BUSINESS NEWS JANUARY 14th 2016
U.S. JOBLESS CLAIMS RISE
On Wall Street...stocks ended higher today after giving up steep losses thanks to a rebound in oil prices. The number of Americans filing for first-time unemployment benefits climbed last week. Initial jobless claims, a proxy for layoffs across the U.S., rose to a seasonally adjusted 284,000 in the week ended January 9th. December’s jobs report also showed more than 34,000 jobs added in temporary help services.
For more on the story log on to http://abcnews.go.com/Business/wireStory/us-job-openings-rose-november-hiring-quits-rise-36235075
INTEL'S GROSS MARGINS DECLINE
Intel shares slipped today as gross margins declined even as the chip maker topped analyst estimates for the quarter. Intel said its gross margin for the fourth quarter declined to 64.3% from 65.4% in the year-ago quarter. The company forecast a gross margin of 58% for the first quarter. Intel reported fourth-quarter earnings of 74 cents a share on revenue of $14.9 bn.
For more on the story log on to http://www.marketwatch.com/story/intel-shares-slip-as-gross-margins-decline-2016-01-14?dist=afterbell
BEST BUY REPORTS WEAK HOLIDAY SHOPPING SALES
The nation's largest consumer electronics chain, Best Buy has reduced its sales outlook for the fourth-quarter thanks to weak holiday business in mobile phones and personal devices. Best Buy said that domestic same-store-sales, a key measure of a retailer's health, fell 1.2% in the nine-week period ended January 2nd compared with growth of 3.4% during the same period a year prior. Online revenue rose 12.6%, compared with growth of 13.4% a year ago. The company expects a 1.5% decline for its domestic business.
For more on the story log on to http://abcnews.go.com/Business/wireStory/best-buy-reports-weak-holiday-shopping-results-outlook-36283385
JPMORGAN CHASE REPORTS $5.4 BN PROFIT
Banking giant JPMorgan Chase has reported revenue and earnings for the fourth quarter which have topped Wall Street's expectations. The bank posted a quarterly profit of $5.4 bn, up 10% from a year ago. However revenue rose by just 1% from the fourth quarter of 2014. Lower costs, particularly a decline in legal expenses was the reason for the boost in earnings.
For more on the story log on to http://money.cnn.com/2016/01/14/investing/jpmorgan-chase-earnings-jamie-dimon/