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J.C. Penney Co. forecast a full-year profit below Wall Street expectations and stoked concerns that it may need further discounts to clear merchandise built up last quarter, sending its shares lower.
Penney said its shoppers, who tend to have a lower household income and are more likely to turn to discount chains and dollar stores when budgets are tight, were vulnerable to weak economic conditions. Get the full story »
For-profit education provider DeVry Inc. posted better-than-expected quarterly results, as enrollments rose at its DeVry university and online courses.
For the fourth quarter ended June 30, the company posted earnings of $71.6 million, or 99 cents a share, compared with earnings of $37 million, or 51 cents a share, a year earlier. Get the full story »
Wendy’s/Arby’s Group Inc. said Thursday that its second-quarter net income fell by more than 28 percent as sales fell and charges cut into results. The fast-food company also cut its full-year outlook, predicting that business at its hamburger chain would likely slow.
Improving conditions in the foodservice industry enabled The Middleby Corp. to report an approximate 28 percent earnings increase for its second quarter. Get the full story »
General Motors posted its second straight profitable quarter Thursday, putting it in position to move ahead with the sale of shares to the public that is needed to repay taxpayer assistance it received last year.
The No. 1 automaker in terms of U.S. sales reported earnings of $1.3 billion in the quarter after the payment of dividends on preferred shares held by the U.S. Treasury. That was a stark turnaround from the $12.9 billion it lost in the year-earlier period when the company went into bankruptcy. Get the full story »
Verizon Communications Inc. Chief Financial Officer John Killian compared the wireless arm’s lead in profitability to Tiger Wood’s dominance on the golf course.
“We will maintain the Tiger Woods position on top of the world in terms of profitability,” Killian told analysts during an investor conference on Wednesday.
In reference to Woods’ recent struggles, Killian said that people keep wanting to chip away at the star athlete, much like critics are attempting to chip away at Verizon Wireless’s lead in profitability. Instead, the business is widening its lead, he said. Get the full story »
Macy’s Inc. reported better-than-expected earnings as its exclusive lines helped it win market share and its upscale Bloomingdale’s chain benefited from a pickup in luxury spending. The retailer raised its full year sales and profit forecast, sending shares were up 1.5 percent in premarket trading. Get the full story »
Walt Disney Co.’s fiscal third-quarter earnings jumped 40 percent on deferred revenue at ESPN and hit movies including “Toy Story 3,” as the media giant and theme-park operator’s results beat analysts’ views.
Shares climbed 1.5 percent after-hours, to $35.75. The stock had risen 9.4 percent this year through the close, better than the broader market. Get the full story »
General Growth Properties Inc., the No. 2 U.S. mall owner, said Monday that second-quarter funds from operations rose, citing greater leasing activity and higher sales at its malls. Get the full story »
Meat producer Tyson Foods Inc. reported a higher-than-expected quarterly profit, but shares fell 4 percent on doubts the results can be sustained and that chicken prices may fall.
Tyson’s beef unit had a 5.6 percent profit margin versus 2.4 percent a year ago, while pork margins rose to 10 percent from 3 percent, helped by price increases because of a constricted meat supply. Get the full story »
A year after emerging from bankruptcy protection, Chrysler is stanching its losses and seeing demand for its cars and trucks rise. But it’s far from healthy, and its CEO says the company has more tough work ahead.
Chrysler Group LLC said Monday that growing car and truck sales helped it narrow its second-quarter loss to $172 million, compared with a first-quarter loss of $197 million.
The insurance giant AIG on Friday reported a $538 million loss in the second quarter due to charges related to selling assets to repay the federal government bailout it received during the financial meltdown. Get the full story »
Hedge funds posted small gains in July but lagged the broader market because many managers played it safe after market tumult in May and June took a bite out of their portfolios, according to data released Friday.
The average hedge fund gained 1.9 percent in July after losing 1.35 percent in June and falling 3.01 percent in May, consultants at Hennessee Group found. Get the full story »
Fertilizer producer CF Industries Holdings Inc. posted a lower-than-expected profit on Thursday as integration costs for recently acquired rival Terra Industries drained profit, sending shares down more than 3 percent in after-hours.
The company spent more than $113 million during the period to integrate Terra, which it bought in March for more than $4.6 billion. Executives said the integration is on track and delivering the cost savings it had expected. Get the full story »
