Safeway Rises on Spinoff Plans; Analyst Finds Timing ‘Odd’
September 05, 2012 at 14:00 PM EDT
Safeway (SWY) is rising about 4% this afternoon after the company announced plans to spin off a minority stake in its Blackhawk gift-card business. Safeway sells the cards in-house and at competitors’ stores, with Blackhawk taking a commission. A few months ago, Safeway Chairman and CEO Steven Burd had said that the unit wouldn’t get [...]