Saks Fails to Thrill (SKS)
Saks Inc. (NYSE: SKS) reported an adjusted second-quarter net loss of $0.05 and $704 million in revenues before markets opened this morning. In the same period a year ago, the luxury department store reported…
All Work
Paul Ausick
Small Business Optimism Index Falls for Second Straight Month
The National Federation of Independent Business (NFIB) reported that its small business optimism index fell 0.2 points in July to 91.2. The most frequently cited issues for small business owners in July were taxes…
Sales, Earnings Rise at Home Depot, So Does Forecast (HD)
The Home Depot Inc. (NYSE: HD) reported second-quarter earnings per share (EPS) of $1.01 and $20.57 billion in revenues before markets opened this morning. In the same period a year ago, the home improvement…
Groupon Shares Clipped on Revenue Miss (GRPN)
Groupon Inc. (NASDAQ: GRPN) reported second quarter adjusted EPS of $0.08 and $568.3 million in revenues after markets closed today. This marks the third quarter of results for the web coupon company. The results…
24/7 Wall St. Closing Bell — August 13, 2012: Markets Softer on Lack of Interest (KO, COP, YHOO, S, P, SYY, MPO, IAG, DKS, HD, KIOR, KORS, TJX, PNX, ASTI, SCLN)
The three major US stock indexes opened lower this morning as reports on Japanese (more coverage here) and Greek GDP (more coverage here). both disappointed investors. Asian markets were propped up somewhat by continued…
Google Piles it On Today (GOOG, AAPL, JWB, FB)
We’ve noted already that Google Inc. (NASDAQ: GOOG) and Apple Inc. (NASDAQ: AAPL) are defying today’s sell-off trend and that the search giant got an upgrade to ‘overweight’ with a $775 price target from…
Midstates Petroleum Following the Big Boys (MPO, CHK, APA, SD, DVN, RRC)
Energy exploration & production firm Midstates Petroleum Co. (NYSE: MPO) today announced that it would pay $650 million in cash and stock for 109,000 acres net acres of producing, developed, and undeveloped acreage from…
El Niño Weather Pattern Continues Developing (CORN, SOYB, DBA)
The US Climate Prediction Center continues to forecast the formation of an El Niño weather pattern in the eastern Pacific Ocean in August and September, and now Japanese forecasters have added their voice to…
Stronger Dollar Pushes Down Gold, Silver, and Crude (GLD, GDX, SLV, SIL, USO, OIH)
Futures prices for gold, silver, and WTI crude are all lower today as the dollar gains strength against the euro. Oddly enough, the dollar index versus a basket of currencies is down this morning…
China’s Focus Media Gets Offer to Go Private (FMCN, CG, AMCN, LAMR)
China’s largest digital display advertiser, Focus Media Holding Ltd. (NASDAQ: FMCN), announced today that it had received a preliminary offer from a group including the company’s chairman and CEO to take the company private…
FedEx to Offer Employees Buyout Incentives (FDX, UPS)
The slowdown in global economic growth is taking a toll on FedEx Corp. (NYSE: FDX) and the company today announced a move to try to cut expenses. The company will offer voluntary buyout incentives…
American Airlines Considering Merger with US Airways (AAMRQ, LCC, UAL, DAL)
AMRAMR Corp., the parent of American Airlines, is considering what its CEO calls the “attractive option” of a merger with smaller competitor US Airways Group Inc. (NYSE: LCC) as the company prepares to exit…
Pfizer to Spin Off Animal Health Unit (PFE)
Drug maker Pfizer Inc. (NYSE: PFE) has filed a Form S-1 with the SEC for an initial public offering of the company’s animal health unit into a company to be called Zoetis Inc. Pfizer…
Visteon CEO Shown the Door? (VC, F)
ThinkstockAuto parts maker Visteon Corp. (NYSE: VC) said today that CEO Don Stebbins “stepped down” as chairman, chief executive and president of the company last Friday. The board has named director Timothy Leuliette as…
24/7 Wall St. Closing Bell — August 10, 2012: Market Dithers Until Last Minute (NVO, YHOO, RL, CVC, BIG, DV, JWN, NVDA, CDXS, JCP, BYI, IAG, SYY, JDSU, KID, KORS, TJX, TGT, ARO, BRCD, GME, ROST, SHLD, WMT, FIO, ATP, UBNT)
The three major US stock indexes opened lower this morning following more data from China. Both export and import data fell short, weighing on most Asian markets (more coverage here). There was little news…
SF Fed Chief Supports QE3
In an interview with the San Francisco Chronicle, San Francisco Federal Reserve president John Williams said that the slow economic recovery and the continuing high unemployment have persuaded him that the Fed needs to…
North American Rig Count Down Sharply in Last Year (BHI, OIH)
Baker Hughes Incorporated (NYSE: BHI) has reported that the North American rig count totaled 2,230, down from 2,233 the week before and down from 2,423 in the same period a year ago. The weekly…
Facebook Dodges Fine in FTC Settlement (FB, GOOG)
The US Federal Trade Commission (FTC) concluded a settlement with Facebook Inc. (NASDAQ: FB) involving charges that Facebook lied to users when it told them it would keep personal information private and then “repeatedly”…
CBO Estimates Effects of More Oil & Gas Leasing on Federal Lands
The Congressional Budget Office (CBO) has produced a report on the effects of immediately opening the majority of federal land to oil and gas leasing. Under existing law — which keeps millions of acres…
Economists See Slower Growth as Fiscal Cliff Looms
Some 90% of economists questioned for the monthly Bluechip survey believe there will be a ‘moderate’ or ‘small’ impact to US economic growth in the second half of this year resulting from the threat…