UPS has agreed to pay $25 million to settle allegations that it submitted false claims to the U.S. government, according court documents unsealed on Tuesday. United Parcel Service Inc, known as UPS, allegedly …
Wal-Mart Stores the world’s largest retailer, posted first-quarter earnings that missed analysts’ estimates after currency fluctuations ate into profit.
Investment banking revenues in the second quarter for eight of the top banks could fall 15 percent from the previous quarter, as income from rates trading tumbles, JPMorgan analysts said on Tuesday. “We are witnessing a slowdown in investment banking revenues in the second quarter 2015, potentially more than normal seasonality, driven by weakness in rates following a strong first quarter performance” the analysts wrote in a note to clients.
Greek government officials are insisting that a deal with lenders over reforms is imminent, but Greece needs to implement reforms fast.
Wal-Mart forecast second-quarter earnings of $1.06-$1.18 per share, largely below the average analyst estimate of $1.17. “Based on recent surveys, we know that many of our U.S. customers are using their tax refunds and the extra money from lower gas prices to pay down debt or put it into saving,” CEO Doug McMillon said in a statement. Wal-Mart said in February it would invest $1 billion to increase wages and
Stronger-than-expected housing data also suggested that the Federal Reserve could have room to raise interest rates sooner rather than later. A stream of weak economic data through last week suggested that Fed would wait to see more strength in the economy before raising rates. Seven of the 10 major S&P 500 sectors were down, with the energy index (.SPNY) weighing the most with a 1.04 percent fall.
“The growth that we see in our business … supports the view of the continued recovery in the U.S. housing market,” Chief Executive Craig Menear said on a conference call. Home Depot raised its profit forecast for the year ending February 2016 to between $5.24 and $5.27 per share including items, from $5.11 to $5.17. Analysts on average had expected a profit of $1.15 per share and revenue of $20.81
U.S. housing starts jumped to their highest level in nearly 7-1/2 years in April and permits soared, hopeful signs for an economy that is struggling to regain strong momentum after a dismal first quarter. The strength in housing is in stark contrast with weakness in consumption, business spending and manufacturing, which have prompted economists to lower their second-quarter growth estimates and raised doubts that the Federal Reserve will raise interest
Billionaire investor Carl Icahn said Apple’s stock was “still dramatically undervalued” and that it should be trading at $240, up from his earlier estimate of $216.
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