J.C. Penney Permanently Slashing Prices by 40%
J.C. Penney Company Inc. (NYSE:JCP), run by Apple Inc.'s former retail chief, is permanently marking down all of its merchandise by at least 40 percent so that shoppers no longer have to wait for a sale to get the best bargain.
Starbucks Corporation Earnings Preview: What’s Brewing in Q1?
Starbucks, the world's largest coffee-shop chain, is projected to report stronger fiscal first-quarter profit as sales of new offerings have offset higher costs for coffee beans.
Citigroup Weighs More Spending Cuts on ‘Unacceptable’ '11 Revenue
Citigroup Inc., the third-biggest U.S. bank, said it may consider further spending cuts in its securities and banking unit in 2012 after an investment of almost $1 billion failed to yield meaningful revenue.
Caterpillar Inc. Earnings Preview: Q4 to Bring Upside Surprise on U.S. Demand
Caterpillar Inc., the world's largest maker of construction and mining equipment, is expected to beat Wall Street's consensus profit estimates in the fourth quarter due to a rebound in domestic markets and consumers' need to replace their dated fleet.
U.S. GDP Growth Rate Forecast: 3% in Q4 on Consumer Spending, Q1 Likely Weaker
The U.S. economy is expected to have expanded in the fourth quarter of 2011 at a 3 percent annual rate, the fastest pace in a year and a half and well above third-quarter growth of 1.8 percent, as consumers loosened their purse strings, companies rebuilt inventories and housing construction perked up.
Federal Reserve Releases Format for FOMC Interest Rate Forcasts
The Federal Reserve on Friday released blank templates showing the format it will use to report Federal Open Market Committee (FOMC) participants' projections of the appropriate target benchmark interest rate, which will be provided to the public for the first time on Jan. 25.
Venture Capital Financing Up 10% in 2011; Web Startups Suffer
U.S. venture capitalists dipped deeper into their pockets to fund start-ups last year, despite a slowdown in the fourth quarter. The appetite for mature consumer web companies remained strong, while interest in early-stage companies tumbled.
China Manufacturing Contracts for 3rd Month, Monetary Easing Expected
China's manufacturing activity slowed for a third consecutive month in January, according to a survey of purchasing managers on Friday, which could compel Beijing to take steps to stimulate growth in the world's second-largest economy.
Moody’s Warns of More Cuts to Big Banks' Ratings
Moody's Investors Service warned Thursday that many European banks and global investment banks are likely to see their credit ratings further downgraded by the agency.
Gold Prices Inch Lower after 2-Session Gain
Gold for February delivery, the most actively traded contract on the Comex, fell $9 to settle at $1650.9 an ounce. Early in the day, the price hit a fresh five-week high.
American Express Earnings Preview: Upside Surprise in 4Q?
American Express Company (NYSE: AXP), the biggest credit-card issuer by purchases, is expected to beat Wall Street's consensus profit estimates, with earnings gains driven by stronger consumer spending and a diversified business model. This is sharp change from prior quarters when the company grew profits by dipping deeper into the company's reserve funds that were set aside to cushion against future losses.
World Bank Warns of Global Recession
The World Bank warned Wednesday that the global economy is on the cusp of a new financial crisis, one similar in magnitude to the chaos following the collapse of Lehman Brothers in 2008.
German Investor Confidence Posts Largest Jump Ever in January
German Investor confidence rose sharply in January as cheap, long-term loans provided by the European Central Bank soothed the financial markets, suggesting that the economy is stabilizing.
China's 4Q GDP Growth Slowdown to 8.9% Won't Affect U.S. Automakers
China's GDP growth in the fourth quarter of 2011 dipped to 8.9 percent, down from 9.1 percent in the prior quarter, but the Chinese government will likely take steps to ensure that a slowdown does not harm global manufacturers that increasingly look to China for new consumers.
Psi Bands Seizes Global Manufacturing and Sales Opportunities
Psi Health Solutions Inc. is launching its stylish acupressure wrist bands Friday in Italy, the company's seventh international market. Manufactured in China, Psi Band's global expansion mirrors a growing trend for small businesses struggling with growth and sales in the still sluggish U.S. economy.
RBS to Cut 3,500 Investment Banking Jobs; A Reflection of Industry Trend
Royal Bank of Scotland Group Plc (NYSE: RBS), Britain's biggest state-owned bank, has became the latest major bank to succumb to the global squeeze on financial institutions trying to juggle shareholder pressure and worsening economic prospects.
Jobless Claims Jumped More Than Forecast; Raising Concerns
The number of Americans filing for first-time unemployment benefits rose last week to the highest level in six weeks after a downtick in the week ended Dec. 31. The figure nearly surpassed a key threshold for gauging the job market, raising concerns about the U.S. employment situation without the help of holiday hiring.
Microsoft May Cut Hundreds of Jobs, Restructure Marketing Operations
Microsoft Corp. (MSFT) is planning to shakeup its marketing unit as the company grows increasingly unhappy with the results, a move that could lead to hundreds of job cuts.
Gold Prices Move Above Key Level on Strong Asian Demand
Gold prices extended gains into the second day on Wednesday, rising above the closely-watched 200-day moving average. The yellow metal is trading at around its highest level in a month, supported by strong physical demand from India and China.
NYSE-Deutsche Boerse Merger Hits Another Rock
European Union regulators have preliminarily rejected the proposed $17 billion tie-up of NYSE Euronext (NYX) and Deutsche Boerse (DBOEF), the Wall Street Journal reported, citing a senior European Union official.
MetLife Quitting Home Mortgage Origination Business, Seeks to Limit Regulatory Oversight
MetLife Inc. (MET), the largest U.S. life insurer, said Tuesday that it's shutting down the business of originating residential mortgages, three months after the company said it would seek a buyer for the unit. Goldman Sachs upgraded MetLife to "buy" as the company scales back to meet targets for shareholder returns.
Bad Year for Pensions: Largest Corporate Pensions Ended ’11 with $464B Deficit
Historically low interest rates and weak stock market gains led 100 of the largest U.S. corporate pension funds to a massive funded-status deficit of $464.4 billion in 2011, the largest deficit in the 11 years consulting firm Milliman Inc. has been tracking such pensions.
Tiffany Lowers Full-Year Profit Forecast on Weak Holiday Sales; Stock Tumbles
Tiffany & Co. (TIF) cut its full-year earnings forecast after sales growth weakened in the U.S. and Europe during the holiday season, raising fear that the economic uncertainty might be reining the demand of luxury shoppers.
China Trade Growth Slows in Dec; '11 Trade Surplus Falls to 6-Year Low
Chinese imports posted an unexpectedly sharp drop in December, flashing a warning sign that the world's second-largest economy is expanding at a slower rate. Meanwhile, full-year figures pointed to a narrowing trend in the Chinese trade gap, which suggest that the country is relying more on its domestic demand.
Bristol-Myers Acquires Inhibitex for $2.5 Billion, Targeting Hepatitis C
Bristol-Myers Squibb Co. (BMY), the American pharmaceutical giant that is facing the near-term loss of patent protections on three of its four top sellers, is set to buy U.S. biotech company Inhibitex Inc. for $2.5 billion.
Silver Mining Company Shares Decline
Silver mining company shares declined Friday as the price of the gray metal fell more than 2 percent. U.S. stock indexes mostly edged down, suggesting that investors are measuring the improvement in labor market against a declining euro.
Best Buy Posts Disappointing Holiday Sales Results; Reaffirms Profit Outlook
Best Buy Co. (BBY) reported weak December same-store sales due to lower-than-expected holiday traffic until the last week before Christmas. Shares are trading higher after the company said it is standing by its full-year profit forecast.
Palladium Likely to Outperform PGM in 2012
The deteriorating global growth outlook has meant the underperformance of the platinum group metals relative to gold, although supply disruptions could provide some relief to weaker demand. Of the PGM group, palladium is more likely to outperform in 2012, given its stronger links to U.S. and Chinese demand.
U.S. Jobless Rate Falls Unexpectedly to 8.5%, Lowest Since Feb '09
Hiring in the U.S. accelerated in December for a second month and jobless rate fell again to the lowest point in almost three years. Revised data show that hiring in October grew faster than initially reported, while hiring in November was revised down. All signs indicate a strengthening labor market heading into 2012.
Gold to Average $1,875 This Year: Barclays
Barclays Capital released its 2012 price outlook for precious metals Thursday. Despite short-term hurdles, a clouded macro-economic environment against a backdrop of low interest rates and political uncertainties continue to stoke investor appetite for a more diversified and less riskier portfolio.
