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Nordstrom Lowers Outlook Following Quarter of Disappointment

On Thursday, Nordstrom Inc slashed its financial projection for the rest of the year after a first quarter that produced results that were worse than had been expected, as the retailer announced it needed larger discounts to clear out inventory. The quarterly numbers are only the latest sign of the woes amongst retailers that are mall-based. Over the last few days Macy’s reported its worst sales for a quarter since the 2008 recession and Kohl’s posted a drop of 87% in profit as well as a decline that was unexpected in sales. Nordstrom shares,... 
 

Sales in First Quarter for Carlsberg Hit by Drop in China

Carlsberg A/S the Danish brewer said on Wednesday that sales had dropped more than was expected during its first quarter because of a drop in its China market as well as fluctuation in foreign exchange. Sales were down 3% to just over 13 billion Danish crowns equal to $1.99 billion, which missed the estimates by analysts that averaged 13.18 billion crowns. The negative impact due to foreign exchange equaled 5%, said the brewer. Sales across Asia, one of the primary growth regions for Carlsberg were down 0.7% to just over 3.5 billion crowns. Analysts... 
 

Emirates Airline Announces Rise in Profit Amidst Low Prices of Oil

The biggest Middle East airline Emirates, announced on Tuesday that its profit was up close to 56% to end its fiscal year at $1.9 billion, due in large part to the lower prices of oil that drove the cost of operating fuel way down. The government owned Dubai airline said its revenue fell during its 2015-2016 fiscal year by 4% from just over $24.2 billion to $23.2 billion, mostly due to a stronger dollar in the U.S. that impacted the many markets that Emirates operates, including its base located in the United Arab Emirates is which the dirham is... 
 

Revenue at Madison Square Garden Increases on Broadcast Fees

On Friday, Madison Square Garden Company posted an increase in its revenue, but lost money, as the business benefited from higher fees from broadcasting. Last September, MSG separated its sports-entertainment business and its media business. The media business includes MSG sports television networks, which became MSG Networks. While the sports business, which included the New York Rangers and New York Knicks and the entertainment business, which encompasses organizing and hosting live events across different venues, such as Madison Square Garden... 
 

Less Snap, Crackle, Pop for Kellogg’s During First Quarter

Snacks and cereal maker Kellogg Company said it continues making progress in its share of the cereal market in the United States. Kellogg said its earnings for the first quarter were down 33% in its most recently ended quarter. This, the company said was due to lower revenue, currency exchanges and higher expense for interest hurting the bottom line of the company. Per share adjusted earnings beat estimates of analysts though its revenue came up short analyst’s expectations. The company, based in Michigan, has been maintaining a tight control... 
 

Maersk Net Profit Drops on Low Crude and Freight Prices

A.P. Moller-Maersk the Danish conglomerate said on Wednesday said its net profit for the first quarter dropped as a steep drop in prices for freight pressured its shipping business, as low prices of crude hit the company’s oil unit. Maersk ended the quarter with a net profit of $211 million in comparison to $1.54 billion for the previous year during the same period. This result beat expectations on Wall Street, which had an average of $106 million for profit. Group revenue dropped by 19% to end the quarter at $8.54 billion. The results increased... 
 

Fiat Chrysler Sales for April in U.S. Increase Thanks to Jeep

Fiat Chrysler Automobiles said its sales in the U.S. were up 5.6% during April, which beat estimates of analysts and extended it monthly gains streak to over six years on sales of the hugely popular Jeep SUVs and RAM pickups. Sales at FCA ended April at 199,630 cars as well as light trucks said the automaker in a Tuesday statement. On average, Wall Street analysts were expecting growth of 4.3%. Jeep sales helped bolster the profit of the first quarter and jumped by 17% from the same month last year as the Renegade and Compass saw sales more than... 
 

Australian Academic Admits He is Bitcoin Creator

Australian entrepreneur Craig Steven Wright identified himself as the bitcoin creator nearly five months after he had been outed by media in reports as the man who was behind the popular virtual currency. Wright in an interview and a blog post said he had developed the original software for the bitcoin under the Satoshi Nakamoto pseudonym. Wright provided evidence, including the first encryption keys, that were confirmed by well respected members of the community of bitcoin, said an international newspaper. Wright was named the creator of the bitcoin... 
 

Marissa Mayer Will Get $55 Million If She Stays or Leaves

Yahoo disclosed the executive pay packages and CEO Marissa Mayer will make millions if she stays or goes. Yahoo has gone through a number of problems and is currently trying to sell itself. The company’s CEO will receive severance benefits of nearly $55 million if she is terminated without any cause according to a filing with a regulatory agency after Friday’s market had closed. The payout would be triggered as well by a change in control, which would include the company being sold, according to Friday’s filing. The potential payout for Mayer... 
 

Worldwide Shipments of Smartphones Fall

The global market for smartphones experienced its first decline year on year during the first quarter of 2016, with both Samsung and Apple shipping fewer handsets, according to an online research company. Global shipments of smartphones were lower by 3% annually from 345 million to 334.5 million units during the first three months of 2016. The drop is attributed to a decline in smartphone growth due to growing saturation in the biggest markets such as China and caution by the consumer about the world’s economy. On Tuesday, Apple reported that... 
 

BP Eyeing Additional Spending Cuts Following Drop of 80% in Profit

BP announced on Tuesday it might cut its capital spending even further after it reported a drop of 80% in profit for its 2016 first quarter, as oil prices came close to lows of 13 years. The oil company based in Britain, the first major oil company to report in what was one of the weakest quarters, has lowered its spending target for 2016 to $17 million from its previous of between $17 and $19 billion. The company also said that amount could even fall further to between $15 billion and $17 billion in 2017 if the price of oil remains weak. These... 
 

Lower Air Fares Likely Will Remain Into Next Year

Airfares are currently down and will likely remain in place for some time, said American Airlines to its investors on Friday. That is very good news for flight passengers but not such good news for the airline stocks, which were down almost across the board in the U.S. on Friday. American, the largest airline in the nation, has posted better than had been expected earnings, and made the announcement of a repurchase program for shares, which lifted shares initially on Friday. However, once airline executives started to share their fares outlook,... 
 
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