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Discount-store operator Target Corp. on Wednesday reported a profit for the first quarter that beat analysts' expectations, as strong same-store sales growth and higher revenue at its retail segment helped offset lower earnings at its credit card segment. Target's retail sales for the quarter were aided by unusually warm weather and an early Easter. Buoyed by the results, Target forecasts earnings for the second quarter above analysts' estimates and raised its earnings outlook for fiscal 2012.
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Housing starts in the U.S. came in well above estimates in the month of April, according to a report released by the Commerce Department on Wednesday, although the report also showed a sharp drop in building permits.
The report showed that housing starts rose 2.6 percent to an annual rate of 717,000 in April from the revised March estimate of 699,000. Economists had expected housing starts to increase to 690,000 from the 654,000 originally reported for the previous month.
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Farm equipment maker Deere & Co., lifted its earnings forecast for fiscal-year 2012 yet again after reporting better-than-expected earnings and revenues for the second quarter, helped by a strong farm economy. The company noted it achieved its eighth consecutive quarterly earnings record in the quarter.
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BREAKING NEWS
Sears Canada Swings To Q1 Profit On Gains
5/16/2012 9:43:05 AM
Multi-channel retailer Sears Canada, Inc. (SCC.TO) reported Wednesday a profit for the first quarter compared to a loss last year, reflecting a significant gain on lease terminations of three stores. Excluding....
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ICAP Profit Declines - Update
5/16/2012 5:03:18 AM
Interdealer broker ICAP Plc (IAP.L, IAPLY.PK, IAPLF.PK) reported Wednesday a decline in profit for the fiscal year 2012, reflecting lower trading volumes amid a difficult economic environment. Meanwhile, the....
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Stocks May Attempt a Rebound as Traders Seek Bargains
The major U.S. index futures are pointing to a higher opening on Wednesday, with sentiment suggesting a rebound from recent losses. Though the Greek political crisis is yet unresolved, traders can take some comfort from a domestic economic report, which showed a strong increase in the housing starts......
(complete analysis)
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CANADA
TSX Poised To Extend Losses On Euro Jitters - Canadian Commentary
5/16/2012 8:58:13 AM
Canadian stocks are poised for a lower open Wednesday as commodities dived to their respective fresh multi-month lows as the euro zone debt worries resurfaced after Greece leaders failed to form a coalition government.
U.S. stock futures were pointing to a higher open.
On Tuesday, the S&P/TSX......
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TSX Ends Sharply Lower On Greece Concerns - Canadian Commentary
5/15/2012 4:34:25 PM
Canadian stocks settled at a seven-month low Tuesday, pulled down mostly by resource stocks on worries over the political impasse in Greece. The political uncertainties in Greece continued after major parties failed to reach an agreement on a coalition government. The troubled nation now heads for a......
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TSX Extends Losses On Greece Impasse, Commodities - Canadian Commentary
5/15/2012 11:11:32 AM
Canadian stocks were extending losses for a third session Tuesday morning as commodities continued to reel under selling pressure on worries over Greece after the nation announced a new election in June. Meanwhile, data from the euro zone came in encouraging with the region avoiding a recession in the......
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EUROPE
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UK Market Moderately Lower
The UK market is moderately lower in afternoon trading Wednesday, as Greece continued to weigh on investor....
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COLUMNS
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Science & Technology
People taking diabetes drug exenatide, sold under brand names Byetta and Bydureon, might be familiar with Gila monster, the largest lizards in North America. Exenatide is a synthetic version of a hormone called exendin-4 that is present in the venom of the Gila monster. Now, one more entirely new and unexpected effect of the lizard substance has been discovered by researchers at the Sahlgrenska Academy at the University of Gothenburg.
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Arts & Leisure
Even with another prominent new release hitting theaters, "The Avengers" maintained its dominance by pulling in a second-weekend record $103 million, propelling it over the $1 billion worldwide mark already. No thanks to "The Avengers," Johnny Depp/Tim Burton's "Dark Shadows" struggled finding its intended demographic, hauling in just $28 million in opening revenue and looking like a box office dud for distributor Warner Brothers.
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Politics & Policy
The two-term, 12-year Democratic senator is bucking a nationwide trend by putting up a commanding lead in the polls and in fund-raising for his re-election. Despite recent Republican successes -- plus the last two election cycles, where far-right Republican challengers have generally captured voters in primary insurgent challenges -- Nelson is now poised for a comfortable re-election.
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Money
European Central Bank President Mario Draghi said on Thursday that the euro area faces economic uncertainty despite signs of stabilization in the first quarter. For now, the ECB will continue with its wait-and-see approach, even as Spain and other troubled nations on the periphery of the eurozone slide back into recession. "The economic outlook continues to be subject to downside risks," Draghi said while speaking at the post-meeting press conference in Barcelona, Spain.
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Economic Calendar
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| Date | Indicator | period | Country |
| 5/16/2012 9:15:00 AM | Capacity Utilization (M-o-M) | APR | United States |
| 5/16/2012 9:15:00 AM | Industrial Production (M-o-M) | APR | United States |
| 5/16/2012 9:15:00 AM | Industrial Production (Y-o-Y) | APR | United States |
| 5/16/2012 8:30:00 AM | Housing Starts (M-o-M) | APR | United States |
| 5/16/2012 8:30:00 AM | Manufacturing Shipments (Y-o-Y) | MAR | Canada |
| 5/16/2012 8:00:00 AM | Current Account Balance - BoP | MAR | Poland |
| 5/16/2012 8:00:00 AM | Capital Account Balance - BoP | MAR | Poland |
| 5/16/2012 7:00:00 AM | MBA Mortgage Applications | MAY 11 | United States |
| 5/16/2012 7:00:00 AM | Retail Sales (M-o-M) | MAR | South Africa |
| 5/16/2012 7:00:00 AM | Retail Sales (Y-o-Y) | MAR | South Africa |
More Economic Calendar Data
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Abercrombie & Fitch, Deere, Staples, And Target Report Earnings
05/16/12 05:30 |
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Boehner Vows No Debt Ceiling Hike Without Budget Cuts
05/15/12 05:00 |
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Deluge Of Data On Tap Tuesday
05/15/12 05:30 |
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BIOTECHNOLOGY NEWS
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Baxter International Inc. (BAX) on Wednesday said China's State Food and Drug Administration or SFDA has approved ADVATE (Recombinant Human Coagulation Factor VIII for injection) for the control and prophylaxis of bleeding in individuals with hemophilia A.
Over 50,000 people in China are estimated...
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SHORT TERM
MKS Instruments Sees Q1 Results Above Consensus
2/2/2012 9:20:39 AM
MKS Instruments Inc. (MKSI) issued financial forecast for the first quarter, above consensus, despite reporting lower profit for the fourth quarter, and a 22% drop in quarterly sales.
For...
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Ubiquiti Networks' Strong Outlook
11/11/2011 6:53:15 AM
Ubiquiti Networks Inc. (UBNT) forecast second-quarter GAAP earnings in the range of $0.10 - $0.11 per share, non-GAAP earnings in the range of $0.24 - $0.25 per share, with revenues...
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Skullcandy Boosts FY11 View; Swings To Profit In Q3
11/4/2011 9:07:40 AM
Headphones maker Skullcandy Inc. (SKUL) lifted its fiscal 2011 financial forecast, above consensus, and reported a third-quarter profit, boosted by double-digit increases in both units...
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