Clothing retailer Gap reported better-than-expected same-store sales for the second quarter, helped by strong demand for Old Navy products, fewer discounts, and the company’s efforts to better manage inventory. Shares rallied more than 6 percent in extended-hours trading Thursday. The company also said its quarterly net income more than doubled and raised its full-year earnings
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Wal-Mart on Thursday reported second-quarter earnings and sales that topped Street expectations, as the big-box retailer continues to expand its online business. Fresh digital initiatives and a growing assortment of products on Walmart.com aided the retailer in boosting online transactions by 60 percent, the company said. Last quarter, e-commerce sales climbed 63 percent, compared to
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Alibaba, China’s top e-commerce firm, beat analyst’s estimates with a 56 percent rise in first-quarter revenue, driven by growth in online sales which make up most of its business. Thursday’s results show that Alibaba, one of Asia’s most valuable companies, is benefiting from more and more Chinese buying an increasing proportion of everything from food
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Following moves by China and Japan to regulate digital currencies, Australia is attempting to crackdown on money laundering and terrorism financing with plans to regulate bitcoin exchanges. “The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. These measures ensure there is nowhere for criminals
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A former Bank of America technology consultant used his access to the bank’s internal deal tracking system to share more than 50 trading tips with friends, who generated more than $5 million in illegal trading profits, federal prosecutors said. The worker, Daniel Rivas, “serially misappropriated material, non-public information from the bank’s deal tracking system and
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Shares of L Brands fell nearly 7 percent after the company lowered its guidance for the year. The retailer, which owns stores such as Victoria’s Secret and Bath & Body Works, beat Wall Street’s expectations. It reported second quarter earnings of 48 cents per share and revenue of $2.76 billion, compared with Thomson Reuters expectations
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As for guidance, Cisco said for the first quarter of the 2018 fiscal year, it expects 59-61 cents in earnings per share on 1 to 3 percent less revenue than it received for the year-ago quarter. Analysts were expecting 60 cents in earnings per share and $12.05 billion in revenue for guidance for the current
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SUNNYVALE, Calif. (AP) _ NetApp Inc. (NTAP) on Wednesday reported fiscal first-quarter earnings of $136 million. On a per-share basis, the Sunnyvale, California-based company said it had net income of 49 cents. Earnings, adjusted for one-time gains and costs, were 62 cents per share. The results surpassed Wall Street expectations. The average estimate of 11
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There has been much discussion over the last several years about the existence of “two Americas.” The politics of recent days notwithstanding, there are more likely three. Main Street, Wall Street and Washington are becoming ever more separated, operating, in many ways, entirely independently of one another. It’s most evident on Wall Street. Despite political
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The stock market’s seemingly unstoppable rally is drawing notice from Federal Reserve officials. At their meeting in July, central bank officials discussed whether the rise in equity prices was posing broader financial dangers – and whether the Fed’s accommodative policies were adding to the risk-taking environment. However, they ultimately concluded that the market rise was
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Billionaire hedge fund manager Bill Ackman revealed he bought protection against a stock market drop due to rising geopolitical risk. Ackman said the firm took a “small position” in out of the money call options on a volatility index during Pershing Square Capital Management’s second-quarter conference call Wednesday. This hedge “will protect against stock market
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Raising a baby doesn’t come cheap — and once you add in expenses like doctor appointments and day care, the costs of child-rearing may be more manageable in certain states than others. New data from WalletHub found that some states have better financial conditions for bringing up baby. The personal finance site ranked U.S. states
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Conversely, some states have low costs but their quality is lacking. For example, Alabama has the least-expensive care but ranks 44th for quality. Additionally, the Northeast showed generally higher costs and lower quality scores in the report. The study used various statistics including nursing home costs, in-home care prices and elderly well-being assessments to arrive
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It’s not just missing income. IRS records show that self-employed workers and others who file quarterly estimated-tax payments are prone to get those wrong, according to a report last week from The Wall Street Journal. The number of filers penalized for underpaying estimated taxes jumped from 7.2 million in 2010 to 10 million in 2015,
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