Friday, March 1, 2019

business news today

business news today

What you need to know in business news today - CNBC

Posted: 27 Feb 2019 04:20 AM PST

Futures were lower this morning as President Donald Trump meets with North Korean leader Kim Jong Un for the first in-person discussion of their summit. Stocks had a back and forth session Tuesday before ending slightly lower, giving the Dow, S&P 500 and Nasdaq their first declines in three days. (CNBC)

* Saudi energy minister responds to Trump's tweet that said OPEC should 'relax' (CNBC)
* Cramer: Buy names like Caterpillar and Home Depot because this bull market is about to go higher (CNBC)

As they did yesterday, investors will have a chance to react to testimony from Fed Chairman Jerome Powell, whose second day of testimony on Capitol Hill will come before the House Financial Services Committee. The major averages remain on track for a third monthly gain in four months. (CNBC)

Weight Watchers (WTW) shares were 34 percent lower after the company missed earnings and revenue forecasts. It also issued a weaker-than-expected 2019 revenue guidance. Oprah Winfrey's stake fell by almost $48 million, at least on paper, after the company released results. (CNBC)

Several pieces of housing-related data will be out today, beginning with the Mortgage Bankers Association's weekly reading on mortgage applications at 7 a.m. ET. At 10 a.m. ET, the National Association of Realtors will issue its pending home sales report for January. December factory orders are out at 10 a.m. ET. (CNBC)

* Weekly mortgage applications jump 5.3% as lower rates seem here to stay (CNBC)

Best Buy (BBY), Campbell Soup (CPB) and Lowe's (LOW) are among the companies with quarterly numbers this morning, while HP Inc. (HPQ), Booking Holdings (BKNG), Hostess Brands (TWNK), L Brands (LB), Perrigo (PRG) and Wingstop (WING) are among the reports after today's closing bell. (CNBC)

* Best Buy shares soar 11% on earnings beat (CNBC)
* Lowe's shares dip as sales fall short of Wall Street expectations (CNBC)

President Donald Trump and North Korean leader Kim Jong Un met today face-to-face for the first time since their historic summit last year. The leaders are sharing what the White House called "a social dinner." (CNBC)

* Trump tries to convince Kim that the summit is North Korea's chance for an economic boom (CNBC)

Trump's former personal lawyer Michael Cohen's public testimony before the House oversight committee today is expected to include a series of remarkable allegations about the president as well as the presidential campaign. (CNBC)

* Read Michael Cohen's opening statement (CNBC)

The House voted to block Trump's national emergency declaration, passing the resolution in a 245-182 vote. The measure would terminate the action Trump took to secure billions to build his proposed wall along the southern border. (CNBC)

A Senate panel grilled top executives from seven of the largest pharmaceutical companies at a hearing on prescription drug prices. The executives have a number of ideas to reduce drug prices for patients, except lowering list prices. (CNBC)

Pakistan shot down two Indian jets today, a spokesman for the Pakistan armed forces said, a day after Indian warplanes struck inside Pakistan for the first time since a war in 1971. (Reuters)

Former federal prosecutor Lori Lightfoot and Cook County Board President Toni Preckwinkle are headed to an April 2 runoff to decide who will become the nation's third-largest city's next mayor, topping a crowded field of 14 candidates. (USA Today)

At least three people were killed after two Long Island Rail Road trains late last night struck a vehicle that had swerved onto the tracks. The rush-hour collision occurred about 30 miles east of Manhattan, setting off fires. (NY Times)

Wynn Resorts (WYNN) was fined $20 million in connection with a probe by Nevada regulators into sexual misconduct allegations against former CEO Steve Wynn. It was the largest fine ever assessed by the state's gambling regulators. (WSJ)

IBM (IBM) appointed Admiral Michelle J. Howard, the first African American woman to command a U.S. Navy ship, to its board, the company announced. A former U.S. Navy officer, Howard was the first woman to become a four-star admiral. (CNBC)

Papa John's (PZZA) fell two cents short of estimates with adjusted quarterly profit of 15 cents per share, and the pizza chain's revenue was also short of analyst forecasts. North American comparable store sales fell 8.1 percent during the quarter, and 7.3 percent for the full year However, the company's 2019 comparable store sales forecast is stronger than analysts had been expecting.

Mylan (MYL) reported adjusted quarterly profit of $1.30 per share, falling six cents shy of consensus forecasts, with the generic drug maker's revenue in line with Street projections. Mylan also issued weaker than expected 2019 earnings guidance as it spends more on research, development, and marketing.

U.S. private equity firm Cerberus would be open to a merger between Deutsche Bank (DB) and Commerzbank, according to a Reuters report. Cerberus is a major shareholder in both German banks.

Facebook (FB) will launch a "clear history" feature later this year, allowing users to erase data related to their interactions with various apps and websites.

Home Depot (HD) was downgraded to "market perform" from "outperform" at Telsey, which said it came away from the home improvement retailer's earnings call with concerns that the guidance of a 5 percent comparable sales increase could prove to be too optimistic.

Rio Tinto (RTN) reported better than expected profit for its latest quarter, as well as its highest earnings since 2014. The mining company also announced a regular and special dividend, as well as giving an upbeat outlook for its iron ore business.

Liberty Global (LBTYA) is in advanced discussions to sell its Swiss internet and digital TV unit to Zurich-based Sunrise Communications for $6.3 billion, according to a Reuters report.

Gap (GPS) announced a new $1 billion stock buyback program. The apparel retailer also announced it would maintain its annual dividend at the current 97 cents per share for fiscal 2019.

GW Pharmaceuticals (GWPH) reported better than expected earnings for its latest quarter, although the drug maker's revenue was short of Street forecasts. The drug maker said it is seeing strong demand for its new Epidiolex epilepsy drug.

If you have dreams of hitting the jackpot in the next Mega Millions or Powerball drawing, remember that a big slice of what the lottery giveth, the taxman taketh away. Here's your tax bill if you win either jackpots. (CNBC)

Thursday business briefs, 2-28-19 - News - Asheboro Courier Tribune

Posted: 27 Feb 2019 11:07 AM PST

Best Buy rings in a strong holiday, shares soar

Best Buy Co. Inc. topped Wall Street forecasts for sales and profits in the fourth-quarter holiday period, sending shares up 11 percent in early trading.

The Richfield, Minn.-based company reported that comparable sales rose 3 percent, blowing past the 2 percent estimate most had expected.

Net income was $735 million, or $2.69 a share, in the quarter that ended Feb. 2, an increase from $364 million, or $1.23 a share from the same period a year ago.

When adjusting for one-time costs, the company reported that earnings per share jumped 12 percent to $2.72. Analysts had expected the company to report earnings of $2.56.

Total revenue fell 3.7 percent to $14.80 billion, but still beat expectations of $14.70 billion.

The company stressed that the current fiscal year is a week shorter than last year, a swing of approximately $760 million in revenue and approximately 20 cents in adjusted earnings in the fourth quarter.

Online sales continue to be a strong spot for the company, growing 9 percent in the quarter.

For the year, same-store sales grew 4.8 percent, with a jump of more than 10 percent in online sales growth.

Workshop on hemp is March 5 in Lumberton

LUMBERTON — People interested in learning about industrial hemp production are invited to a meeting scheduled for March 5.

The meeting sponsored by the N.C. Cooperative Extension Service centers in Robeson, Richmond and Scotland counties will take place from 3-5 p.m. at the Scotland County Center, 231 E. Cronly St., Laurinburg.

Discussion topics will include the basics of industrial hemp production, current regulation, and processing. Speakers will include representatives from the N.C. Department of Agriculture and Consumer Services, an N.C. State University hemp specialist and a commercial processor. The meeting also will include a grower panel discussion.

Preregistration is required by March 1. Space is limited to the first 90 registrants.

For more information or to register, contact Mac Malloy, Extension field crops Agent, at 910-671-3276.


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What's moving markets today: Live updates - CNN

Posted: 27 Feb 2019 02:30 PM PST

Trump's top trade negotiator tells Congress that talks with China have been "very intense" and "serious" – but that more work is necessary to reach a deal.

Robert Lighthizer, the US Trade Representative, told House lawmakers Wednesday that the US is making real progress, but added that "much still needs to be done both before an agreement is reached and, more importantly, after it is reached, if one is reached."

Lighthizer also noted that no deal would be completed unless "all" issues along with enforcement are agreed upon.

US stocks slid on Lighthizer's comments, with the Dow down as much as 150 points.

Lighthizer said the process is under way for the Trump administration to update the Federal Register notice before the March 1 deadline soon so that tariffs don't escalate from 10% to 25% on $200 billion of goods.

Additionally, when asked about whether a currency deal with China had been ironed out, Lighthizer says, "There's no agreement on that until there's an agreement on everything," he says. "We've spent a lot of time on currency and it will be enforceable."

He also described the deal with China as a "binding agreement" but have no intention to submit it to Congress.

"This is a settlement of a 301 action...we're not changing any tariff lines. We're not using TPA," he said.

"This is not a free trade agreement," says Lighthizer. "My scope is narrow here, it's based on 301." 

Four notes on area businesses for Feb. 28, 2019 - Milford Daily News

Posted: 27 Feb 2019 09:12 PM PST

Send news about your local business to We're interested in news about business people, expansions, openings and community involvement by MetroWest businesses and business people. Follow Daily News Business Editor Bob Tremblay on Twitter @Bob Tremblay_MW

Natick's Family Promise Metrowest to fight homelessness  

Family Promise Metrowest will hold its 10th annual Walk to End Homelessness this April, signalling a decade of work to support local families facing homelessness. The 2019 Walk to End Homelessness will take place on Saturday, April 6, at Natick High School at 15 West St. Registration will open at 8 a.m. on the day of the event, and the walk will begin at 9:15 a.m. People of all ages, and their dogs, are welcome to participate in the nonprofit's 2.5 mile walk from Natick High School to the Common and back to help raise homelessness awareness and funds for shelter and support programs in the Metrowest Boston Area. LBF and the Street Gang from 105.7 WROR will entertain walkers at the event, and there will also be food, raffles, and games for children. The first 400 registered walkers will receive a long-sleeve shirt. Walkers raising over $100 will be entered in a raffle for fun prizes like Red Sox tickets and gift cards. Register now and start fundraising as an individual, family or team at This event is made possible by many local businesses and sponsors, including Needham Bank, The Village Bank, R.W. Holmes, Mutual One Bank, Charles River Apparel, Wells Fargo, Middlesex Savings Bank, Beth Israel Deaconess Hospital Needham and 105.7 WROR. Family Promise Metrowest is based in Natick.

Greater Worcester Foundation offers grant opportunity

Greater Worcester Community Foundation has announced a small capital grant opportunity for nonprofit organizations working to alleviate hunger or homelessness in Worcester County. This award has been made possible by an anonymous gift made through GWCF and is not intended for renewal. The foundation will award grants in the amount of $1,000 to $10,000 for small or mid-sized capital projects which lead to organizations being able to increase efficiency, serve more people, improve access and/or make other capacity improvements. Examples may include equipment or vehicle purchases; energy efficiency; security upgrades; technology purchases; accessibility upgrades; and other modest capital expenditures. Grants may not be used for personnel, operating expenses or routine material purchases. Any qualified nonprofit public charity based in Worcester County with at least five years of successful operations serving people in need may apply. Applications must be received by April 12. For more information, contact Sarah Shugrue at or 508-755-0980, ext. 109.

Harvard Bioscience subsidiary to participate at ToxExpo

Data Sciences International (DSI), a subsidiary of Harvard Bioscience Inc., a global developer, manufacturer and marketer of a broad range of solutions to advance life science, is spotlighting a range of its products and applications for pre-clinical life science research at SOT 2019, the 58th annual meeting of the Society of Toxicology and ToxExpo in Baltimore on March 10-14. DSI will be sponsoring a session titled "Novel Approaches for Respiratory Measurement in Safety Pharmacology and Toxicology" on Tuesday, March 12 from 4:30 to 5:30 p.m. in Room 339 at the Baltimore Convention Center. During the session, Dr. Brian Roche from Charles River Laboratories and Dr. Benjamin Wong from the U.S. Army Medical Research Institute of Chemical Defense will discuss how DSI solutions assist in achieving study goals for safety pharmacology and the development of medical countermeasures for chemical agent exposure. For more information, visit Harvard Bioscience is based in Holliston.

Westborough's Spectrum Health debuts renovated kitchen

Spectrum Health Systems, a Westborough-based nonprofit with 50 years of experience treating substance-use disorders, debuts its newly renovated kitchen at an invitation-only event on Feb. 28. The kitchen was donated by NexDine, a Mansfield-based food service company for businesses and institutions. The renovation is valued at $80,000 and allows Spectrum's clients to dine in a state-of-the-art facility.   

Five things you need to know today in Boston business news, and go ahead, ask me about Brexit - Boston Business Journal

Posted: 27 Feb 2019 02:56 AM PST

[unable to retrieve full-text content]Five things you need to know today in Boston business news, and go ahead, ask me about Brexit  Boston Business Journal

Good morning, Boston. Here are the five things you need to know to get your busy Wednesday started.

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