Home Depot is putting a lid on new-store openings and focusing its expansion efforts on e-commerce.» Read More
The news: Concerns that big brokerages such as Lehman Brothers and Goldman Sachs will be left behind as this market recovers? Tim Strazzini said...
Stocks finished the day higher after the Fed chairman reassured investors that the economic outlook is not changed. "The (markets) valuation, if anything, has gotten a little bit better," Goldman, Sachs chief U.S. investment strategist Abby Joseph Cohen said. "Going forward, what matters is that the global economy still looks good."
Dow component Home Depot announced Wednesday that it expects only small growth in sales this year, with earnings per share falling. But investors shouldn’t be too concerned about this year’s numbers, David Schick, retail analyst at Stifel Nicolaus, told “Squawk Box.”
Home Depot, the world's largest home improvement store chain, said Wednesday it will pump $2.2 billion into improving its business this year amid internal projections that show overall sales will grow only slightly and earnings per share will fall.
The housing slump may be having a bigger impact on the economy--and corporate profits--than many people realize. “People don’t realize the impact housing has,” Richard Manoogian, chairman and chief executive officer of home improvement product giant Masco, said.
The home improvement retailer reported quarterly profit fell 12%, hurt by weakness in the U.S. housing market and comparisons with last year, when sales were boosted by rebuilding following a series of hurricanes.
Inflation data and the Fed's meeting minutes could be two big drivers for the markets today. So far, stocks look weak-to-flat ahead of the opening after yesterday's late-day rise to yet another record level. Hewlett-Packard is trading lower in Europe after reporting earnings after the bell yesterday. Wall Street is apparently unhappy with its outlook, after its report of a 26% rise in profits on strong printer and PC sales.
Stocks closed higher as comments from a Fed governor added to positive sentiment, building on gains from merger activity and Wal-Mart's better than expected profits. A drop in oil prices sent buyers into consumer stocks and other sectors that benefit from falling energy prices.
The world's largest home improvement store chain reported a 28% drop in fourth-quarter profit despite a modest 4% gain in overall sales. However, sales at stores open at least a year fell in the quarter. Home Depot cited in part a slowing home improvement market amid a continued slump in the housing sector.
Stocks are waffling on the opening and look set to open flat to lower. Traders are picking through headlines on mergers and earnings news, including weaker-than-expected results from Home Depot. Wal-Mart also reported profits this morning, and merger news is making headlines as Wall Street reviews the long awaited marriage of Sirius and XM Satellite radio, announced yesterday.
Driven by soothing words from the Fed Chairman and the market's own mania for deals, stocks closed out last week on a high note. This week, traders will be ready to pounce on any news that will reinforce the view that the Fed might cut rates this year after all.
Mergers and would be-mergers, housing starts and producer prices could all influence the market today. Stocks look a bit weak on the opening after clinging to small gains yesterday that put the Dow at another record.
Stocks are grounded for now, after flying high yesterday on Fed Chairman Ben Bernanke's soothing comments about inflation. The markets look flat to mixed ahead of the open and a bunch of economic data. More testimony from Bernanke and several key data points could determine direction.
Stocks closed lower on Monday afternoon as investors took profits in financials, technology and energy, sectors that had been market leaders. The S&P 500, the Nasdaq, and the Dow Jones Industrial Average all closed just above their lows for the day.
Home Depot said Monday it was considering a sale, spin-off or initial public offering of its professional supply business to focus on its retail stores, reversing a controversial policy of former CEO Robert Nardelli to expand the unit. Wall Street has criticized the wholesale distribution unit with its lower profit margins.
They Were Too Quick: I admit it. Our anchors beat me to the punch today. And that’s a good thing. Trust me when I tell you TV anchoring is not as easy as it may look. There are many, many moving parts to keep track of, not the least of which is familiarizing yourself with a plethora of material and appearing comfortable delivering it.
What many see as outrageous or obscene compensation for chief executive officers is back in the limelight after some high profile pay packages lately. The WEF meeting is tackling the issue by asking basic questions: What’s an appropriate level for top managers? Who defines “appropriate” and how? Should a CEO’s pay be linked to the company’s performance? The contrarian view is that there is little or no direct link between pay and performance and coupling the two might be detrimental because CEOs would cut corners to boost their pay, eroding the company’s long-term prospects. (More)
Pollsters often try to make their jobs simpler, by predicting elections via demographic groups. So who does that abstract cross-section called "Wall Street" want in the White House in 2008? The answers may not be so cut-and-dried, says John Harwood, CNBC's chief Washington correspondent.
The barbarians are no longer at the gate -- they're in the boardroom. A growing number of companies are adding activist shareholders to their boards of directors, often times as a means of avoiding a nasty public fight. Now Home Depot appears to be embracing the trend. Consequently, investors can’t help but wonder if the the home builder is caving in or making a smart move.
Home Depot, facing investor criticism for its governance practices and $210 million severance for former Chief Executive Robert Nardelli, said Relational Investors has ended a proxy fight, and was awarded a seat on the retailer's board.