Home » World News » Dillard’s stock falls after revenue miss

Dillard’s stock falls after revenue miss

08/15/2019

Dow erases skid to session lows in afternoon trade to turn slightly positive in a matter of minutes

The Dow Jones Industrial DJIA, +0.22% turned positive on Thursday afternoon, in volatile trade that had seen the blue-chip index stumble to its low of the session. The Dow was up 0.1%, or 30 points, at 25,505 and had been down by as many as 140 points at its nadir, following a report from The Wall Street Journal that the European Central Bank was readying a package of stimulus measures at its next policy meeting in September that should exceed investors’ expectations, according to one ECB official on its rate-setting committee. The 10-year Treasury note TMUBMUSD10Y, -2.72% briefly yielded 1.48%, representing a fresh three-year low for the benchmark bond. The S&P 500 index SPX, +0.10% also was bouncing modestly higher at 2,841, while the Nasdaq Composite Index COMP, -0.19% was down 0.3% lower but off its lows of the session. August is a seasonally volatile time for U.S. stock markets because it usually is accompanied by low volumes as traders go on vacation.

Boy, 4, dies after being crushed by swing set in Eastern Townships

A four-year-old boy has died after he was crushed by a swing set in the municipality of Bury in the Eastern Townships.

The Sûreté du Québec (SQ) says the incident occurred around 10 a.m. Wednesday.

Police say the child was swinging in the yard of a family home when the structure collapsed and fell on him.

The boy’s death was confirmed at a hospital in Sherbrooke.

An investigation is underway.

— With files from Global News’ Kalina Laframboise

Mexico central bank cuts key interest rate by 25 basis points to 8%

MEXICO CITY, Aug 15 (Reuters) – In a majority decision on Thursday, the board of Mexico’s central bank voted to cut its key interest rate by 25 basis points to 8.00%, citing slowing inflation and widening slack in the economy, among other factors.

Eleven of 16 analysts and economists surveyed by Reuters had expected the Bank of Mexico (Banxico) to hold the key lending rate at 8.25%, the level it has maintained since Dec. 20. Five of those surveyed expected a rate cut of 25 basis points.

The last time Banxico cut rates was in June 2014. (Reporting by Mexico City Newsroom)

Stanley Druckenmiller says he bought GE stock during plunge amid fraud accusations

Hedge fund manager Stanley Druckenmiller said he bought General Electric shares on Thursday during the stock's double-digit plunge brought about by a report from Madoff whistleblower Harry Markopolos accusing the conglomerate of an Enron-like fraud.

"I believe Culp…I bought stock today," Druckenmiller told CNBC's Kelly Evans in a statement.

GE shares cut losses slightly on the news of the Druckenmiller position, but were still down 11% and headed for the worst decline in 11 years.

CEO Lawrence Culp vehemently denied the Markopolos accusations Thursday afternoon, calling the report"market manipulation — pure and simple" in a statement.

Markopolos, who raised red flags about the ponzi-scheme of Bernie Madoff years before it fell apart, targeted GE in an investigation for which he is being paid by an unnamed hedge fund. The financial investigator says he gave the report to this hedge fund, along with regulators, before its public dissemination on Thursday and that the hedge fund has made bets against GE's stock.

He writes that after more than a year of research he has discovered"an Enronesque business approach that has left GE on the verge of insolvency." His investigation centers around accounting irregularities in GE's long-term care insurance business and oil and gas business.

Druckenmiller, who once bet against GE shares, is CEO of Duquesne Family Office. His former hedge fund had a long-term track record of beating the market.

European Economics Preview: UK GDP Data Due

Quarterly national accounts from the UK and foreign trade from Germany are due on Friday, headlining a busy day for the European economic news.

At 1.45 am ET, the Swiss jobless data is due from the State Secretariat for Economic Affairs. The unemployment rate is forecast to remain unchanged at 2.3 percent in July.

At 2.00 am ET, Destatis is scheduled to issue Germany’s foreign trade data. Exports are forecast to drop 0.1 percent on month in June, in contrast to a 1.1 percent rise in May.

In the meantime, consumer and producer prices are due from Norway. Consumer price inflation is expected to ease marginally to 1.8 percent in July from 1.9 percent in June.

At 2.45 am ET, France’s Insee publishes manufacturing output figures for June. Economists expect manufacturing output to fall 1.3 percent on month in June, after rising 1.6 percent in May.

At 4.30 am ET, the Office for National Statistics releases UK GDP, industrial production and foreign trade data. The economy is forecast to remain flat on quarter in the second quarter, after expanding 0.5 percent in the preceding period.

EARNINGS SUMMARY: Details of Broadvision Inc Q2 Earnings Report

Below are the earnings highlights for Broadvision Inc (BVSN):

-Earnings: -$0.29 million in Q2 vs. -$2.16 million in the same period last year.
-EPS: -$0.06 in Q2 vs. -$0.43 in the same period last year.
-Revenue: $0.93 million in Q2 vs. $1.24 million in the same period last year.