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Apple focusing on self-driving technology, not building cars: report

Wed, 23 Aug 2017 00:55:01 GMT

Apple Inc. is scaling back its plans to build self-driving cars, focusing instead on the software and technology for autonomous vehicles, according to a New York Times report late Tuesday. In June, Apple Chief Executive Tim Cook told Bloomberg News the company was "focusing on autonomous systems" but didn't go into details. The Times said Apple's pivot after years of work on the so-called Project Titan came after complications caused by the sheer size of the self-driving-car project and lack of a clear vision for the end product. After longtime Apple hardware executive Bob Mansfield took over the Titan project last year, he shifted its focus from building a car to the technology behind it, the Times said. Apple plans to test its technology with a self-driving shuttle van between its Silicon Valley campuses, the Times reported.

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Boston Celtics acquire Kyrie Irving from Cleveland for Isaiah Thomas: reports

Wed, 23 Aug 2017 00:17:09 GMT

The Cleveland Cavaliers and Boston Celtics are exchanging stars, with Kyrie Irving going to Boston in exchange for Isaiah Thomas, Jae Crowder and a 2018 first-round draft pick, according to reports from ESPN and the Associated Press late Tuesday. The blockbuster NBA trade came weeks after Irving requested to be dealt, despite his team making the NBA Finals three years in a row, because he was reportedly tired of playing second fiddle to LeBron James. He'll join prized free-agent acquisition Gordon Hayward in Boston, which will likely join the Cavaliers as the two dominant teams in the Eastern Conference. Last season, Irving averaged a career-high 25.2 points per game; Thomas averaged 28.9 points per game, third-best in the league. The trade is another step in the trend toward superstar-heavy lineups that teams are creating to compete with the two-time champion Golden State Warriors. Los Angeles Clippers executive Jerry West said this week that "everyone's playing for second place right now."

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Trump won't pardon Arizona's Sheriff Arpaio on Tuesday, spokeswoman Sanders says

Tue, 22 Aug 2017 20:55:49 GMT

President Donald Trump won't take action Tuesday to pardon controversial former Maricopa County, Ariz., Sheriff Joe Arpaio, White House press secretary Sarah Huckabee Sanders told reporters. Sanders said that "there will be no discussion of that today," ahead of a Trump rally in Phoenix. Trump told Fox News last weekend that he was "seriously considering" a pardon for Arpaio, who was convicted of contempt of court.

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Ultragenyx shares drop as muscle-disease drug study fails

Tue, 22 Aug 2017 20:49:27 GMT

Ultragenyx Pharmaceutical Inc. shares fell in the extended session Tuesday after the biotech company said a late-stage clinical trial for its severe muscle disease treatment did not reach its goals. Shares of Ultragenyx dropped 10% to $52.96 after hours following a brief halt. The company said its Phase 3 clinical trial for extended-release aceneuramic acid did not significantly improve strength in patients with GNE Myopathy, a rare disease where muscles cannot modify proteins and fats because of an enzyme deficiency.

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API data show fall in U.S. crude supply, rise in gasoline stockpiles: sources

Tue, 22 Aug 2017 20:43:01 GMT

Oil prices edged lower late Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell 3.6 million barrels for the week ended Aug. 18, but gasoline stockpiles unexpectedly climbed by 1.4 million barrels, according to sources. The API data also showed that inventories of distillates rose nearly 2.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 3.7 million barrels in crude inventories. October crude was at $47.63 a barrel in electronic trading, down from the new front-month contract’s settlement of $47.83 on the New York Mercantile Exchange.

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La-Z-Boy shares tank after earnings miss

Tue, 22 Aug 2017 20:39:32 GMT

Shares of La-Z-Boy Inc. fell more than 15% late Tuesday after the furniture maker reported fiscal first-quarter 2018 earnings and sales below Wall Street expectations and Chief Executive Kurt L. Darrow said the company was "disappointed" with the results. La-Z-Boy said it earned $11.7 million, or 24 cents a share, in the quarter, compared with $13.8 million, or 28 cents a share, in last year's first quarter. Sales rose 5% to $357.1 million, from $340.8 million in last year's first quarter. Analysts polled by FactSet had expected earnings of 29 cents a share on sales of $358 million. Much of the consolidated sales increase in the quarter "related to acquired sales which did not add volume to our upholstery manufacturing operations," the company's most profitable segment, Darrow said in a statement. "Lower volume throughout our plants made it difficult to absorb fixed costs and this, combined with the normal seasonal slowdown and continued investments across the business, impacted our upholstery operating margin for the period," and expenses increased in the quarter, he said. Shares had ended the regular trading session up 0.3%.

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GoDaddy CEO to step down

Tue, 22 Aug 2017 20:32:48 GMT

GoDaddy Inc. Chief Executive Blake Irving plans to retire at the end of the year, the company announced Tuesday, and will be replaced by President and COO Scott Wagner. "After more than three decades in technology, I've decided it's time to retire and begin the next phase of my life," Irving said in Tuesday's announcement. Irving, a former Yahoo executive, took over the CEO role in 2013 and led the domain-hosting company through its initial public offering in 2015. He will remain on GoDaddy's board through June 2018, the company said. Wagner was a part of KKR & Co. when it invested in GoDaddy in 2011, and became CFO and COO when Irving took over; he was promoted to president in 2016. GoDaddy shares, which have been trading at all-time highs this year, lost about 0.5% in late trading after the announcement Tuesday.

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Intuit stock down after hours on fourth-quarter earnings and CFO change

Tue, 22 Aug 2017 20:26:02 GMT

Intuit Inc. shares edged down in the extended session Tuesday after the company's fourth-quarter earnings beat Wall Street expectations. Intuit shares fell just over 1% to $136.44 after hours. The financial software provider's net income grew to $24 million, or 9 cents a share, with a loss of $40 million, or 16 cents a share, in the year-ago period. Adjusted earnings were 20 cents a share. Revenue increased 12% to $842 million from $754 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 17 cents a share on revenue of $809 million. Intuit also announced its Chief Financial Officer R. Neil Williams will step down in January, to be replaced by Michelle Clatterbuck. Executives issued first-quarter sales guidance of between $840 million and $860 million, and adjusted earnings of 3 cents to 5 cents per share. Analysts model first-quarter adjusted earnings of 11 cents a share on sales of $851 million. Intuit stock has gained more than 20% year-to-date, while the S&P 500 index has gained 9.5%.

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Cree shares fall after company calls for lower Q1 adjusted profit

Tue, 22 Aug 2017 20:18:58 GMT

Shares of Cree Inc. fell nearly 6% late Tuesday after the Durham, N.C., lighting products maker reported fiscal fourth-quarter results above Wall Street expectations but called for lower per-share profits in the fiscal first quarter. Cree said it lost $6 million, or 6 cents a share, in the fiscal fourth quarter, compared with a net loss of $11 million, or 11 cents a share, in the fourth quarter of fiscal 2016. Adjusted for one-time items, Cree earned $4 million, or 4 cents a share, compared with $19 million, or 19 cents a share, in the year-ago period. Revenue fell to $359 million, from $388 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 4 cents a share on sales of $350 million for the company. Cree said it expects fiscal first-quarter 2018 revenue in a range of $353 million to $367 million, and adjusted earnings of 2 cents to 6 cents a share in the quarter. The analysts surveyed by FactSet forecast adjusted earnings of 11 cents a share on sales of $361 million for Cree's fiscal first quarter.

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Salesforce beats on earnings and increases guidance, but stock falls

Tue, 22 Aug 2017 20:17:09 GMT

Salesforce.com Inc. produced better earnings than expected in its fiscal second quarter and increased its expectations for profit and revenue for the full year Tuesday, but shares still declined in late trading. The cloud-software company said that it had net income of $17.7 million, or 2 cents a share, on total revenue of $2.56 billion in the second quarter of its 2018 fiscal year, a sales increase of more than 25% from the year-ago quarter. After adjusting for stock-based compensation and other effects, the company claimed earnings of 33 cents a share, up from 24 cents a share a year ago. Analysts on average expected Salesforce to report adjusted earnings of 32 cents a share on sales of $2.52 billion, according to FactSet. The company raised its forecast for the full year, adding a penny to its profit projection to make it $1.29 to $1.31 a share and $100 million to its revenue guidance, which is now $10.35 billion to $10.4 billion. Salesforce stock dipped about 3% in late trading.

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Dow enjoys best day in 4 months as stock market rallies to the close

Tue, 22 Aug 2017 20:11:05 GMT

The Dow Jones Industrial Average on Tuesday registered its best day in about four months on the back of a resurgence in buying appetite, led by gains in technology and health-care stocks. The Dow closed nearly 200 points higher, or 0.9%, at about 21,900, representing its best single-session rise since April 25, when it climbed 232 points, or 1.1%, according to FactSet data. The price-weighted gauge's advance was supported by climbs in components Boeing Co. , Apple Inc. , and Goldman Sachs Group Inc. . Tuesday's uptrend also appeared to be bolstered by renewed enthusiasm in risk assets, like equities, following a tough past few weeks for stock benchmarks and worries about turmoil within President Donald Trump's administration, which could undermine the president's ability to push through previously pledged, business-friendly legislation. The Nasdaq Composite Index surged 1.4% at 6,297, snapping a 4-session slump and booking its best daily advance since June 28, while the S&P 500 index gained 1% at 2,452.Some market participants attributed the recent rally to a Politico report that said Trump's policy team was making progress on a plan for changes to tax law. In other corporate news, shares of DSW Inc. had its best gain in the shoe-retailer's history after strong quarterly results.

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Dow industrials 200-point surge puts benchmark on track for best daily gain in nearly 4 months

Tue, 22 Aug 2017 19:46:41 GMT

The Dow Jones Industrial Average was rallying Tuesday afternoon, with the blue-chip gauge on track to book its sharpest one-day rise in about four months. The Dow most recently was up about 200 points, or 0.9%, at 21,901, which would represent the average's best single-session rise since April 25 when it climbed 232 points, or 1.1%, according to FactSet data. The price-weighted gauge's advance was supported by early climbs in components Boeing Co. , Apple Inc. , and Goldman Sachs Group Inc. . Tuesday's uptrend also appears to be bolstered by renewed enthusiasm in risk assets, like equities, following a tough past few weeks for stock benchmarks and worries about turmoil within President Donald Trump's administration, which could undermine the president's ability to push through previously pledged fiscal-stimulus legislation. Overall, the market was bucking higher, with the Nasdaq Composite Index surging 1.4% at 6,293 and on pace to snap its 4-session slump and book its best single-session advance since June 28, while the S&P 500 index was up 1% at 2,453 and on track to add to Monday's climb. Some market participants were attributing the recent rally to a Politico report that said Trump's policy team was making progress on a plan for changes to tax law.

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Oil settles higher as analysts forecast a weekly decline in U.S. crude supplies

Tue, 22 Aug 2017 18:45:21 GMT

Oil prices settled higher Tuesday, getting a lift from expectations that U.S. government data set for release Wednesday will show an eighth weekly decline in a row for crude stockpiles. September West Texas Intermediate crude rose 27 cents, or 0.6%, to settle at $47.64 a barrel on the New York Mercantile Exchange on the contract's expiration day. The new front-month October contract tacked on 30 cents, or 0.6%, to settle at $47.83.

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Tronc shares gain 8% after company names new L.A. Times publisher

Tue, 22 Aug 2017 17:49:15 GMT

Shares of media and publishing company Tronc Inc. rose as much as 8% on Tuesday after the company announced a broad management shake-up at its flagship newspaper the Los Angeles Times. Tronc said late on Monday that former interim Chief Executive at Yahoo! and President of Fox Interactive Media Ross Levinsohn would be the new chief executive and publisher of the L.A. Times. Levinsohn's appointment is part of Tronc's push to a digital transformation across its platforms and businesses, and the move in the stock suggests that investors are on board. Shares of Tronc are up more than 3% in the year to date, but have declined more than 10% in the last 12-month period. By comparison, the S&P 500 index is up more than 9% in the year and more than 12% in the last 12 months.

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Gold falls back to lowest level in nearly a week

Tue, 22 Aug 2017 17:45:20 GMT

Gold prices fell on Tuesday, as strength in the U.S. dollar pressured the precious metal into giving back all of the previous session's gains and then some. Traders also showed caution ahead of the Jackson Hole, Wyo. economic policy symposium that begins Thursday, where global central bankers may offer hints on changes to monetary policy. December gold lost $5.70, or 0.4%, to settle at $1,291 an ounce after climbing roughly 0.4% on Monday. The settlement was the lowest settlement since Wednesday, according to FactSet data.

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Chevron CEO John Watson to step down: WSJ

Tue, 22 Aug 2017 17:27:33 GMT

Chevron Corp. Chief Executive John Watson is planning to step down, according to a report Tuesday in The Wall Street Journal, citing people familiar with the matter. The transition is expected to be announced next month, and the leading candidate to replace Watson is Michael Wirth, the report said, citing Wirth's experience in running refining plants as welcomed amid lower oil prices. Wirth was named Chevron's vice chairman in February, before serving as vice president of midstream and development and in other roles in the company, which he joined in 1982, according to Chevron's website. Watson has been CEO and board chairman since 2010, and joined Chevron in 1980, according to the company's website. Shares of Chevron rose 0.8% on Tuesday, alongside most energy companies. The stock has lost 9.7% this year, versus gains of 9.4% for the S&P 500 Index.

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Senate Health Committee to hold hearings on insurance-market stabilization in September

Tue, 22 Aug 2017 15:21:28 GMT

The Senate Health Committee will hold two hearings next month on stabilizing premiums in the individual insurance market, the panel's chairman and top Democrat said Tuesday. The first, scheduled for Sept. 6, will feature state insurance commissioners, and the second, on Sept. 7, will have testimony from governors. The hearings come in the wake of the Senate's failure last month to repeal and replace the Affordable Care Act, or Obamacare. Obamacare plans are sold on the individual market.

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DSW's stock surge puts it on track for best daily gain since its 2005 public debut

Tue, 22 Aug 2017 15:08:13 GMT

Shares of DSW Inc. were on a tear on Tuesday, putting them on track to log their best one-day gain in the company's 12-year history as a publicly traded entity on heavy volume. DSW's stock was most recently trading up 21%, which would represent its best daily ascent since the Ohio-based shoe-retailer went public in June 2005. Its second best daily rise was a 16.9% rise May 24, 2011, according to FactSet data. The company was seeing nearly 8 million shares exchange hands, about 5 times its 30-day average of 1.7 million shares. Tuesday's late-morning surge to an intraday peak of $19.39 also vaulted shares decisively above both their 50-day moving average at $17.40 and 100-day moving average at $18.22, with its 200-day, long-term average not far off at $20.08. Chart watchers consider moving averages dividing lines between uptrends and downtrends in an asset. DSW's CEO Roger Rawlins said the company saw a significant increase in sales of regular-priced items in its second quarter and that consolidation in the industry may mean that the company has an opportunity to acquire market share moving forward. A bullish turn could help DSW, which has given up 16.4% year to date, trend higher. Comparatively, the S&P 500 index boasts a year-to-date climb of 9.2%, while the Dow Jones Industrial Average has climbed 10.5% so far in 2017.

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Higher menu prices drive sixth consecutive quarter of restaurant traffic declines: NPD Group

Tue, 22 Aug 2017 15:06:51 GMT

Restaurants recorded their sixth consecutive quarter of traffic declines, according to the latest data from The NPD Group, a market information organization, the first time since the recession of 2008-2009 that the industry has seen no traffic growth in that period. Family dining traffic fell 4% year-over-year, while casual dining dropped 3%. Visits to quick-service restaurants, the largest segment for industry traffic, was flat, with "bright spots" in quick-service hamburger and fast-casual restaurants. Breakfast visits were up 1%, and foodservice delivery was up 2%. Average check value rose 2.6%, which NPD attributes to higher menu prices. That's the largest increase in a few years. "No doubt, the rising cost of a restaurant meal is weighing heavily on industry traffic performance," said Bonnie Riggs, NPD Group restaurant industry analyst, in a statement. The PowerShares Dynamic Food & Beverage Portfolio is down 3.4% for the year so far while the S&P 500 index is up 9.2% for the period.

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Mining and metals stocks rally as copper prices touch 3-year high; Freeport leads gainers with 4.7% gain

Tue, 22 Aug 2017 14:38:13 GMT

Shares of mining and metals companies were key gainers Tuesday, led by Freeport-McMoRan Inc. as copper prices hit a three-year high. Base metals prices have been on a tear as speculators and funds pour money into the asset class. Freeport shares gained 4.7%, bringing their week-to-date gains to 8.8%. Century Aluminum Co. gained 3.8%, Alcoa Corp. added 2.3% and Arconic Inc. rose 3.8%. BHP Billiton Ltd. was up 2.3% and Rio Tinto Plc added 2.3%. Teck Resources Ltd. rose 1.2%. The S&P 500 was up 0.6%.

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Pakistan ETF tumbles after Trump speech, hitting lowest level since June 2016

Tue, 22 Aug 2017 14:21:21 GMT

The largest exchange-traded fund to track Pakistan's equity market fell on Tuesday, after President Donald Trump said the U.S. would pressure the country step up its fight against extremism. The Global X MSCI Pakistan ETF fell 0.6%, building on Monday's 1.4% drop. With the day's decline, the fund declined to its lowest level since June 2016. The fund has been a weak performer of late, and is on track for its eighth decline of the past 12 sessions. While it hit an all-time high in May, the $36 million fund has lost more than 20% of its value of the past three months. In a speech given on Monday night, Trump said he intended to step up the fight against extremists and Taliban forces in Afghanistan, a strategy that will include taking a harder line on Pakistan. "Pakistan has much to gain from partnering with our effort in Afghanistan," he said. "It has much to lose by continuing to harbor terrorists." For the year, the ETF is down 16.2%. To compare, the Dow Jones Industrial Average is up 10.4% over that period while the S&P 500 has risen 9.1%.

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Defense companies rise after Trump speech on Afghanistan

Tue, 22 Aug 2017 14:04:26 GMT

Shares of companies in the defense industry rose on Tuesday, after President Donald Trump said he intended to step up the fight against extremists and Taliban forces in Afghanistan, something that could lead to increased military spending. The SPDR S&P Aerospace & Defense ETF , an exchange-traded fund that tracks the sector, rose 1%, while the PowerShares Aerospace & Defense Portfolio was up 0.6%. The iShares U.S. Aerospace & Defense ETF rose 0.8%. Among specific companies, Lockheed Martin Corp. rose 0.7% on the day while L3 Technologies Inc. was up 1.2% and Kratos Defense & Security Solutions Inc. climbed 2.2% as one of the biggest percentage gainers in the sector.

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Kirkland's shares spike after results top estimates

Tue, 22 Aug 2017 13:36:01 GMT

Kirkland's Inc. shares jumped 19% in Tuesday trading after the home decor retailer reported better-than-expected second-quarter earnings. The company's net loss was $3.77 million, or 24 cents, compared with a loss of $3.57 million, or 22 cents per share, for the same period last year. The FactSet consensus was for a 28-cent loss. Sales for the quarter totaled $131.7 million, up from $123.0 million last year and ahead of the $126.0 million FactSet consensus. Same-store sales including e-commerce increased 1.2%, exceeding the 1% FactSet consensus. Kirkland's sees fiscal 2017 EPS in the range of 50 cents to 65 cents. The FactSet consensus is 53 cents. And the retailer has approved a $10 million stock repurchase plan. Kirkland's shares are down 35.7% for the year so far while the S&P 500 index is up nearly 9% for the period.

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U.S. stocks open slightly higher

Tue, 22 Aug 2017 13:33:09 GMT

U.S. stock-market indexes opened higher on Tuesday, with the S&P 500 and Dow industrials on track for a second straight day of advances. The Dow Jones Industrial Average opened 70 points, 0.3%, higher at 21,774. The S&P 500 was up 8 points, or 0.3%, to 2,436 at the open. The Nasdaq Composite index advanced 32 points, or 0.5% to 6,245. Among the best performers on Wall Street, retailer Macy's Inc. rose nearly 3% after a management reshuffle. Among the worst performers, shares of Coty Inc. tumbled 10% following the beauty company's quarterly earnings miss.

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J.C. Penney launches children's bedding and decor brand, Frank + Lulu

Tue, 22 Aug 2017 12:47:42 GMT

J.C. Penney Co. Inc. said Tuesday that is is launching a new children's bedding and decor brand, Frank + Lulu. The brand, which includes sheets, pillows and rugs, will be available exclusively at J.C. Penney, starting with 200 stores and online on September 1. J.C. Penney shares are up 0.8% in premarket trading, and down 57% for the year so far. The S&P 500 index is up 8.5% for 2017 to date.

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T. Rowe Price names Céline Dufétel Chief Financial Officer

Tue, 22 Aug 2017 12:41:56 GMT

T. Rowe Price Group on Tuesday announced that Céline Dufétel has been hired as vice president. Dufétel will also assume the roles of chief financial officer and treasurer in the first quarter of 2018, replacing Ken Moreland, who is retiring after nearly 14 years at the firm. Dufétel, who joins from Neuberger Berman, will report to CEO Bill Stromberg. In a release, Stromberg called her "a dynamic and strategic leader." Dufétel is a native of France who spend part of her childhood in Bethesda, Maryland. She has a bachelor's and a master's degree from École Polytechnique and served as a navigation officer in the French Navy aboard an oil tanker while in college. T. Rowe Price has $927 billion in assets under management and is headquartered in Baltimore.

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Tempur Sealy upgraded after speedy recovery from Mattress Firm 'debacle'

Tue, 22 Aug 2017 12:37:11 GMT

Tempur Sealy International Inc. was upgraded to buy from hold at Stifel based on the company's quick recovery from contract terminations with Mattress Firm earlier this year that sent Tempur Sealy shares to a three-year low. Its price target was raised to $80 from $60. "Industry trends are soft," analysts led by John Baugh said. "While this in a way provides less tailwind for the company, it also accentuates what we believe will be sizable market share gains (pro-forma or excluding Mattress Firm from the prior year) for the rest of this year and into 2018." Tempur Sealy lost access to 3,500 locations when the Mattress Firm contracts were terminated. But "comparisons do get easier as Mattress Firm was already sliding with Tempur Sealy in 2016," Stifel says. Tempur Sealy shares are unchanged in premarket trading, and down nearly 10% for the year so far. The S&P 500 index is up 8.5% for 2017 to date.

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Kohl's plans to open four new small format stores and e-commerce center

Tue, 22 Aug 2017 12:24:20 GMT

Kohl's is continuing to push toward smaller physical locations, as it plans to open four small format stores and a fifth e-commerce fulfillment center in the third quarter, the company said Tuesday. The fulfillment center will be a 937,000-square-foot facility in Plainfield, Ind and will process online orders. The four 35,000-square-foot stores will be in North Smithfield, RI.; Blue Ash, Ohio; East Windsor, N.J. and Montebello, Calif. These will bring Kohl's to a total of eight small format stores. Overall, Kohl's plans to move close to half of its stores to smaller locations by the end of 2017. In 2018, Kohl's will move its larger store in Greenfield, Wis. to a new 55,000 square-foot store nearby. The store moves are calculated based on customer and inventory needs, and result in a more efficient store experience, Kohl's said. Shares of Kohl's have fallen 7.7% in the past month, while the S&P 500 has lost 1.8%.

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Sears signs licensing agreements for Kenmore, DieHard brands

Tue, 22 Aug 2017 12:22:07 GMT

Sears Holdings Corp. said Tuesday that it has entered into two licensing agreements to manufacture and sell Kenmore and DieHard brand products. Cleva North America Inc. will manufacture Kenmore and Kenmore Elite vacuums and accessories for retailers around the world. And Dorcy International will make DieHard alkaline batteries and flashlights for distribution in the U.S., Puerto Rico, the Caribbean and Latin America, along with some South Pacific locations. Terms of the deals were not disclosed. Sears shares are unchanged in premarket trading, and down 8% for the year to date. The S&P 500 index is up 8.5% for 2017 so far.

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DSW shares rocket 13% after company posts first same-store sales gain since 2015

Tue, 22 Aug 2017 12:09:40 GMT

Discount shoe retailer DSW Inc. shares surged 13% premarket, after the company posted its first positive same-store sales number since 2015. Columbus, Ohio-based DSW said it had net income of $28.6 million, or 35 cents a share, in the second quarter, up from $25.0 million, or 30 cents a share, in the year-earlier period. Adjusted per-share earnings came to 38 cents, ahead of the FactSet consensus of 29 cents. Sales rose 3.3% to $680.4 million, ahead of the FactSet consensus of $666 million. Same-store sales rose 0.6%, compared with a FactSet consensus for a decline of 2.0%. "We were pleased to report our first positive comp quarter since 2015," Chief Executive Roger Rawlins said in a statement. "This resulted in a healthy increase in regular priced sales and improvements across all selling metrics." Rawlins said the current turmoil in the retail sector was an opportunity to acquire market share and said the company is gearing up to unveil several new initiatives that are expected to boost brand loyalty. DSW is still expected full-year adjusted EPS of $1.45 to $1.55, compared with a current FactSet consensus of $1.44. Shares are down 31% in 2017, while the S&P 500 has gained 8.4%.

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