Business

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Airport screening made 70,000 miss American Airlines flights this year

(Reuters) - Airport screening delays have caused more than 70,000 American Airlines (AAL.O) customers and 40,000 checked bags to miss their flights this year, an executive for the airline told a U.S. congressional subcommittee on Thursday.<p>A shortage of staff and a surge in air travelers have …

Travel

Pending U.S. home sales hit highest level since 2006

Americans signed more contracts to buy homes in April for the third straight month, driving pending home sales to the highest level in more than a decade.<p>The National Assn. of Realtors said Thursday that its seasonally adjusted pending home sales index surged 5.1% last month to 116.3, the highest …

Finance

Sears brand expansion: It seeks DieHard jolt, hopes to clean up with Kenmore

Sears Holdings is looking to generate more cash from its trusty Kenmore, Craftsman and DieHard brands than the sale of washers and dryers, tools and car batteries.<p>The embattled retailer announced Thursday that it was exploring unspecified alternatives for those brands, along with its Sears Home …

Sears

U.S. Crude Hits New 7-Mth High, Heads Towards $50

Oil prices tested the $50-per-barrel mark on Thursday as production outages brought a faster-than-expected recovery to an oversupplied market many thought will stay depressed through the year.<p>While a crude glut could grow in coming months if demand stalls, wildfires in Canada's oil sands, unrest in …

Shale Oil

Stocks barely budge after two-day surge; retailers climb

U.S. stocks are inching lower Thursday after two days of big gains. Chemical companies are down the most, while utilities and phone companies are rising as bond yields slip. Retailers including Dollar Tree and Costco, which have been pummeled in recent weeks, traded higher after strong earnings …

Stocks

Economy: Durable goods orders jump, jobless claims dip

WASHINGTON - Orders to U.S. factories for long-lasting manufactured goods rose in April by the most since January. But much of the strength came from a surge in the volatile category of commercial aircraft. A key category that tracks business investment fell for a third straight month, a sign that …

Jobless Claims

Americans Are Hitting the Road in Near-Record Numbers for Memorial Day

Gasoline prices are hitting their highest level of the year just in time for Memorial Day travel. But that doesn't seem to be dissuading too many Americans from a holiday road trip.<p>AAA expects more than 34 million Americans to travel at least 50 miles this Memorial Day weekend, up 2.1% from 2015 …

Travel

Abercrombie & Fitch still has big problems

<b>New York (CNN) —</b> Cargo shorts aren't cutting it for Abercrombie & Fitch anymore.<p>The teen fashion brand reported a quarterly loss of about $40 million on Thursday -- its third loss in the last five quarters. Sales declined 3% from the same period a year ago.<p>Abercrombie & Fitch stock immediately …

Abercrombie & Fitch

Sears is losing its last hope for staying in business

Sears is imploding.<p>Sales are continuing to fall, and the company's one hope for survival — its home-appliances business — is now in decline.<p>"This was one of the main areas contributing to the decline — in spite of the fact that across retail as a whole this category grew strongly over the first …

Sears

McDonald's raided by French police in tax probe

<b>London (CNN) —</b> Even Ronald McDonald can't escape the long arm of the law.<p>French police raided McDonald's offices on the outskirts of Paris last week to look for evidence of tax evasion.<p>The French prosecutor's office said Thursday the search was conducted after a group of McDonald's employees lodged …

France

BMW CEO poised to shake up top team: report

BERLIN (Reuters) - BMW <BMWG.DE> plans to appoint new finance and purchasing chiefs as Chief Executive Harald Krueger builds a younger management team to lead the German carmaker into the future, a monthly magazine reported on Thursday.<p>Krueger, a 50-year-old who took over a year ago from Norbert …

BMW

Alibaba Accounting Practices Probe Illustrates Major Risk Of Owning Chinese Stocks

, Contributor<p>Alibaba shares fell 6.7% in Wednesday’s trading, a black mark in an otherwise buoyant market. Alibaba on Wednesday filed its 20-F, the annual financial report required for U.S.-listed foreign companies, and investors were clearly spooked by one paragraph:<p>“Earlier this year, the…SEC …

Accounting

Olive Garden Activist Wants a Board Seat at Drugmaker

Says Depomed has been “shareholder unfriendly.”<p>Activist investor StarBoard Value on Thursday formally called for a special meeting of Depomed shareholders as it looks to replace the drugmaker’s board.<p>Starboard, which has a 9.9% stake in Depomed DEPO , criticized the drugmaker’s board last month …

Olive Garden

Madoff victims may soon recoup another $247 million

(Reuters) - Nearly 7-1/2 years after Bernard Madoff's Ponzi scheme was unmasked, the court-appointed trustee recouping money for the swindler's victims on Thursday sought court approval to free up another $247 million to help cover their losses.<p>The proposed payout would be the seventh by the …

Administrative Law

LPC: Dell’s window wide open for EMC acquisition loan

NEW YORK (Reuters) - Computer giant Dell’s decision to wait out months of extreme credit market volatility appears to have paid off as it launched the biggest US syndicated term loan since last November into a market eager for exposure to debt backing the US$67bn acquisition of EMC Corp.<p>The US$5bn …

Dell

How Much Money Does Monsanto Make From Roundup?

Image source: Flickr user Mike Mozart.<p>It's safe to say that agricultural technology leader <b>Monsanto</b> is not among the world's most admired companies. Whether most of the shade being thrown the company's way is merited or not, a considerable amount of the distrust harbored by consumers stems from its …

Fortune 500

German billionaire could get windfall from stake in robot maker Kuka

FRANKFURT (Reuters) - German billionaire Friedhelm Loh stands to make a huge profit if industrial robot manufacturer Kuka <KU2G.DE> accepts a $5-billion takeover bid by Chinese home appliance producer Midea <000333.SZ>.<p>But the media-shy entrepreneur has not said whether he will sell his 10-percent …

Robots

Why Abercrombie's Shares Are Tanking Today

Shares are down over 10%.<p>Teen apparel retailer Abercrombie & Fitch Co’s sales fell for the 13th straight quarter as customer traffic to its stores dropped, mainly in markets outside the United States.<p>Shares of the company, whose brands include Hollister and abercrombie kids, plunged more than 11% …

United States

Royal Caribbean has signed a $2.8 billion deal for 3 new ships

Saint-Nazaire (France) (AFP) - US cruise giant Royal Caribbean Cruises Ltd signed a letter of intent with the French arm of South Korean shipbuilder STX to build three ships in a deal worth 2.5 billion euros ($2.8 billion), the shipyard said.<p>The announcement comes less than two weeks after STX …

Cruise Ships

Pfizer Offers Hope For Lower-Priced Cancer Drug Combos

Rarely does a week go by without the report of a breakthrough in the race for new cancer treatments. Most amazing have been the results seen with the new immuno-oncology drugs that utilize the immune system to fight tumor growth. But a lot of this excitement has been tempered by the high prices for …

Cancer

Abercrombie & Fitch shares slide as 1Q disappoints

NEW ALBANY, Ohio (AP) — Abercrombie & Fitch shares slid in premarket trading after the teen clothing retailer's disappointing first quarter, when fewer people shopped in its stores.<p>Teen retailers like Abercrombie became popular for their logo shirts and trendy jeans, but since the Great Recession …

Abercrombie & Fitch

Gold Sees Modest Short-Covering Bounce As Outside Markets Bullish

<b>(Kitco News) -</b> Gold prices are modestly higher in early U.S. trading Thursday. Short covering in the futures market and bargain hunters buying the dip in the cash market are featured. However, rallying world stock markets this week continue to limit buying interest in the safe-haven gold market. …

Markets

For Some U.S. Companies, Millennials Are Giving Way to Generation Z

A small but growing number of companies are starting to target Generation Z - the 69 million high school-age kids and younger who will soon outnumber the millennials before them - and they are not just pitching typical teen products such as acne creams and video games.<p>Companies ranging from Macy's …

Generation Z

Snapchat Discloses $1.8 Billion Monster Funding Round

This unicorn can still find easy investor cash.<p>What’s Snapchat been up to lately?<p>Closing a $1.8 billion venture capital round, according to a new document filed with the SEC on Thursday. The ephemeral messaging app was reported earlier this week to be working on new financing at a $20 billion …

Snapchat

Valeant appoints Tyco's Sam Eldessouky corporate controller

(Reuters) - Embattled drugmaker Valeant Pharmaceuticals International Inc (VRX.N) appointed Sam Eldessouky senior vice president and corporate controller, effective May 31.<p>Eldessouky joins from security systems maker Tyco International Plc (TYC.N), where he has worked since 2004, most recently as …

Accounting

VA Would Join 21 States Already Lifting Nurse Practitioner Hurdles

A proposal by the U.S. Department of Veterans Affairs to give active and veteran U.S. military personnel direct access to advanced practice registered nurses, including nurse practitioners, comes as an increasing number of states eliminate similar hurdles for patients who want easier access to …

Health Care

Sears Reports Bigger Loss, Exploring Options for Two Businesses

Sears Holdings reported a bigger net loss as sales fell and said it was exploring potential partnerships or other deals for its unit that houses the Kenmore, Craftsman and DieHard (KCD) brands and its Sears Home Services business.<p>Sears sells appliances under the Kenmore brand, tools under …

Sears

Starbucks to Open First Coffee Roastery Outside U.S. in Shanghai

Starbucks, the world's biggest coffee company, said on Thursday it would open a coffee roastery in Shanghai, China in 2017, its first outside the United States.<p>"China represents the most important and exciting opportunity ahead of us," said Starbucks CEO and chairman Howard Schultz, in a prepared …

Starbucks

The 10 things in advertising you need to know today

Good morning. Here's everything you need to know in the world of advertising today.<p><b>1.</b> <b>This investment bank presentation is a crash course on everything you need to know about digital media in 2016.</b> LUMA Partners allowed us to publish its presentation which covers how public adtech and martech …

Advertising

Uber to expand Africa operations

JOHANNESBURG (AP) — Uber is expanding in Africa.<p>The ride-hailing company said Thursday that it plans to start operating in the capitals of Ghana, Uganda and Tanzania within a month.<p>Uber already operates in the cities of Nairobi and Mombasa in Kenya, Lagos and Abuja in Nigeria and five cities in …

Uber

ECB to review how banks cope with ultra low rates: Angeloni

FRANKFURT (Reuters) - The European Central Bank plans an in-depth review of how banks are coping with ultra-low interest rates and aims to establish a more consistent approach to supervising banks with high levels of bad loans, a top ECB regulator said on Thursday.<p>"We plan in-depth reviews of the …

European Central Bank

Aston Martin reveals dazzling Zagato concept

Meet the Vanquish Zagato Concept, the fifth collaboration from Zagato and Aston Martin.<p>Meet the Vanquish Zagato Concept, thefifth collaborationfrom Zagato and Aston Martin, that made its world debut May 21 attheConcorso d’Eleganza Villa d’Estein Lake Como, Italy.<p>Aston Martin executive vice …

Aston Martin

Burned By Bitcoin Scandal, Japan Is Introducing Controls

Japan’s new law is touted as an anti-money-laundering move.<p>Japanese lawmakers have passed legislation requiring virtual currency exchanges to be regulated by the Japanese financial services authority.<p>The country played host to one of the most prominent bitcoin exchanges, Mt. Gox, which collapsed in …

Japan

Under Armour, Inc. Is Just Getting Started in China

Stephen Curry is helping drive brand awareness for Under Armour in China. Image source: Under Armour, Inc.<p>One of the biggest draws for investors who are bullish on <b>Under Armour</b> is its staggering momentum in taking share in international markets. Last quarter alone, Under Armour's international sales …

Stephen Curry

Stocks: 4 things to know before the open

<b>London (CNN) —</b> Everyone is keeping an eye on oil this morning after U.S. crude prices rallied above $50 per barrel.<p>Here are the four things you need to know before the opening bell rings in New York:<p>1. Oil at $50: U.S. crude rose Thursday to trade just a few cents above $50 per barrel.<p>Brent crude …

Commodities

New Philippine president to face early test over food security

MANILA (Reuters) - While Philippine elections this month were dominated by talk about crushing crime, the next president faces another critical early test: ensuring there is enough rice for the country's more than 100 million people.<p>The Philippine crop is suffering mounting drought damage, just as …

Food

FTSE 100 edges higher but Daily Mail shares sink

<b>(Open): The London market edged higher at the start of trade, but shares in the Daily Mail's parent company slid after it reported lower profits.</b><p>The FTSE 100 index was up 7.57 points at 6,270.42, with mining companies among the biggest risers.<p>Shares in Daily Mail and General Trust fell 8% after the …