Best Buy profit, sales top estimates
NEW YORK (MarketWatch) — No. 1 U.S. electronics retailer Best Buy Co. said Tuesday that its fiscal first-quarter profit fell 12 percent, hurt by increased promotions and lower demand for items including flat panel televisions and digital cameras. Still, its shares jumped 6.1 percent in premarket trading after its profit and U.S. same-store sales declined […]
Nokia and Apple settle patent dispute over smartphones
BERLIN (New York Times) — Nokia said Tuesday it had settled a two-year-old global patent fight with Apple over smartphone technology through a licensing agreement that will commit Apple to make a one-time payment to its Finnish competitor and to pay regular royalties in the future. The agreement settles all outstanding patent litigation between Apple, the […]
Honeywell to buy EMS Technologies for $506 million
(Reuters) – Diversified U.S. manufacturer Honeywell International Inc. is to buy EMS Technologies Inc for about $506 million to boost its presence in the mobile and satellite communication market. Honeywell offered $33 a share for EMS, a wireless communications products maker, representing a premium of 33 percent to EMS’ last closing price. In May, Reuters […]
Perkins & Marie Callender's files for bankruptcy
(Reuters) − Perkins & Marie Callender’s Inc, owner of the Perkins and Marie Callender’s restaurant chains, filed for bankruptcy in a Delaware court on Monday, citing a slump in sales due to weak economic environment in its primary markets. Perkins & Marie Callender’s, which is owned by New York-based investment firm Castle Harlan Inc, said […]
Facebook looking at IPO in first quarter
NEW YORK − (Reuters) – Facebook is preparing to file for an initial public offering as early as October or November that could value the popular social networking site at more than $100 billion, financial news channel CNBC reported on Monday. Goldman Sachs is leading the chase to manage the lucrative offering, which could come […]
Stock futures rise after six weeks of S&P losses
(Reuters) – Stock index futures edged higher on Monday after six weeks of declines for the S&P 500 left equities at more attractive levels. The S&P 500 has tumbled nearly 7 percent on the back of a barrage of soft economic data after closing at its highest closing level in nearly three years on April […]
Wendy's/Arby's agrees to sell most of Arby's to Roark Capital
DOW JONES NEWSWIRES − Wendy’s/Arby’s Group Inc. agreed to sell most of its struggling Arby’s chain for $130 million in cash to a group led by private-equity firm Roark Capital Group in a deal that leaves it with an 18.5% ownership stake in the fast-food restaurant. Wendy’s/Arby’s turnaround efforts at Arby’s have helped improve sales, […]
Wrangler parent VF to buy Timberland for $2 billion
NEW YORK − (Reuters) – VF Corp, owner of clothing brands such as The North Face and Wrangler jeans, said it would buy shoemaker Timberland Co for $2 billion to boost its outdoor and action sports business. The deal values Timberland at $43 a share, a 43 percent premium to Friday’s closing price of $29.99 […]
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