Chesapeake Energy Corp. said late Tuesday it reduced its workforce by 15%, or roughly about 800 workers, as part of a cost-cutting plan on weak oil and natural gas prices. The move will result in a one-time charge of $55.5 million in the third quarter, the company said. Shares of Chesapeake were down 0.2% in after-hours trade after closing 1.2% higher to $6.79 during the regular session. The stock is down 65% year to date.

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From:: Stock Market News

Cumulus Media Inc. said Tuesday its board of directors has named Mary G. Berner the company’s chief executive officer effective Oct. 13. Berner succeeds Lew Dickey, the radio broadcaster’s founder and CEO, who has decided to serve as Vice Chairman and continue as a director of the company. Berner has led magazines such as Glamour, TV Guide, and Women’s Wear Daily, among others. Shares of Cumulus fell 4.5% in late trading Tuesday after ending the regular session down 8.5%.

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From:: Stock Market News

Ralph Lauren is handing over the role of chief executive officer of his namesake company to Stefan Larsson, who just stepped down as the president of Gap Inc.’s Old Navy business, according to a report in The Wall Street Journal. Lauren, who will turn 76 next month, had been CEO of Ralph Lauren Corp. since it he founded the luxury brand company 48 years ago. He will retain his roles of executive chairman and chief creative officer, the WSJ report said. Meanwhile, Gap named Jill Stanton, currently the executive vice president of global product at Old Navy, as interim president while the company searches for permanent replacement. Ralph Lauren’s stock surged 4.3% in after-hours trade, while Gap shares slid 2.4%. Over the past three months, shares of Ralph Lauren have dropped 22% and Gap have slid 21%, while the S&P 500 has lost 8.4%.

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From:: Stock Market News

Wells Fargo Investment Institute on Tuesday cut the S&P 500’s target for the end of 2015 to a range of 2,025 to 2,125 from 2,150 to 2,250. “We recommend that investors look to 2016 as a year in which we expect higher earnings and attractive equity returns from current levels,” Stuart Freeman, co-head of global equity strategy at Wells Fargo Investment Institute, said in a report. Goldman Sachs also lowered its S&P 500 target for the end of 2015 to 2,000 from 2,100 and trimmed this year’s S&P 500 earnings-per-share forecast to $109 from $114. The large-cap index is up 0.3% to 1,887 following a five-session losing streak.

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Google Inc. introduced two new smartphones, the Nexus 5X with a 5.2-inch display, and Nexus 6P with a 5.7-inch screen, at a product event on Tuesday. Google will sell both as unlocked phones, which means they can be purchased directly from Google or a partner retailer and used at a wide variety of wireless carriers. Both phones will also be compatible with Google’s Project Fi WiFi service, and will utilize Android’s Marshmallow operating system and fingerprint technology. The Nexus 5X will retail for $379, and the Nexus 6P for $429, both with a $50 Google Play credit and a free three-month subscription to Google Music. The company reported 1.4 billion active Android devices and 1 billion monthly active users on Google Play. Shares of Google increased 0.3% to $626.06 in recent trade. They have risen 16% over the last three months, compared with a n 8.5% decline for the broader S&P 500. Also Read: Google launches two new Chromecasts with support for Showtime, Sling TV and Spotify Also Read: Google launches $14.99 Play Music family plan

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From:: Stock Market News

Hudson’s Bay Co. , the Canadian retail group that includes Lord & Taylor and Saks Fifth Avenue, announced a realignment of its North American operations it says will result in a $20 million charge for the third quarter of fiscal 2015. The realignment includes a consolidation of business functions and technology enhancements that will be led by new CIO Janet Schalk and new digital executive vice president Dion Rooney. Hudson’s Bay Company said these changes will generate $75 million in “cost savings and synergies” during fiscal 2016. The realignment will also result in 265 job cuts in North America. Hudson’s Bay acquired Saks Inc. in 2013 and had since hired 2,000 associates to support new stores and digital expansion. The company also plans to open seven Saks Fifth Avenue stores and 25 Off 5th locations in 2016. The company’s shares are down nearly 27% over the last three months.

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By Kayla Kitts

It’s out with the old and in with the new as chic yet tech-savvy switches, dimmers and more put a stylish finishing touch on the home. In HGTV Fall House‘s newly remodeled kitchen and living room, our design team brought in sleek and clever design solutions we couldn’t stop oohing and aahing over. Take a look at our favorite pieces from the adorne collection by Legrand (sold at Lowe’s, Home Depot and select lighting showrooms).

In the Kitchen

I’m obsessed with this all-in-one system that’s convenient but still lets your kitchen’s decor shine. Without a single outlet in plain sight, the Under-Cabinet Lighting & Power System brings illumination to your space with swappable outlets, lighting options, USB ports, music and most of all, flexibility.

If you thought wall plates couldn’t be beautiful then think again. With the adorne collection by Legrand, wall plates become fashion plates with dozens of options, including cast metals, woods, leather and vibrant colors. You’re guaranteed to find the perfect complement to your room.

In the Living Room

In this warm, updated living room, the old wall plates and outlets were swapped out with a tamper-resistant outlet and coordinating wall plate. For a seamless look, a magnesium-toned outlet color blends in with the wall plate and adds to the overall design aesthetic.

This combination device features a touch switch and touch dimmer that’s perfect for living room ambiance. The touch switch and dimmer has a beautiful glass-like face and operates just like an iPod — simply press your finger on the circle to turn lights on and off, or use the arrows on the right to dim them. It’s as easy as that!

We’re so digging these smart design details, how about you? Which elements would you add to your home? Let us know in the comments below.

This post brought to you by the adorne collection by Legrand. It’s time for a Beautiful Switch.

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From:: HGTV

Johnson & Johnson’s stock climbed 2% in afternoon trade Tuesday, making it the biggest percentage gainer among Dow Jones Industrial Average components, after the drug and consumer products company was upgraded at Deutsche Bank, which said concerns about the outlook for its pharmaceutical business are overdone. Analyst Kristen Stewart raised her rating to buy, after being at hold since July 17, 2013, while maintaining her stock price target at $110, which is 18% above current levels. “While there are a number of patent expirations (including Remicade, which is significant) and risks related to the pipeline, we believe the depth of the pipeline can carry the company through,” Stewart wrote in a note to clients. She said the company’s active management of its business portfolios was a positive, as it was likely to become a growth driver. “While it may have a few more small outbound transactions, inbound ones are now likely as its balance sheet capacity provides the opportunity to enhance growth,” Steward wrote. The stock has lost 4.6% over the past three months, while the SPDR Health Care ETF has shed 12% and the Dow has dropped 8.8%. J&J’s stock is the most heavily weighted within the Health Care ETF.

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From:: Stock Market News

Finra fined UBS AG’s Puerto Rican unit $7.5 million and ordered it to pay $11 million in restitution to clients on Tuesday for allowing customers to borrow against risky Puerto Rican securities. UBS allowed customers to borrow against accounts largely consisting of Puerto Rican closed-end funds. In August 2013, a market shock caused the value of these assets to plummet, forcing UBS’s customers to incur significant losses to meet the bank’s margin calls. Also on Tuesday, the Securities and Exchange Commission charged UBS Puerto Rico for failing to supervise a former broker. A UBS spokeswoman could not be reached for comment. The fines come as Puerto Rican officials press U.S. senators to allow the U.S. commonwealth to access Chapter 9 of the bankruptcy code. The island’s governor said in June that the island wouldn’t be able to manage its heavy debt burden.

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From:: Stock Market News

Twitter Inc. is reportedly working on a new product that would extend the 140-character count of tweets, Recode reported, citing people familiar with the matter. It is unclear whether the product would be part of the existing Twitter platform or outside of it. Twitter did not immediately respond to a request for comment. Twitter is still looking for a permanent chief executive and has been contemplating or implementing platform changes, such as unlimited characters in direct messages and a proposed way of curating tweets around subject areas or events. Shares of Twitter were up 1.3% Tuesday.

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From:: Stock Market News