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McCormick announces $400M stock repurchase
SPARKS — McCormick & Co. said Thursday it approved the repurchase of $400 million in company stock. McCormick makes an array of spices and other cooking products for consumers, restaurants and food manufacturers. The company reported results for its fiscal first quarter on Tuesday, and its net income and revenue were both slightly better than […]
Private survey: U.S. economy added 163K jobs in July
WASHINGTON (AP) — A private survey shows U.S. businesses kept hiring at a modest pace in July, suggesting the job market could be improving after three sluggish months. Payroll provider ADP said Wednesday that businesses added 163,000 jobs last month. That’s slightly below a revised total of 172,000 jobs it reported for June. The report […]
JPMorgan says bad trade has ballooned to $5.8B
NEW YORK — JPMorgan Chase said Friday that a bad trade had cost the bank $5.8 billion this year, almost triple its original estimate, and raised the prospect that traders had improperly tried to conceal the blunder. “This has shaken our company to the core,” CEO Jamie Dimon said. The bank said managers tied to […]
Big Lots 4Q profit climbs on strength in U.S.
COLUMBUS, Ohio — The rapidly expanding retailer Big Lots posted a 4 percent jump in fourth-quarter net income and said earnings per share would likely rise by as much as 17 percent this year, yet shares dipped more than 3 percent Friday on its first-quarter outlook. Big Lots first-quarter guidance is for adjusted earnings from […]
Sprint posts deeper 4Q loss on iPhone costs
NEW YORK — Sprint dug deep into its pockets in the latest quarter to put iPhones in the hands of its customers. The perennially money-losing company on Wednesday posted its largest loss in three years. Sprint, once known for the worst customer service in the industry, has made progress on turning its fortunes around in […]
Gannett 4Q earnings, revenue decline
MCLEAN, Va. — Gannett Co. reported a 33 percent drop in its fourth-quarter net income Monday. The media company, which publishes USA Today and owns a network of broadcast, digital and other publishing properties, said profits were weighed down by restructuring costs and other charges, as well as a revenue decline. The company earned $116.9 […]
Exelon 4Q profit rises, adjusted results miss view
CHICAGO — Power plant operator Exelon Corp. on Wednesday said that its fourth-quarter profit rose 16 percent, but its adjusted results missed Wall Street expectations due to higher costs and unfavorable weather conditions. Its shares slipped in midday trading after sinking to a 52-week low earlier in the session. The company is one of the […]
Apple doubles iPhone sales in 1Q
NEW YORK — After uncharacteristically tepid sales in the July-to-September quarter, Apple came back with a vengeance in last three months of 2011, vastly exceeding analyst estimates and setting new records. Apple Inc. on Tuesday said it sold 37 million iPhones in the quarter, double the figure of the previous quarter and more than twice […]
McDonald’s 4Q net income jumps 11 percent
NEW YORK — McDonald’s says net income rose by 11 percent in the fourth quarter as the world’s largest burger chain continues to attract budget-conscious customers. Net income of $1.38 billion translated to $1.33 per share, beating the $1.29 predicted by analysts polled by FactSet. Revenue jumped 10 percent to $6.82 billion, slightly above expectations […]
Kraft Foods to cut up to 1,600 positions
NORTHFIELD, Ill. — Kraft Foods Inc. will cut 1,600 positions in North America as it prepares to split its business in two. The Northfield, Ill.-based food company said Tuesday that it plans to eliminate the positions throughout the U.S. and Canada during the coming year. The cuts will be made among its sales, corporate and […]
Wells Fargo net rises on deposits, lending growth
NEW YORK — A steadier mortgage business, higher commercial lending and an increase in deposits lifted Wells Fargo & Co.’s fourth-quarter profit by 20 percent. The San Francisco-based bank reported Tuesday that the amount of mortgages it wrote in the last three months of 2011 jumped 35 percent compared with the third quarter, to $120 […]
Delta Air Lines predicts 2011 profit of $800M
NEW YORK — Delta Air Lines Inc. says it expects an $800 million profit this year, and it will be solidly profitable in 2012. The company says in a filing that it will earn $1.1 billion in 2011 if special items are excluded. Analysts surveyed by FactSet were expecting adjusted net income of $977 million. […]
