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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

Categories: Financial, General Tags: , , ,

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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