European ministers gave consent to improve the mandate to tackle the menace of bank failure, yet much more remained to be agreed on the scheme to handle bad banks. Ministers need to decide on how much countries should help one another in managing a troubled bank. Members were open to reducing the mutualisation period of the EUR 55 billion Single Resolution Fund to 8 years from 10 years.
Men's Wearhouse said its loss for the fourth quarter widened from a year ago, due mainly to the harsh winter that kept shoppers indoors as well as weak margins. The clothing retailer's results for the quarter missed Wall Street estimates as well.
Credit card swipe machine maker VeriFone Systems Inc. said Tuesday after the markets closed that it swung to a first quarter loss, as higher costs and expenses more than offset a slight increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its adjusted revenue.
After initially showing a lack of direction, stocks moved mostly lower over the course of the trading day on Tuesday. The major averages added to the slim losses posted in the previous session, with the S&P 500 pulling back further off last Friday's record highs.
U.S. crude oil slipped for a second straight session to end sharply lower on Tuesday, ahead of the official weekly oil report, even as investors continue to mull over demand growth concerns after some Chinese trade data last week end showed the nation's economy to be slowing more than initially estimated.
Gold futures ended higher for a second straight session on Tuesday, as markets continued to closely monitor the tussle between Russia and the West over Ukraine, even as the crucial referendum in Crimea comes up for vote next Sunday to determine the status of the region. The referendum will decide if...
Clothing retailer Men's Wearhouse Inc. (MW) has finally reached a deal to buy smaller rival Jos. A. Bank Clothiers Inc. (JOSB) for $1.8 billion in cash, thus ending the months-long takeover battle. Shares of Men's Wearhouse rose over five percent, while Jos A. Bank shares gained about four percent, following...
While selling pressure has remained subdued, stocks are seeing modest weakness in mid-day trading on Tuesday after initially showing a lack of direction. Lingering concerns about the situation in Ukraine may be weighing on the markets. The major averages are currently posting modest losses, near their lows for the session.
Senator Dianne Feinstein, D-Calif., has accused the Central Intelligence Agency of searching the Senate Intelligence Committee's computers and suggested that the agency may have violated the constitution. Feinstein claimed that the CIA searched a stand-alone computer network established as part of the intelligence committee's investigation of the Bush-era detention and interrogation program.
Italian banking giant UniCredit SpA on Tuesday reported a loss for the fourth quarter that widened from last year, reflecting a hefty goodwill impairment and additional loan loss provisions. UniCredit's board approved the company's new 2013-18 strategic plan, targeting a net profit of about 2 billion euros in 2014 that is expected to more than triple to 6.6 billion euros in 2018.
Wholesale inventories in the U.S. rose by more than expected in the month of January, according to a report released by the Commerce Department on Tuesday, although the report also showed a steep drop in wholesale sales. The report said wholesale inventories climbed 0.6 percent in January following an upwardly revised 0.4 percent increase in December.
With many traders sticking to the sidelines amid a lack of catalysts, stocks are turning in a lackluster performance in early trading on Tuesday. The major averages are showing only modest moves, lingering near the unchanged line.
Teen clothing retailer American Eagle Outfitters, Inc. Tuesday reported a sharp fall in fourth-quarter profit, reflecting asset impairment charges and write-offs. Total net revenues declined 7 percent from last year, with a drop in comparable sales. The company also issued a weak outlook for the first quarter. The shares are down more than 6 percent in the early morning.
Sporting goods retailer Dick's Sporting Goods, Inc. (DKS) reported Tuesday a profit for the fourth quarter that grew from last year, reflecting relatively strong holiday sales. Earnings per share matched analysts' expectations and quarterly revenues topped their estimates. However, the company provided earnings guidance for the first quarter and full-year 2014, both below Street view.
Chinavision Media Group Ltd. said Tuesday that China's e-commerce giant Alibaba Group Holding Ltd. has agreed to buy a 60 percent stake in the company for about HK$6.24 billion or $804 million. The deal, which will enable Alibaba to gain access to Chinavision's film and television production, is part of Alibaba's efforts to bolster its position amid stiff competition from rival Internet companies.