Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Friday, the 26th of April.
Gross Domestic Product (GDP) expanded at a tepid 2.5 percent annual rate, the Commerce Department reported on Friday, after growth nearly stalled at 0.4 percent in the fourth quarter. The dismal increase missed economists' expectations for a 3.0 percent growth pace. I guess a trillion dollars a year in stimulus spending doesn't get you very much anymore. Not to worry, as the Fed is supporting stock prices and that's all that seems to matter to this administration. Continue reading "Today's Video Update: GDP Misses, But The Fed Will Buy Us Out Of Slow Growth Right?"→
J.C. Penney (NYSE_JCP) is hoping its former CEO can revive the retailer after a risky turnaround strategy backfired and led to massive losses and steep sales declines.
The company's board of directors ousted CEO Ron Johnson after only 17 months on the job. The department store chain said late Monday, in a statement, that it has rehired Johnson's predecessor, Mike Ullman, 66. Ullman was CEO of the department store chain for seven years until November 2011.
The announcement came after a growing chorus of critics including a former Penney CEO, Allen Questrom, called for Johnson's resignation as they lost faith in an aggressive overhaul that included getting rid of most discounts in favor of everyday low prices and bringing in new brands. Continue reading "JC Penney looks to old CEO to secure its future"→
Markets are ending the month of February in an upbeat fashion today, albeit subdued. The Dow Jones industrial average is within striking distance of its all-time record high, despite the prospect of sequestration.
Big-name companies reported higher quarterly earnings, along with some big-time misses today which is leading to a mixed market. We'll take a look at two of the big-time misses, Groupon Inc (GRPN) and JC Penney (JCP).
The government reported that the jobless claims are falling and that the economy is doing better than last year so far in the first quarter. However, Washington's budget battle has cast a shadow over the market, with spending cuts set to automatically kick in Friday and no sign that the two political parties might work out their differences beforehand. Continue reading "Today's Video Newsletter: Sequestration Showdown Looms Large"→