Market News
American Express (AXP)
American Express Company Wednesday announced it has agreed to acquire Revolution Money, a company launched by AOL Co-founder Steve Case's Revolution LLC in 2007 to provides secure payments through an internet based platform.
Interestingly, American Express is buying a nascent competitor that has positioned itself to merchants as a low-cost alternative as Revolution offers PIN-based credit cards that charge merchants a fraction of the typical acceptance cost and free online money transfers.
Nov 18 · 11:58:00 AM · Source: Company News Release
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by Larry Etter
Saks Incorporated (SKS)
Saks Tuesday said that for the third quarter ended October 31, 2009 the Company posted net income of $1.9 million, or $.01 per share. This compares to a net loss of $43.7 million, or $.32 per share, for the prior year third quarter ended November 1, 2008. Revenue fell 8.5 percent to $631.4 million from $690.3 million a year earlier, and sales at stores open more than a year declined 10.1 percent.
The slight profit surprised analysts.
Nov 17 · 12:16:00 PM · Source: Company News Release
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by Larry Etter
Covidien Ltd. (COV)
Covidien, a medical device company, said Tuesday that it posted net profit of $56 million, or 11 cents a share, for the fiscal fourth quarter ended Sept. 25, compared with $409 million, or 84 cents a share, a year earlier. Net results were reduced by a variety of charges related to various divestitures and acquisitions.
Nov 17 · 12:09:00 PM · Source: Company News Release
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by Larry Etter
TJX (TJX)
TJX Companies said Tuesday its third quarter profit rose to $347.8 million, or 81 cents a share, from $235.9 million, or 54 cents a share, a year earlier. Revenue increased 10% to $5.24 billion.
Company CEO said TJX achieved record third-quarter results, driven by significant increases in comparable store sales and customer traffic that have continued to accelerate.
Nov 17 · 12:05:00 PM · Source: Company News Release
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by Larry Etter
Applied Materials (AMAT)
Applied Materials Inc. said it plans to acquire Semitool Inc. for $364 million in cash, The $11 a share offer is a 31% premium over Semitool's Monday closing price. The deal would come on the heels of Applied Materials' acquisition of privately held Advent Solar.
The Semitool deal would boost the chip toolmaker's efforts in growing parts of the chip manufacturing market.
Nov 17 · 11:50:00 AM · Source: Company News Release
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by Larry Etter
Lazard Ltd. (LAZ)
Lazard Ltd. Tuesday said it had named Kenneth Jacobs, head of the investment bank’s North American businesses, as chairman and CEO, succeeding Bruce Wasserstein, who passed away last month. Jacobs, 51, takes over from interim CEO Steven Golub, 63, who will continue as vice chairman of Lazard and chairman of the financial-advisory group.
Nov 17 · 11:44:00 AM · Source: Company News Release
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by Larry Etter
Home Depot (HD)
Home Depot said Tuesday that for the fiscal third quarter period ended Nov. 1 it reported earnings of $689 million, or 41 cents per share, down from $756 million, or 45 cents per share, a year earlier. Revenue fell 8% to $16.36 billion; same-store sales dropped 6.9%.
Profit down, sales down, same-store sales down. None of that can really be looked at as good news. However, on the bright side, the drop in profit was less than analysts expected.
Nov 17 · 11:36:00 AM · Source: Company News
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by Larry Etter
Target (TGT)
Target Corp. said Tuesday it posted third quarter profits of $436 million, or 58 cents a share, up 18 percent from $369 million, or 49 cents a share, a year earlier. Revenue increased 1.1% to $15.28 billion.
Results beat analyst expectations.
Nov 17 · 11:33:00 AM · Source: Company News
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by Larry Etter
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