MarketWatch - 14 minutes ago
MADRID (MarketWatch) -- Hennes & Mauritz AB on Wednesday reported a bigger-than-expected fall in profit, but noted a strong start for sales in June and also announced plans to expand its online marketplace. Second-quarter net profit fell to 4.66 billion Swedish kronor ($723.14 million) from SEK5.22 billion a year earlier. A survey of analysts polled by Dow Jones Newswires had forecast a net profit of SEK4.88 billion. Sales excluding value-added tax fell to SEK31.64 billion from SEK31.66 billion a year earlier. H&M said sales were "off to a good start" in June, rising 14% in local currencies between June 1 and June 17 versus the same period a year earlier. The retailer said sales overall were "not satisfactory," though, blaming "continued challenging conditions for the fashion retail industry due to the tough macro economic climate and unfavorable weather in March and a couple of weeks into April." Comparable store sales fell 4%. Expansion plans continue, with an online U.S. store due to open in August and more countries expected to be added online next year, H&M said. It will open new COS stores in Turkey and Switzerland in the autumn. Shares of Stoxx Europe 600 index heavyweight H&M rose 2% in early trading.
MarketWatch - 35 minutes ago
Carl Icahn, now the second-largest holder in Dell, steps up his bid to counter Michael Dell's effort to take the PC maker private by urging the company to launch a $16 billion tender offer
MarketWatch - 46 minutes ago
LONDON (MarketWatch) -- European stock markets showed mixed moves at the open on Wednesday, with what is likely to be a volatile day ahead as investors wait for the much anticipated monetary-policy decision from the U.S. Federal Reserve. A statement from the Fed meeting is expected after the European markets close, followed by a press conference by Chairman Ben Bernanke. The Stoxx Europe 600 index was slightly higher at 293.05. Shares of ING Groep NV rose 1.5% after UBS started coverage of the firm with a buy rating. Shares of Alcatel-Lucent jumped 6.7% after the telecom-equipment firm announced plans to cut costs. Among country-specific indexes, the FTSE 100 index slipped 0.1% to 6,366.34, while France's CAC 40 index dropped 0.2% to 3,854.50. Germany's DAX 30 index fell 0.1% to 8,224.27.
MarketWatch - 2:56 AM ET
Gold futures hover near one-month lows as an update from the Federal Reserve about monetary policy approaches.
MarketWatch - 2:02 AM ET
LOS ANGELES (MarketWatch) -- Chrysler Group LLC has agreed to recall some of the older Jeep models, as regulators had previously called for, reports said Tuesday. The recall covers some 1.56 million Jeeps which could pose a risk to the fuel tanks in the event of a crash. Chrysler had previous fought over the recall with regulators, who wanted as many as 2.7 million vehicles covered in the action. The Jeeps not involved in the recall will be part of a "customer service action," and might not get fixed, according to the Associated Press. The recall involves 1993-1998 model year Jeep Grand Cherokee and 2002-2007 Jeep Liberty sport-utility vehicles, according to Dow Jones Newswires.
MarketWatch - 1:04 AM ET
The U.S. dollar slips against the Japanese yen and edges up versus the euro ahead of comments from the U.S. Federal Reserve, possibly including plans for its bond-buying program.
MarketWatch - 12:35 AM ET
U.S. crude-oil futures swing between small losses and gains after a decline in oil stockpiles, and ahead of an update from the U.S. Federal Reserve about its stimulus measures.
DJNF - 12:10 AM ET
By J.J. Zhang
Passive index funds have been gaining massive popularity among retail investors for the last several years. The largest ETF has been for a long time the SPDR S&P 500 ETF (SPY) with $140 billion under management, almost three times larger than its nearest competitor.
MarketWatch - 12:05 AM ET
With so many people and places all advocating passive indexing, it's important to look at the contrarian side. Stepping into the other side of the argument, just what are the downsides to indexing?
MarketWatch - 12:01 AM ET
China's new leaders believe the ancient ways are too slow for their accelerated economic plans. Perhaps. Still China must find solutions that integrate its urbanization plans with the time-honored ethics of Buddhist meditations.