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BHP Billiton, the world’s biggest miner, tried to dampen expectations it would substantially raise its hostile $39 billion bid for Potash Corp. as bumper results showed it has plenty of firepower.
“I will be as disciplined on this bid as I’ve been on every other endeavour,” Chief Executive Marius Kloppers told a conference call with reporters on Wednesday. “The shareholders own the company and it’s my job to create more value for them, not to do any one thing at any cost.” Get the full story »
Medtronic Inc. posted a surprising decline in quarterly sales and cut its forecast due to weak demand for its medical devices and pressure on prices, sending its shares down nearly 12 percent to a 15-month low.
The world’s No. 1 stand-alone medical device maker, a bellwether, reported quarterly profit in line with expectations, but weak sales and outlook weighed on the shares of rivals such as cardiovascular device companies Boston Scientific Corp. and St. Jude Medical and orthopedic device makers Stryker Corp. and Zimmer Holdings. Get the full story »
Barnes & Noble Inc. posted a first-quarter loss on legal expenses related to its proxy fight with a major shareholder, the struggling book seller said Tuesday. The company cut its annual earnings outlook on the costs related to fighting billionaire financier Ron Burkle.
J.M. Smucker Co.’s net income rose 5 percent in its fiscal first quarter on lower costs, though the company was squeezed by higher coffee bean prices and price competition on store shelves.
The maker of Jif peanut butter, Folgers coffee and other foods said Friday that it earned $102.9 million, or 86 cents per share, for the quarter. That’s up from $98.1 million, or 83 cents per share, a year earlier. Get the full story »
Hormel Foods Corp.’s fiscal third-quarter earnings rose 11 percent as the food-processing company saw revenue continue to rise and brands like its Hormel chili did well. The result beat analysts’ expectations and the company raised the year’s earnings forecast for a third time, hiking it to $2.85 to $2.91 a share from $2.75 to $2.85. Get the full story »
Rising sales at its low-price Old Navy chain helped Gap Inc. post a 3 percent increase in second-quarter net income, Gap said Thursday.
Based in San Francisco, Gap also operates Banana Republic and Gap stores, plus its websites including its Piperlime online business. And it affirmed a profit outlook for the year that is in line with Wall Street estimates. Get the full story »
Most retail stocks were lower Thursday, with Sears Holdings Corp. shares down 7.6 percent to $62 after the department-store operator posted disappointing second-quarter results.
Sears reported a larger-than-expected second quarter loss early Thursday and that sales dropped by $93 million to $10.5 billion. Get the full story »
Elgin-based John B. Sanfillipo & Son Inc. said fourth-quarter net income fell 30 percent because of a change in income taxes. Get the full story »
Discounter Target Corp posted uninspiring results while BJ’s Wholesale Club Inc missed Wall Street profit estimates and cut its full-year forecast, sending shares in both companies lower. Get the full story »
Deere & Co reported stronger-than-expected quarterly results but warned of growing weakness in Western Europe and offered a disappointing forecast that sent its shares lower on Wall Street.
The company, the world’s largest maker of agricultural equipment, cut its outlook for Europe, saying an abundance of used equipment in the region and lingering concerns about its economic prospects were hurting sales. Get the full story »
Saks Inc. posted better-than-expected quarterly results Tuesday, helped by an uptick in luxury spending and selling fewer items at a discount. That sent its shares up more than 3 percent.
Saks said sales at stores open at least one year, or same-store sales, rose 4.6 percent, with its flagship department store on Manhattan’s Fifth Avenue performing well. Get the full story »
Home Depot Inc. still sees room for profit growth this year as consumers take up long-delayed maintenance and repair projects for their homes.
The company posted a higher-than-expected quarterly profit and raised its full-year earnings forecast Tuesday, helped by cost controls. While sales missed expectations in a weak economy, investors were relieved that the top home improvement chain still expects an increase for the rest of the year. Get the full story »
Retailer Sears Canada said on Tuesday its quarterly profit dropped as weaker consumer confidence weighed on sales.
For the second quarter ended July 31, net income fell to C$31.9 million, 29 Canadian cents a share. That compares with C$49.1 million, or 45 Canadian cents, for the same quarter a year earlier. Get the full story »
Lowe’s Cos. posted weaker-than-expected quarterly results but kept its forecast for same-store sales growth this year, assuring investors it will benefit once U.S. consumer demand picks up.
Lowe’s, the second-largest home improvement chain behind Home Depot, said it still expects sales at stores open at least a year to rise about 2 percent for the fiscal year, which some analysts viewed positively given soft consumer sentiment. Get the full story »
Blockbuster Inc. has won its second debt-payment deadline extension in as many months, but the struggling video rental chain reported a wider loss and warned it might have to liquidate, sending its shares plummeting more than 20 percent Friday. Get the full story »
