A unit of the digital cryptocurrency Bitcoin has exceeded the value of an ounce of gold for the first time. It closed at $1,268 on Thursday while a troy ounce of gold stood at $1,233. The current high is being attributed to surging demand in China, where authorities warn it is used to channel money out of the country. The past months’ surge is a major reversal for Bitcoin, which plummeted in value in 2014 after the largest exchange collapsed. The value of Bitcoin has been volatile since it was first launched in 2009, and many experts have questioned...Read More
Target reported sales and earnings that missed Wall Street’s expectations on Tuesday, in what was a disappointing holiday quarter for the big-box retailer. Its outlook for fiscal 2017 also fell well short of expectations. Target’s stock price sank more than 13 percent in early trading, putting it on pace for its worst day since Aug. 31, 1998, when the company shed more than 16 percent. Here’s how the company did: —EPS: $1.45 per share, excluding items, versus $1.51 per share expected by Thomson Reuters analysts’ consensus. —Revenue: $20.69 billion versus $20.7 billion expected by Thomson Reuters. —Same-store sales: A...Read More
In late December the US Congress lifted a 40 year ban on exporting oil. By late January the first shiploads of oil were off to Europe. Now it is reported that the US has turned into an ‘oil nation’ with record exports, ‘eating’ away at OPEC’s market share: The U.S. exported a record amount of crude oil, topping a million barrels a day for a second week and filling the gap in world markets created by OPEC cutbacks. Shale and other U.S. producers sent 1.2 million barrels of crude oil onto world markets last week, up nearly 200,000 barrels...Read More
DOW JONES BREAKS STOCK RECORD— 11th straight closing where the DOW reached an all time high ** 16th consecutive day where the DOW reached an all time high (when including weekends and holidays) Dow up 11.44 Points! The Dow Jones Industrial Average (DOW) hit another record new high on Thursday! It was the 10th straight daily market close where the DOW set a new stock market high. This incredible rally started back on February 9th. In the history of the DOW, going back to January 1901, the DOW record for most continuous closing high trading days was set in January of 1987 when Ronald Reagan was...Read More
JCPenney (JCP) on Friday said it will shutter 130 to 140 stores and close two distribution facilities in an effort to reinvent itself online, cut dead weight at underperforming physical locations, and better optimize its remaining bricks-and-mortar locations. Sales at stores open at least a year, a key metric for retailers, slid 0.7% during the fourth quarter (including the key holiday season), which compared to a 4.1% bump during the same period the year prior, the company announced during its earnings release on Friday. Penney said it expects comparable-store sales to be between -1% and 1% in 2017. With...Read More
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