President-elect Barack Obama is expected to include a massive $300 billion in tax cuts for middle class and business in his $775 billon stimulus plan.
The health of Steve Jobs was once again in spotlight after Apple (NASDAQ: AAPL) CEO admitted on Monday that he is undergoing treatment for hormone imbalance. In a public letter to Apple community, Steve Jobs said "A hormone imbalance ... has been 'robbing' me of the proteins my body needs to be healthy. Apple's board of directors said in a separate letter that it supports Jobs' actions. Meanwhile an Apple spokesman clarified “There is a succession plan in place, but it is confidential for obvious reasons.” The spokesman added that the succession plan has existed for several years.
This year's Consumer Electronics Show was officially kicked off on Jan. 7 in Las Vegas Software giant with Microsoft CEO Steve Ballmer introducing first beta version of Windows 7. The company also closed a deal with Verizon Wireless (NYSE: VZ) that will make its Microsoft Live Search become the default search service on network's cell phones for the next five years.
Palm Inc. (NASDAQ: PALM) on Thursday unveiled a new touch screen phone to challenge the domination of rival iPhone and Blackberry. The company also released a new operating system called 'Nova' that can be used both on a touchscreen and a traditional keyboard.
US retailers were hammered in December as steep discounting failed to attract buyers during the holiday season.
Retail giant Wal-Mart Stores Inc. (NYSE: WMT) said its fourth-quarter profit will fall short of its forecast. The company said it it expects earnings of 91 cents to 94 cents per share from continuing operations in fourth quarter, lower than its previous estimates of fourth-quarter earnings per share of $1.03 to $1.07 from continuing operations.
On Thursday, Cincinnati-based Macy's (NYSE: M), a leading department store chain in the US, will close 11 under-performing stores in order to "to maintain a healthy portfolio of stores."
Sears Holdings Corp. (NASDAQ: SHLD), the owner of Sears and Kmart chains, reported that December same store sales slipped 7.3%. The company said it expects to earn $2.44 to $3.09 a share in the fourth quarter ending Jan. 31, excluding one-time items. For the full fiscal year, Sears estimates earnings in the range of $1.27 and $1.90 a share. Consensus expectations were for net income of $1.89 a share for the fourth quarter and 54 cents for the full year.
Costco Wholesale Corp (NASDAQ: COST) said that its same store sales fell 4% in December. Shares of Costco increased 53 cents or 1.06% to $50.65.
Best Buy Co. (NASDAQ: BBY), the largest U.S. electronics retailer, said its December same-store sales fell 6.5%.The company also narrowed its fiscal 2009 adjusted earnings forecast. The Richfield, Minnesota based company said it now expects to earn between $2.50 and $2.70 a share, on an adjusted basis, for its fiscal year ending in February. Earlier, it estimated earnings in a range of $2.30 to $2.90 a share.
Apparel retailer Gap Inc. (NYSE: GAP) said Thursday that same-store sales for the month of December dropped 14%, worse than the consensus estimates of 9.3%. Shares of the company surged $1.73 or 25.90% to $8.41.
Limited Brands Inc.
