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Wendy's cuts forecast after 'disappointing' 1Q results

Wendy's cuts forecast after 'disappointing' 1Q results

The Wendy’s Co. revealed during Tuesday’s first-quarter earnings conference call that the brand’s attempt to entice customers from its value menu up to the mid-priced W cheeseburger backfired and led to disappointing results, prompting the company to lower its full-year earnings guidance.

Chief executive Emil Brolick said the development and marketing of the W cheeseburger was meant to address an imbalance in the chain’s barbell menu strategy, which had become weighted toward the My 99-cent Everyday Value Menu too heavily. However, rather than encourage value menu customers to trade up to a W at $2.99, the sandwich cannibalized sales of its premium counterpart, Dave’s Hot ‘N Juicy cheeseburger, which starts at a recommended price of $3.69 for a single.

EARLIER: Wendy’s debuts W cheeseburger

“The thought process was — and we recognize it wasn’t the right process — that we have this gap between our 99-cent items and our premium products, and can you create a mid-tier and get trade-up,” Brolick said. “But those 99-cent shoppers generally are 99-cent shoppers, and you’re not likely to move them up to $2.99. The W had low levels of drag-along sales of French fries and soft drinks. The positioning of the product was just not the right positioning.”

The negative impact of the W on Wendy’s sales mix, combined with food cost inflation of 2.2 percent in the first quarter, decreased company-operated profit margins by 1.6 percent to 11.8 percent of sales and led to sales that came in below expectations, the company said.

For the April 1-ended first quarter, Wendy’s net income was $12.4 million, or 3 cents per share, compared with a $1.4 million loss a year earlier that resulted in break-even earnings per share. The company’s sale of its investment in Jurlique International, a skin care company, benefited earnings per share by 2 cents, the company said.

Revenue increased 1.8 percent to $593.2 million, compared with $582.5 million a year earlier. Same-store sales rose 0.8 percent at company-operated locations in North America and 0.7 percent at franchised locations.

Wendy’s adjusted its full-year guidance for earnings before interest, taxes, depreciation and amortization down to a range between $320 million and $335 million.

Despite the rough start to the year, Brolick and chief financial officer Steve Hare expressed optimism that several initiatives from Wendy’s “Recipe to Win” would ensure that the brand reaches its new targets during this transition year and sets itself up for future growth:

Pricing adjustments. Wendy’s already has tried to correct course on the W cheeseburger by raising the price from $2.99 to $3.19. It will no longer promote the W.

Further adjustments to the My 99-cent Everyday Value Menu are being tested, with the goal of maintaining visits from current value-conscious customers while also being more accretive to margins, Brolick said.

“We are not moving away completely from the 99-cent menu,” he said. “We are going to narrow it a bit, but the goal is to go through a testing protocol so we don’t lose a lot of our 99-cent customers.”


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


Stocks slump as Macy’s drags retailers sharply lower

A rout in retail stocks pulled U.S. indexes down Wednesday. Macy’s, the largest U.S. department store chain, slashed its annual profit forecast after it reported a steep drop in earnings. Office Depot and Staples took big losses after a judge blocked their plans to merge.

Macy’s had its biggest one-day loss since 2008, and its troubles dragged down department store, clothing, jewelry and accessories companies. Coming off their biggest gain in two months, stocks were lower all day, and most parts of the market slumped. Healthcare stocks took some of the biggest losses.

Utilities companies traded higher as bond prices rose and yields fell, and energy companies rose with oil prices. The price of oil climbed after the U.S. Department of Energy surprised investors by reporting that oil stockpiles shrank last week, and production also fell.

Retailers have a lot to worry about, said Kate Warne, investment strategist for Edward Jones. Competition within the industry is getting more intense as stores deal with more Internet-based competition and sell bigger ranges of products to keep shoppers from going elsewhere. Meanwhile, higher oil prices could push up the cost of gas and crimp consumer spending.

“Consumers aren’t spending the way they used to spend, especially on apparel, and they’re not spending as much at the mall,” Warne said.

The Dow Jones industrial average sank 217.23 points, or 1.2%, to 17,711.12. The Standard & Poor’s 500 index fell 19.93 points, or 1%, to 2,064.46. The Nasdaq composite index slid 49.19 points, or 1%, to 4,760.69.

Macy’s fell to its lowest price since December 2011 after it posted disappointing sales and said shoppers spent less on clothes and international tourists spent less. Macy’s also sharply reduced its annual profit forecast. The stock sank 15.2% to $31.38.

Retailers including Michael Kors, Nordstrom, Kohl’s and Tiffany took big losses too.

Watch and accessories maker Fossil Group also posted disappointing sales and said conditions have gotten worse. It cut its projections for the year, and its stock plunged 29.1% to $28.44.

Office Depot and Staples dived after calling off their proposed merger. A federal judge ruled that competition for office supplies would be reduced if the largest office-supply chain combined with the second-largest, supporting the government’s effort to stop the $6.3-billion deal. Office Depot nose-dived 40.4% to $3.63, its lowest price in three years. Staples skidded 18.3% to $8.46.

Online rival Amazon, which is trading at all-time highs, rose 1.4% to $713.23.

Already trading at its highest price in six months, benchmark U.S. crude rose again after the government reported a surprise decline of 3.4 million barrels in supplies for last week. Analysts were expecting an increase in supplies. U.S. oil production also fell, and is down 6% from a year ago.

U.S. crude rose $1.57, or 3.5%, to $46.23 a barrel in New York. Brent crude, the international benchmark, jumped $2.08, or 4.6%, to $47.60 a barrel in London.

Energy companies also traded higher. ConocoPhillips rose 1.9% to $43.68, and Halliburton advanced 1.8% to $39.54.

Video game-maker Electronic Arts’ quarterly profit and sales were far stronger than expected, and the Redwood City, Calif., company gave a strong forecast for its current fiscal year. The stock jumped 13.7% to $73.38.

Drug companies traded lower as regulators continued to scrutinize their business practices. Merck and Johnson & Johnson both said the U.S. attorney’s office for the Southern District of New York is looking into their relationships with pharmacy benefits management companies, which handle drug benefits for insurers and other healthcare beneficiaries.

Endo Pharmaceuticals, which makes the pain drug Percocet, disclosed a similar inquiry earlier this week its stock sank 12.7% to $13.55. Vertex Pharmaceuticals fell 6.1%, to $83.63.

Pet food maker Blue Buffalo Pet Products advanced after it reported strong quarterly results and boosted its sales forecast for the year. The stock jumped 8.1% to $25.81.

Fast food chain Wendy’s raised its annual projections after reporting strong first-quarter results, but it cautioned that a key sales measurement won’t meet its expectations in the second quarter. The stock slumped 8.9% to $10.19.

In other energy trading, wholesale gasoline rose 10 cents, or 6.4%, to $1.58 a gallon. Heating oil increased 6 cents, or 4.4%, to $1.40 a gallon. Natural gas rose 2 cents to $2.17 per 1,000 cubic feet.

The price of gold rose $10.70 to $1,275.50 an ounce. Silver rose 23 cents, or 1.3%, to $17.32 an ounce. Copper rose 1 cent to $2.10 a pound.

Germany’s DAX slid 0.7%, and France’s CAC 40 was down 0.5%. Britain’s FTSE 100 rose 0.1%. Japan’s Nikkei 225 edged up 0.1%, and South Korea’s Kospi fell 0.1%.


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