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  • Business
    The Street2 hours ago

    14 Large Retailers Besides J.C. Penney Are Closing Waves of Stores

    The Great Restructuring in retail continues.  In the wake of a disappointing holiday season, J.C. Penney (JCP) said recently that it will close 138 stores stores by the second quarter. The store closures represent 13% to 14% of the company's current store base and less than 5% of annual sales. They have a negligible impact on net income. J.C. Penney said same-store sales at the locations were "significantly below" the remaining store base and operate at a much higher expense rate due to poor productivity. The company expects $200 million in annual costs savings from the efforts. "We believe closing stores will also allow us to adjust our business to effectively compete against the growing threat

  • Oil drops to lowest since Nov as U.S. inventories swell
    Business
    Reuters4 hours ago

    Oil drops to lowest since Nov as U.S. inventories swell

    Oil prices slipped on Wednesday to their lowest since late November, with Brent testing the $50 per barrel support, after data showed record high U.S. crude inventories rising faster than expected, raising doubts over the viability of OPEC-led output cuts. The Energy Information Administration (EIA) said U.S. inventories climbed almost 5 million barrels to 533.1 million last week, far outpacing forecasts of a 2.8 million-barrel build. "The fact that this supply has increased almost 55 million barrels this year in the face of significant OPEC production cuts is evolving as a major bearish development that poses a significant threat to the viability of the OPEC agreement in our opinion," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.

  • These three US bank stocks are my top sector picks: Analyst
    Business
    CNBC.com13 hours ago

    These three US bank stocks are my top sector picks: Analyst

    U.S. financials should benefit from lower regulatory costs as well as a healthier economic backdrop over the next two years, RBC Capital Markets' equity research chief said on Wednesday. "I think what we're going to see is lower expenses for the regulatory costs for these banks…it's going to free up more capital," Gerard Cassidy, managing director of equity research at RBC Capital Markets, told CNBC's Squawk Box. Additionally, idiosyncratic drivers for some of the universal banks – the largest financial services institutions with global operations – will see certain names primed to outperform peers, according to the senior analyst. For starters, Bank of America should benefit from rising rates