Content about Stock

Former Stock Building Supply executives Fenton Hord and Steve Short are among the industry veterans behind Cornerstone Building Alliance, LLC, a new holding company looking to invest in distributors, manufacturers and installers. 

Cornerstone’s leadership team includes president and CEO Steve Short, former Stock Building Supply COO, and Fenton Hord, longtime president and CEO of Stock and current Board Member of Investors Management Corporation (IMC), Cornerstone’s parent company.

Reuters news service has reported that the shareholders of Sears Holding Corp. will end up with 80% of the common stock in Orchard Supply Hardware stores, following an attempt to spin off the California hardware chain into a separate unit.

Gas prices retreat to a national average of $3.30 per gallon of regular. Elsewhere on the Dashboard, stocks are all over the grid of the Home Channel Stock Roundup.

BlueLinx Holdings has raised approximately $58.5 million after investors fully subscribed to a $60 million rights offering that expired on July 22.  Following the issuance of the newly subscribed shares, which is expected to occur on or about July 28, 2011, BlueLinx will have approximately 61.8 million total shares outstanding. 

Cerberus ABP Investor will remain the majority stockholder, owning approximately 55% of BlueLinx' common stock.

In an effort to raise $60 million, building products distributor BlueLinx has announced it will commence a rights offering of common stock to its stockholders. The proceeds will be used to pay down debt and fund working capital, the company said in an April 26 filing with the Securities and Exchange Commission (SEC).