Ed Bass rides last rodeo as Chair; American & Southwest react to losses

Ed Bass is dismounting as Board Chair of the Fort Worth Stock Show & Rodeo, which he has led since 2001. He will remain Chairman Emeritus, and be replaced by Philip Williamson, a board member since 2000. His family founded and led Williamson-Dickie from 1922-2017, when it was sold to VF Corp for a reported $820 million. Bass, 78, followed John Justin as Chair and led the public-private development of Dickies Arena. 

Gov. Greg Abbott’s office announced a New York-based window and door manufacturer will build a manufacturing facility and regional corporate headquarters in Mansfield, creating more than 500 jobs. Crystal Window & Door Systems is expected to spend over $121 million in capital investment and receive $3.15 million from the Texas Enterprise Fund. The Arlington Report said Crystal will build on a 44-acre site west of Highway 287 and east of Justice Lane. 

Hillwood has acquired Freeport Business Center, a Class A, three-building office portfolio within the Las Colinas/Freeport submarket in Irving. The portfolio is 34 acres, has more than 383,000 rentable square feet and is located along Freeport Parkway and equidistant from Interstate 635 and State Highway 114. The portfolio has a 70% occupancy rate, including Northrop Grumman Corporation, Yardi Systems, Sirus XM, and Boeing.

Tarrant County property owners have an extension from May 15 to May 24 to protest the values of their homes. Why? Tarrant Appraisal District said its online protest tool was delayed while the district recovered from a ransomware attack.

Fort Worth-based YoorKids, a TechFW member, launches its free app on the Apple AppStore Wednesday to be followed on GooglePlay. YoorKids offers a unique way for friends and family to gift directly into a child's savings account, pairing monetary gifts with digital coins, including photos and videos. An alternative to traditional gifts, @YoorKids focuses on long-term financial growth, embracing a future of generational wealth.

Legacy Medical Consultants, specialists in wound care, said it would double its headquarters in Hillwood's Alliance Town Center to nearly 15,000 square feet to accommodate expanding operations and its portfolio of allografts.

Earnings reports:

• Southwest Airlines said it lost $231 million in the quarter and CEO Robert Jordan said the airline was reacting quickly “to address our financial underperformance." The company is slowing hiring, asking employees to take time off and expects to have 2,000 fewer employees by year-end. In August, Southwest will stop flying to four airports: Cozumel, Syracuse, Bellingham, Wa., and George Bush Intercontinental in Houston. Southwest will remain at Hobby in Houston.

• American Airlines said it lost $312 million in the quarter, with an 18% rise in labor costs as a major contributor. AA officials said they expect a profitable 2nd quarter. Revenue was $12.57 billion. The loss was 34 cents a share. 

• Fort Worth-based FirstCash Holdings, Inc. beat analyst estimates with a reported first-quarter profit of $61.4 million, or $1.35 a share. Earnings, adjusted for non-recurring costs, came to $1.55 per share.

Below is a sampling of topics from this week’s Motley Fool column. To read all the Fool's gold, click here.

• The Fool answers readers' questions about Chipotle’s 50-for-1 stock split and explains negative amortization.

• This week’s stock pick is Pfizer. Although shares have been down more than 35% in the past year, there’s still a lot to like — including its fat dividend, which recently yielded 6.4%.

• The Fool gives tips on saving money on car insurance.

The Dallas Wings are flying from Arlington to a new home in Dallas. The WNBA team is moving from UT-Arlington to the Dallas Memorial Auditorium, part of the Kay Bailey Hutchison Convention Center downtown after approval of a 15-year lease agreement from the Dallas City Council. 

San Antonio-based Headwall Investments, a commercial real estate development and investment firm, has acquired the Shops at South Cooper, the 4100 block, in Arlington. Major tenants are AT&T, Club Pilates, Salata Salad Kitchen and Lux Salon Suites. 

Fort Worth-based Extreme has launched Extreme Labs, a hub for research, development and innovation in networking. 

The Federal Trade Commission voted to ban nearly all non-compete employment agreements that prevent workers from joining competing businesses or launching ones. The FTC estimates 30 million workers and $300 billion in wages are affected.

Auto insurance rates rose 2.6% in March versus the prior month and have surged by 22% from a year ago. Increased car prices and higher repair costs have prompted insurers to hike premiums.

Announcements:

• Fort Worth Chamber of Commerce: Promotes Ashley Payne to Senior Manager-Membership.

• NTO Commercial: Names Joel Bolz Vice President.

• Cowtown Partners: Announces Hunter B. Johnson as Founder and Managing Partner.

• MasVida Health Care Solutions: Hires Jim McHugh as Chief Financial Officer.

• Le Meridian Fort Worth Downtown: Appoints Chase Chasteen as General Manager and Dawn Freeman as Director of Sales. 

Last poll results: What is your preferred grocery store? The top four responses out of 10 options were: Central Market / H-E-B (27%), Tom Thumb (13%), Kroger (12%), Walmart (9%).