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Shares of the Dalton, Georgia-based carpet maker Dixie Group jumped nearly 48% Wednesday to the highest price in more than a year after the company announced Tuesday that it is authorized to purchase up to $5.9 million of stock by March.

Dixie shares rose by 58 cents per share, or more than 47.9%, to close at $1.79 per share in trading on the Nasdaq Exchange on Wednesday. That is the highest price for Dixie since September 2018. So far in 2019, Dixie's shares have jumped by 152% from a year-end price of 71 cents per share.

On Tuesday, Dixie said it has sold its Susan Street facility in Santa Ana, California, for $37.2 million — enough to reduce Dixie's revolving credit facility by over 35% and allow for the implementation of its stock repurchase program. Dixie said it expects to incur an after-tax gain of approximately $25 million from the sale.

 

AT&T adds store in downtown Chattanooga

AT&T has opened a new store located at 800 Chestnut Street in downtown Chattanooga.

"Our promise is to provide customers a convenient and excellent retail experience wherever they live, work, and play," said Alan Hill, regional director, external affairs, AT&T Tennessee. "This new store will help us better serve customers in Chattanooga."

The new Chattanooga store will be open Monday through Saturday from 10 a.m. to 8 p.m., and on Sunday from 11 a.m. to 6 p.m.

AT&T is adding stores, including many pop-up outlets with smaller, flexible formats in apartment buildings and other locations in dense urban environments along with its mobile units for concerts, festivals and sporting events, Hill said.

For those who want an on-demand store experience when and where they choose, personal delivery and expert device setup is available in select markets at no extra cost thanks to AT&T Ready to Go.

 

PG&E cuts power to 179,000 homes

Two weeks after a vast power shut-off that it acknowledged it had mishandled, California's largest utility began cutting electricity to 179,000 customers Wednesday in the face of a new wildfire threat.

The move by the utility, Pacific Gas & Electric, was aimed at areas in the Sierra foothills and in counties north of San Francisco Bay, including Napa and Sonoma. Parts of Kern and San Mateo counties were scheduled to lose power overnight. The company said that the peak winds should abate by noon Thursday and that it aimed to restore power to most customers within 48 hours.

PG&E's equipment has been blamed in the last few years for some of California's most devastating wildfires, and the power shut-off is meant to reduce the fire hazard.

The blackout strategy, which the utilities use as part of their wildfire prevention programs, is a response to the threat of severe weather conditions that have heightened fire risk across California.

 

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