Target stock jumps 7% as retailer blows past Wall Street expectations

Target reported first-quarter earnings and sales Wednesday that topped the Street’s expectations.

Here’s what the company reported vs. what the Street was expecting:

  • Earnings per share: $1.21, excluding items, vs. forecast of 91 cents, according to Thomson Reuters analysts’ consensus estimates.
  • Revenue: $16.02 billion vs. $15.62 billion estimate, analysts said.
  • Same-store sales: 1.3 percent drop vs. forecast of a 3.7 percent decline, according to FactSet.

Source: Target stock jumps 7% as retailer blows past Wall Street expectations

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

US, China reach access deals for beef, poultry | TheHill

The White House struck agreements with China on several persistent trade irritants to reduce the trade deficit with Beijing.

Commerce Secretary Wilbur Ross announced deals that will send U.S. beef exports to China, allow Chinese imports of cooked poultry, expand U.S. electronic payment services and provide for faster regulatory approval of biotechnology products by Beijing.

Source: US, China reach access deals for beef, poultry | TheHill

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

U.S. April job gains rebound, unemployment drops to 4.4 percent | Reuters

* Total payrolls up 211,000 vs 185,000 estimate & downwardly revised 79,000 prior (original 98,000)* Private payrolls up 194,000 vs 185,000 estimate & downwardly revised 77,000 prior (original 89,000)

* Unemployment rate down to 4.4 pct vs 4.6 pct estimate & 4.5 pct prior

* Average hourly earnings growth 0.3 pct vs 0.3 pct estimate & downwardly revised 0.1 pct prior (original 0.2 pct)

* U-6 rate pct 8.6 pct vs 8.9 pct prior* Labor force participation 62.9 pct vs 63.0 pct prior

* Household survey: Workforce grew by 12,000, employed rose by 156,000, unemployed fell by 146,000

Source: U.S. April job gains rebound, unemployment drops to 4.4 percent | Reuters

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Panera to add 10,000 jobs by the end of 2017 as it expands delivery

Panera Bread is working to expand delivery services to more of its cafes, adding 10,000 more jobs by the end of 2017.

  • Panera to hire 10,000 employees as it expands its delivery service
  • The company hopes to expand delivery to 35 percent to 40 percent of its locations
  • Panera forecasts that delivery will add $250,000 per year to each store’s annual revenue

Source: Panera to add 10,000 jobs by the end of 2017 as it expands delivery

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Bebe plans to close its last stores by the end of May – LA Times

omen’s apparel retailer Bebe Stores Inc. said it’s closing its remaining 168 stores, the latest in a string of retailers shutting physical outlets.

Bebe said it expects “to close all of the stores by the end of May,” according to a filing the Brisbane, Calif., firm made this week with the Securities and Exchange Commission.

Source: Bebe plans to close its last stores by the end of May – LA Times

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Wal-Mart is cutting hundreds of jobs to slash costs

The layoffs span Wal-Mart’s international, technology and Sam’s Club businesses.

The layoffs span the company’s international, technology and Sam’s Club divisions. They follow Wal-Mart’s decision to eliminate some 1,000 corporate positions earlier this year, including 200 in its e-commerce division.

A spokesman for the retailer confirmed the job cuts to CNBC, which had originally been reported by Dow Jones.

Source: Wal-Mart is cutting hundreds of jobs to slash costs

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Tax reform decoded: What you need to know – Apr. 11, 2017

Discussions about overhauling the tax code will be peppered with tax and legislative jargon. Here are some key terms decoded.

Revenue neutral: “How much will that tax plan cost?” is just another way of asking whether the overall plan will raise less revenue than the current tax code, more revenue or the same amount.

Republicans and the White House may have a hard time muscling through a full tax code overhaul this year. But there will be plenty of debates and mudslinging over tax reform while they try.

And all those rhetorical talkfests will be peppered with tax and legislative jargon. Lots of it.

Source: Tax reform decoded: What you need to know – Apr. 11, 2017

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Tesla Just Passed GM to Become America’s Most Valuable Carmaker

Elon Musk’s Tesla Inc. briefly surpassed General Motors Co. to become America’s most valuable carmaker, eclipsing a company whose well-being was once viewed as interdependent with the nation’s.

Tesla’s usurping of GM and Ford will undoubtedly spur debate over the relative value of Musk’s company compared with some of the world’s top-selling automakers. GM expects to earn more than $9 billion this year and analysts predict Ford will generate adjusted profit of about $6.3 billion. On that basis, Tesla is expected to lose more than $950 million.

Source: Tesla Just Passed GM to Become America’s Most Valuable Carmaker

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Panera Bread’s potential suitors

This post is part of the On the Margin blog.

On Monday, Bloomberg reported that Panera Bread Co. might put itself up for sale after receiving interest from a potential buyer. The news sent the company’s stock price skyrocketing.

As I wrote about several weeks ago now, 2017 is going to be a huge year for mergers and acquisitions

Jonathan Maze, Nation’s Restaurant News senior financial editor, does not directly own stock or interest in a restaurant company.

Contact Jonathan Maze at jonathan.maze@penton.com

Follow him on Twitter: @jonathanmaze

Read Source: Ranking Panera Bread’s potential suitors

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

US home prices rise 5.9 percent to 31-month high in Jan: S&P CoreLogic Case-Shiller

The index, which measures all nine U.S. census divisions, found that home prices rose 5.9 percent year over year in January.

Of the nation’s 20 largest cities, three reached their all-time highs in January: Seattle, Portland, and Denver. And 12 cities reported greater price increases in the year ending January 2017 versus the year ending December 2016, the report said.

Source: US home prices rise 5.9 percent to 31-month high in Jan: S&P CoreLogic Case-Shiller

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Wal-Mart is beating the pants off Amazon in apparel, and it’s fighting to keep it that way – MarketWatch

Both Wal-Mart and Amazon are making a strategic push in fashion, a huge sales arena for e-commerce players.

Wal-Mart Stores Inc. has been on an e-commerce apparel acquisition tear, purchasing sites like ModCloth, MooseJaw and ShoeBuy in recent weeks. The purchases aren’t just part of an apparel effort at Wal-Mart, but an effort to compete with, and fend off, Amazon.com Inc., which is also making a push in the apparel arena.

Amazon AMZN, -0.21%   has been adding private label brands at a pace as robust as Wal-Mart’s WMT, -0.36%  acquisitions. By KeyBanc Capital Markets’ count, Amazon has at least 14 private-label apparel brands in the U.S. and U.K., nine for Prime members exclusively. Analysts there estimate that the e-commerce giant has a $14 billion-plus apparel business.

Source: Wal-Mart is beating the pants off Amazon in apparel, and it’s fighting to keep it that way – MarketWatch

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

17,000 AT&T technicians and call center workers go on strike

California and Nevada workers allege offshoring and illegal job changes.

About 17,000 AT&T wireline technicians and call center employees went on strike in California and Nevada today while filing an unfair labor charge to the National Labor Relations Board (NLRB) alleging that AT&T violated federal law.

“The company has shown disrespect to the bargaining process by changing the work assignments of workers without bargaining as required by federal law,” the Communications Workers of America (CWA) union said in its strike announcement. “Further, AT&T reneged on an agreement to resolve the dispute without any explanation.”

The CWA said that AT&T “is asking its workers to do more for less—keeping them from their families with unpredictable overtime, undercutting pay and advancement, offshoring good jobs, and pushing more health care costs onto employees.”

Source: 17,000 AT&T technicians and call center workers go on strike

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Sears Has Finally Admitted That It’s Almost Dead

This zombie retailer is on its deathbed.

Kudos to Sears Holdings Corp. (SHLD) for finally admitting what everyone already knew: it’s almost dead.

As TheStreet broke the news on Twitter Tuesday evening, Sears indicated in its newly filed annual report that “substantial doubt exists related to the company’s ability to continue as a going concern.” For those clickbait-loving headline writers out there with no financial services training: what Sears essentially said is that yes, it’s unsure if it could stay in business. Well, duh.

Sears’ cash position has melted from a high point of $1.7 billion for the 2009 calendar year to a mere $286 million to close out 2016. Revenue hasn’t grown since the credit boom lifted all ships in retail in 2006. The company hasn’t generated cash flow from its operations since 2006.

Source: Sears Has Finally Admitted That It’s Almost Dead

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Happiness report: Norway is the happiest place on Earth – BBC News

It’s the international day of happiness – and the annual rankings have been published.

The world’s happiest – and saddest – countries
Happiest Least happy
1. Norway 146. Yemen
2. Denmark 147. South Sudan
3. Iceland 148. Liberia
4. Switzerland 149. Guinea
5. Finland 150. Togo
6. Netherlands 151. Rwanda
7. Canada 152. Syria
8. New Zealand 153. Tanzania
9. Australia 154. Burundi
10. Sweden 155. Central African Republic

Source: Happiness report: Norway is the happiest place on Earth – BBC News

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Is the coal industry really roaring back to life under Trump? – LA Times

In his recent speech, President Trump said he had promised that “dying industries will come roaring back to life” – and then highlighted the boost he gave one such industry by blocking an environmental regulation “that threatens the future and livelihoods of our great coal miners.”

The move Trump referred to stopped an environmental rule meant to protect streams from pollution stemming from mining.

Source: Is the coal industry really roaring back to life under Trump? – LA Times

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

The full list of 138 J.C. Penney stores closing around the US – The Boston Globe

The company said that about 5,000 positions nationwide will be affected by the closures, most of which will occur in June.

Below is the list  of stores slated to close
Mall/Shopping Center City State
Auburn Mall Auburn AL
Tannehill Promenade Bessemer AL
Gadsden Mall Gadsden AL
Jasper Mall Jasper AL
Military Plaza Benton AR
Chickasaw Plaza Blytheville AR
Riverview Mall Bullhead City AZ
Downtown Bishop Bishop CA
Sunwest Plaza Lodi CA
The Village at Orange Orange CA
Hilltop Mall Richmond CA
Fort Morgan Main St. Fort Morgan CO
Glenwood Springs Mall Glenwood Springs CO
St. Vrain Centre Longmont CO
Broadway Plaza Sterling CO
Connecticut Post Mall Milford CT
Jacksonville Regional Shopping Center Jacksonville FL
Palatka Mall Palatka FL
Dublin Mall Dublin GA
Macon Mall Macon GA
Milledgeville Mall Milledgeville GA
Gateway Plaza Thomasville GA
Tifton Mall Tifton GA
Downtown Decorah Decorah IA
Crossroads Mall Fort Dodge IA
Penn Central Mall Oskaloosa IA
Quincy Place Ottumwa IA
Snake River Plaza Burley ID
Eastland Mall Bloomington IL
Fulton Square Canton IL
Village Square Mall Effingham IL
Freestanding Macomb IL
Peru Mall Peru IL
Northland Mall Sterling IL
Centerpointe of Woodridge Woodridge IL
FairOaks Mall Columbus IN
Connersville Plaza Connersville IN
Huntington Plaza Huntington IN
Jasper Manor Center Jasper IN
Logansport Mall Logansport IN
Chanute Square Chanute KS
Downtown Great Bend Great Bend KS
Hutchinson Mall Hutchinson KS
Freestanding Lawrence KS
Winfield Plaza Winfield KS
Cortana Mall Baton Rouge LA
Park Terrace DeRidder LA
North Shore Square Slidell LA
Berkshire Mall Lanesborough MA
Easton Marketplace Easton MD
Rockland Plaza Rockland ME
Lakeview Square Mall Battle Creek MI
Delta Plaza Escanaba MI
Westshore Mall Holland MI
Copper Country Mall Houghton MI
Birchwood Mall Kingsford MI
Midland Mall Midland MI
Cascade Crossings Sault Ste. Marie MI
Central Lakes Crossing Baxter MN
Five Lakes Centre Fairmont MN
Faribo West Mall Faribault MN
Irongate Plaza Hibbing MN
Hutchinson Mall Hutchinson MN
Red Wing Mall Red Wing MN
Downtown Thief River Falls Thief River Falls MN
Freestanding Winona MN
Maryville Center Maryville MO
Leigh Mall Columbus MS
Southgate Plaza Corinth MS
Greenville Mall Greenville MS
Bonita Lakes Mall Meridian MS
Oxford Mall Oxford MS
Capital Hill Mall Helena MT
Sidney Main Street Sidney MT
Albemarle Crossing Albemarle NC
Boone Mall Boone NC
Eastridge Mall Gastonia NC
Blue Ridge Mall Hendersonville NC
Monroe Crossing Monroe NC
Becker Village Mall Roanoke Rapids NC
Prairie Hills Mall Dickinson ND
Buffalo Mall Jamestown ND
Downtown Wahpeton Wahpeton ND
Fremont Mall Fremont NE
Downtown McCook McCook NE
Platte River Mall North Platte NE
Rio Grande Plaza Rio Grande NJ
The Boulevard Las Vegas NV
Dunkirk-Fredonia Plaza Dunkirk NY
Westfield Sunrise Massapequa NY
Palisades Center West Nyack NY
Findlay Village Mall Findlay OH
New Towne Mall New Philadelphia OH
Richmond Town Square Richmond Heights OH
St. Mary’s Square St. Marys OH
Altus Plaza Altus OK
Ne-Mar Shopping Center Claremore OK
Ponca Plaza Ponca City OK
Pioneer Square Shopping Center Stillwater OK
Astoria Downtown Astoria OR
Grants Pass Shopping Center Grants Pass OR
La Grande Downtown La Grande OR
Downtown Pendleton Pendleton OR
The Dalles Main Street The Dalles OR
Columbia Mall Bloomsburg PA
Clearfield Mall Clearfield PA
King of Prussia Mall King of Prussia PA
Philadelphia Mills Philadelphia PA
Bradford Towne Centre Towanda PA
Lycoming Mall Pennsdale PA
Willow Grove Park Willow Grove PA
Citadel Mall Charleston SC
Town ‘N Country Easley SC
Palace Mall Mitchell SD
Northridge Plaza Pierre SD
Watertown Mall Watertown SD
Yankton Mall Yankton SD
Greeneville Commons Greeneville TN
Knoxville Center Knoxville TN
County Market Place Union City TN
Athens Village Shopping Center Athens TX
Borger Shopping Plaza Borger TX
Heartland Mall Early TX
El Paso Downtown El Paso TX
Marshall Mall Marshall TX
McAllen Downtown McAllen TX
University Mall Nacogdoches TX
King Plaza Shopping Center Seguin TX
Bosque River Center Stephenville TX
New River Valley Mall Christiansburg VA
Tanglewood Mall Roanoke VA
Pilchuck Landing Snohomish WA
Pine Tree Mall Marinette WI
Marshfield Mall Marshfield WI
Richland Square Shopping Center Richland Center WI
Rapids Mall Wisconsin Rapids WI
Foxcroft Towne Center Martinsburg WV
Downtown Sheridan Sheridan WY
SOURCE: J.C. Penney Company, Inc

Source: The full list of 138 J.C. Penney stores closing around the US – The Boston Globe

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather

Gordmans Stores Files for Bankruptcy With Plan to Liquidate

Gordmans Stores Inc., the century-old discount department store chain, filed for bankruptcy with plans to liquidate its inventory and assets.

Gordmans traces its roots to 1915, when Russian immigrant Sam Richman opened a clothing shop in Omaha. He later teamed up with a former Bloomingdale’s executive, Dan Gordman, whose car broke down in Omaha en route to California. Gordman met Richman’s daughter while he was waiting for his car to be repaired and decided to stick around. The two later married.

Private equity firm Sun Capital Partners bought the business in 2008 and took it public two years later. Funds managed by Sun Capital hold about 49.6 percent of Gordmans’ equity, according to a court filing.

Source: Gordmans Stores Files for Bankruptcy With Plan to Liquidate

Facebooktwittergoogle_plusredditpinterestlinkedintumblrmailby feather