Archive for the ‘MarketWatch.com’ Category
Personal Finance Daily: Pricing, environmental concerns turn secondhand into fashionable
In our consumer-driven society, there has always been a little back-alley stigma attached to shopping in thrift and secondhand stores. After all, if you can’t afford to be at the mall, then you’re not really doing your part to hold up the American economy. But those attitudes are changing as the economy tumbles into its worst position in decades.
Personal Finance Daily: Pricing, environmental concerns turn secondhand into fashionable
In our consumer-driven society, there has always been a little back-alley stigma attached to shopping in thrift and secondhand stores. After all, if you can’t afford to be at the mall, then you’re not really doing your part to hold up the American economy. But those attitudes are changing as the economy tumbles into its worst position in decades.
Energy stocks rise off lows for the session
NEW YORK (MarketWatch) — Energy stocks rose from lows earlier in the day, but still rang up big losses on Monday. The Amex Oil Index closed at 1,018, down 4%, but reclaiming the 1,000 level after falling more than 10%.
Xstrata launches $10 billion bid for Lonmin
HONG KONG (MarketWatch) — Swiss-based mining group Xstrata Plc launched Wednesday an unsolicited $10 billion takeover bid for London-based platinum miner Lonmin Plc . Xstrata said it would offer 33 pounds ($64.60) a share, a 42% premium to Lonmin’s closing price of 23.19 pounds Tuesday. Xstrata said it has acquired a 8.03% stake in Lonmin. “[The] proposed offer price fully and fairly values Lonmin’s asset base and growth pipeline, while recognizing the inherent risks, time and investment required to restore production to previous levels,” Xstrata said in a statement on its Website Wednesday.
Wells Fargo profit slips on provisions, but tops target
NEW YORK (MarketWatch) — Wells Fargo said Wednesday its second quarter profit slipped about 23% amid rising loan loss provisions, but it posted rising revenue and raised its dividend by 10%. The company said it earned $1.75 billion, or 53 cents a share, compared to $2.28 billion, or 67 cents a share a year ago. The company had revenue of $11.46 billion compared to $9.89 billion a year ago. Analysts polled by Thomson Reuters First Call had expected the company to earn 50 cents a share on revenue of $10.65 billion. Wells, one of the largest mortgage lenders in the nation, has largely avoided many of the riskier mortgage products that crippled other competitors during the subprime mortgage mess.
Yara International posts higher net income, to buy Saskferco
LONDON (MarketWatch) — Norwegian fertilizer maker Yara International said Tuesday that second-quarter net income rose to 4.4 billion Norwegian kroner ($871 million), up from 1.4 billion kroner recorded a year ago. “The improvement this quarter is mainly driven by strong demand giving higher fertilizer prices, only partly offset by increased raw material costs,” said CEO Thorleif Enger. “Going forward, strong grain prices suggest solid farm profitability and fertilizer demand in the coming season,” he added. Separately, Yara said that it has agreed to buy Canadian nitrogen producer Saskferco in a deal with an enterprise value of C$1.6 billion ($1.59 billion). Saskferco is a private company which is 50% owned by the Mosaic Company, 49% owned by Investment Saskatchewan and 1% owned by the Canadian Imperial Bank of Commerce.
Judge rules for eBay in Tiffany counterfeit suit
A U.S. District judge rules that Tiffany must be responsible for monitoring the infringement of its trademark, not online retailers such as eBay.