Stock Surge Linked to Lobbyist
A health-care lobbyist who is a former congressional aide provided a key tip to a political-intelligence firm about a coming change in government policy. The firm's subsequent alert to Wall Street clients sparked a surge in trading.
Attention JC Penney Shoppers, Look Out for the Return of ‘Sales Galore’
After months of abysmal sales tallies, the Ron Johnson era is over at JC Penney. Now that Johnson’s “fair and square” no-coupons pricing policies have proved to be a failure, the department store will have to try something else to win back customers and stop the bleeding. But what? Mike Ullman, who was replaced as CEO when Johnson took over at JC Penney in 2011, and who began serving again as top executive when Johnson was pushed out, told the Wall Street Journal that he wasn’t planning on reverting to the old business model. “I wouldn’t recommend that we go back to the way J.C. Penney was when I left,” he said. “Things change.” And yet, in some ways the department store is clearly trying to resemble the JC Penney of old. Management has already announced that newspaper ads will feature coupons once again. Johnson seemed to find coupon usage distasteful and silly, likening it to a drug that consumers needed to be weaned off. A little over a year after JC Penney went “drug-free,” ...
Stocks Rise Sharply, Led by Gains in Technology
(NEW YORK) — Technology stocks roared back Wednesday, driving the Standard & Poor’s 500 and Dow Jones industrial average to record highs. The industry has lagged the broader market this year, but surged after network communication company Adtran reported earnings that were double what Wall Street analysts expected. That boosted optimism that businesses will increase spending on technology equipment. Chipmakers Micron and Intel jumped, as did other network equipment makers like Cisco and JDS Uniphase. Stocks were also up on an optimistic reading of the Federal Reserve Bank’s latest minutes. Technology stocks rose 1.8 percent, the most of the 10 industry groups in the S&P. That’s a big change from tech’s weak performance this year. The group is up just 4.7 percent, trailing the S&P’s gain of 11.3 percent. “Tech has performed so poorly, it’s oversold and warrants some interest here,” said Scott Wren, a senior equity strategist at Wells Fargo Advisors. “If the economy ...
Nikkei Dragged by Yen's Strength
Asian markets were lower Thursday tracking a negative lead from Wall Street, while the Nikkei underperformed amid a stronger yen in the run up to the BOJ's policy meeting outcome. The Nikkei fell 1.8%.
Market Snapshot: U.S. stocks rally, anticipating Fed signal
U.S. stocks climb, lifting the Dow industrials above their record close, as Wall Street anticipates a no-change signal from the Federal Reserve when it ends a monetary policy meeting in the afternoon.