J.C. Penney Says It Expects Improved Holiday Sales

June 11, 2018

Mark Lennihan/APBy Phil Wahba J.C. Penney said Wednesday that November sales were encouraging and popular house brands were lifting gross profit margin, suggesting the struggling department store operator is turning a corner. The retailer also stuck to its forecast for more than $2 billion in liquidity at fiscal year-end, soothing persistent investor fears about its financial health following a 25 percent drop in sales in 2012. “The turnaround at J.C….

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S&P: U.S. Banks Could Face Over $100 Billion in Legal Charges

June 8, 2018

Robyn Beck, AFP/Getty ImagesBy Matt Clinch The fallout from the subprime mortgage crisis continues to plague U.S. banks, according to Standard & Poor’s, with the ratings agency estimating billions of dollars in extra litigation fees may hit major lenders. In the lead-up to the financial crash of 2008, U.S. banks packaged and sold residential mortgage-backed securities — a type of financial instrument that contained mortgages and home-equity loans of varying…

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Best Buy Still Has a Long Way to Go

June 5, 2018

Alamy Not so fast, Best Buy (BBY). Shares of the leading consumer electronics retailer initially slipped after posting quarterly results on Tuesday morning. The report doesn’t seem so bad at first. Revenue was flat at $9.36 billion, in line with analyst estimates. Adjusted earnings more than quadrupled to 18 cents a share, blowing past Wall Street expectations of an adjusted profit of 11 cents a share. However, the stock had…

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For Retailers, It’s Ugly Out There in More Ways than One

June 2, 2018

Patrick T. Fallon/Bloomberg via Getty Images The 2013 holiday shopping season may end up being remembered for its ugly sweaters and, for many retailers, even uglier discounts. With growing online competition, no fashion must-haves and weak consumer confidence, most U.S. retailers will have to offer both big discounts and stellar service to get consumers to spend freely, according to retail analysts who joined Reuters reporters on visits to stores in…

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Sears 3Q Loss Widens as Sales Soften at Stores

May 30, 2018

Elise Amendola/AP HOFFMAN ESTATES, Ill. — Sears’ third-quarter loss widened as the ailing department store operator’s results were hurt by weaker sales at its Kmart and Sears stores. The quarterly results underscore the challenges Sears faces as it heads into the critical holiday shopping season. This period is important for retailers because it can comprise up to 40 percent of their annual revenue. The retailer is also in the midst…

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5 Winners and Losers of the Holiday Week in Business

May 27, 2018

Steve Mack/FilmMagic There was no shortage of wonders of blunders even in this holiday-shortened market week. From a retailer’s gadget going cold to some jewelers just starting to heat up, here’s a rundown of the week’s smartest moves and biggest errors in the business world. Men’s Wearhouse (MW) — Loser Jos. A. Bank (JOSB) tried to acquire the larger Men’s Wearhouse a few weeks ago. It didn’t pan out, and…

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Federal Government Expects to Complete GM Stock Sale by Dec. 31

May 24, 2018

Luke Sharrett/Bloomberg via Getty ImagesAn employee works on a 2014 Chevrolet Corvette Stingray at GM’s assembly plant in Bowling Green, Ky.By TOM KRISHER DETROIT — The U.S. government expects to sell the last of its stake in General Motors by the end of the year, bringing an end to a sad chapter in the company’s storied history. The Treasury Department, in a statement issued Thursday, said it still owns 31.1…

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Amazon Testing Delivery with Drones, CEO Bezos Says

May 21, 2018

Amazon/APThis undated image provided by Amazon.com shows the so-called Prime Air unmanned aircraft project that Amazon is working on in its research and development labs.By SCOTT MAYEROWITZ NEW YORK — Amazon.com is working on a way to get customers their goods in 30 minutes or less — by drone. The world’s largest e-commerce company said it’s working on the so-called Prime Air unmanned aircraft project in its research and development…

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Home Depot Raises Outlook Again After Strong Quarter

May 19, 2018

Mark Humphrey/APBy Dhanya Skariachan A recovery in the U.S. housing market helped Home Depot top profit and sales estimates for the third quarter, prompting the No. 1 home improvement chain to raise its fiscal-year outlook for the third time this year Tuesday. The results boosted its shares by 3.2 percent and gave fresh evidence the U.S. housing market continued to heal after years of weakness. A bubble in the sector…

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Comcast Seeks Advice on Possible Bid for Time Warner Cable

May 18, 2018

Andrew Harrer/Bloomberg via Getty ImagesBy Javier E. David Time Warner Cable’s flirtation with potential merger suitors may include Comcast, which is seeking advice on possible regulatory hurdles if it should pursue a bid, sources told CNBC on Friday. Comcast (CMCSA) (CMCSK), the parent company of CNBC, is not in active discussions on deal terms with Time Warner Cable (TWC), these sources say, but is asking for guidance on antitrust and…

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