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The Week Ahead: Searching for words to support the Trump rally

Business / Business News /

Call it the election relief rally. Call it the presidential promise rally. Call it an extension of the longest stock rally in a quarter of a century.

However one wants to refer to the stock market rally we've seen since November, it's indisputable that it has been marked by a historic run-up in prices, with the Standard & Poor's 500 stock index...Read more

Nordstrom has strong fourth quarter, but full-line stores continue slide

Business / Business News /

SEATTLE -- Nordstrom handily beat Wall Street expectations for its fourth quarter, with both profits and revenues up from a year ago.

The Seattle-based upscale retailer reported earnings per share of $1.15 for the quarter that ended Jan. 28. That was up 15 percent from the year-ago period.

Excluding certain items, the adjusted earnings came to...Read more

Sears cuts 130 corporate jobs, mostly at HQ

Business / Business News /

CHICAGO -- Sears Holdings laid off about 130 corporate employees Thursday, part of a restructuring plan aimed at cutting at least $1 billion in costs this year.

The 130 employees worked in various roles at Sears' corporate offices, mostly in its suburban Chicago headquarters, Sears spokesman Chris Brathwaite said.

Sears Chairman and CEO Edward...Read more

Sears licenses Kenmore brand grills to Permasteel

Business / Business News /

CHICAGO -- Sears Holdings has inked a licensing deal that will mean the sale of its Kenmore grills in stores beyond Sears and Kmart.

California-based Permasteel will be able to manufacture Kenmore and Kenmore Elite gas grills, grill covers and accessories for distribution at retailers nationwide, Sears said in a news release. Sears, ...Read more

Trump said to be weighing U.S. Bancorp's Davis for Fed board seat

Business / Business News /

WASHINGTON -- President Donald Trump is considering nominating U.S. Bancorp Chief Executive Officer Richard Davis for the Federal Reserve Board, said people familiar with the matter, as the president prepares to start reshaping the central bank's approach to monetary policy and Wall Street oversight.

Davis, who has announced he plans to retire ...Read more

Hewlett Packard Enterprise's sales fall short; outlook disappoints

Business / Business News /

PALO ALTO, Calif. -- Hewlett Packard Enterprise said Thursday that its fiscal first-quarter sales fell 10 percent from a year ago and that the computer-technology giant is seeing new "significant headwinds" that will affect its business through the rest of this year.

After the stock market closed, HPE said it earned 16 cents a share on revenue ...Read more

Microsoft invests in maker of drone air traffic management software

Business / Business News /

SEATTLE -- The venture capital arms of Microsoft, Airbus and Qualcomm have led a $26 million investment in AirMap, the builder of drone air traffic management software said.

The startup, which opened its first office in Santa Monica, Calif., in 2015, builds technology that tracks air traffic, weather and flight restrictions in real time to ...Read more

Hormel profit squeezed by competition, lower prices in turkey

Business / Business News /

MINNEAPOLIS -- Hormel Foods Corp. sold more turkeys during the holidays but made less profit due to low prices and growing competition, its latest quarterly results showed Thursday morning.

Executives lowered their full-year profit outlook as a result of shortfalls in the Jennie-O turkey unit. The company's shares fell 7 percent in early ...Read more

Day after call with Merkel, PSA chief talks jobs with May

Business / Business News /

LONDON -- With German and U.K. car jobs on the line, which leader would get to PSA Group Chief Executive Officer Carlos Tavares first?

After two days of trying to find a suitable time to meet in person, British Prime Minister Theresa May finally had a phone call with the CEO on Wednesday to make the case for Vauxhall cars. A day earlier, ...Read more

In California, plan to boost deportations worries some employers

Business / Business News /

LOS ANGELES -- The news that President Donald Trump ordered an aggressive crackdown on 11 million undocumented people sent a chill through immigrant communities. California businesses that employ lots of immigrants are shivering too.

Two memos released by Homeland Security Secretary John Kelly on Tuesday directed immigration officers to broaden...Read more

Would a new world accord make the lawless internet safe again?

Business / Business News /

SAN FRANCISCO -- In a few years, if you enter all available facts into a super computer and ask it how to make the internet secure, information security expert Adi Shamir predicts this is how the computer will respond:

Kill the internet. Start over again.

"The internet, as we know it, is beyond salvaging," says Shamir, an Israeli who won the ...Read more

Trump scorns the IMF's globalism, and now he gets to vote on it

Business / Business News /

WASHINGTON -- Christine Lagarde is racing through Uganda in a black SUV. It's a bumpy road -- not the only one the IMF chief is likely to encounter in the age of President Donald Trump.

Since World War II, America has set the agenda for the world economy. The International Monetary Fund has been one of its main tools. The Fund helped steady the...Read more

Real estate Q&A: No permit for shutters could be headache for homeowner

Business / Business News /

Q: I had shutters installed after Hurricane Wilma, but the guy who did the work did not get a permit. What are the consequences for me now, if any?

-- Lynn

A: You are right to be concerned and should get this resolved before it becomes a problem. The permitting process is about much more than just paying money to your local government. After ...Read more

On the House: 'We Can Buy Your Home As Is,' the letter says, but be careful

Business / Business News /

The letter arrived in Robin Roberts' mailbox innocently enough late last year. The envelope bore her name and her address. Neatly folded inside was a piece of paper, what appeared to be a handwritten note.

Basically, the letter said, someone had noticed her house. And in no uncertain terms, it asked: Would she consider selling it to them?

"I'm...Read more

Tesla reports fourth-quarter and full-year results, says Model 3 on track

Business / Business News /

SAN FRANCISCO -- Tesla Inc. lost $674.9 million on $7 billion in sales last year and lost $121.3 million for the fourth quarter on $2.2 billion in sales, the company said Wednesday.

Annual revenue rose 73 percent thanks to 76,230 deliveries of the company's Model S and Model X electric luxury vehicles.

Given the company's grand ambitions and ...Read more

Bojangles' chicken makes changes it hopes will please food activists

Business / Business News /

CHARLOTTE, N.C. -- Amid pressure from activists groups, Charlotte-based Bojangles' says it is in the process of phasing out chicken raised on antibiotics.

Led by the North Carolina Public Interest Research Group and the Charlotte blogger Food Babe, activists on Tuesday delivered a petition with more than 12,000 signatures to the Bojangles' ...Read more

Brad Grey leaves struggling Paramount Pictures as search for new studio chief begins

Business / Business News /

LOS ANGELES -- Paramount Pictures Chairman Brad Grey has finalized his exit from Viacom Inc. after 12 years managing the legendary movie studio that has struggled to produce box-office hits.

Grey's departure, which was telegraphed last week and announced Wednesday, takes effect immediately. It comes as Viacom's new chief executive, Bob Bakish, ...Read more

White House says Melania isn't in business; so why are her companies still active?

Business / Business News /

WASHINGTON -- First lady Melania Trump has several companies that are still active enterprises, raising questions about whether they will be used for profit while she is in the White House.

Beyond the 564 companies listed in then-candidate Donald Trump's May 2016 financial disclosure were seven companies associated with his wife.

All but one ...Read more

Fed officials indicate another interest rate hike could come 'fairly soon'

Business / Business News /

WASHINGTON -- Federal Reserve policymakers said at their latest meeting that another small hike in a key interest rate could come "fairly soon," opening the door a bit wider to an increase next month, according to minutes of the meeting released Wednesday.

Fed officials reiterated their "considerable uncertainty" about the fiscal policies of ...Read more

Lexus and Porsche tie in J.D. Power reliability study

Business / Business News /

Lexus and Porsche tied for the top spot in auto information company J.D. Power's annual vehicle reliability study.

But other Japanese, German, South Korean and American brands also scored extremely well.

The study targeted 35,000 owners of model year 2014 vehicles who have driven their vehicles for three full years, asking them to rate ...Read more