MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, June 20
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7:50 AM Wal-Mart (WMT) and Tesco (TSCDF.PK) push policymakers in India on whether or not the government will reverse a policy to allow foreign investments in retail businesses in the nation. Though the retail giants have ambitious plans for the region, the issue is a political hot potato and forward progress has been slow. Comment!
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7:46 AM Oracle's (ORCL) FQ4 results are due out after the bell, with analysts predicting that EPS rose to $0.87 from $0.82 a year earlier as revenue inched up 1.6% to $11.12B. "We expect the company to report muted growth as it continues to face significant challenges in its hardware business," says SA author Trefis. "However, its software business could get back on the growth track after a dismal performance last quarter." Comment!
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7:32 AM More on Rite Aid's (RAD) FQ1: Sales fell due to the sharp impact of lower cost generics on the market, with same store sales registering a 2.5% loss for the period. The company says it remodeled 108 stores during the quarter to bring the number of wellness stores company-wide to 905. FY14 revenue guidance is confirmed at $24.9B-$25.3B. RAD -3.6% premarket. (PR) Comment!
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7:22 AM The ball is back in Daniel Loeb's court after execs with Sony (SNE) indicated they would take their time in considering a proposal to spin off the company's entertainment business. Now that the cage has been rattled, eyes are turning back to Loeb for more details on how to bring down costs at Sony and what the broader strategic plan should be. Shares of Sony ended the day down 0.1% in Tokyo trading. Comment!
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7:10 AM IMAX (IMAX) signs a revenue-sharing agreement with Germany's CineStar. Under the terms of the deal, CineStar will utilize IMAX's cutting-edge laser digital projection system at a famous theater in Berlin. The big picture: IMAX is probing the upper bounds of what moviegoers will pay to see movies in new high-tech formats. The company may find different answers in different parts of the world. Comment!
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7:05 AM General Motors (GM) passed Toyota (TM) to top the J.D. Power & Associates’ Initial Quality Study for the first time in 27 years. It was almost a clean sweep for the automaker as Chevrolet, Buick, GMC, and Cadillac all ranked above average in the study. Automobile industry analysts think the achievement will help GM with marketing as the reputation of its brands strengthens. 1 Comment
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6:57 AM JPMorgan downgrades FedEx (FDX) to Neutral in the wake of the release of its FQ4 report. FDX -1.5% premarket. Comment!
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6:44 AM Goldman Sachs downgrades Disney (DIS) to a Neutral rating from Conviction Buy and maintains its current price target of $70. The investment firm sees increased competition driving up the costs of sports rights deal for ESPN. DIS -1.5% premarket to $63.40. Comment!
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6:17 AM The Swoosh is going digital: Nike (NKE) is encouraging software developers to view the company's FuelBand device for monitoring user activity as a platform for creating apps. "The more uses there are for the FuelBand, the more it becomes something you will never take off," says Nike's Stefan Olander. It's all part of an attempt by Nike, which has had an uneven experience with gadgets, to think more like a technology company. Comment!
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4:26 AM Sony (SNE) CEO Kazuo Kirai told the company's shareholders meeting that it will take its time in considering Daniel Loeb's proposal to partially spin off its successful entertainment division and use the funds to boost its struggling hardware operations. "The entertainment business plays an important role in Sony’s future growth" and so shouldn't be let go, Hirai said. "This proposal strikes at the heart of what kind of company Sony ultimately will become in the future." Comment!
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