Clothing retailer J. Crew Group beat forecasts in its fiscal quarter ended May 2, 2009. Although earnings per share fell 33% to US$0.32 from 0.48 YOY, it was triple the US$0.11 predictions of analysts. J. Crew has managed to capitalize on high-end shoppers who are fleeing luxury department stores and boutiques as a result of [...]
- US Economy Shrinks at 5.7% Rate in First Quarter – Euro Zone Annual Inflation Drops to Zero in May – Time Warner to Spin Off AOL – US Durable Goods Orders Up, Jobless Claims Down
Exactly one week after its main rival exceeded earnings estimates, the United States’ biggest warehouse club – Costco Wholesale Corp – disappointed investors with a third quarter profit that fell short of expectations. Costco’s net profit fell 29% to US$209.6M or US$0.48 per share as consumers curtailed discretionary spending. Its bottom line was also hit [...]
Yet again, Petroleo Brasiliero SA announced earlier this week, that it discovered evidence of natural gas in Brazil’s Espirito Santo Basin. Furthermore, oil prices have been skyrocketing lately, hitting US$65 around mid-day yesterday, and this will have a positive impact on the revenues of the company. Investors are clearly riding the wave of soaring oil [...]
Italy’s Fiat SpA Abandons Talks Regarding the Future of Opel in Berlin, Says German Gov’t “Unreasonable” Japan’s Factory Output Increased 5.2% in April, Biggest Monthly Gain in Over 50 Years, Manufacturers Expect Further Gains Ahead Eurozone Inflation Rate at Record LO of 0.0% in May Inducing Concern that Deflation is Imminent India’s Economic Growth Slowed [...]
Figures reflecting U.S. Consumer Sentiment for the month of May stunned economists as they soared past forecasts. In an announcement yesterday, the Conference Board said that its sentiment index climbed to 54.9 from a revised 40.8 last month – a 34.56% increase and the biggest since April 2003. Though economists were expecting the index to [...]
General Motors Corp. inched closer towards what seems like an inevitable bankruptcy filing yesterday, when it failed to persuade enough of its bondholders to swap US$27B worth of debt for equity. The struggling automaker has until June 1 to reduce its debt by US$44B if it is going to be eligible for additional government bailout [...]
Luxury clothing maker Polo Ralph Lauren Corp. triumphed over its competitors with a fourth quarter profit that declined much less than analysts were forecasting. The company’s net income fell 57% to US$44.5M or US$0.44 cents per share in the quarter ended March 28, 2009, as it benefited from job cuts and a lower tax rate. [...]
OPEC Leaves Oil Output Unchanged After Meeting, Sees Target of USD 75.00 to USD 80.00 per Barrel by Year’s End Auto Parts Makers Visteon Corp and Metaldyne Corp File for Chapter 11 Bankruptcy on US Operations as Auto Industry Crisis Persists Costco Wholesale Corp Third Quarter Profit Dips 30% to USD 209.6mm on Weak Consumer [...]
- Japan’s Export Slump Eases Slightly in April – Bank of America Corp Raises 76% of Capital Required by Federal Reserve – US Consumer Confidence Soars, Beats Forecasts – Bank of Montreal Posts Better-Than-Expected Quarterly Profit