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Mark Palamountain lands director post at Limoneira

BY HBSDealer Staff

California-based agribusiness Limoneira has appointed Mark Palamountain as director of business development and business integration.

Palamountain joined the company in 2011 as director of energy, waste and water projects, during which time he worked on Limoneira’s solar installation project. The newly created position will be served by his background in finance and business.

"We are thrilled to have Mark lead our business development efforts as we look for new opportunities to drive growth and deliver shareholder value," said Harold Edwards, CEO of Limoneira. "Mark has a proven track record of success and we are confident in his ability to identify, pursue and integrate new business units, revenue streams and growth opportunities into our business model."

Previously, Palamountain was the co-founder of a renewable energy startup called Perpetual Power, as well as a senior associate at Broadpoint Securities, Thomas Weisel Partners and JP Morgan Chase.

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Tractor Supply plans 2-for-1 stock split

BY HBSDEALER Staff

Brentwood, Tenn.-based Tractor Supply approved a 2-for-1 stock split, to be initiated Sept. 18. 

It will be the company’s fourth 2-for-1 split since 2002.

"This action is the result of our strong operating results and stock price performance, and reflects the confidence that the board and management have in our long-term business strategy and our ability to continue returning value to our shareholders," said executive chairman Jim Wright. 

The company said the move is intended to make the stock more affordable to investors, and increase liquidity and accessibility. 

Shares of Tractor Supply (TSCO) were just under $120 yesterday. Adjusted for splits, the stock’s share price traded in the mid- to high-teens in 2002.

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Pending home sales decline in July

BY HBSDealer Staff

The Pending Home Sales Index for July declined 1.3% to 109.5 as higher mortgage rates dampened enthusiasm for home buyers, according to the National Association of Realtors (NAR).

The NAR’s Chief Economist Lawrence Yun didn’t seem concerned by what he called a "modest decline in sales." 

The Pending Home Sales Index is a forward-looking indicator based on contract signings. The index has remained above year-ago levels for 27 consecutive months.

The South and Midwest showed little change, but the Northeast and the West fell 6.5% and 4.9%, respectively. 

The NAR projects existing-home sales to increase 10% to about 5.1 million for all of 2013. The forecast for 2014 is about 5.2 million.

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