Macy's (M) is just out with a solid earnings beat for the quarter. The department store chain made 47-cents a share when estimates were for 39-cents. Sales also edged past estimates at $6.28-billion compared to $6.19-billion. Yahoo Finance Senior Columnist Mike Santoli has more in the video above.
There is word this morning of a new plan for Fannie Mae and Freddie Mac. The Financial Times reports that a number of hedge funds and private equity firms are working on a proposal to take over large parts of the housing giants. The plan is being pitched as a way to bring private money back to the mortgage market. It could also conceivably speed-up housing finance reform which has gotten stuck in Congress. The Treasury has controlled both Fannie and Freddie since the financial meltdown.
Ecuador has affirmed a guilty verdict in an environmental case against Chevron (CVX). However, the court cut damages to $9.5-billion, which is half the original amount. The case stemmed from claims againstRead More »from Macy’s Jumps on Earnings; Hedge Funds Eyeing Fannie & Freddie; Chevron Damages Reduced