Wal-Mart Stores Inc.'s profit fell 18% in the fourth quarter as it continues to boost spending to thwart competition from online retailers like Amazon, as revenue was boosted by e-commerce sales. Same-store sales in the U.S. rose 1.8% for the quarter, the 10th straight quarterly increase, and foot traffic rose 1.4%.
Macy's Inc. shares rose 3.4% in Tuesday premarket trading after the department store retailer announced fourth-quarter earnings that beat expectations. Net income was $475 million, or $1.54 per share, down from $544 million, or $1.73 per share last year. Adjusted EPS was $2.02, beating the FactSet consensus of $1.95. Sales were $8.52 billion, down from $8.87 billion last year, and below the $8.62 billion FactSet consensus. Same-store sales on an owned-plus-licensed basis fell 2.1% compared with a FactSet consensus of a 2.5% decline. The company completed the $250 million sale of the Union Square Men's building in San Francisco. And the previously announced Chief Executive Officer transition to Jeff Gennette, the current president, from Terry Lundgren will take place on March 23, 2017. Macy's sees a fiscal 2017 same-store sales decline between 2% and 3% on an owned-plus-licensed basis. The FactSet consensus is a 2.2% decline. Sales are expected to fall between 3.2% and 4.3% for the year, owing to 66 store closures. And adjusted EPS excluding the anticipated gain from the Union Square sale and anticipated settlement charges are expected to be $2.90 to $3.15. The FactSet consensus is $3.17. Macy's shares are down 19.7% for the past year while the S&P 500 index is up 22.6% for the same period.
Verizon Communications Inc. and Yahoo! Inc. said on Tuesday they have reached a revised agreement that will see Verizon buy the internet company's business in a deal valued at approximately $4.48 billion, cutting the initial cost by $350 million. "We have always believed this acquisition makes strategic sense," said Marni Walden, Verizon's president of Product Innovation and New Businesses, in a statement. "We look forward to moving ahead expeditiously so that we can quickly welcome Yahoo's tremendous talent and assets into our expanding portfolio in the digital advertising space." The revised deal comes after months of speculation as whether talks would break down amidst revelations of two data breaches at Yahoo. Under the amended terms of the deal, the data breaches, or losses from them will not be taken into account in determining whether a "business material adverse effect" has occurred or whether certain closing conditions have been satisfied, according to a news release. Walden said the two companies expect the deal to close in the second quarter. Verizon shares have declined 3% in the trailing 12-month period, while Yahoo shares have gained 50% and the S&P 500 Index is up more than 22%.
Restaurant Brands International Inc. said Tuesday it has agreed to acquire Popeyes Louisiana Kitchen Inc. for $1.8 billion in cash. Under the terms of the agreement, Restaurant Brands, operator of Burger King and Tim Hortons, will pay $79 per Popeyes' share, equal to a 27% premium over Popeyes' 30-trading day volume weighted average price as of Feb. 10, the last trading day before media talk of a potential sale. The deal is expected to close by early April. Popeyes shares were halted premarket. Restaurant Brands was up 2.2%, but have gained 65% in the last 12 months, while the S&P 500 has gained 22%.
Paying top dollar for your weekly supermarket trip doesn’t have to be a given.
GasBuddy says gasoline prices at the pump by Memorial Day may climb to levels not seen in more than two years.
LONDON--Britons' concerns about the economy overtook worries about terrorism and immigration last year, according to a survey that showed that while overall sentiment remained strong, U.K. consumers grew increasingly anxious about Brexit's potentially disruptive impact.
Treasury yields increased on Tuesday following hawkish comments from Philadelphia Federal Reserve Bank President Patrick Harker, who said over the ...
Restaurant Brands International Inc. said Tuesday it has agreed to acquire Popeyes Louisiana Kitchen Inc. for $1.8 billion in cash. Under the ter...
JetBlue said Tuesday it has promoted Steve Priest to chief financial officer and executive vice president, effective immediately. Priest had previ...
The major indexes rose to new highs this week as investors ignored the chaos in Washington and refused to let the market fall.The S&P 500 rose 1.5%...
Shares of fiber-optic component supplier Finisar (FNSR) today declined by $1.03, or 3%, to close at $33.75, and at one point dropped by as much as ...
On Friday Kraft Heinz made a surprise $143 billion bid for Unilever. Kraft and Unilever shares got a lift on the news even before the market opened...
Financial engineering, easy money masks global economy’s precarious health, writes Satyajit Das.
Closing borders is bad business for U.S. companies and jobs, writes Lata Krishnan.
Corporate America could be entering an era of CEO activism against Trump administration policies, write Chris Edelson and Erran Carmel.
This follows Nordstrom’s decision to discontinue Ivanka Trump products.
One big priority for Republicans, obscured by the recent turmoil in the Trump White House, is a big tax overhaul plan. WSJ's Gerald F. Seib explain...
Paying top dollar for your weekly supermarket trip doesn’t have to be a given.
The Conservative Political Action Conference also rescinded an invitation to the writer.
|30 yr fixed Jumbo||4.26%|
|30 yr fixed||4.01%|
|15 yr fixed||3.14%|
|10 yr fixed||2.98%|
|30 yr fixed refi||4.05%|
|15 yr fixed refi||3.16%|
|5/1 ARM refi||3.27%|
|$30K Home Equity Loan||4.71%|
|$50K Home Equity Loan||4.28%|
|$75K Home Equity Loan||4.26%|
|$100K Home Equity Loan||4.15%|
|5 yr CD||1.23%|
|2 yr CD||0.75%|
|1 yr CD||0.58%|
|MMA Savings Jumbo||0.40%|
|60 Mo Used Car||3.19%|
|48 Mo Used Car||3.18%|
|36 Mo Used Car||3.42%|
|72 Mo New Car||3.24%|
|60 Mo New Car||3.41%|
|48 Mo New Car||3.31%|
|60 Mo Auto Refi||2.80%|
|36 Mo Auto Refi||2.61%|
|Avg. APR||Last Week||6 Months|
Quentin Fottrell answers your questions about inheritance, tipping, weddings, re-gifting, or any tricky money issues relating to family and friends. Have a question? Send it to the Moneyologist.
A lawyer and executor are required by law to act in your best interests.
A cautionary tale about flippers and first-time home owners.
This man is the sole caretaker and advocate for his 76-year-old relative.
There is not always a clear difference between a kickback and genuine compensation.
It’s not just how much you save, but how you save that matters.
How to live better now that we’re living longer.
They’re tax-beneficial, but you’ll need good luck and good health.
Stock futures rise as Home Depot, Wal-Mart Stores gain after reporting earnings.
The closing of Dalian Wanda Group’s purchase of Dick Clark Productions has hit a speed bump due to the Chinese government’s scrutiny of money leavi...
U.K. stocks show little change Monday, with the main benchmark weighed down by Unilever PLC’s drop after Kraft Heinz Co. withdrew its bid.
European stocks scored modest gains Monday, helped by jumps for Royal Bank of Scotland, Rolls-Royce and furniture seller Steinhoff International.
U.S. stock futures pointed to a higher start for Wall Street when markets return from the Presidents Day holiday on Tuesday.
With the Trump win, you can bet that the wealthy Dallas enclave of Highland Park is joyous. I have reiterated multiple times in my articles that it...
Los Angeles certainly continues to experience some banner-worthy transactions, having just closed out a year in which we had our first two $100 mil...
The bucolic Canyons neighborhoods in Los Angeles have been and still are home to an array of interesting and influential folk.
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