Category: Stock Market News

Staples Inc. on Wednesday reported a drop in first-quarter profit, but adjusted earnings and sales still beat analyst forecasts. Net profit for the period fell to $41 million, or 6 cents a share, down from $59 million, or 9 cents a share, in the year-ago quarter. The bottom line was hit by a $66 million pre-tax charge primarily related to the proposed takeover of Office Depot Inc. and store closures, as well as $32 million in costs related to the sale of Staples’ print solutions business. On an adjusted basis, earnings per share came in at 17 cents, unchanged from the first quarter last year. Revenue slipped 3% to $5.1 billion. Analysts polled by FactSet expected earnings of 16 cents a share on revenue of $5.09 billion.

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Microsoft Corp. is selling its entry-level feature phone assets to FIH Mobile and HMD Global for $350 million, the U.S. tech giant said early Wednesday. As part of the deal, FIH Mobile — a subsidiary of Hon Hai/Foxconn Technology Co. — will also buy Microsoft Mobile Vietnam, which is the company’s manufacturing facility in Hanoi. Microsoft said about 4,500 workers will transfer to FIH Mobile or HMG Global.

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Lowe’s Companies Inc. on Wednesday posted same-store sales and quarterly profit figures that were ahead of Wall Street’s targets. The home-improvement retailer said first-quarter earnings were $884 million, or 98 cents a share, compared with $673 million, or 70 cents a share, a year ago. Revenue was $15.23 billion, up from $14.13 billion in the same period last year. Analysts polled by FactSet had expected earnings of 85 cents a share on sales of $14.87 billion. U.S. same-store sales rose 7.5% during the quarter, above a 4.7% consensus forecast.

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FedEx Corp.’s planned $4.8 billion takeover of Dutch parcel company TNT Express NV will settle on May 25, ending a merger process that’s been more than a year under way. FedEx said in a statement on Wednesday that 88.4% of all TNT shareholders have accepted the terms of the deal that comes with an offer price of 8 euros per share. FedEx declared the offer for TNT Express “unconditional,” meaning it had received enough acceptances from TNT owners for the deal to settle. “We are pleased with the outcome of the public share offer,” said David Bronczek, president and CEO of FedEx Express. The tie-up has been under scrutiny from regulators, including a six-month antitrust investigation in the European Union.

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Oil futures rose in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell by 1.1 million barrels for the week ended May 13, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a decline of 3 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. June crude was at $48.47 a barrel in electronic trading, up from the contract’s settlement of $48.31 on the New York Mercantile Exchange.

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The board of directors of JPMorgan Chase & Co. increased the company’s dividend to 48 cents a share from 44 cents a share, it said in a statement Tuesday. The dividend is payable July 31 to shareholders of record July 6. Shares of JPMorgan Chase rose 0.2% late Tuesday after ending the regular trading session flat.

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From:: Stock Market News

The board of directors of JPMorgan Chase & Co. increased the company’s dividend to 48 cents a share from 44 cents a share, it said in a statement Tuesday. The dividend is payable July 31 to shareholders of record July 6. Shares of JPMorgan Chase rose 0.2% late Tuesday after ending the regular trading session flat.

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From:: Stock Market News

The board of directors of JPMorgan Chase & Co. increased the company’s dividend to 48 cents a share from 44 cents a share, it said in a statement Tuesday. The dividend is payable July 31 to shareholders of record July 6. Shares of JPMorgan Chase rose 0.2% late Tuesday after ending the regular trading session flat.

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Oil futures climbed Tuesday to mark their best settlement since early October. Traders bet that production disruptions in Canada and Nigeria will help ease a global glut of crude supplies. The market also expects upcoming weekly reports to reveal a decline in oil inventories. June WTI crude rose 59 cents, or 1.2%, to settle at $48.31 a barrel on the New York Mercantile Exchange.

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Target Corp. recalled about 2,600 Hanukkah menorahs sold from October 2015 through December 2015 for about $20, because of a fire hazard, according to the U.S. Consumer Products Safety Commission. The clear acrylic menorahs, in a pyramid design and 10.5 inches long, can melt when the candles are burning, posing a fire hazard, the CPSC said. Target has received eight reports of melting, including three reports of fire, but no property damage or injuries. Target shares shed 1.9% in afternoon trade, and have edged up 0.8% year to date. The S&P 500 has ticked up 0.2% so far this year.

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