Joy Global shares digging out from their deep hole
By Harvard Zhang Joy Global Inc.’s shares surged after the opening bell Thursday after the company – plagued by abysmal conditions in the mining industry, tumbling metal prices and sluggish global demand – turned in a deeper-than-anticipated fiscal first quarter loss. In the quarter ended Jan. 29, the Milwaukee, Wis.-based maker of mining equipment swung […]
Dollar Tree earnings miss despite Family Dollar lift
By Harvard Zhang Dollar Tree Inc. posted worse-than-expected fourth quarter profits despite positive results — and surging sales numbers – from its recent acquisition of a major competitor. In the quarter ended Jan. 30, the Chesapeake, Va.-based discount retailer reported net income of $229.0 million, or 97 cents per diluted share, up 10.8 percent from […]
Durable goods orders jumped 4.9 percent in January
By Harvard Zhang Orders for big-ticket goods surged in January, in a bit of good news for the troubled U.S. manufacturing sector. A key indicator of business investment also showed a positive sign. The Commerce Department said Thursday that new orders of durable goods – everything from aircrafts to TV sets – increased 4.9 percent […]
Out of the way: Lahore’s Orange Line gives the blues to property owners
By Harvard Zhang Lahore, Pakistan — Ever since Muhammad Saddiq’s two-story house in Northeast Lahore was demolished on New Year’s Day to make room for the Orange Line metro train project, he has been living with his wife and four grown-up children in a single-room apartment allocated by the government. Saddiq was finally able to […]
Once booming, Pakistan’s bourse now sees some bloody days
By Harvard Zhang Karachi, Pakistan — The year 2016 promised much, but so far delivered little in return as the KSE-100 Index has shed 5.5 percent. Pakistan’s equity market has been subject to a persistent drain of foreign investment amid a global selloff since the beginning of the year, despite the January merger of three […]
Consumer confidence retreats to a seven-month low
By Harvard Zhang Consumer confidence dropped in February to a seven-month low as Americans — despite a growing economy — grew more concerned about business conditions, the labor market and their pocketbooks. The Conference Board’s index declined in February to 92.2 from a revised 97.8 a month earlier, the New York City-based independent research group […]
Governor Rauner advocates bipartisan reforms amid budget gridlock
By Harvard Zhang Springfield — Republican Governor Bruce Rauner called on the Democrat-controlled legislature to put aside political disagreements to institute business-building reforms together with cost reductions and revenue increases during his budget address Wednesday for the next fiscal year. Addressing a joint session of the General Assembly, the governor stressed that his budget is about jobs, opportunities and economic […]
First American shares soar on earnings news
By Harvard Zhang First American Financial Corp. shares jumped Thursday after the title insurance company reported better-than-expected fourth-quarter profits. In the latest quarter the Santa Ana, Calif.-based company reported net income of $81.6 million, or 74 cents per diluted share, up a modest 1.3 percent from $80.5 million, or 74 cents in the year-ago period. […]
Chicago investment returns rose $8.1 million in 2015
By Harvard Zhang The City of Chicago’s bond portfolio earnings grew by $8.1 million, or 16.4 percent, in 2015, the city treasurer announced Wednesday, saying that he had adopted a “responsible approach” to investing taxpayers’ dollars to maximize returns and lower the tax burden. “We have to be prudent in investment and protect the capital meant to operate […]
Governor agrees, but Cullerton responds: “Not my plan”
By Harvard Zhang An unusual state bipartisan move took a turn Thursday as Illinois Democratic Senate President John Cullerton said a pension proposal Republican Governor Bruce Rauner attributed to him and endorsed was not what they talked about and didn’t have his support. Sen. Cullerton declared that he and the governor still have “fundamental disagreement” over the role […]
