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WASHINGTON (MarketWatch) — Medicare’s finances got an upgrade on Friday but the long-term prognosis for Social Security stayed the same, in the latest |
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snapshots of the politically sensitive entitlement programs that are certain to play into Washington’s coming fiscal battles. Trustees for the Medicare program said its hospital insurance fund would be exhausted in 2026, two years later than was estimated a year ago. Social Security’s reserves, meanwhile, will run out by 2033, a projection unchanged from last year. More
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Best Buy swings to $81 million first-quarter loss
NEW YORK (MarketWatch) -- Best Buy Co. Inc. BBY -2.42% said it swung to a loss of $81 million, or 24 cents a share, in its fiscal 2014 first quarter from a year-ago profit of $158 million, or 46 cents a share.
Per-share earnings from continuing operations fell to 29 cents a share from 49 cents a share. Those earnings excluded European operations as Best Buy agreed to sell its 50% stake in Best Buy Europe on April 30. Revenue fell to $9.38 billion, from $10.37 billion a year earlier, the retailer said Tuesday.
Analysts had expected earnings of 24 cents a share on revenue of $10.67 billion, according to FactSet. The company attributed the fall in adjusted earnings to a shorter quarter and lack of of high-profile product launches compared to a year ago, the shift in the Super Bowl's timing and its investment in price competitiveness. More
U.S. housing starts drop 16.5% in April
WASHINGTON (MarketWatch) -- Construction on new U.S. homes dropped 16.5% in April to a seasonally adjusted annual rate of 853,000 -- the lowest level since November -- led down by volatile apartment construction, according to data released Thursday by the U.S. Department of Commerce. Apartment starts had jumped higher in March, and analysts expected pull back in this category for April.
Starts for single-family homes declined 2.1% in April to a seasonally adjusted annual rate of 610,000, while starts for structures with at least five units dropped 37.8% to a rate of 234,000. Despite April's decline, longer-term trends pointed to rebounding activity, with overall home-construction starts in April up 13.1% from the same period in the prior year, but far below peak levels. More
JPMorgan Energy Spat Resurrects Ghost of Enron
The last time investors heard the terms "manipulation" and "energy markets" in conjunction with one another, it was during the heady days of now-bankrupt Enron - which became a byword for fraud and market excess.
Yet just last week, regulators used those sharp words to accuse JPMorgan Chase (JPM) of manipulating energy markets, language similar to that which once buffeted -- and eventually took down -- bankrupt energy giant Enron.
The bank now finds itself in the midst of a new regulatory morass.According to several reports, a unit of the banking giant is being scrutinized by the Federal Energy Regulatory Commission (FERC) for "manipulative schemes" that turned power plants into profit-making engines. The FERC may bring enforcement against them for what reports say were "schemes" adopted by traders to inflate market bids and JPMorgan's profits. More
Yelp Stock Is Up 6% After Strong Guidance
Yelp's stock is up in after-hour trading after the company delivered a better-than-expected earnings report.
The two big numbers which seem to be driving the stock are this quarter's revenue and its guidance for the next quarter.
Here's a look at the numbers:
Revenue: $46.1 million versus $44.54 million estimate by analysts.
EPS: -$0.08 versus -$0.06 estimate by analysts.
Revenue guidance: $52.5 million - $53.5 million, versus $50.56 million estimated by analysts.
VIDEO: Fisher vs. Gregg on How to End 'Too Big to Fail'
The Dodd-Frank Act is "horribly complex" and doesn't solve the problem of banks being "too big to fail," Dallas Fed President Richard Fisher told CNBC on Monday. In a separate interview, former Sen. Judd Gregg—new CEO of the Securities Industry and Financial Markets Association—agreed but said he'd go in a different direction to fix it. SEE IT NOW>>
BAHAHAHA Moment of the Week - Thank you very much!
Rate Shock: In California, Obamacare To Increase Individual Health Insurance Premiums By 64-146%
Last week, the state of California claimed that its version of Obamacare’s health insurance exchange would actually reduce premiums. “These rates are way below the worst-case gloom-and-doom scenarios we have heard,” boasted Peter Lee, executive director of the California exchange. But the data that Lee released tells a different story: Obamacare, in fact, will increase individual-market premiums in California by as much as 146 percent.)
One of the most serious flaws with Obamacare is that its blizzard of regulations and mandates drives up the cost of insurance for people who buy it on their own. This problem will be especially acute when the law’s main provisions kick in on January 1, 2014, leading many to worry about health insurance “rate shock.” More
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Pow! Right Between the Eyes: Profiting from the Power of Surprise
Business, both big and small, is in desperate need of new ways to inspire bored and cynical consumers who have grown weary of the same old song and dance. In today’s information economy, it doesn’t matter how many people you reach, but how much attention they pay.
And the best way to get attention is with the powerful, but largely misunderstood, element of surprise. Andy Nulman visits with Kurt Schemers on Traders Nation(tm).
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The Day After the Dollar Crashes: A Survival Guide for the Rise of the New World Order
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