Reuters - Retailer J.C. Penney Co Inc
reported a 50 percent drop in quarterly profit on Thursday as
its middle-income shoppers pulled back on spending amid the
U.S. economic downturn.
AP - The stock market notched its second straight daily advance Thursday, with investors assuaged by a pullback in oil prices and some better-than-expected economic data.
AP - Mizuho Financial Group Inc., Japan's second biggest banking group, reported Thursday a 50 percent drop in profit for the fiscal year, taking a beating from U.S. subprime credit problems. -- read full article
Reuters - Blockbuster Inc , the largest
U.S. movie rental chain, posted a higher-than-expected
quarterly profit as it cut costs by closing stores, reducing
advertising and overhead expenses.
Reuters - J.C. Penney Co Inc said on
Thursday its first-quarter profit dropped 50 percent as the
retailer cut prices to clear unsold merchandise, and it
forecast a similar profit drop for its current quarter.
AP - J.C. Penney reported first-quarter profits were halved and on Thursday predicted "difficult" conditions for the entire year as consumers pull back on spending. -- read full article
AP - Blockbuster Inc. said Thursday it swung to a first-quarter profit on lower expenses and improved domestic sales, bolstering the movie rental company chairman's belief that a turnaround plan is working. -- read full article
AP - Luxury retailer Nordstrom Inc. said Thursday its profit fell 24 percent in the first quarter, as recession rumblings in the U.S. crimped even wealthier consumers' shopping habits.
Reuters - Upscale department store Nordstrom
Inc reported a lower quarterly net profit on Thursday
that beat Wall Street estimates, hurt by lower sales in what
the company called a "challenging retail environment." -- read full article
Investor's Business Daily - 1 Erasing modest early losses, the Nasdaq rose 1.5%, the NYSE composite 1.2% and the S&P 500 1.1% -- all to 4-month highs. The Dow climbed 0.7%. Several factors fueled gains: a less-bad Philly Fed, oil reversing from highs, Internet deals, solid retail earnings and reports of a housing rescue bill deal. The 10-year Treasury yield fell 10 basis points to 3.83%. -- read full article
AP - Department store stalwarts J.C. Penney Co., Nordstrom Inc. and Kohl's Inc. all reported steep drops in first-quarter profits on Thursday as Americans snub apparel to focus on basic necessities at discounters in a challenging economy.
AP - British Airways said Friday it will pay a dividend for the first time in seven years after reporting its full-year profits more than doubled. -- read full article
AFP - British Airways said Friday that its annual net profit more than doubled as it cut costs to help offset record high fuel prices while the group offered its first dividend in seven years.
AFP - Aerospace group EADS, hit by fresh setbacks at plane-making unit Airbus, reported a robust return to profit Wednesday and said it hoped to save 750 million euros this year to counter the rise of the euro.
