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Closeout retailer Big Lots Inc. on Friday reported fiscal fourth-quarter net income of $94.5 million, up from its year-ago result of $94.4 million. Adjusted income from continuing operations came in at $2 per share, above the $1.98 expected by analysts polled by FactSet. Quarterly revenue fell to $1.58 billion, down from $1.59 billion and below forecasts for $1.60 billion. Big Lots also announced a $250 million stock buyback program and an 11% increase in its quarterly cash dividend. Shares were inactive in premarket action.

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From:: Stock Market News

Line Corp. is hoping to achieve a dual-listing in New York and Tokyo before the summer, said an International Financing Review report on Friday citing unnamed sources familiar with the deal. Line runs a messaging app and is owned by South Korean Internet company Naver Corp. The initial public offering, which could raise between $2 billion and $3 billion, is likely to be a dual-listing on the Tokyo Stock Exchange and on either the New York Stock Exchange or Nasdaq, IFR’s sources said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Line Corp. is hoping to achieve a dual-listing in New York and Tokyo before the summer, said an International Financing Review report on Friday citing unnamed sources familiar with the deal. Line runs a messaging app and is owned by South Korean Internet company Naver Corp. The initial public offering, which could raise between $2 billion and $3 billion, is likely to be a dual-listing on the Tokyo Stock Exchange and on either the New York Stock Exchange or Nasdaq, IFR’s sources said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Facebook Inc. is likely to see its U.K. tax bill rise by millions of pounds after an overhaul by the social media company of its tax structure, the BBC reported Friday. Citing unnamed sources, the BBC said Facebook will stop funneling sales for its big U.K. advertisers via its international headquarters in Ireland. Instead, that revenue will be booked in the U.K., meaning Facebook will be liable for a higher level of corporation tax on related profits, the report said. Facebook is one of several Silicon Valley companies under fire for using a tax structure that allows them to book revenue in low-taxation countries, rather than where the ad is shown.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Gap Inc. said sales for the four weeks ending Feb. 27 totaled $888 million, down from $918 million a year before. Same-store sales for the month were down 2%. Same-store sales for the Gap global brand and for the Old Navy brand were flat, while Banana Republic had an 11% same-store-sales drop for the month. Gap reported quarterly earnings last week along with the announcement of a new $1 billion share-buyback program. Gap’s stock in inactive in after-hours trading. Shares are up 15.6% for the year so far but are down 32% in the past year. The S&P is down 2.5% in 2016.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News