Market News
Wells Fargo (WFC)
Wells Fargo & Company said it will redeem the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 under the government’s Troubled Asset Relief Program (TARP), upon successful completion of a $10.4 billion common stock offering.
The company's CEO said Wells Fargo is "now we’re ready to fully repay TARP in a way that serves the interests of the U.S. taxpayer, as well as our customers, team members and investors."
Dec 15 · 10:20:00 AM · Source: Company News Release
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by Larry Etter
Best Buy (BBY)
Best Buy said Tuesday that its third-quarter net income increased to $227 million, or 53 cents a share, up from $52 million, or 13 cents, earned in the same period a year earlier. That prior period had a 22-cent charge. Third quarter sales increased 5% to $12.02 billion from $11.5 billion. Sales at locations open at least 14 months, a key industry-performance benchmark, rose 1.7%.
Margins, however, are under pressure as sales of low-cost laptops and lower priced flat panel TVs are dominating Best Buy sales.
Dec 15 · 10:13:00 AM · Source: Company News
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by Larry Etter
Citigroup (C)
CNBC is reporting that Citigroup laid out a plan to repay the money it owes the U.S. government, including issuing $17 billion of stock immediately, as the bank looks to end the pay restrictions that came with the funds.
Dec 14 · 1:35:00 PM · Source: CNBC
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by Rich Pike
Exxon Mobil (XOM)
Exxon Mobil agreed to buy XTO Energy Inc. for $31 billion. Owners of XTO will get 0.7098 share of Exxon for each of their shares, the companies said today in a statement. The transaction values XTO at $51.69 a share, 25 percent higher than its last closing price.
XTO is the largest producer of U.S. natural gas. This is a bet by Exxon Mobil that U.S. emissions restrictions will spur increased demand for natural gas.
Dec 14 · 1:30:00 PM · Source: Bloomberg.com
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by Rich Pike
McDonald's (MCD)
CNN.com is reporting that McDonald's will start offering breakfast for a buck with the launch of a national dollar menu in January. The breakfast dollar menu will be backed with advertising across the U.S., and will feature five items: two sausage sandwiches, a sausage burrito, a 12-ounce coffee and a hash brown. The menu may feature some variations based on markets.
The concern here is that McDonald's margins are going to get squeezed. Their strategy seems to be to try to maintain market share and traffic in this tough environment.
Dec 11 · 1:05:00 PM · Source: CNN.com
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by Rich Pike
Costco (COST)
Costco reported for the 1st-quarter 2010 earnings of $266 million, or $.60 per share, on sales of $17.3 billion. That compares to the prior year earnings of $263 million, or $.60 per share, on sales of $16.92 billion.
Same-store sales rose 3 percent, which is encouraging. However, much of that increase was from overseas and was helped by the weaker dollar.
Dec 10 · 9:23:00 PM · Source: NY Times
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by Rich Pike
The Men's Wearhouse (MW)
Men's Wearhouse, Inc. (the) reported for the 3rd-quarter 2009 earnings of $19.7 million, or $.37 per share, on sales of $462 million. That compares to the prior year earnings of $15.7 million, or $.28 per share, on sales of $459.7 million.
For the fourth quarter the company guidance is that the Company expects a GAAP loss per share to be in a range of $0.15 to $0.19. Ouch.
Dec 10 · 8:41:00 PM · Source: Company Press Release
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by Rich Pike
Housing
Bloomberg.com reports that 2009 foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, according to real estate company, RealtyTrac Inc. This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.
On the bright side, November filings fell 15 percent from the July peak and dropped 8 percent from October. That was the fourth straight monthly drop. Still, “we are a long way from a recovery,” John Quigley, economics professor at the University of California, Berkeley, said in an interview. “You can’t start to see improvement in the housing market until after unemployment peaks.”
Dec 10 · 7:53:00 PM · Source: Bloomberg.com
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by Rich Pike
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