Retailer Zumiez (ZUMZ) announced after the bell that second quarter earnings were lower, and forecast that third quarter profit would be below estimates. Net income fell to $2.1 million, or 7 cents per share, from $2.6 million, or 8 cents per share, last quarter.
U.S. consumers seem to be feeling a little more secure about spending lately– consumer spending in July climbed 0.4% on a seasonally adjusted basis, according to the Commerce Department. That’s the fastest pace in five months. Spending slightly outpaced personal income, which rose 0.3% for the third month in a row. These increases were in line with economist predictions. The personal savings rate dropped just a bit, from June’s highest-in-a-year rate of 4.3, to 4.2 in July. This rise in consumer spending, which is the biggest single growth source in the U.S. economy, followed a decrease in June, and no change in May, so it may be too soon to start declaring a new trend. For more on the latest business news, follow us on Twitter @FNNOnline, or check out our website at fnno.com
Tech enthusiasts may have reason to rejoice as Amazon.com has sold out of its Kindle Fire Tablet. While seemingly bad news, this lack of product may signal that a new model of kindle is on the way. Often times when a tech device becomes sold-out, it implies that production on it has ceased in anticipation of a new model, as could be the case with the kindle.Adding further credence to this theory is the Washington Post’s report that Amazon has a press conference scheduled for next week, where it could possibly unveil an updated Kindle Fire tablet.The Kindle Fire Tablet is a part of Amazon’s kindle line of e-readers, capable of storing not just books, but also other media like music and movies.
Louisiana-Pacific (LPX) was upgraded by Bank of America/Merrill Lynch to buy from underperform with a price target of $16 as the firm believes the stock is undervalued at current levels. Shares are higher by about a quarter of a percent.
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.
In trading on Thursday, life & health insurance shares were relative leaders, up on the day by about 0.4%. Leading the group were shares of Flagstone Reinsurance Holdings S (FSR), up about 18.6% and shares of Ing Groep NV (ING) up about 3.5% on the day.
Andy Warhol revitalized the Campbell’s (NYSE:CPB) soup can in the 1960’s and he’s set to do it again, 25 years after his death. The Campbell Soup Company will introduce a line of special-edition cans depicting Warhol’s iconic imagery this sunday in Target stores. While Campbell was hesitant towards Warhol’s work depicting its cans when it first hit the art world, by 1964 the company expressed its approval of his pieces. In fact, this is not the first time they have used his work. Campbell commissioned Warhol to do paintings for advertisements in 1985. The soup company will distribute 1.7 million specialty cans, coming in four varieties, each costing 75 cents.
The Daily Ticker’s Henry Blodget talks to David Kotok.
ROBBINS SAYS VOTERS CONCERNED ABOUT FINANCES
