CVS Cavemark Corp., the second largest drug store in the U.S., was surely ailing yesterday, as the company’s stock plummeted the most in eight years. This came after it revealed that its pharmacy benefits management business lost US$3.7B in contracts in the third quarter, and that the head of that unit will step down. The [...]
Amazon.Com Inc shares rallied for a second-straight day, after posting top-notch results for the third quarter on strong sales of its Kindle electronic reader. Third quarter profit blew past analysts’ average forecast of US$0.33 a share, rising 69% to US$199M (Or US$0.45 a share). Following the results, Amazon shares received upgrades at a number of [...]
Yesterday, Barnes & Noble Inc. announced that it didn’t expect a repeat of its solid first quarter performance, due to a decline in sales and acquisition-related costs. As a result, Barnes & Noble now anticipates a loss of between US$ 0.45 to US$ 0.55 in the second quarter, including the acquisition costs. For the full-year, [...]
Shares of Target Corp declined 1.29% to US$46.67 yesterday, after UBS AG downgraded the stock to “Neutral” from “Buy”. UBS downgraded the retailer after uncovering some disappointing statistics. It estimated that Target has lost 14% of its customers over the last few years, and that 31% of those still shopping at Target stores are spending [...]
Despite shifting to a loss for its fiscal second quarter through August 29, 2009 (Q02 2009), The Finish Line Inc was one of the few gainers on the NASDAQ yesterday, soaring 12.15% as investors took to heart the company’s suggestion that “things will only get better from here.” Finish Line posted a loss per share [...]
Rite Aid Corp posted a narrower loss for its fiscal second quarter ended August 29, 2009 on lower overheads. Sales declined 2.7%, and the Company’s loss per share amounted to US$0.14 from US$0.27 a share year-over-year. Rite Aid Corp also lowered its forecast for the fiscal year to a loss of US$0.48 to US$0.74 a [...]
Macy’s Inc led gains on the S&P 500 Index yesterday, rising 5.51%, versus the overall index gain of 0.66%. Macy’s CEO said the company expects to go beyond US$1 billion in Internet-based sales this year, a 13% climb over 2008. The shares were also driven by an upgrade to “Buy” from “Hold” at Citigroup Inc., [...]
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U.S. consumer electronics chain giant, Best Buy Co. Inc., was once again reminded today, as it released its second quarter (Q02 2009) results, that consumers moved away from buying a variety of non-essential items – including electronics – during the recession. Best Buy missed estimates, after reporting that net profit dropped to US$158M in Q02 [...]
It’s clear that consumers are still tentative to spend as seen with the ongoing decline in retail sales for the sixteen Euro Zone countries. This time around, retail sales fell 0.4% in May, after slightly rising 0.1% in April. On an annualized basis, retail sales fell by 3.3% from May 2008, lower than economists’ forecast [...]
UK Retail Sales slid in May, after the Governor of the Bank of England hinted that the recovery could be slow as banks keep a tight grip on credit. Sales fell 0.6% compared with April data, disappointing economists who forecasted a jump of 0.3%. When compared to May 2008, an especially strong month, the decrease [...]