Steel Maker Making Moves
ThinkstockArcelorMittal (NYSE: MT), the world’s largest steelmaker by volume, has announced a set of moves that are interesting if only because of their variety. First, the company plans to restart one of the eleven…
All Work
Paul Ausick
Cargill Reports Earnings Quadrupled
ThinkstockPrivately held Cargill today reported net earnings of $409 million for its second fiscal quarter, which ended November 30th. That’s more than four times the company’s reported earnings for the same period a year…
Mobile Banking Users to Double in Five Years
ThinkstockThe number of global customers who use mobile banking services will rise to more than 1 billion by 2017, according to a new report from U.K.-based firm Juniper Research. At the end of 2013,…
Tesoro Will Shutter Hawaiian Refinery
ThinkstockOil refiner Tesoro Corp. (NYSE: TSO) announced late yesterday that it would close its 93,500 barrel per day refinery in Kapolei, Hawaii, this coming April. The company has been seeking a buyer for the…
LinkedIn Claims 200 Million Members
ThinkstockThe social network for professionals, LinkedIn Corp. (NYSE: LNKD) today announced that the company’s total membership has risen to 200 million worldwide. LinkedIn said it has added 13 million members since its last report…
Crude Oil, Gasoline Inventories Rise Sharply
ThinkstockThe US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories increased by 1.3 million barrels last week, bringing the total US commercial crude inventory to 361.3…
Dish Network Competes for Clearwire
ThinkstockAfter markets closed last night, Dish Network Corp. (NASDAQ: DISH) announced a $3.30-per-share offer for wireless carrier Clearwire Corp. (NASDAQ: CLWR). The bid is significantly better than the $2.97-per-share offer from Sprint Nextel Corp.…
U.S. Crude Imports Forecast at 25-Year Low in 2013
thinkstockWe noted yesterday the impact on crude oil and gasoline prices of the growing U.S. production of crude oil and other liquids. A side effect of that production growth will be a cut in…
Constellation Brands on Track for New High After Earnings
ThinkstockConstellation Brands Inc. (NYSE: STZ) reported third-quarter fiscal 2013 adjusted diluted earnings per share (EPS) of $0.63 on revenue of $767 million. In the same period a year ago, the premium wine company reported…
MGM Wins Approval for New Macau Casino
ThinkstockThe Hong Kong-based subsidiary of MGM Resorts International Inc. (NYSE: MGM) has received approval from the government of Macau to build a second casino and hotel on the Chinese-controlled island’s Cotai Strip. MGM expects…
Mortgage Applications Up After the Holidays
ThinkstockThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a rise of 11.7% in the group’s seasonally adjusted composite index. That compares with a decline of 21.6% for…
Railcar Maker’s Results Just OK (GBX)
ThinkstockThe Greenbrier Companies (NYSE: GBX) reported first-quarter fiscal 2013 diluted earnings per share (EPS) of $0.35 on revenue of $415 million. In the same period a year ago, the railcar builder reported diluted EPS…
Apollo Group’s Shares Dive on Guidance
ThinkstockApollo Group Inc. (NASDAQ: APOL) reported fiscal first quarter 2013 adjusted diluted earnings per share (EPS) of $1.22 on revenue of $1.06 billion. In the same period a year ago, the for-profit education firm…
24/7 Wall St. Closing Bell — January 8, 2013: Markets Open Lower, Stay Down all Day (AA, BHI, EMC, RTN, GNW, CELG, MON, RPM, APOL, STZ, GBX, HELE, SCHN, FIO, SCTY)
U.S. equity markets opened lower this morning and remained down throughout the day. The likely reason for the downturn is lowered expectations for corporate earnings which will get off the blocks after markets close…
Gasoline, Oil Prices to Fall Further — EIA
thinkstockIn its monthly Short-Term Energy Outlook released today, the U.S. Energy Information Administration (EIA) has for the first time forecast crude oil prices for 2014 to go along with forecasts for this year. A…
Western Media Next Target for China?
ThinkstockOne of the premier brands in the newspaper business is the Financial Times, owned Pearson plc (NYSE: PSO), and when the company’s CEO announced her retirement last October, there was some speculation that the…
Consumer Electronics Show Generates Lots of Heat, Little Light
courtesy of AppleA massive trade exhibition like the Consumer Electronics Show which officially opened today in Las Vegas carries with it a low of ‘wow’ — and this year’s show is no exception. There’s…
Outlook for Oil Field Services Decidedly Mixed
ThinkstockInvestment firm Sterne Agee this morning published its outlook for the oil field services sector, calling for limited upside in North American activity, improvement in international drilling, and a trend toward growth in deepwater…
Economic Confidence Dips from November High — Gallup
ThinkstockFor the week ending January 6th, the Gallup U.S. economic confidence index came in at -21, an improvement of 1 points the previous week’s reading of -22, but down sharply from the average reading…
Downgrade Hits Boeing Shares
courtesy Boeing Co.Shares of Boeing Co. (NYSE: BA) have been down by more than 1% this morning following a downgrade of the company’s shares from Buy to Hold at BB&T Capital Markets. Boeing’s shares…