Hike in pay roll taxes and increase in gas prices seems to have taken a toll on the U.S. consumer spending. The world’s largest discount retail chain, Wal-Mart Stores Inc. (NYSE: WMT) said on Thursday that comparable-store sales in the U.S. fell 0.3% in the fiscal second quarter. Analysts surveyed by Thomson Reuters expected 1% gain in comparable-store-sales. For the quarter, Wal-Mart posted a profit of $4.07 billion or $1.24 a share compared to a net income of $4.02 billion or $1.18 a share. Revenue edged up 2.3% to $116.9 billion from $114.3 billion in the same quarter of last year. Wal-Mart, however, slashed its full-year outlook.
Shares of Elbit Systems Ltd. (USA) (NASDAQ: ESLT) gained sharply on Tuesday after the Israeli defense equipment and unmanned aerial vehicles maker handed better-than-expected fiscal second quarter results. The Company attributed to higher sales of unmanned aerial vehicles and intelligence systems for strong performance as well as cost cutting measures. On adjusted basis, the Company reported earnings of $1.19 a share up from $1.14 a share, in the same quarter of last year. Revenue rose to $702.9 million from $676.4 million. Analysts polled by Thomson Reuters had forecasted earnings of 87 cents a share on revenue of $686 million.
Home appliances maker, Whirlpool Corp. (NYSE: WHR) said on Tuesday that it has agreed to buy a majority stake in China’s Hefei Rongshida Sanyo Electric Co in deal estimated at about $555.4 million. The move will allow the Company to gain traction in China. Whirlpool said that its will purchase all Hefei Sanyo shares both from Sanyo Electric Co. and Sanyo Electric Co. (China) Ltd. After the transaction is completed, Whirlpool will hold a 51% stake in Hefei Sanyo. Whirlpool, which is the world’s largest home appliances maker, posted better-than-expected fiscal second quarter results in July, as the sales soared 75% due to improved demand for its products from across all geographic segments.
Struggling smartphone maker, BlackBerry Ltd. (NASDAQ: BBRY) said on Monday that it is mulling all strategic options like joint ventures partnerships, including putting itself up for sale. Flagging sales and dwindling market-share have hammered Blackberry shares this year. In a statement released on Monday, BlackBerry said that a special board has been commissioned which will look at all possible alternatives to arrest the downtrend in the business. BlackBerry said that J P Morgan Chase & Co will act as its financial adviser. Shares of BlackBerry rallied following this announcement.
David H Murdock Jr., the Chief Executive of Dole Food Company Inc. (NYSE: DOLE) announced on Monday that he has agreed to buy 100% stake in the food and vegetable company in deal estimated at $1.6 billion, including debt. According to the terms of the deal, Murdock will pay $13.50 per share to acquire another 60% stake in the company, which he does not currently own. The deal implies a 5% premium over the closing stock price of $12.81 on Friday. The latest offer is 12.5% higher than Murdock’s initial offer of $12 a share.
The world’s largest coffee chain, Starbucks Corporation (NASDAQ: SBUX) said on Friday that its fiscal third-quarter net income rose 25%, aided by robust growth in same-store sales, worldwide. Continue reading Starbucks Beats Q3 Estimates; Lifts FY 2013 Earnings Guidance, Shares Rally (SBUX)
Shares of NanoTech Entertainment Inc. (OTC: NTEK), operating a technology company with focus on entertainment industry worldwide, soared in trading today. NTEK shares ended the day 18.52% higher at $0.0640 on above average volume of 11.40 million. The stock hit an intra-day high of $0.07 earlier today. Despite the gains in trading today, NTEK shares have fallen 7.25% in the last three trading sessions.
Shares of Zynga Inc. (NASDAQ: ZNGA) tumbled in afterhours trading on Thursday after the social gaming company said that it will drop its plan to create a real-money gaming business in the U.S. The company also reported its financial results for the second quarter.
Shares of Petron Energy II Inc. (OTC: PEII), a company engaged in the development, exploration, production and sale of oil, gas, and gas liquids in Texas and Oklahoma, saw a huge rally in trading today. The stock ended the day 525% higher at $0.0750 on above average volume of 22.80 million. It hit an intra-day high of $0.09. PEII shares have gained 814.63% in the last three trading sessions.
Tulsa, Oklahoma-based diversified energy company, ONEOK Inc. (NYSE: OKE) today announced that its Board of Directors authorized the management to pursue a plan to separate the company’s natural gas distribution business into a standalone publicly traded company. Continue reading Major Movers on July 25; OKE, CROX, FB, DHI, PHM, BIDU |
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