Trouble is piling up for Lumber Liquidators Holdings Inc. from different quarters, with a U.S. Senator calling for a federal probe into the specialty retailer of hardwood flooring, while two law firms said they have filed a class action lawsuit against the company for selling Chinese-made laminated wood floors containing dangerous levels of toxic formaldehyde.
In a somewhat troubling sign for the labor market ahead of tomorrow's monthly jobs report, the Labor Department released a report on Thursday showing an unexpected increase in first-time claims for U.S. unemployment benefits in the week ended February 28th.
It's a gain of over 6,000% for investors who bought shares of Pharmacyclics Inc. (PCYC) back in February 2010 and held them all these years - a handsome reward for long-term investors.
German automotive supplier Continental AG said its annual profit increased nearly 24 percent from the previous year, as sales improved in spite of adverse impact from currency. Further, the company lifted its sales forecast for the year.
Stocks are likely to move to the upside in early trading on Thursday, regaining some ground after closing lower in the two previous sessions. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 37 points.
A sampling of U.S. apparel retailers on Thursday revealed soft sales in February as the harsh winter weather likely dampened spring apparel sales and continued to keep customers away from stores, but not as much compared to last year's severe weather events. Sales during the month were some what aided by Valentine's Day and Presidents Day sales promotions.
The European Central Bank on Thursday held its key interest rates unchanged at a record low for a fifth successive month as markets await the bank's President Mario Draghi to reveal the details of the historic $1.1 trillion quantitative easing announced in January.
The Bank of England kept its key rate unchanged at a historic low, a stance it has persisted with at every policy meeting since March 2009, when it cut the rate to confront recession at the peak of financial crisis. The nine-member Monetary Policy Committee decided to retain the key bank rate at 0.50 percent, marking its sixth anniversary of no change.
Network specialist Ciena Corp. reported Thursday a loss for the first quarter that widened from last year, despite improved gross margins, reflecting higher operating expenses and a revenue decline. Adjusted earnings per share topped analysts' expectations, while quarterly revenues missed their estimates. The company also provided revenue guidance for the second quarter, in line with Street view.
AbbVie Inc. and Pharmacyclics Inc. announced a definitive agreement for AbbVie to acquire Pharmacyclics, and its flagship asset Imbruvica (ibrutinib), a treatment for hematologic malignancies. The cash and stock deal values Pharmacyclics at about $21 billion. The company expects the transaction to be highly accretive to both revenue and earnings by 2017.
After 70 years, Microsoft co-founder Paul Allen and his research team located the heaviest and the most powerfully armed Japanese battleship Musashi that sank during the World War II. The team has been mapping the bottom of the sea with various devices for the last eight years.
New guidelines released by World Health Organization (WHO) recommended a marginal reduction in daily sugar intake to boost health and stave off non-communicable diseases. The United Nations health agency recommends that adults and children reduce their daily intake of free sugars to less than 10 percent of their total energy intake. A further reduction to below 5 percent or roughly 25 grams (6 tea
Trading in the U.S. index futures suggests that Wall Street stocks may open slightly higher on Thursday, although the underlying mood is likely to be cautious ahead of Friday's payrolls report. Earlier in the global trading day, Asian stocks closed mostly lower, while European stocks are currently on a firmer footing ahead of two key central bank decisions from the region.
Shares of Carrefour Group were trading around 3 percent higher in the morning trading in Paris after the French grocery retailer reported Thursday higher net income from continuing operations in 2014 with improved performance in emerging markets in Latin America. Sales, meanwhile, declined from last year. The company also announced a dividend for the year.
U.S. Ambassador to South Korea Mark Lippert was assaulted in Seoul by a man demanding Korean reunification and end to US-Korea joint military drills. Lippert was speaking at a breakfast meeting when he was slashed on his face and left hand by a man with a knife, reports quoting South Korean police said. The US State Department said the Ambassador has undergone a surgery at a local hospital, and