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Stocks ended broadly higher amid continued strength in the tech sector, which gained following Research in Motion's deal to distribute BlackBerry smartphones in China, along with strong earnings reported by Apple.
Companies ranging from pancake house chain IHOP to high-priced handbag seller Coach reported signs of the continuing U.S. consumer pullback, sending retail and some restaurant stocks lower.
Wal-Mart Stores, the world's largest retailer, said it plans capital expenditures for its current fiscal year of $14.7 billion to $15.4 billion, lower than its previous forecast.
As I reported last week, tech was the bright lure in an otherwise fishy market. Well, we saw just how stinky that market could become Friday when not even tech brought buyers in the door. But those buyers were the first ones back in on Monday, and Apple promises to keep the tech fire burning. It reported a 67% jump in fiscal fourth quarter profits earnings to $904 million or $1.01 per share, well above expectations. Apple shares were sharply higher after hours.
Stocks rallied late in the session to end a seesaw trading session higher as bargain hunters stepped in despite economic concerns and worries about global credit markets. "It seems like a little bit of a bounce back from Friday's Armageddon," said Mike Burnick, director of research at the Sovereign Society.
The world's largest retailer has spawned this blog's biggest response ever! The anti-Wal-Mart emails (some 655, almost all I would say from Wal-Martwatch.com readers) keep pouring into the Retail Detail inbox. We'll continue to post your thoughts and responses so keep them coming. I've yet to hear from any on the pro Wal-Mart side.
Flash memory maker SanDisk on Monday debuted an online video service and a USB flash drive that can carry television programs and videos from a computer for playback on TVs.
Dell plans to sell computers and other electronics gear at 1,400 Staples stores, the latest departure from the direct-to-customer business model pioneered by the No. 2 computer maker.
Wal-Mart Stores will spend up to 100 billion yen ($878 million) to buy out minority shareholders in Japanese supermarket unit Seiyu in an effort to turn around the loss-making chain.
Wal-Mart Stores is in final talks to buy out minority shareholders in its Japanese unit Seiyu, local media said on Monday, in an effort to turn around the struggling business.
Twice in the past year, Wal-Mart Stores has given its stock a shot in the arm by announcing plans to rein in expansion in the United States.
Wow--I've never had the type or volume of response to a blog posting as I got today! Mention the world's largest retailer and readers and TV viewers take notice. Suggest or discuss whether Wal-Mart has actually had a positive impact on competitive pricing and inflation and you get more than 200 blog responses! At least I did.
As promised, here's the transcript of my interview with Chris Holling of Global Insight. He's the Economist who authored the Wal-Mart savings study that I blogged about yesterday. Here's the explanation of how he came up with the math behind the "Wal-Mart Effect."
Tighter food regulations under consideration could benefit consumers and companies alike, as Congress looks to help the industry through a crisis in confidence driven by a spate of high-profile recalls.
Wal-Mart announced today that it is rolling out a second round of pre-holiday price cuts this time on an additional 15,000 items. The cuts are 20% more than last year, according to Wal-Mart public relations.
European stocks finished in negative territory Thursday, after a sharper-than-expected drop in Bank of America's third-quarter profit caused by the credit crisis dragged financial and banking stocks lower.
Wal-Mart Stores said Thursday that it is cutting prices on 15,000 more items this week as the world's largest retailer continues its push to boost sales headed into the holiday season.
SAP said it should reach the top of its full-year sales guidance range after a solid third quarter in which it met market expectations, and forecast demand for its software would stay strong into 2008.
ConAgra Foods said on Thursday that it was voluntarily recalling all varieties of Banquet brand frozen pot pies and all varieties of store brand frozen pot pies following concerns that its poultry pot pie products may be linked to an outbreak of salmonella.
After hitting record intraday highs, stocks closed lower led by a selloff in tech shares. "We've certainly had a good run in the market and it's been driven by momentum and not necessarily valuation," said John Massey, portfolio manager at AIG SunAmerica Asset Management.