- Yahoo Finance at Hot Stock Minute17 hrs ago
The damage done by the Great Recession is permanent according to 71% of Americans. That comes despite news from the government this morning that the economy grew 4.2% in the second quarter, more than the 4% initially reported.
A new surveyfrom Rutgers University shows just how deep the wounds of the Great Recession go. The number of Americans who think the recession did permanent damage has jumped in the past five years. In 2009, just 49% of people thought the effects of the downturn would be permanent.
“Even though there’s been a recovery by every technical measure, the average American is taking home less pay,” said Yahoo Finance Editor-in-Chief Aaron Task. “If you’re taking home less pay, [the economy] doesn’t feel good, no matter what the Dow is doing or what the economists are saying.”
In fact, a new report from the Economic Policy Institute shows wages have fallen continuously. Hourly wages for the first half of the year have shrunk 0.9% when you account for inflation.
- Yahoo Finance at Hot Stock Minute18 hrs ago
Here is a look at some of the stocks the Yahoo Finance team will be watching for you today.
A handful of retailers rolling out disappointing sales this morning. Abercrombie & Fitch (ANF) shares are lower in early trading. The clothing retailer reported earnings that beat by $0.08 a share. Revenue came up short of analysts' estimates, down nearly 6% from a year ago. However, same-store sales fell less than expected.
Guess (GES) shares tumbled before the bell. The apparel retailer cut its outlook for the year and its current quarter after consumers did not warm up to its fall collection. The company also reported second quarter earnings and revenue that missed analysts' estimates as weak traffic and promotions continued to put pressure on its physical stores.
- Dean Arrindell at Hot Stock Minute19 hrs ago
Investors are monitoring reports that Russian troops are in Ukraine. Ukrainian President Petro Poroshenko said "Russian forces have entered Ukraine." Russian officials are denying the claims from Kiev, but the U.S. Ambassador to Organization for Security and Cooperation in Europe calls Russia’s denial “absurd."
The economy grew at a faster pace than previously estimated in the second quarter. GDP grew at a rate of 4.2% in second quarter according to the Commerce Department. That’s higher than the 4.0% originally estimated. Economists predicted today's revision would be 4.0%. The upward revision was due partially to more investment by businesses in buildings and equipment than previously reported.
The number of people who applied for first-time jobless claims dropped slightly last week. The Labor Department said 298,000 people applied for initial jobless claims for the week ending August 23. That’s a dropped of 1,000 from the previous week. Economists predicted that claims would rise to 300,000.
- Yahoo Finance at Hot Stock Minute1 day ago
Apple’s (AAPL) message to customers is coming in loud and clear: bigger is better.
New reports out today say the godfather of the tablet is about to introduce a bigger iPad – a 12.9 inch display to be exact. Production of the bigger iPad is expected to begin in the first quarter of next year. The reports follow speculation that a bigger iPhone is coming in September.
As far as tablets go, though, a bigger screen could be just what Apple needs to keep ahead of the “slump” in tablet growth. Research firm Gartnerpredicts global tablet shipments are expected to increase just 23.9% in 2014, a slowdown from prior years’ growth.
“There’s been some calls that the death of the iPad and the tablet are here,” said Yahoo Finance Editor-in-Chief Aaron Task. “Calls of its death are probably premature. There’s still a market out there for it.”
But for the 42 percent of Americans who own tablets, there may not be an incentive to go out and upgrade.
- Kathy Cherpelis at Hot Stock Minute1 day ago
Here are some stocks the Yahoo Finance team will be watching for you today.
Tiffany (TIF) shares are shining bright in early trading. The high-end jewelry retailer raised its earnings outlook for the year after reporting results that blew past estimates. Profits jumped 16% in the second quarter and revenue rose 7% from a year earlier thanks to strong growth in the Americas and Asia-Pacific regions.
Michaels (MIK) shares soared in the pre-market. The arts-and-crafts retailers' earnings guidance for the full- year was better than analysts' estimates. The company also reported better-than-expected earnings and revenue. Sales rose nearly 5% from a year ago as sales growth at existing locations rose 3.2%, reversing a decline from a year earlier.
Apple may release bigger iPad; Christine Lagarde under investigation; Nationwide Time Warner Cable outageDean Arrindell at Hot Stock Minute1 day ago
Time Warner Cable (TWC) experienced a nationwide outage of its Internet service this morning. The company said a problem occured during routine maintenance and caused the outage at about 4:30 a.m. Eastern. Time Warner Cable said service was largely restored to around 6:00 a.m. The problems affected its Internet and on-demand services. It was announced earlier this week that Time Warner Cable settled with the Federal Communications Commission for $1.1 million over charges it failed to report multiple network outages.
The head of the International Monetary Fund Christine Lagarde is reportedly under formal investigation in connection to a French corruption case. A French court is investigating a 400 million-euro ($531 million) payment to a businessman when Lagarde was the country's finance minister. Lagarde has denied wrongdoing and said she has no intention of resigning over the investigation.
- Yahoo Finance at Hot Stock Minute2 days ago
Breaking Bad may have stolen the show at last night’s Emmys, but Netflix (NFLX) continued making inroads into Hollywood’s status quo.
“I think they have been accepted by the mere fact that they’re being nominated,” said Yahoo Finance Editor-in-Chief Aaron Task. “Next year, I can almost guarantee you that House of Cards is going to win a couple of Emmys.”
In 2008, the Television Academy ruled that broadband providers could be nominated. In 2012, Netflix took home its first Emmy in a technical category. Last year Netflix was nominated 14 times. Most of its awards were technical, but David Fincher did take home a statue for best director for House of Cards.
This year was basically more of the same. Netflix racked up an impressive 31 nominations. But despite fan buzz, the company took home just 7 awards, mostly in technical categories.
“Every year that goes by, there’s going to be less and less distinction between whether something is on broadcast TV or digital only or both,” said Task.
- Kathy Cherpelis at Hot Stock Minute2 days ago
Here is a look at some of the stocks the Yahoo Finance team will be watching for you today.
Best Buy (BBY) shares fell in early trading. The struggling electronics retailer reported revenue that missed estimates, falling 4% from a year earlier. Same-store sales fell 2.7% as customer traffic continued to decline in its physical stores and consumers did more of their shopping online. The company also said it expects the consumer electronics category to remain weak over the next two quarters. However, earnings of $0.44 a share topped analysts' expectations as the company cut costs.
DSW (DSW) shares soared before the bell. The discount shoe retailer reported better-than-expected earnings and revenue. Earnings of $0.37 a share beat by a nickel, while revenue rose more than 5% from a year earlier as same-store sales increased across all its categories. DSW also raised its earnings outlook for the year.
Burger King, Tim Hortons deal is official with Warren Buffett's help; Amazon to buy Twitch; Durable goods orders fly in JulyDean Arrindell at Hot Stock Minute2 days ago
Durable goods orders had their biggest gain on record last month, on the strength on aircraft orders. The Commerce Department said durable goods orders rose 22.6% to $300.1 billion in July. Economists predicted a 5.1% increase last month. Orders for transportation equipment had their biggest jump ever to 74.2%, due in part to $80 billion in orders for Boeing airplanes. Excluding transportation, durable goods were down 0.8% in July.
It's official. Burger King (BKW) is buying Tim Hortons (THI) for about $11 billion, with Warren Buffett's Berkshire Hathaway (BRK-A) kicking in $3 billion of funding. It’s an inversion deal that would have Burger King’s headquarters move from the U.S. to Canada to get a lower corporate tax rate. Inversions have come under criticism from the Obama Administration and some members of Congress.
- Yahoo Finance at Hot Stock Minute3 days ago
Long thought of as a second place alternative to number one McDonald’s (MCD), Burger King is actually in 4th place amongst the country’s top restaurant chains, trailing not just McDonald’s but Subway and Starbucks (SBUX).
A play for Tim Hortons could help Burger King compete in the breakfast market – long dominated by McDonald’s and Starbucks. It also opens the door for Burger King to ‘invert.’ Inversions – when a U.S.-based company buys or merges with a foreign company, and then shifts its headquarters abroad – have surged recently.