Bassett Furniture shares rise 20% after better-than-expected earnings

October 1st, 2015 No comments

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Shares of Bassett Furniture Industries rose 20% Thursday after the seat builder reported aloft third entertain sales and gain which handily kick analysts’ estimates.

Net income scarcely doubled from a year ago to $4.27 million. Earnings per share totaled 39 cents, aloft than analysts’ accord guess of twenty-five cents which was gathered by Zacks Investment Research.

Shares rose $5.45 to finish the day at $33.30.

Revenue for the quarter rose 30% $111 million.

Earlier this year, the Bassett, Va.-based association acquired Zenith Freight Lines, a logistic provider, and the ultimate gain simulate the deal. Excluding Zenith’s sales, Bassett’s income would have been 14% aloft than a year ago.

It sell division — the 59 company-owned stores — reported a 15% enlarge in sales to $62 million.  It was the company’s fifth uninterrupted entertain of double-digit allied store sales increase, Bassett said.

The wholesale division’s sales rose 11% to $62.2 million.

“Once again, all of the expansion came from the domestically constructed law dining and law upholstery programs,” pronounced  Bassett CEO Robert Spilman.

 

Twitter shares sink on report Jack Dorsey will become CEO

October 1st, 2015 No comments
Interim Twitter CEO Jack Dorsey (Scott Olson, Getty Images)

Interim Twitter CEO Jack Dorsey (Scott Olson, Getty Images)

SAN FRANCISCO — Twitter batch closed down 8% to $24.68 after record headlines use Re/code reported that Jack Dorsey would be declared arch executive.

The batch sealed up 5% on Wednesday following the published report, but fast gave up those gains on Thursday as Wall Street questioned either Dorsey can turnaround Twitter.

Dorsey is additionally CEO of digital payments association Square which has in confidence filed for an primary open charity that’s approaching by year’s end. He has been using Twitter on an halt basement given Jul and is a heading claimant to take the pursuit permanently.

Wall Street’s view on Dorsey apropos CEO is mixed.

Some analysts subject if Dorsey will shift his responsibilities in between the dual companies. Others indicate out which a in advance brand new care proceed is not certain given Dorsey has been authority of Twitter as it has struggled.

Citi researcher Mark May pronounced he has a “generally certain view” of a Dorsey-led Twitter given of his low believe of the product and the company. But he is capricious either Dorsey would move suggestive shift given he has been “heavily involved” with Twitter as a founder.

Nomura researcher Anthony DiClemente agreed.

“It is misleading the border to which his ascent to permanent CEO will outcome in shift which addresses vital concerns per user expansion arena and softened monetization,” DiClemente wrote in a investigate report.

Wedbush Securities researcher Michael Pachter isn’t speculating on either Twitter will daub Dorsey as CEO. But in a investigate note he says investors should sojourn on the sidelines until Twitter government “has adopted a plan which will expostulate user and rendezvous growth.”

“We think which ultimately, Twitter can opposition Facebook in reach, but in sequence to get ahead this, the association requires a shift of strategy,” Pachter wrote.

What’s clear: Should Dorsey turn CEO, analysts will equate on the contributions of key Twitter executives: arch monetary military military officer Anthony Noto, arch income military military officer Adam Bain and products arch Kevin Weil.

Twitter is trade underneath $25, next the $26 primary open charity price.

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Dunkin’ soaked 10% on plan to close 100 stores

October 1st, 2015 No comments
In this Feb. fourteen 2014 record photo, a lady binds a doughnut and a libation at a Dunkin' Donuts in New York.

In this Feb. fourteen 2014 record photo, a lady binds a doughnut and a libation at a Dunkin’ Donuts in New York.

Dunkin’ Brands (DNKN) shares dunked Thursday on a unsatisfactory opinion from the company, that includes a devise to tighten 100 stores.

Shares of Dunkin’ have been down $5.04, or 10.3%, to $43.97 following a display to investors where the association pronounced it expects to consequence in between $1.87 and $1.91 a share in mercantile 2015. Investors were seeking for a $1.92 a share profit, according to S&P Capital IQ.

The association additionally pronounced it skeleton to tighten 100 Dunkin’ Donuts stores in the U.S. this year and subsequent as preference store sequence Speedway beam behind authorization arrangements. This usually affects 0.1% of Dunkin’ U.S. sales, but it does exhibit a set upon opposite the chain’s enlargement plans.

Follow Matt Krantz on Twitter @mattkrantz

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Futures point higher after labor market news

October 1st, 2015 No comments
FILE - In this Monday, Aug. 8, 2011 record photo, a walking walks past the New York Stock Exchange in New York. U.S. bonds have been taking flight in early trade Wednesday, Sept. 30, 2015, following big gains in Middle East and Europe as vital indexes conduct toward their misfortune quarterly tighten in 4 years. (AP Photo/Jin Lee, File) ORG XMIT: NYBZ104

FILE – In this Monday, Aug. 8, 2011 record photo, a walking walks past the New York Stock Exchange in New York. (AP Photo/Jin Lee, File)

U.S. batch futures forked aloft Thursday, after a Wall Street convene speedy by headlines about the work market.

Here is where vital marketplace index futures stood forward of the begin of unchanging trading:

Dow: +0.3%

S&P 500: +0.2%

Nasdaq:  +0.4%

Japan’s Nikkei 225 index gained 1.9% to tighten at 17,722.42. Markets in Hong Kong and mainland China have been sealed for holidays.

Germany’s DAX forsaken 0.4% whilst France’s CAC 40 gained 0.4%. Britain’s FTSE 100 rose 0.9%.

Stocks finished sharply aloft Wednesday on the final day of a heartless third quarter, but Wall Street still posted the misfortune quarterly opening in 4 years.

The convene came after businesses combined 200,000 in isolation zone jobs in September, according to a inform by payroll processor ADP.

Contributing: Associated Press

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Concordia up 18% after raising $520M in offering

September 30th, 2015 No comments

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Shares of Concordia Healthcare peaked 18% Wednesday after it released some-more shares to assistance account a new merger and compensate behind a little debt.

The Canadian curative company, formed in Oakville, Ontario, lifted $520 million Wednesday by arising 8 million usual shares, or $65 per share.

Earlier this month, Concordia concluded to take London-based Amdipharm Mercury for $3.5 billion, a understanding which is approaching to tighten by the finish of the year. Concordia additionally skeleton to account the merger by loans and debt securities.

Shares rose $6.49 to finish the day at $42.56.

The equity charity was underwritten by Goldman Sachs, RBC Capital Markets, Credit Suisse Securities, Jefferies and others. The association charity the underwriters an choice to buy up to an one more 1.2 million shares at the charity cost at a after date.

Concordia additionally pronounced it has perceived a little underwriters’ joining for one more financing to assistance compensate for the Amdipharm merger and refinance superb loans.

Is Carl Icahn a hypocrite?

September 30th, 2015 No comments

GTY LAZARDS MERCHANT BANK ISSUES REPORT ON TIME WARNER A FIN USA NYIt didn’t take prolonged for critics to attack billionaire Carl Icahn’s 15-minute video notice of “danger ahead” for the U.S. economy.

Fellow sidestep account physical education instructor Doug Kass of Seabreeze Partners Management dubbed the video “Icahn’s fifteen Minutes of Lame” in an email blast that also called the Icahn Enterprises founder’s ideas hypocritical.

“I think his recommendations have been filled with hypocrisy,” Kass pronounced in the email, citing Icahn’s criticisms of stock buybacks and alternative forms of “financial engineering” to progress corporate gain and batch prices.

Indeed, prior to gaining prominence as Donald Trump’s collect for secretary of the Treasury, Icahn was important for shopping shares of undervalued companies and afterwards publicly goading them to shift their ways. Recently, this involved publicly advocating for Apple Inc. to progress the large batch buyback module by a whopping $50 billion at one point.

Buybacks expostulate up the value of a batch by limiting the supply.

Of course, Icahn done it clear in his video which he’s thinks Apple is clever sufficient to means large buybacks, whilst alternative companies have been not. He pronounced his warning is destined at companies which have been borrowing some-more than they should to afford their batch repurchases.

In an talk with USA TODAY which preceded Kass’ critique, Icahn declined to contend which companies he thinks have been receiving on as well most debt, simply observant which a association similar to Apple have been clever sufficient to do buybacks because the company sells at 9 times earnings.

To be sure, Icahn stands to good from a small of his recommendations, generally his call for lawmakers to reduce taxes for corporations.

Icahn asked policymakers to concede U.S. companies to move behind an estimated $2 trillion in income stashed abroad by obscure taxes they would differently be charged on which money. He makes the box which this money would assistance kindle the U.S. manage to buy and emanate jobs at home.

“Who have been they punishing? They’re punishing the small man again because if which income came back, it would emanate jobs,” Icahn said, referring to the nation’s legislators.

Experts contend there have been dual ways to do this: 1.) obscure corporate taxes altogether and 2.) charity companies a taxation holiday, or a singular window of 0 to low taxes to move income overseas. (Again, Icahn declined to be specific about what approach lawmakers should take.)

Unfortunately, past tax holidays have been shown to good investors some-more than workers by pardon up income for batch buybacks instead of jobs. Indeed, most companies which benefited from the 2004 taxation legal legal legal holiday reacted by laying workers off, research shows. A tax legal legal legal holiday could good still Icahn, however, since it would allow Apple — one of his largest investments — to progress the batch buyback module but the combined price of borrowing.

It’s additionally value observant which notwithstanding being a hedge account manager, Icahn wouldn’t be adversely influenced by his offer to raise taxes for sidestep account managers and alternative veteran investors.

To improved assimilate Icahn’s taxation proposals, review USA TODAY’s story here: Carl Icahn is right on taxes, experts say. 

To sense some-more about the video, review USA TODAY’s story here: Carl Icahn warns of ‘danger ahead’ for U.S. economy. 

 

Categories: Financial, General Tags: , ,

Is Carl Icahn a hypocrite?

September 30th, 2015 No comments

GTY LAZARDS MERCHANT BANK ISSUES REPORT ON TIME WARNER A FIN USA NYIt didn’t take prolonged for critics to explosion billionaire Carl Icahn’s 15-minute video notice of “danger ahead” for the U.S. economy.

Fellow sidestep account physical education instructor Doug Kass of Seabreeze Partners Management dubbed the video “Icahn’s fifteen Minutes of Lame” in an email blast that also called the Icahn Enterprises founder’s ideas hypocritical.

“I think his recommendations have been filled with hypocrisy,” Kass pronounced in the email, citing Icahn’s criticisms of stock buybacks and alternative forms of “financial engineering” to progress corporate gain and batch prices.

Indeed, prior to gaining prominence as Donald Trump’s collect for secretary of the Treasury, Icahn was important for shopping shares of undervalued companies and afterwards publicly goading them to shift their ways. Recently, this involved publicly advocating for Apple Inc. to progress the large batch buyback module by a whopping $50 billion at one point.

Stock buybacks expostulate up the value of the stock by limiting the supply.

Of course, Icahn done it clear in his video which he’s thinks Apple is clever sufficient to means large buybacks, whilst alternative companies have been not. He pronounced his warning is destined at companies which have been borrowing some-more than they should to afford the stock repurchases.

In an talk with USA TODAY which proceeded Kass’ critique, Icahn declined to contend which companies he thinks have been receiving on as well most debt, simply observant which a association similar to Apple should do buybacks because the company sells at 9 times earnings.

To be sure, Icahn stands to good from a small of his recommendations, generally his call for lawmakers to reduce taxes for corporations.

Icahn asked policymakers to concede U.S. companies to move behind an estimated $2 trillion in income stashed abroad by obscure taxes they would differently be charged on which money. He makes the box which this money would assistance kindle the U.S. manage to buy and emanate jobs at home.

“Who have been they punishing? They’re punishing the small man again because if which income came back, it would emanate jobs,” Icahn said, referring to the nation’s legislators.

But past tax holidays may have benefited investors some-more than workers by pardon up income for batch buybacks, studies have shown. Assuming the same direction were to start this time around, Icahn would see Apple — one of his largest investments — boost the batch buyback module even some-more and at reduce cost because it would not have to steal income to do it. It would have which money, potentially tax-free, inside of strech from the abroad income stash.

It’s additionally value observant which notwithstanding being a hedge account manager, Icahn wouldn’t be adversely influenced by his offer to raise taxes for sidestep account managers and alternative veteran investors.

To improved assimilate Icahn’s taxation proposals, review USA TODAY’s story here: Carl Icahn is right on taxes, experts say. 

To sense some-more about the video, review USA TODAY’s story here: Carl Icahn warns of ‘danger ahead’ for U.S. economy. 

 

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Costco gains on profit results

September 30th, 2015 No comments
In this Nov. 12, 2014 record photo, Linda Bultema leaves the Costco store in Kalamazoo, Mich. Costco on Monday, Mar 2, 2015 pronounced it struck a understanding for Citi to be the disdainful issuer of the co-branded credit cards, with Visa replacing American Express as the label network.

In this Nov. 12, 2014 record photo, Linda Bultema leaves the Costco store in Kalamazoo, Mich. Costco on Monday, Mar 2, 2015 pronounced it struck a understanding for Citi to be the disdainful issuer of the co-branded credit cards, with Visa replacing American Express as the label network.

Shares of room seller Costco (COST) gained Wednesday after the association reported better-than-expected quarterly profit.

The tradesman warranted an practiced distinction of $1.66 a share, violence expectations by 4%. Profits were 9% aloft contra a year ago. Revenue of $35 billion was down somewhat and longed for views by 4.2%.

Shares of Costco have been up 38 cents, or 0.3%, to $144.28.

Follow Matt Krantz on Twitter @mattkrantz

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Cumulus Media rises 7% as new CEO is named

September 30th, 2015 No comments

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Shares of Cumulus Media climbed 7% Wednesday after the air wave hire user voiced a new CEO.

The Atlanta-based organisation declared Mary Berner, a edition attention executive, as the new chief, effective Oct. 13, according to a organisation proclamation expelled after the batch marketplace sealed on Tuesday afternoon. She’s informed with the company, carrying sat on its board of directors given May.

She will attain Lew Dickey, who will go on to be concerned with the organisation he founded by staying as a house member and portion as vice chairman.

Shares rose 5 cents Wednesday sunrise to 73 cents.

Berner joins Cumulus from the Association of Magazine Media, where she was CEO of of the repository attention group. Prior to fasten the association, she was the arch senior manager at Reader’s Digest Association and Fairchild Publications.

“Mary is a proven executive, with over thirty years of knowledge in media pushing formula in multi-platform promotion and calm driven businesses,” said Jeffrey Marcus, authority of Cumulus Media’s house and a partner at Crestview Partners, the investment organisation that owns 27% of Cumulus.

Cumulus Media, that operates some-more than 460 stations in 90 markets opposite the U.S., saw the second entertain revenue fall 8.8% from a year ago to $299.3 million. Its quarterly net income fell 18.7% to $12.2 million.

Marcus credited Dickey for flourishing the organisation to turn “the second largest user of air wave stations in the country.” But “maximizing the worth of these resources requires creation them work together effectively and efficiently,” Marcus said.

“At a time when the media landscape continues to bear seismic transformation, Cumulus needs a extended formed media user who can precedence the superb resources,” Marcus said.

Follow USA TODAY media reporter Roger Yu on Twitter @RogerYu_

 

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Futures higher, Asian stock markets rebound

September 30th, 2015 No comments
FILE - In this Sept. 8, 2015, record photo, a Wall Street travel pointer is framed by a hulk American dwindle unresolved on the masquerade of the New York Stock Exchange. European batch markets recovered their intrepidity Tuesday, Sept. 29, 2015, notwithstanding an progressing subjection in Middle East which featured a 4 percent slip in Japanís main index. (AP Photo/Mary Altaffer, File) ORG XMIT: NYBZ183

In this Sept. 8, 2015, record photo, a Wall Street travel pointer is framed by a hulk American dwindle unresolved on the masquerade of the New York Stock Exchange. (AP Photo/Mary Altaffer, File)

U.S. batch futures forked aloft Wednesday as Asian batch markets rebounded, led by gains in Japan.

Here is where vital marketplace index futures stood forward of the begin of unchanging trading:

Dow: +1.1%

S&P 500: +1.2%

Nasdaq:  +1.3%

Japan’s Nikkei 225 index surged 2.7% to tighten at 17,388.15 after investors were buoyed by expectations for some-more mercantile stimulus, whilst Hong Kong’s Hang Seng index gained 1.4%. The Shanghai combination index gained 0.5%.

Tuesday, the Nikkei 225 tumbled 4.1%, withdrawal it in the red for 2015.

Japan’s quarterly Tankan commercial operation certainty consult due Thursday will show how businesses have been feeling about the future, presumably on condition which a trigger for movement from policymakers.

In Europe, Germany’s DAX index rose 2.6%, France’s CAC 40 gained 2.8%, and Britain’s FTSE 100 was 2.4% higher.

Investors have been watchful for jobs interpretation and clues about when the Federal Reserve will lift seductiveness rates. On Thursday, U.S. payroll processor ADP reports how most jobs in isolation employers combined in Sep and Fed Chair Janet Yellen will give opening remarks to a village promissory note conference. Policymakers have pronounced the Fed will expected lift seductiveness rates prior to the finish of the year.

U.S. bonds ended churned Tuesday as Wall Street staged a prejudiced miscarry from Monday’s pointy sell-off which edged the extended U.S. marketplace ever closer to the 2015 lows strike in late August.

Contributing: Associated Press

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