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Bloomingdale’s, which is owned by Macy’s Inc. , will open the first store in Kuwait in 2017, according to a release. This is the luxury retailer’s second international location; a Dubai store opened in 2010. The new store is the result of a partnership with Al Tayer Group LLC, a United Arab Emirates-based company. The Kuwaiti store, which will begin construction in Feb. 2016, will total 93,000 square feet and will anchor the 360 Mall in Al Zahra. Macy’s and Bloomingdale’s stores are scheduled to open in Abu Dhabi in 2018, also through an Al Tayer partnership. Macy’s shares are down 1.9% in premarket trading and down 38.8% for the past 12 months. The S&P 500 is down 7% for the past 12 months.

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From:: Stock Market News

Brinker International Inc. , owner of the Chili’s and Maggiano’s restaurant chains, said it had net income of $47.7 million, or 80 cents per share, in the second quarter of fiscal 2016, up from $41.3 million, or 64 cents per share, for the same period last year. Adjusted earnings were 78 cents per share versus the FactSet consensus of 75 cents. Second-quarter revenue totaled $788.6 million versus the FactSet consensus of $799 million. Chili’s company-owned same-store sales decreased 2.8% while franchised same-store sales increased 0.9%. Maggiano’s same-store sales dropped 1.8%. Brinker reaffirmed its fiscal 2016 earnings per share guidance, excluding special items, between $3.55 to $3.65. Brinker shares are up 0.6% in premarket trading, but down 20.6% for the past 12 months. The S&P 500 is down 7% for the same period.

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From:: Stock Market News

Teekay Offshore Partners L.P. said Wednesday it was slashing its quarterly dividend by 80% to 11 cents a share from 56 cents a share. The new dividend will be payable Feb. 12 to shareholders of record on Feb. 5. The move was part of its previously-announced plan to temporarily cut its cash distribution. The marine transportation and oil production and storage company said it plans to use the cash it saves to create reserves to fund capital requirements on future growth projects and to reduce debt. Based on Tuesday’s closing price for Teekay’s stock of $3.17, the new dividend would imply an annual dividend yield of 13.88%, compared with 70.66% at the prior dividend. The stock, which was still inactive in premarket trade, has plunged 80% over the past three months, while the S&P 500 has slipped 7.4%.

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