are taken to make certain that the product is no longer available to consumers. When available, the retail distribution list(s) will be posted on the FSIS website at www.fsis.usda.gov/recalls.

Consumers with questions about the recall can contact Tyson Foods Consumer Relations at 1-866-886-8456. Members of the media with questions about the recall can contact Worth Sparkman, Public Relations Manager, Tyson Foods, Inc., at Worth.Sparkman@Tyson.com (479) 290-6358.

Consumers with food safety questions can “Ask Karen,” the FSIS virtual representative available 24 hours a day at AskKaren.gov or via smartphone at m.askkaren.gov. The toll-free USDA Meat and Poultry Hotline 1-888-MPHotline (1-888-674-6854) is available in English and Spanish and can be reached from 10 a.m. to 6 p.m. (Eastern Time) Monday through Friday. Recorded food safety messages are available 24 hours a day. The online Electronic Consumer Complaint Monitoring System can be accessed 24 hours a day at: http://www.fsis.usda.gov/reportproblem.

To follow updates to this article and more, Join our newsgroup on Facebook with over 121,000 members, Like our Facebook page, and Follow us on Instagram and Twitter.

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2019-05-04 16:12:55Z
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