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Thursday April 24, 2014

Finances

Finances
 

Macy's Reports Quarterly Earnings

Macy's, Inc. (M) reported its quarterly earnings on May 15.

Macy's reported net sales of $6.39 billion for the quarter. This represents an increase of about 4% from the same period last year when the company reported net sales of $6.14 billion.

The company reported quarterly net income of $217 million. This represents an increase of almost 20% from the same period last year when the company reported net income of $181 million.

"The first quarter demonstrated our ability to continue to build on our success over the past few years in growing sales and earnings," said Terry Lundgren, Macy's Chairman, President and CEO. "Based on the effectiveness of strategies we have in place, we are confident that momentum will continue going forward, which is reflected in the actions we are announcing today to increase returns to shareholders through an increased dividend and share repurchases."

Macy's was founded in 1830 and is headquartered in Cincinnati, Ohio. The company employs over 175,000 people full-time.

Macy's, Inc. (M) shares ended the week at $48.61, up 1.52% this week.

Dell Reports Quarterly Earnings


Dell, Inc. (DELL) reported its quarterly earnings on May 16.

Dell reported total net revenue of $14.07 billion for the quarter. This represents a decrease of 2% from the same period last year when the company reported total net revenue of $14.42 billion.

The company reported quarterly net income of $130 million. This represents a stark decrease from the same period last year when the company reported net income of $635 million.

"We made progress in building our enterprise solutions capabilities in the first quarter and are confident in our strategy to be the leading provider of end-to-end scalable solutions," said Brian Gladden, Dell CFO. "In addition, we have taken actions to improve our competitive position in key areas of the business, especially in end-user computing, and it has affected profitability. We'll also continue to make important investments to support our strategy and drive long-term profitability."

Dell was founded in 1984 and is headquartered in Round Rock, Texas. The company employs over 100,000 full-time employees.

Dell, Inc. (DELL) shares ended the week at $13.40, down 0.22% for the week.

Wal-Mart Reports Quarterly Earnings


Wal-Mart Stores, Inc. (WMT) reported its quarterly earnings on May 16.

Wal-Mart reported total revenue of $114.19 billion for the first quarter. This is an increase of about 1% from the same period last year when the company reported revenue of $113.01 billion.

The company reported quarterly net income of $3.78 billion. This represents an increase of 1.1% from the same period last year when the company reported net income of $3.74 billion.

"In a quarter marked by considerable headwinds to top line sales, Wal-Mart delivered solid EPS growth of 4.6%," said Mike Duke, Wal-Mart Stores, Inc. President and CEO. "Wal-Mart's mission is simple and focused - to help people save money so they can live better. When we simplify and focus our execution against this mission, its easy for our associates to prioritize what they have to do to serve our customers. I'm confident about our long-term strategy and the direction Wal-Mart is headed."

Wal-Mart operates over 10,000 stores in 27 countries and employs over 2 million people full-time worldwide.

Wal-Mart Stores, Inc. (WMT) shares ended the week at $77.82, down 0.87% for the week.

The Dow started the week at 15,118 and closed at 15,354. The S&P 500 started the week at 1,634 and closed at 1,666. The NASDAQ started the week at 3,437 and closed at 3,499.
 

Treasuries Fall as Consumer Confidence Rises

Treasuries fell this week pushing yields up as economic data showed an increase in consumer spending during early May.

The Thomas Reuters/University of Michigan's preliminary reading on the overall index on consumer sentiment rose to 83.7 from 76.4 in April. This is the highest level in six years. In addition, the Conference Board's index, which measures the economic outlook over the next six months, rose 0.6% in April. "We're still definitely on the recovery path. We expect that this is going to be a very long and gradual recovery," said Scott Brown, Chief Economist at Raymond James.

The 10-year Treasury note yield rose three basis points to 1.91% in early Friday trading. The 30-year bond yield rose to 3.13%.

As increased consumer confidence caused treasuries to fall, this decline was tempered by uncertainty surrounding the Federal Reserve's monetary policy. Yesterday, John Williams, Fed Bank of San Francisco President, indicated that the Federal Reserve might decrease monthly bond purchases as early as this summer. "We still don't know what tapering means, we don't know what it looks like, we don't know the size, we just don't know," said David Ader, senior government bond strategist at CRT Capital Group.

This uncertainty regarding Fed policy along with increased consumer confidence is expected to cause the 10-year Treasury note to trade between 1.85% and 2% in upcoming trading sessions.

The 10-year Treasury note yield finished the week at 1.95% while the 30-year Treasury note yield finished the week at 3.16%.
 

Interest Rates Rise As Consumer Confidence Strengthens

Freddie Mac released the results of its weekly Primary Mortgage Market Survey (PMMS) on Thursday, May 16. The results showed mortgage rates inching higher this week as economic data showed increased consumer spending.

The 30-year fixed rate mortgage averaged 3.51% this week. This is an increase from last week when it averaged 3.42%. One year ago, the 30-year fixed rate mortgage averaged 3.79%.

This week, the 15-year fixed rate mortgage averaged 2.69%. This is an increase from last week when it averaged 2.61%. Last year at this time, the 15-year fixed rate mortgage averaged 2.83%.

"Mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending," said Frank Nothaft, Vice President and Chief Economist at Freddie Mac. "Advanced retail sales rose 0.1% in April, above the market forecast consensus of a 0.3% decline. Excluding such items as automobiles and gasoline, sales were up 0.5% for the second time in three months."

The money market fund finished this week at 0.5%. The 1-year CD finished at 0.5%.

Published May 17, 2013

Previous Articles

Walt Disney Reports Second Quarter Results

DreamWorks Animation Reports Quarterly Earnings

Apple Reports Second Quarter Results

Google Reports Quarterly Earnings

Bed Bath & Beyond Reports Fiscal 2012 Results

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