(Reuters) - A fire at French oil major Total's Nkossa offshore platform in Congo Republic killed two people and halted the field's 60,000 barrel-per-day production on Thursday, the company said.
Congo's oil ministry and the company said an investigation was under way to determine the cause of the blaze, which started at around 0400 GMT on Thursday and was quickly extinguished.
Read more at Reuters Africa
Thursday, May 10, 2007
UPDATE 1-Alcatel-Lucent sees Q2 sales up 10 pct vs Q1
(Reuters) - The French-American telecoms equipment group posted an operating loss of 244 million euros for the three months to March 31 and a net profit of 199 million euros.
The figures compared with an operating profit of 246 million euros and net profit of 306 million euros in the first quarter of 2006.
Read more at Reuters.com Market News
The figures compared with an operating profit of 246 million euros and net profit of 306 million euros in the first quarter of 2006.
Read more at Reuters.com Market News
U.K. Pound Set for Weekly Drop as Interest Rate Increase Meets Forecasts
(Bloomberg) -- The U.K. pound headed for a third weekly drop against the dollar after the Bank of England matched market expectations by raising interest rates a quarter point.
The pound also fell from the week's high on speculation a 3 percent gain in the past two months already reflects expectations for higher borrowing costs. All 61 economists surveyed by Bloomberg News forecast the bank would announce a quarter-point increase in the Bank Rate to 5.5 percent yesterday.
Read more at Bloomberg Currencies News
The pound also fell from the week's high on speculation a 3 percent gain in the past two months already reflects expectations for higher borrowing costs. All 61 economists surveyed by Bloomberg News forecast the bank would announce a quarter-point increase in the Bank Rate to 5.5 percent yesterday.
Read more at Bloomberg Currencies News
Independent News & Media, Tesco, 3i, Trinity: U.K., Irish Equity Preview
(Bloomberg) -- The following stocks may rise or fall in U.K. and Irish markets today. Stock symbols are in parentheses and prices are from yesterday's market close.
The benchmark FTSE 100 Index fell 25.50, or 0.39 percent, to close at 6524.10 in London as 43 stocks rose, 57 fell and 2 were unchanged. The FTSE All-Share Index lost 10.54, or 0.31 percent, to 3393.46.
Read more at Bloomberg Stocks News
The benchmark FTSE 100 Index fell 25.50, or 0.39 percent, to close at 6524.10 in London as 43 stocks rose, 57 fell and 2 were unchanged. The FTSE All-Share Index lost 10.54, or 0.31 percent, to 3393.46.
Read more at Bloomberg Stocks News
Retail Sales in U.S. Probably Slowed in April on Higher Gasoline Prices
(Bloomberg) -- Retail sales in the U.S. probably increased in April at the slowest pace in three months as near- record gasoline prices and falling home values strapped shoppers, economists said before a government report today.
Sales rose 0.4 percent after a 0.7 percent gain the prior month, according to the median estimate in a Bloomberg News survey of 83 economists. Purchases excluding automobiles probably increased 0.5 percent, also less than in March.
Read more at Bloomberg Currencies News
Sales rose 0.4 percent after a 0.7 percent gain the prior month, according to the median estimate in a Bloomberg News survey of 83 economists. Purchases excluding automobiles probably increased 0.5 percent, also less than in March.
Read more at Bloomberg Currencies News
Gold Rises in Asia After Losses on Dollar's Recovery; Tokyo Futures Drop
(Bloomberg) -- Gold rose after falling 2.2 percent yesterday as the dollar's recovery to a one-month high against the euro reduced the precious metal's appeal as an alternative investment. Tokyo futures fell as much as the daily limit.
Gold often moves in the opposite direction to the U.S. currency. The euro headed for the biggest weekly loss against the dollar since the start of the year after European Central Bank President Jean-Claude Trichet, who yesterday flagged a June rate increase, gave no indication of policy direction after that.
Read more at Bloomberg Commodities News
Gold often moves in the opposite direction to the U.S. currency. The euro headed for the biggest weekly loss against the dollar since the start of the year after European Central Bank President Jean-Claude Trichet, who yesterday flagged a June rate increase, gave no indication of policy direction after that.
Read more at Bloomberg Commodities News
Shanghai Copper Falls on Concern About China Demand; Zinc, Aluminum Down
(Bloomberg) -- Copper futures fell in Shanghai for a second day as international prices continued to drop amid concern that demand from China, the world's biggest consumer of the industrial metal, may slow.
Stockpiles of copper in Shanghai Futures Exchange warehouses have more than doubled this year to the highest since December 2005, as imports and domestic production gained. Stockpiles may rise as much as 10,000 tons this week, said analyst Cai Luoyi. The figures are expected this afternoon.
Read more at Bloomberg Commodities News
Stockpiles of copper in Shanghai Futures Exchange warehouses have more than doubled this year to the highest since December 2005, as imports and domestic production gained. Stockpiles may rise as much as 10,000 tons this week, said analyst Cai Luoyi. The figures are expected this afternoon.
Read more at Bloomberg Commodities News
China's Inflation Rate Probably Broke Central Bank Target for Second Month
(Bloomberg) -- China's producer prices climbed at a faster pace in April.
Factory-gate prices rose 2.9 percent from a year earlier, the National Bureau of Statistics said today, after gaining 2.7 percent in March. That's the same as the median estimate of 14 economists surveyed by Bloomberg News.
Read more at Bloomberg Emerging Markets News
Factory-gate prices rose 2.9 percent from a year earlier, the National Bureau of Statistics said today, after gaining 2.7 percent in March. That's the same as the median estimate of 14 economists surveyed by Bloomberg News.
Read more at Bloomberg Emerging Markets News
Babcock Agrees to Buy Alinta for $6.5 Billion, Beating Macquarie Bank Bid
(Bloomberg) -- Babcock & Brown Ltd. and Singapore Power Ltd. won a takeover battle for Alinta Ltd., Australia's biggest energy transmission company, with a A$7.9 billion ($6.5 billion) bid, edging out a rival offer from Macquarie Bank Ltd.
The offer valued at A$16.06 a share is more than A$1 higher than a previously agreed bid, Perth-based Alinta, said in a statement today.
Read more at Bloomberg Energy News
The offer valued at A$16.06 a share is more than A$1 higher than a previously agreed bid, Perth-based Alinta, said in a statement today.
Read more at Bloomberg Energy News
Asian Stocks Fall on Lower Metals, U.S. Growth Concerns; BHP, Samsung Drop
(Bloomberg) -- Asian stocks fell after raw-material prices dropped and reports showed falling retail sales and a wider trade deficit in the U.S., the region's largest export market.
All 10 industry groups making up the Morgan Stanley Capital International Asia-Pacific Index retreated. BHP Billiton Ltd. posted its biggest drop in two weeks as copper and zinc declined. Canon Inc. slid by the most in two months on concern demand for its digital cameras will falter as the U.S. economy slows.
Read more at Bloomberg Stocks News
All 10 industry groups making up the Morgan Stanley Capital International Asia-Pacific Index retreated. BHP Billiton Ltd. posted its biggest drop in two weeks as copper and zinc declined. Canon Inc. slid by the most in two months on concern demand for its digital cameras will falter as the U.S. economy slows.
Read more at Bloomberg Stocks News
JetBlue removes Neeleman as CEO
(Reuters) - JetBlue said Neeleman, who started the company in 1998, will be replaced as CEO by President Dave Barger, 49, effective immediately.
Neeleman said the new role will free him up to spend more time on strategic issues that had been neglected amid the carrier's rapid growth.
Read more at Reuters.com Business News
Neeleman said the new role will free him up to spend more time on strategic issues that had been neglected amid the carrier's rapid growth.
Read more at Reuters.com Business News
Calif. revenues top forecast after April surge
(Reuters) - The governor is scheduled to present lawmakers on Monday with his revised budget plan for the state's next fiscal year. That plan will guide final budget talks with lawmakers.
"The increase in personal income tax revenues certainly is welcome news for California, but we need to keep tabs on a few indicators that suggest revenue growth may slow as we enter the next fiscal year," Chiang said in a statement.
Read more at Reuters.com Bonds News
"The increase in personal income tax revenues certainly is welcome news for California, but we need to keep tabs on a few indicators that suggest revenue growth may slow as we enter the next fiscal year," Chiang said in a statement.
Read more at Reuters.com Bonds News
Japan's Nikkei Stock Average, Topix Index Fall; Canon, Toyota Lead Drop
(Bloomberg) -- Japan's Nikkei 225 Stock Average fell 146.45, or 0.8 percent, to 17,590.51 at 9:02 a.m. in Tokyo. The broader Topix index dropped 13.47, or 0.8 percent, to 1723.52.
Canon Inc. and Toyota Motor Corp. led the declines.
Read more at Bloomberg Stocks News
Canon Inc. and Toyota Motor Corp. led the declines.
Read more at Bloomberg Stocks News
China April Inflation Probably Broke Central Bank Target for Second Month
(Bloomberg) -- Inflation in China, the world's fastest-growing major economy, probably breached the central bank's target ceiling for a second month as food costs soared, adding pressure on the central bank to raise interest rates.
Consumer prices gained 3.1 percent in April from a year earlier, according to the median estimate of 17 economists in a Bloomberg News survey, after jumping 3.3 percent in March. The statistics bureau will release the figures at 10 a.m. on May 14.
Read more at Bloomberg Bonds News
Consumer prices gained 3.1 percent in April from a year earlier, according to the median estimate of 17 economists in a Bloomberg News survey, after jumping 3.3 percent in March. The statistics bureau will release the figures at 10 a.m. on May 14.
Read more at Bloomberg Bonds News
Crude Oil Trades Little Changed After Gaining on Gasoline Supply Concerns
(Bloomberg) -- Crude oil was little changed in New York after rising yesterday on concern tight European supplies may hamper efforts to increase U.S. summer fuel stockpiles.
Gasoline jumped to an eight-day high yesterday after refiners including Exxon Mobil Corp. reported faults at plants. Eni SpA, Italy's biggest oil company, halved output from the Brass export terminal this week. A 372,000 barrel-increase in U.S. gasoline supplies left them 8 percent below the five-year average for the period, the Energy Department said May 9.
Read more at Bloomberg Commodities News
Gasoline jumped to an eight-day high yesterday after refiners including Exxon Mobil Corp. reported faults at plants. Eni SpA, Italy's biggest oil company, halved output from the Brass export terminal this week. A 372,000 barrel-increase in U.S. gasoline supplies left them 8 percent below the five-year average for the period, the Energy Department said May 9.
Read more at Bloomberg Commodities News
White House pledges new veto of farm disaster plan
(Reuters) - "Due to the excessive nonemergency spending it contains, if this legislation were presented to the president, he would veto it," the White House said in a statement on the disaster bill.
Farm-state lawmakers have pursued disaster aid since fall 2005. The new bill was expected to be called for a House vote on Friday.
Read more at Reuters.com Bonds News
Farm-state lawmakers have pursued disaster aid since fall 2005. The new bill was expected to be called for a House vote on Friday.
Read more at Reuters.com Bonds News
UPDATE 1-Telecom Argentina 1st-qtr net jumps on mobile unit
(Reuters) - The company posted net profit of 135 million pesos , compared with 3 million pesos a year ago.
Telecom Argentina's net sales jumped 28 percent to 2.055 billion pesos, with mobile phone revenue soaring by 45 percent to 1.272 billion pesos.
Read more at Reuters.com Market News
Telecom Argentina's net sales jumped 28 percent to 2.055 billion pesos, with mobile phone revenue soaring by 45 percent to 1.272 billion pesos.
Read more at Reuters.com Market News
Dynegy says looks to raise secured credit facility
(Reuters) - The financing is expected to close on or about May 24, Dynegy said. Lead arrangers are J.P. Morgan Securities Inc. and Citigroup Global Markets Inc.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Abraxis says FDA OKs generic equivalent of Pfizer's injection
(Reuters) - The biopharmaceutical company said sales of clindamycin, used to treat serious infections, exceeded $16 million in the United States in 2006.
Read more at Reuters.com Government Filings News
Read more at Reuters.com Government Filings News
California Pizza Kitchen 1st-qtr earnings drop
(Reuters) - Last month, CPK forecast earnings of 17 cents to 18 cents a share. Wall Street analysts, on average, had been expecting earnings of 18 cents per share, according to Reuters Estimates.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
National Home Health in revised takeover pact
(Reuters) - National Home said it would adjourn its special meeting of stockholders to approve the transaction until May 29. The deal is expected to close by October 15, the company said.
) Keywords: NATIONALHOME/
Read more at Reuters.com Mergers News
) Keywords: NATIONALHOME/
Read more at Reuters.com Mergers News
FDA panel calls for restrictions on anemia drugs
(Reuters) - The Food and Drug Administration panel of outside cancer experts urged the agency to make marketing of the medicines contingent upon further restrictions being placed on the drugs' labels and upon an agreement by the companies to conduct more clinical trials.
The FDA usually, but not always, follows the recommendations of its advisers.
Read more at Reuters.com Government Filings News
The FDA usually, but not always, follows the recommendations of its advisers.
Read more at Reuters.com Government Filings News
Force Protection, Knot, RadioShack, Versar, JetBlue: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 2:40 p.m. New York time.
Aeropostale Inc. (ARO US) rose $2.90, or 7 percent, to $44.40 and traded as high as $45.11. The retailer of apparel for teens boosted its first-quarter earnings forecast to 24 cents to 25 cents a share, up from its previous estimate of as much as 23 cents a share.
Read more at Bloomberg Stocks News
Aeropostale Inc. (ARO US) rose $2.90, or 7 percent, to $44.40 and traded as high as $45.11. The retailer of apparel for teens boosted its first-quarter earnings forecast to 24 cents to 25 cents a share, up from its previous estimate of as much as 23 cents a share.
Read more at Bloomberg Stocks News
UPDATE 3-Italy's Autogrill 1st-qtr net up; sees better 2007
(Reuters) - MILAN, May 10 - Italian airport and motorway restaurant chain Autogrill Spa .
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Moroccan Stocks Drop, Led by Maroc Telecom, On Concern Profits Lag Prices
(Bloomberg) -- Moroccan stocks fell for a second day amid concern that share prices have outpaced prospects for profit growth.
Maroc Telecom, the largest telephone company in the north- African kingdom, led the decline.
Read more at Bloomberg Stocks News
Maroc Telecom, the largest telephone company in the north- African kingdom, led the decline.
Read more at Bloomberg Stocks News
Crude Oil Rises on Signs U.S. Gasoline Supply Is Insufficient for Summer
(Bloomberg) -- Crude oil and gasoline rose on concern that U.S. motor-fuel inventories aren't sufficient to meet demand during the summer driving season.
Gasoline supplies in the week ended May 4 were down 8 percent from the five-year average for the date, the Energy Department said yesterday. Inventories of the fuel rose 372,000 barrels, the first gain in 13 weeks. Eni SpA cut output at Nigeria's Brass crude oil export terminal by 98,000 barrels a day after a militant group attacked pipelines this week.
Read more at Bloomberg Commodities News
Gasoline supplies in the week ended May 4 were down 8 percent from the five-year average for the date, the Energy Department said yesterday. Inventories of the fuel rose 372,000 barrels, the first gain in 13 weeks. Eni SpA cut output at Nigeria's Brass crude oil export terminal by 98,000 barrels a day after a militant group attacked pipelines this week.
Read more at Bloomberg Commodities News
Pentagon civilian workers warned on tax compliance
(Reuters) - The Defense Department has no obligation to ensure compliance but Whitman said federal employees should be "a model to the country."
"The Pentagon takes it seriously from the standpoint that we believe that all federal employees should be a model to the country and as a model to the country our goal should be 100 percent tax compliance," he said.
Read more at Reuters.com Bonds News
"The Pentagon takes it seriously from the standpoint that we believe that all federal employees should be a model to the country and as a model to the country our goal should be 100 percent tax compliance," he said.
Read more at Reuters.com Bonds News
UPDATE 1-Bank of Canada urges better incentives for pensions
(Reuters) - "There are some shortcomings in our frameworks today," he said.
"And these shortcomings are putting a great deal of pressure on the sponsors of defined-benefit plans. Sponsors have been scaling back or restricting new entries into these types of plans, largely because they do not have the right incentives to maintain or operate defined-benefit plans," he said, according to the prepared text of his speech to the Conference Board of Canada.
Read more at Reuters.com Government Filings News
"And these shortcomings are putting a great deal of pressure on the sponsors of defined-benefit plans. Sponsors have been scaling back or restricting new entries into these types of plans, largely because they do not have the right incentives to maintain or operate defined-benefit plans," he said, according to the prepared text of his speech to the Conference Board of Canada.
Read more at Reuters.com Government Filings News
US STOCKS-Indexes plunge on economic woes, weak retail sales
(Reuters) - NEW YORK, May 10 - U.S. stocks fell sharply on Thursday as disappointing April chain-store sales and a widening trade deficit raised concerns about the economy's outlook a day after the Federal Reserve reiterated their unease about inflation.
Market participants also noted the temptation for investors to lock in profits given the strong run of recent sessions. The Dow is up nearly 8 percent in the last three months, followed closely by the S&P 500, with a 6.5 percent rise in the period.
Read more at Reuters.com Bonds News
Market participants also noted the temptation for investors to lock in profits given the strong run of recent sessions. The Dow is up nearly 8 percent in the last three months, followed closely by the S&P 500, with a 6.5 percent rise in the period.
Read more at Reuters.com Bonds News
U.K. FTSE 100 Stocks Fall, Led by Rio Tinto; Friends Provident Gains
(Bloomberg) -- U.K. stocks declined, paced by Rio Tinto Group after the world's third-largest mining company damped speculation of a takeover approach from BHP Billiton Ltd. Antofagasta Plc and Xstrata Plc fell with the price of copper.
The benchmark FTSE 100 Index retreated 25.5, or 0.4 percent, to 6524.1 in London. The FTSE All-Share Index slid 10.54, or 0.3 percent, to 3393.46. Ireland's ISEQ Index lost 66.93 to 9511.97.
Read more at Bloomberg Stocks News
The benchmark FTSE 100 Index retreated 25.5, or 0.4 percent, to 6524.1 in London. The FTSE All-Share Index slid 10.54, or 0.3 percent, to 3393.46. Ireland's ISEQ Index lost 66.93 to 9511.97.
Read more at Bloomberg Stocks News
Vonage loss narrows, shares jump
(Reuters) - Vonage's first-quarter net loss totaled $72 million, or 47 cents per share, compared with a loss of $85 million in the same quarter a year earlier. The company, founded in 2001, was not publicly traded until May 2006.
Revenue rose 64 percent to $196 million, basically in line with the average analyst forecast, according to Reuters Estimates.
Read more at Reuters.com Hot Stocks News
Revenue rose 64 percent to $196 million, basically in line with the average analyst forecast, according to Reuters Estimates.
Read more at Reuters.com Hot Stocks News
Student aid system broken - U.S. education secretary
(Reuters) - She said any suggestion that her department has shown favoritism to the federally guaranteed student loan program, as opposed to a direct government loan program, "is totally without merit and has no basis in fact."
Some Congressional Democrats have said that student loan companies that handle a federally guaranteed student loan program exert too much influence in the department.
Read more at Reuters.com Bonds News
Some Congressional Democrats have said that student loan companies that handle a federally guaranteed student loan program exert too much influence in the department.
Read more at Reuters.com Bonds News
Ford CEO sees more industry consolidation
(Reuters) - "I expect that we'll see consolidation over time, in the form of mergers or acquisitions or equity ," he said.
Mulally also said the automaker may have cut production a bit too much last year as it tried to align production with demand.
Read more at Reuters.com Mergers News
Mulally also said the automaker may have cut production a bit too much last year as it tried to align production with demand.
Read more at Reuters.com Mergers News
UPDATE 1-Power Corp. of Canada profit surges 43 pct
(Reuters) - The financial services and media holding company reported net income of C$363 million , or 77 Canadian cents a diluted share, for the three months ended March 31. That was up from C$254 million, or 54 Canadian cents a share, in the year-ago period.
Power Corp. also raised the dividend on its subordinate voting shares and participating preferred shares by 22 percent, to 24.125 Canadian cents a share.
Read more at Reuters.com Market News
Power Corp. also raised the dividend on its subordinate voting shares and participating preferred shares by 22 percent, to 24.125 Canadian cents a share.
Read more at Reuters.com Market News
Power Corp. first-quarter earnings surge by 43 pct
(Reuters) - Power Corp. also raised the dividend on its subordinate voting shares and participating preferred shares by 22 percent, to 24.125 Canadian cents a share.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Emerging-Market Bonds Little Changed as Investors Wait for Inflation Data
(Bloomberg) -- Emerging-market bonds were little changed as investors await data on U.S. inflation, which the Federal Reserve yesterday called the ``predominant'' concern for the world's biggest economy.
Quickening inflation may prompt the Fed to raise its 5.25 percent benchmark rate, making it more expensive for investors to finance purchases of riskier emerging-market assets.
Read more at Bloomberg Bonds News
Quickening inflation may prompt the Fed to raise its 5.25 percent benchmark rate, making it more expensive for investors to finance purchases of riskier emerging-market assets.
Read more at Bloomberg Bonds News
Brazil Real Falls on Speculation Central Bank to Step Up Dollar Purchases
(Bloomberg) -- Brazil's real fell on speculation the central bank may step up dollar purchases to slow the currency's 5.8 percent rally this year.
Inflows from commodity exports and foreign investment will keep boosting the real, prompting the central bank to be more active buying dollars, said Jorge Knauer, manager of the foreign exchange trading desk at Rio de Janeiro-based Banco Prosper SA.
Read more at Bloomberg Currencies News
Inflows from commodity exports and foreign investment will keep boosting the real, prompting the central bank to be more active buying dollars, said Jorge Knauer, manager of the foreign exchange trading desk at Rio de Janeiro-based Banco Prosper SA.
Read more at Bloomberg Currencies News
Lundin Mining first-quarter profit soars higher
(Reuters) - Lundin, which made takeover offers for two smaller miners last month, earned $53.7 million, or 19 per share diluted, for the quarter ended March 31. That is up from $21.5 million, or 17 per share, in the year-before period.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Canadian Dollar Declines as Trade Surplus Unexpectedly Narrowed in March
(Bloomberg) -- Canada's dollar dropped as the nation's trade surplus unexpectedly narrowed in March.
The surplus totaled C$4.6 billion ($4.19 billion) from C$5.2 billion in February, Statistics Canada said today in Ottawa. Economists forecast a surplus of C$5.5 billion, according to the median estimate in a Bloomberg survey.
Read more at Bloomberg Currencies News
The surplus totaled C$4.6 billion ($4.19 billion) from C$5.2 billion in February, Statistics Canada said today in Ottawa. Economists forecast a surplus of C$5.5 billion, according to the median estimate in a Bloomberg survey.
Read more at Bloomberg Currencies News
GMAC LLC to sell 2-yr floaters, 5-yr notes on Thurs
(Reuters) - The joint lead managers on the sale are Barclays Capital, Citigroup Global Markets, Credit Suisse and Deutsche Bank.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
European Two-Year Note Yields Hold Near Five Year High on Trichet Comments
(Bloomberg) -- European two-year debt yields held near their highest in five years after European Central Bank President Jean-Claude Trichet signaled an increase in interest rates probably next month.
Benchmark two-year yields have climbed about 30 basis points since the ECB last lifted borrowing costs in March, reflecting expectations the central bank will raise rates twice more this year to 4.25 percent. Trichet pledged ``strong vigilance'' to combat inflation, a term he used in the past to indicate a rate increase is imminent after the bank left rates unchanged today, underpinning views rates will rise in June.
Read more at Bloomberg Bonds News
Benchmark two-year yields have climbed about 30 basis points since the ECB last lifted borrowing costs in March, reflecting expectations the central bank will raise rates twice more this year to 4.25 percent. Trichet pledged ``strong vigilance'' to combat inflation, a term he used in the past to indicate a rate increase is imminent after the bank left rates unchanged today, underpinning views rates will rise in June.
Read more at Bloomberg Bonds News
Abercrombie April same-store sales down 15 pct
(Reuters) - Analysts' same-store sales estimates had anticipated, on average, a decrease of 6.2 percent, according to Reuters research.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
Target April same-store sales down 6.1 pct
(Reuters) - Analysts, on average, had been expecting it to post an April same-store sales decrease of 6.7 percent, according to a Reuters survey.
The discount retailer said net retail sales for the four weeks ended May 5 fell 1.8 percent to $3.903 billion from $3.974 billion for the four-week period ended April 29, 2006.
Read more at Reuters.com Market News
The discount retailer said net retail sales for the four weeks ended May 5 fell 1.8 percent to $3.903 billion from $3.974 billion for the four-week period ended April 29, 2006.
Read more at Reuters.com Market News
UPDATE 1-Wal-Mart April same-store sales down 3.5 pct
(Reuters) - The weak sales report comes as the world's largest retailer prepares to report its first-quarter earnings figures May 15.
Last month, Wal-Mart said that meeting its first-quarter earnings forecast of 68 cents to 71 cents per share from continuing operations would be a challenge, given the tough sales outlook for April.
Read more at Reuters.com Market News
Last month, Wal-Mart said that meeting its first-quarter earnings forecast of 68 cents to 71 cents per share from continuing operations would be a challenge, given the tough sales outlook for April.
Read more at Reuters.com Market News
China warns on inflation, investment rebound
(Reuters) - The report reaffirmed China's long-standing policy on the yuan despite growing pressure for a more rapid pace of appreciation: the central bank said it would keep the currency basically steady at a reasonable level.
Greater consumption, rather than a more active currency policy, was the key to reducing China's big external payments surplus, the report said.
Read more at Reuters.com Bonds News
Greater consumption, rather than a more active currency policy, was the key to reducing China's big external payments surplus, the report said.
Read more at Reuters.com Bonds News
Christopher & Banks April same-store sales fall 12 pct
(Reuters) - The company reiterated its earnings outlook of 30 cents to 31 cents a share.
Read more at Reuters.com Market News
Read more at Reuters.com Market News
UPDATE 1-Spectrum posts large 2nd-quarter loss
(Reuters) - The company, which has been trying to sell its home and garden business for months and has said it might sell more, also said it is still focused on strategic asset sales.
Spectrum posted a fiscal second-quarter loss of $237.5 million, or $4.77 per share, compared with a profit of $500,000, or 1 cent per share, a year earlier.
Read more at Reuters.com Market News
Spectrum posted a fiscal second-quarter loss of $237.5 million, or $4.77 per share, compared with a profit of $500,000, or 1 cent per share, a year earlier.
Read more at Reuters.com Market News
Futures decline as retailers' sales miss
(Reuters) - Retail stocks have been the laggards as the rest of the stock market has rallied for most of April and May. April sales forecasts for retailers were set low based on Easter falling early and unfavorable weather in April, but many companies still disappointed analysts' expectations.
"Retailers are part of the fundamental story. The market is expecting the consumer to slow down," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "The failure of the retail stocks to break out in this rally shows a lot of market participants believe the consumer buying power may be slowing down later this year."
Read more at Reuters.com Business News
"Retailers are part of the fundamental story. The market is expecting the consumer to slow down," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "The failure of the retail stocks to break out in this rally shows a lot of market participants believe the consumer buying power may be slowing down later this year."
Read more at Reuters.com Business News
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