| Best Buy swings to $81 million first-quarter loss |
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NEW YORK (MarketWatch) -- Best Buy Co. Inc. BBY -2.42% said it swung to a loss of $81 million, or 24 cents a share, in its fiscal 2014 first quarter from a year-ago profit of $158 million, or 46 cents a share. |
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Per-share earnings from continuing operations fell to 29 cents a share from 49 cents a share. Those earnings excluded European operations as Best Buy agreed to sell its 50% stake in Best Buy Europe on April 30. Revenue fell to $9.38 billion, from $10.37 billion a year earlier, the retailer said Tuesday.
Analysts had expected earnings of 24 cents a share on revenue of $10.67 billion, according to FactSet. The company attributed the fall in adjusted earnings to a shorter quarter and lack of of high-profile product launches compared to a year ago, the shift in the Super Bowl's timing and its investment in price competitiveness. More
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U.S. housing starts drop 16.5% in April
WASHINGTON (MarketWatch) -- Construction on new U.S. homes dropped 16.5% in April to a seasonally adjusted annual rate of 853,000 -- the lowest level since November -- led down by volatile apartment construction, according to data released Thursday by the U.S. Department of Commerce. Apartment starts had jumped higher in March, and analysts expected pull back in this category for April.
Starts for single-family homes declined 2.1% in April to a seasonally adjusted annual rate of 610,000, while starts for structures with at least five units dropped 37.8% to a rate of 234,000. Despite April's decline, longer-term trends pointed to rebounding activity, with overall home-construction starts in April up 13.1% from the same period in the prior year, but far below peak levels. More
JPMorgan Energy Spat Resurrects Ghost of Enron
The last time investors heard the terms "manipulation" and "energy markets" in conjunction with one another, it was during the heady days of now-bankrupt Enron - which became a byword for fraud and market excess.
Yet just last week, regulators used those sharp words to accuse JPMorgan Chase (JPM) of manipulating energy markets, language similar to that which once buffeted -- and eventually took down -- bankrupt energy giant Enron.
The bank now finds itself in the midst of a new regulatory morass.According to several reports, a unit of the banking giant is being scrutinized by the Federal Energy Regulatory Commission (FERC) for "manipulative schemes" that turned power plants into profit-making engines. The FERC may bring enforcement against them for what reports say were "schemes" adopted by traders to inflate market bids and JPMorgan's profits. More
Yelp Stock Is Up 6% After Strong Guidance
Yelp's stock is up in after-hour trading after the company delivered a better-than-expected earnings report.
The two big numbers which seem to be driving the stock are this quarter's revenue and its guidance for the next quarter.
Here's a look at the numbers:
Revenue: $46.1 million versus $44.54 million estimate by analysts.
EPS: -$0.08 versus -$0.06 estimate by analysts.
Revenue guidance: $52.5 million - $53.5 million, versus $50.56 million estimated by analysts.
Fed signals it could increase or decrease stimulus
WASHINGTON (AP) -- The Federal Reserve on Wednesday stood by its extraordinary efforts to stimulate the economy because unemployment remains high at 7.6 percent. The Fed said the economy and job market have been improving only moderately, held back by government spending cuts and tax increases.
After a two-day policy meeting, the Fed maintained its plan to keep short-term interest rates at record lows at least until unemployment falls to 6.5 percent.
And it said it will continue to buy $85 billion a month in Treasury and mortgage bonds. The bond purchases are intended to keep long-term borrowing costs down and encourage borrowing and spending. More
VIDEO: Fisher vs. Gregg on How to End 'Too Big to Fail'
The Dodd-Frank Act is "horribly complex" and doesn't solve the problem of banks being "too big to fail," Dallas Fed President Richard Fisher told CNBC on Monday. In a separate interview, former Sen. Judd Gregg—new CEO of the Securities Industry and Financial Markets Association—agreed but said he'd go in a different direction to fix it. SEE IT NOW>>
BAHAHAHA Moment of the Week - Thank you very much!
Reid: More funding needed to prevent Obamacare from becoming 'train wreck'
Senate Majority Leader Harry Reid (D-Nev.) says he shares colleagues’ concerns that the Affordable Care Act could become a “train wreck” if it’s not implemented properly.
Reid warned that people will not be able to choose health insurance plans on government health exchanges if federal authorities lack the resources to set them up and educate the public.
Max said unless we implement this properly it’s going to be a train wreck and I agree with him,” Reid said, echoing a warning delivered last month by Senate Finance Committee Chairman Max Baucus (D-Mont.) More
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