Hewlett-Packard announced a 14 percent increase in profits for the recently completed third quarter.
Some strong stats behind the earnings increase include: overall sales increased by 10 percent, printer supplies sales increased by 11 percent and laptop sales rose 26 percent.
While HP remains the world’s top seller of personal computers, it is encountering heated competition from Dell and Apple.
Shares [...]
Home Depot reported second quarter earnings dropped 24 percent versus Q2 2007. The drop was substantial, but less than expected. Overall, sales suffered a 5 percent decline and same-store sales dropped 7.9 percent.
Shares of Home Depot and its rival, Lowe’s (which announced better than expected earnings yesterday), have been down around 2 percent this morning.
Both companies cited the housing market [...]
The Dow is down over 200 points today as concerns were raised in the financial sector regarding a government bailout of Fannie Mae and Freddie Mac.
A report from Barron’s sent shares of Fannie Mae and Freddie Mac plunging to record lows. In response to the Barron’s article, the U.S. Treasury said it would not take the role of [...]
Hot on the heels of July’s alarming increase in foreclosure filings, Donald Trump has stepped in to save one homeowner from losing his residence.
Ed McMahon, known as Johnny Carson’s sidekick, will now have Donald Trump for a landlord. Trump has agreed to buy the home and lease it to Mr. McMahon, who defaulted on his $4.8 million mortgage with Countrywide.
In [...]
According to the National Association of Realtors, the median price of an existing single family home dropped 7.6 percent in the second quarter of 2008. RealtyTrac, Inc. reported that there were 55 percent more foreclosures filed in July 2008 than the same month last year.
The low median price is partially driven by the fact that approximately [...]
The National Association of Realtors reported that approximately one third of existing home sales for the second quarter of 2008 could be attributed to foreclosures or short sales. Here’s a very basic explanation of both:
Foreclosure - Can occur when a homeowner fails to make mortgage payments. The lender can sell or repossess your home as a result [...]
It appears that the effects of the economic stimulus package are waning fast, as retail sales for July decreased by 0.1 percent.
Gas sales were up 0.8 percent last month, but even higher gas prices could not bring July’s sales into positive territory. Sales were driven down by a 2.4 percent decrease in vehicle sales.
U.S. auto sales reached [...]
Longs Drug Stores has agreed to be acquired by CVS Caremark Corp.
CVS has over 6,000 stores nationwide and will acquire 521 Longs drugstore locations scattered across California, Hawaii, Arizona and Nevada. The deal will cost CVS approximately $2.9 billion.
Shares of Longs closed today at $54.04, but CVS offered to purchase the California based drug store [...]
Pilots at Delta and Northwest have approved a joint collective bargaining agreement, clearing one hurdle on the path to a friendly merger.
The new agreement covers approximately 12,000 pilots between the two airlines, and gained support of over 60 percent of Delta’s pilots and 86 percent of Northwest’s pilots. The agreement will take effect when the merger between the two airlines [...]
One by one, the nation’s largest investment banks are announcing plans to buy back auction-rate securities. Thick as thieves, aren’t they? ;)
Today’s announcement came from Morgan Stanley, which will buy back up to $4.5 billion worth of auction-rate securities from retail customers who purchased them before February 12th and sold the securities at a loss on or [...]
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