Deepening crisis sends Valeant shares into a tailspin

By Poroma Pant Shares of Valeant Pharmaceuticals International Inc. went into freefall Tuesday after the embattled pharmaceutical company warned its investors of sharply curtailed earnings expectations and disclosed that it’s in danger of defaulting on some of its debt. In a conference call, analysts grilled Chief Executive Officer Mike Pearson with questions regarding his leadership […]

Jobless claims fall to a 5-month low

By Poroma Pant The number of Americans applying for new unemployment benefits fell last week to the lowest level in five months, indicating a continued low rate of employer layoffs and a steadily improving labor market. The U.S Department of Labor said in a Thursday report that, for the week ended March 5, initial unemployment […]

“Brand Ambassador” promotion boosting profits at Express Inc.

Express Store

By Poroma Pant Retailer Express Inc., citing the help from a series of successful celebrity endorser campaigns, turned in fourth-quarter earnings Wednesday that modestly beat analyst estimates. For the quarter ended Jan 30, the Ohio-based apparel chain reported net earnings of $56.1 million, or 67 cents per share compared to $41.8 million, or 49 cents […]

Battle for the board: United shareholders plan proxy fight


By Poroma Pant Holders of a 7.1 percent stake in United Continental Holdings Inc. – unhappy with the company’s share price – plan to launch a proxy fight to claim six seats on the airline’s board. On Tuesday, United disclosed hedge funds PAR Capital Management Inc. and Altimeter Capital Management L.P. had advised the carrier […]

A Riveting Enterprise: Rivet Radio Inc.

By Poroma Pant “There’s an audio renaissance coming,” said John MacLeod, chief executive officer of Rivet Radio Inc., a Chicago-based digital news radio broadcaster that aims to replicate Pandora’s success with online music streaming but for news.

ADP report shows hefty rise in private sector employment


By Poroma Pant The U.S private sector enjoyed a slightly stronger-than-expected increase of 214,000 jobs in February – suggesting that the U.S job market remains resilient despite an unsettling stock-market falloff — according to a payroll-abased report carried out by ADP Research Institute. “Despite the turmoil in the global financial markets, the American job machine […]

Best Buy sees tough year ahead

best buy

By Poroma Pant Best Buy Co. Inc. turned in better than expected fourth quarter results Thursday, but also warned investors that sales and earnings will be under heavy pressure in 2016. For the quarter ended Jan 30, the nation’s most prominent electronics retailer’s net income was $479 million, or $1.40 per diluted share, down from […]

Shoppers to luxury handbag makers: ‘Go small or go home’


By Poroma Pant After a relationship spanning several summers, American consumers appear to be calling off their long fling with pricey, big designer handbags. The American woman has turned her affection toward smaller bags because they’re more innovative and affordable. Surprisingly, the rise of the smartphone is helping fuel this shift in trend. Like other […]

Lowe’s revenue jumps on hot housing market and warmer winter


By Poroma Pant Lowe’s Cos. Inc. fourth quarter operating earnings showed a solid increase, as the retailer of home-improvement and building products profited from the recovering housing market and favorable weather conditions. For the quarter ending Jan 29, the North Carolina company reported net earnings of $11 million, or a penny per diluted share, down […]

Mortgage applications climb as lower rates pique interest

Banks offer lower mortgage rate

By Poroma Pant Responding to a drop in interest rates, consumers stepped up their mortgage applications last week, a trade group reported Wednesday. Mortgage applications increased 9.3 percent from one week earlier, on a seasonally adjusted basis, according to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey. The 30-year fixed-rate mortgage on confirming loans […]