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Neiman Marcus Group Inc. on Tuesday filed to go public, looking to raise up to $100 million, a figure that often is a placeholder in an initial public offering. The luxury retailer, which operates namesake and Bergman Dorfman stores in prime real-estate locations across the U.S., said it earned about $4.8 billion in revenues in 2014, and has had 22 straight quarters of revenue growth. The Dallas, Texas, based retailer said the average age of its customers is 51, and more than three-quarters are women. Nearly 40% of its customers have a median household income of more than $200,000, the company said. This would be Neiman Marcus’s return to the public marketplace after being taken private in 2005.

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From:: Stock Market News

Netflix Inc.’s stock soared 7.6% to a record close Tuesday, its 17th record so far this year, as investors cheered the video streaming service’s move into Asia. The stock has now soared 148% year to date, compared with the S&P 500’s 1.7% gain. The company indicated on its Netflix Japan twitter page that its service will begin on Sept. 2, it’s first foray into Asia. The company had announced in February that it would expand into Japan in the fall.

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From:: Stock Market News

The Walt Disney Co. shares were down more than 2% in after-hours trade, after the company reported lighter-than-expected third-quarter revenues. Disney reported revenues of $13.1 billion, an increase of 5% from $12.5 billion in the year prior period. FactSet consensus on revenue was $13.2 billion. The company said it had a net profit of $2.5 billion, or $1.45 per share., up 13% from $2.2 billion, or $1.28 per-share earnings in the same period a year ago, beating the FactSet consensus of $1.41 per share. Disney’s studio entertainment arm saw a 13% jump in revenues over the prior year period, reporting $2 billion in revenue during the third quarter. The company highlighted the performance of Marvel’s “Avengers: Age of Ultron” and “Cinderella” as drivers.

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Etsy shares fell 13% after hours Tuesday after the company reported weaker-than-expected second-quarter earnings . Etsy said it had a net loss of $6.4 million, or 7 cents per share, wider than the loss of $3.2 million, or 8 cents per share, posted in the year-earlier period. Analysts surveyed by FactSet expected a loss of 6 cents per share. The company reported sales of $61.4 million, above the FactSet consensus of $59.6 million. Etsy said it had close to 1.5 million active sellers and 21.7 million active buyers by the end of the second quarter. The company said results were favorably impacted by a $5.8 million currency exchange gain due to Etsy’s “revised global corporate structure”, which was partially offset by a $4.9 million tax provision related to the restructuring. For the third quarter, Etsy said it expects currency exchange rates to negatively affect gross merchandise sales and it plans to spend more on marketing and hiring. The revenue growth rate from Promoted Listings is expected to “decelerate” by the end of the third quarter, the company said.

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From:: Stock Market News

First Solar Inc. on Tuesday reported second-quarter earnings of $95 million, or 93 cents a share, compared with earnings of 4 cents a share a year ago. Revenue hit $896 million in the quarter, compared with $544 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 49 cents a share and revenue of $790 million for the solar-power developer and solar-panel maker. Shares of First Solar rallied 12% in after-hours trading after ending the regular session up 1.9%.

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Nicki Minaj has signed on to follow in the footsteps of Kim Kardashian and Katy Perry with a mobile game shaped by Glu Mobile Inc. The mobile-gaming company announced Tuesday that it would debut a game based on the hip-hop star in the summer of 2016, and added that it also has a deal with its first male celebrity, action-movie star Jason Statham. Glu’s focus on celebrity-branded mobile games, starting with Kardashian, has led to a revenue boom that has made it one of the most successful video game companies in Silicon Valley. The San Francisco firm, which also plans games featuring Kardashian’s half-sisters and Britney Spears, detailed a quarterly net loss of $5.5 million, or 5 cents a share, on sales of $56.2 million; after adjustments, Glu claimed profit of a penny a share. Analysts surveyed by FactSet had expected an adjusted loss of 4 cents a share on sales of $51.3 million. Glu shares plunged mjore than 10% in late trading as the company’s forecast failed ot live up to expectations, however.

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As millennials have now passed baby boomers as the largest segment of the U.S. population, this digitally independent generation is still much less savvy than older generations when it comes to their finances and credit management. Experian® recently released key findings today that provide a glimpse into the credit management habits of millennials and show […] …read more

From:: Finance and Economy

West Texas Intermediate oil for September delivery on Nymex rose 57 cents, or 1.3%, to close at $45.74 a barrel on Tuesday. Oil recovered some of the ground lost in a Monday rout that sent the U.S. benchmark to its lowest close in more than four months. Oil stabilized as Chinese equities rebounded and traders prepared for weekly data on U.S. crude inventories from the American Petroleum Institute later Tuesday and more closely watched figures from the Energy Information Administration on Wednesday morning. A survey of analysts by oil-information firm Platts produced a consensus forecast for a 1.6 million barrel decline in U.S. commercial crude stocks.

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The District of Columbia Circuit Court of Appeals on Tuesday reinstated an antitrust class action lawsuit against Visa Inc. and MasterCard Inc. that was brought by the National ATM Council (NAC). The NAC filed the lawsuit in 2011, alleging the two companies had imposed unlawful and restrictive rules that kept Automated Teller Machine operators from offering lower prices for ATM transactions that weren’t affiliated with Visa or MasterCard, according to a news release. The rules led to price fixing that raised the price consumers pay to use ATMs. The D.C. appellate court was reversing a district court decision from 2013 to dismiss the suit. The lawsuit seeks damages against Visa and MasterCard for violating antitrust laws and asks that the court urge the companies to discontinue their restrictive rules on how operators charge ATM fees.

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From:: Stock Market News

Gold futures for December delivery finished marginally higher, but faced some pressure late in Tuesday’s trade as the dollar gained momentum, putting pressure on the precious metal. Gold settled at up $1.30, or less than 0.1%, at $1,090.70 an ounce. The U.S. Dollar Index , which is a measure of the buck against a basket of six rival currencies, was trading at 97.6310, up 0.2% and moving higher. The dollar ticked up after Federal Reserve Bank of Atlanta President Dennis Lockhart on Tuesday afternoon said the first rate hike in nearly a decade would be “appropriate” as soon as September. Lockhart’s comments came as gold prices were settling in afternoon trade The Atlanta Fed president is the second Fed official to come out in favor of a rate hike in September. St. Louis Fed President James Bullard also said in an interview with The Wall Street Journal on Monday that he was in favor of a hike after the Sept. meeting.

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From:: Stock Market News