Sears posts 83 percent earnings drop in Q2
Sears Roebuck and Co reports an 83 percent drop in second quarter earnings and trims full year projections as inventory miscalculations and a lean credit card unit contribute to a restructuring. About 3,260 jobs have been cut this year, including 340 at Hoffman Estates headquarters, with 870 full line stores to be overhauled amid a shift to retail focus.
MENTIONED IN THIS ARTICLE
Chicago
Sears, Roebuck and Co
Citigroup
Sears
Hoffman Estates
Ill
Ted McDougal
Glenda Hogue
Arnold, Mo
St. Louis
Wall Street
AT&T ends new customer drive for traditional long distance
AT&T Corp. said it will stop seeking new residential customers for its traditional long distance service and pivot to business services and Internet based offerings. It will protect existing customers but halt roughly $1 billion annual spending on new consumer lines as profits sag amid a price war and debt downgrade. CEO David Dorman framed the shift as focusing on core leadership areas while rivals gain.
MENTIONED IN THIS ARTICLE
New York
At&t Corp
Ma Bell
At&t
Adam Thierer
Cato Institute
Verizon Communications
BellSouth Corp
SBC Communications
Qwest Communications International
David W. Dorman
Union Pacific Reports Q2 Revenue Rise Amid Profit Drop
Union Pacific Corp. posted record quarterly revenue of 3.03 billion dollars for the quarter ended June 30 but earnings fell 45 percent to 158 million dollars. The results reflect higher fuel costs, crew shortages, rail congestion, and retirement of engineers and conductors under new federal rules.
MENTIONED IN THIS ARTICLE
Union Pacific
Omaha
Neb
Union Pacific Corp
Thomson First Call
New York Stock Exchange
Ing
Dick Davidson
Davidson
Blockbuster Posts Profit Slide In Q2 Decline
Dallas based Blockbuster Inc reported second quarter net income of 46.8 million or 26 cents a share down from 61.2 million or 34 cents. Revenue rose 2 percent to 1.42 billion while same store sales fell 4.4 percent and total rental revenue slid to 1.08 billion. Shares fell 8.4 percent to close at 13.20 on the NYSE.
MENTIONED IN THIS ARTICLE
Dallas
Dow Jones/AP
Blockbuster Inc
New York Stock Exchange
Blockbuster
Thomson First Call
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Alan Lacy
Kurt Barnard
Lacy
Barnard
Barnard’s
Upper Montclair
Nokia
Samsung
Ingular Wireless
Nic T
Adland Dr. Ste
Ey WC
West County Ri
Wil
Park Mall
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