Market News
Durable Goods
The Commerce Department Thursday said that orders for durable goods rose 0.2% in November. Lower demand for commercial aircraft offset big increases for computers and other industries. Manufacturers' orders for the long-lasting goods increased to a seasonally adjusted $166.87 billion, Commerce Dept. figures showed.
The number showed a smaller gain than expected.
Dec 24 · 9:37:00 AM
email · face · Twitter · digg · COMMENTS
by Larry Etter
Unemployment
The number of Americans filing claims for unemployment benefits last week declined by 28,000 to 452,000, the Labor Department reported Thursday.
The fall was bigger than forecast and the number is at the lowest levels since September, 2008.
Dec 24 · 9:32:00 AM
email · face · Twitter · digg · COMMENTS
by Larry Etter
Housing
Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky and heavily dependent on the generosity of Uncle Sam. The 11 percent slump from October's pace shows that consumers are taking their time following an extension of a deadline for first-time buyers to qualify for a tax credit. The incentive was set to expire at the end of November, but Congress pushed back the date to April 30 and expanded the program to include current homeowners who relocate.
"They don't have to act today," said David Crowe, chief economist at the National Association of Home Builders, who called the results "pretty awful."
Dec 23 · 12:39:00 PM · Source: Yahoo.com
email · face · Twitter · digg · COMMENTS
by Rich Pike
3Com Corporation (COMS)
Computer networking maker 3Com Corp. said Wednesday its fiscal second-quarter net income increased 55% to $19.99 million, or 5 cents a share, from $12.9 million, or 3 cents a share in the year-ago period. Adjusted net income was 9 cents a share in the latest period. Revenue dropped to $322 million from $355 million.
Earnings missed analyst expectations by a little bit.
Dec 23 · 11:11:00 AM · Source: Company News Release
Track · email · face · Twitter · digg · COMMENTS
by Larry Etter
Ford (F)
Ford Motor Company confirmed Wednesday today that all substantive commercial terms relating to the potential sale of Volvo Car Corporation have been settled between Ford and Zhejiang Geely Holding Group Company Limited. As a result, the Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010, with closing of the sale likely to occur in the second quarter 2010, subject to appropriate regulatory approvals.
Dec 23 · 11:05:00 AM · Source: Company News Release
Track · email · face · Twitter · digg · COMMENTS
by Larry Etter
Papa John's (PZZA)
Papa John’s International Inc. said it expects 2010 to remain tough for the third-largest pizza brand, with same-store sales expected to range from an increase of 1 percent to a decrease of 1 percent.
“The consumer environment is expected to continue to be very challenging, with the unemployment rate and consumer confidence seen as key indicators for the restaurant industry,” the company said in a statement Monday.
Dec 22 · 3:08:00 PM · Source: Restaurant News
Track · email · face · Twitter · digg · COMMENTS
by Rich Pike
P.F.Chang's China Bistro (PFCB)
RNR.com is reporting that the board of directors at P.F. Chang’s China Bistro Inc. has authorized a share repurchase program that will allow the company to buy up to $100 million in its common stock through Dec. 15, 2011.
J.P. Morgan securities analyst John Ivankoe said the performance of P.F. Chang’s namesake brand was running close to expectations for the fourth quarter, which means still negative sales trends but improving costs. At the company’s Pei Wei Asian Bistro brand, same-store sales should run positive, with an increase of 2 percent, according to Ivankoe. The chain also is expected to open seven units this year and five more next year. Development will be focused on one new market, Chicago, as well as on the filling in of other large, underpenetrated markets including South Florida, Philadelphia, and Washington, D.C., Ivankoe said.
Dec 22 · 3:05:00 PM · Source: Restaurant News
Track · email · face · Twitter · digg · COMMENTS
by Rich Pike
Steak N Shake (SNS)
The Steak n Shake Co. became the restaurant industry’s most expensive stock listing on Monday after the company completed a 1-for-20 reverse stock split that left shares closing at $293.00 each.
The company’s reverse split was undertaken to attract “knowledgeable, long-term owners,” said Steak n Shake’s CEO, Sardar Bilgari. Steak n Shake, which posted last week a fourth-quarter jump in sales and profit, is in the process of reorganizing its operations into that of a holding company, and has agreed to acquire another restaurant company, Western Sizzlin’ Co., which also is helmed by Biglari.
Dec 22 · 2:52:00 PM · Source: Restaurant News
Track · email · face · Twitter · digg · COMMENTS
by Rich Pike
Previous · Next
Advertisement