January 18, 2014 |
The stock market shined last year with an epic rally. Now it's time for corporate America - and the economy - to catch up. Stocks ballooned 30% last year, as measured by the Standard & Poor's 500 index. But the average company in the broad index only increased annual earnings - the key driver of stock values - an estimated 5.2% as the economy grew sluggishly. For stocks to maintain their gains, market observers say, American companies will need to eke out solid, if not better, earnings growth this year.
January 17, 2014 |
General Electric Co. shares fell the most in seven months after Chief Executive Jeffrey Immelt failed to deliver on a profit-margin forecast that he had been repeating for more than a year. GE shares dropped 62 cents, or 2.3%, to $26.58 on Friday after GE said profit margins at units making jet engines, medical scanners and locomotives expanded last year less than the 0.7 percentage point that Immelt set as a goal in December 2012 and affirmed last month. The misstep comes as Immelt focuses on manufacturing growth while shrinking the Fairfield, Conn., company's finance unit.
January 16, 2014 |
It has been three weeks since St. John Bosco's 20-14 victory over Concord De La Salle in the CIF state championship Open Division bowl game, and Gavin Windes' life has been forever changed. “I've been enjoying everything,” said Windes, a junior defensive end who came up with the decisive interception with just over two minutes left that put an end to a possible De La Salle comeback bid. Windes started only a couple of games this past season. He was inserted into games when the Braves needed someone to put pressure on the quarterback.
January 16, 2014 |
Best Buy Co. watched its stock plunge more than 27% in morning trading Thursday after announcing poor holiday results that suffered from heavy competition and deep discounting. The consumer electronics retailer said revenue for the nine weeks ended Jan. 4 slumped 2.6% to $11.45 billion from the same period a year earlier. Same store sales slipped 0.9% in the U.S., though they managed at 0.1% boost internationally. In late morning trading in New York, Best Buy stock tanked nearly 28%, or $10.45, to $27.11 a share.
January 14, 2014 |
NEW YORK - Massive legal payouts didn't just cost JPMorgan Chase & Co. billions last year. They also cost the Wall Street giant its title as America's most profitable bank. After weathering a barrage of legal and regulatory assaults in 2013, the New York bank said Tuesday that its annual profit slid 16% from the previous year to $17.9 billion. JPMorgan's bottom line was eclipsed by the $21.9 billion earned last year by Wells Fargo & Co. despite a sharp industry-wide slowdown in mortgages.
CALIFORNIA | LOCAL
January 14, 2014 |
Promoting its campaign to bring higher wages to Los Angeles workers, the county labor federation released a study Tuesday that says 810,864 Angelenos live with "poverty" wages of less than $15 an hour. Maria Elena Durazo, chief of the Los Angeles County Federation of Labor, said that a raise to $15 would not only help low-wage workers but also provide a massive economic stimulus for the entire regional economy. As it released the report from the Economic Roundtable at a news conference near MacArthur Park, the labor group also unveiled billboards, styled after green "city limits" signs, that read: "Los Angeles, City Limited, Poverty Wage Pop. 810,864.
January 12, 2014 |
BOSTON -- In 2011, after Jason Brown delivered a dazzling free skate in his senior debut at the U.S. Championships, it was apparent his ninth-place finish was not an accurate reflection of his promising future in the sport. Then 16, Brown had not even mastered the triple axel jump, a litmus test for success in elite men's skating. Given that, it seemed as if his development timetable would be geared to the 2018 Olympics. His coach, Kori Ade, had another plan. Three years ago, she talked of having Brown on the 2014 U.S. Olympic team.
January 10, 2014 |
When Ed Azzam started coaching basketball at Westchester High in the late 1970s, the City Section was in a golden era. Willie West was a towering figure at Crenshaw High. Reggie Morris Sr. was holding his own at Manual Arts. Fremont and Dorsey had strong programs. So did Palisades and Granada Hills Kennedy. Azzam, in his early 20s, was trying to build a program from scratch. "I don't like losing and oftentimes the games weren't competitive," he said. "I developed the philosophy our goal wasn't to become Crenshaw or beat Crenshaw.
January 10, 2014 |
"Nebraska," "12 Years a Slave" and "Frozen" are among the feature film nominees for the American Cinema Editors' 64th ACE Eddie Awards. The Eddies recognize outstanding editing in film, TV and documentaries. Nominated Friday for best-edited film (drama) are Joe Walker for "12 Years a Slave"; Chris Rouse for "Captain Phillips"; Alfonso Cuaron and Mark Sanger for "Gravity"; Eric Zumbrunnen and Jeff Buchanan for "Her"; and Mark Livolsi for "Saving Mr. Banks. " Vying for best-edited feature film (comedy or musical)
January 9, 2014 |
Snack-food maker Diamond Foods Inc. agreed to pay $5 million to settle allegations that the company cooked its books. The Securities and Exchange Commission alleged Thursday that Diamond boosted its earnings and stock price in 2010 and 2011 by systematically underreporting payments to walnut growers. The SEC also charged two former Diamond executives. Former Chief Executive Michael Mendes agreed to pay $125,000 to settle a charge that he should have known the accounting was bogus.