US Bootmaker Acquired by Japanese Retailer
LaCrosse Footwear Inc. (NASDAQ: BOOT), a maker of work and outdoor boots, has agreed to be acquired by Japan’s ABC-MART Inc. in an all-cash deal worth $20/share, or about $138 million. The price represents…
All Work
Paul Ausick
El Niño Likely Coming Early This Year
The Climate Prediction Center (CPC) of the National Weather Service is forecasting the early formation of the El Niño weather pattern in the eastern Pacific Ocean. According to the CPC, there is a 50%…
Weak US Job Growth Points to More Action from the Federal Reserve
This morning’s data from the US Bureau of Labor Statistics showed that employment grew by just 80,000 jobs in June, and that the US unemployment rate remained steady at 8.2%. Economists had been expecting…
Informatica Shares Dive after Warning
Shares in Informatica Corp. (NASDAQ: INFA) lost -25% after the market closed last night after the company announced that it would not meet previous second quarter revenue or EPS forecasts. The software maker lowered…
Verizon Sues FCC for Violating Company’s Free Speech Rights
Last Monday Verizon Communications Inc. (NYSE: VZ) filed a brief in federal court arguing against the Federal Communications Commission’s (FCC) proposed net neutrality rules. Verizon, which together with Vodafone Group plc (NASDAQ: VOD) owns…
24/7 Wall St. Closing Bell — July 5, 2012: No Fireworks Today as Market Wavers
The three major US stock indexes opened lower this morning even though China’s central bank lowered interest rates (our coverage here), the Bank of England boosted its asset purchase program and the European Central…
How Low Can Nokia Go?
Shares of Nokia Corp. (NYSE: NOK) set a new 52-week low of $2.00 today. The one-time leader in sales of mobile phones did not have any news, but the company’s prospects are not encouraging…
US Takes Auto Trade Case Against China to WTO
The US Trade Representative has taken its case challenging China’s imposition of an anti-dumping duty on US-made automobiles to the World Trade Organization (WTO). At stake is more than $3 billion in duties that…
Netflix Shares Jump, But Where Will They Land?
Shares of video rental giant Netflix Inc. (NASDAQ: NFLX) are up more than 13% in the early afternoon today following a comment by the company’s CEO that the company for the first time streamed…
US Crude Oil Inventories Fall Sharply, Gasoline Prices Continue Falling
The US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories fell by 4.3 million barrels last week, bringing the total US commercial crude inventory to 382.9…
Patriot Coal Rides the Rocket Again — Short Covering?
Coal miner Patriot Coal Corp. (NYSE: PCX) continues to skyrocket again today, taking up where it left off on Tuesday when the shares gained more than 32%. The stock is up another 35% today.…
Non-manufacturing ISM Report Chills Stocks
This morning’s report from the Institute for Supply Management (ISM) on non-manufacturing PMI showed that the US services sectors is growing at its slowest pace in two and a half years. The index reading…
Retail Spending Meets Low Expectations
Retail sales growth in June were expected to be weak compared with sales a year ago, and the predictions came true. Sales growth last June was a tough comparison because sales in 2011 were…
Weekly Jobless Claims Fall; Payrolls Rise
The US Department of Labor said today that the seasonally adjusted number of new claims for unemployment benefits fell by 14,000 in the week ended June 30th, from a revised total of 388,000 for…
No Surprises from ECB Rate Cuts
The European Central Bank (ECB) today lowered its main policy rate to 0.75% in a move that was widely anticipated by the market. The rate cut sets the bank’s lending rate below 1% for…
China Steps on the Economic Accelerator
The People’s Bank of China (PBOC), the country’s central bank, announced a surprise cut to its benchmark interest rates today. This is the second cut in a month, and underscores just how concerned Chinese…
New Car Sales Rise 38% at AutoNation
Auto retailer AutoNation Inc. (NYSE: AN) reported this morning that June sales rose 38% compared with June 2011, to 22,862 units. The company sells vehicles made by Ford Motor Co. (NYSE: F), General Motors…
Food Prices Continue Decline — But Maybe Not for Long
For the third consecutive month, food prices in June declined, down -1.8% to their lowest level since September 2010. Prices peaked in February 2011 and have declined by more than 15% since then. There…
US Factory Orders Better than Expected
Data from the US Commerce Department for May showed that factory orders rose 0.7% in the month, following a decline of -0.7% in April. Excluding transportation goods, factory orders rose 0.4% and orders for…
24/7 Wall St. Closing Bell — July 3, 2012: Modest Gains Before Fireworks Go Off
The three major US stock indexes opened roughly flat this morning as European markets traded in advance of an expected cut in interest rates by the European Central Bank later this week. Asian markets…