Saks (NYSE: SKS) released its earnings data on Tuesday. The company reported $0.19 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.19, AnalystRatings.Net reports. The company had revenue of $793.20 million for the quarter, compared to the consensus estimate of $778.53 million. During the same quarter last year, the company posted [...]
NetApp Plans Job Cuts While Paying Dividend, Buying Shares (1)
22/05/2013 By
NetApp Inc. (NTAP), the data-storage company under pressure from an activist investor to boost shareholder value, said it’s cutting jobs and planning to return cash through stock buybacks and dividends. The company increased its stock-repurchase program by $1.6 billion, bringing the total to $3 billion over three years. NetApp initiated a quarterly dividend of 15 [...]
Scandal or not, one SAC investor can’t get enough of Steve Cohen
22/05/2013 By
BOSTON/NEW YORK – As federal prosecutors circle Steven A. Cohen’s $15 billion hedge fund in a long-running insider trading probe, one financial adviser in Texas is so devoted to the billionaire investor that he may give him more money. “I’m thinking about putting more money with him,” said Ed Butowsky, managing director at Chapwood Capital [...]
Markets Gain on Remarks by a Fed Official
22/05/2013 By
Reassuring comments from a Federal Reserve official and better earnings from two big retailers helped push the stock market higher on Tuesday. Stock indexes wobbled between gains and losses in early trading, then took a turn higher just before noon. That’s when news outlets reported that James Bullard, president of the Fed’s St. Louis branch, [...]
How Washington humbled JP Morgan Chase chief Jamie Dimon
22/05/2013 By
“His political capital has been diminished,” said Mark Williams, a former bank examiner who teaches finance at Boston University. “Dimon portrayed himself as the responsible banker through the financial storm, but we’ve learned that he is no better than all the other risk-taking bankers.” On Tuesday, Dimon fended off an attempt by the American Federation [...]
Bernanke Expected to Deliver Dovish Message – CNBC.com
22/05/2013 By
Bernanke is expected to testify on the economy, but he will also be forced to defend Fed policy and explain how the Fed will unwind the policies that have ballooned the Fed balance sheet. Joint Economic Committee Chairman Rep. Kevin Brady, R-Texas, said he’s going to ask Bernanke how the program will be unwound without [...]
Apple’s Taxes Expose the Rotten US Code
22/05/2013 By
When Apple Inc.’s chief executive officer, Tim Cook, bragged to a U.S. Senate subcommittee this week about his company’s culture of innovation, he probably hoped people would think of Apple’s gadgets, not its tax strategies. That seems unlikely, at least for now. Apple has opened a new front in the battle between corporations that aggressively [...]
US court studies wiretaps in ex-Goldman director’s insider case
21/05/2013 By
NEW YORK – Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta sought to reverse his insider-trading conviction on Tuesday, arguing that wiretap evidence used by the prosecution should not have been introduced at trial. Defense lawyer Seth Waxman told the 2nd U.S. Circuit Court of Appeals in New York that wiretaps played [...]
Judge rules Airbnb illegal in New York City
21/05/2013 By
New York City residents risk running afoul of hotel laws if they offer their lodgings up for short-term rentals on Airbnb. Bad news for Manhattanites who use Airbnb to rent out their apartments temporarily: New York City officials have ruled that the service violates an “illegal hotel” law. New York state law dictates that residents [...]
Gold ends lower; market looks for Fed policy cues
21/05/2013 By
SAN FRANCISCO (MarketWatch) — Gold futures fell on Tuesday, giving back a portion of the previous session’s gain as the market awaited further hints from the Federal Reserve on when the central bank might start easing back on its stimulus plan. On Wednesday, Fed Chairman Ben Bernanke will testify before Congress and the FOMC will [...]