Page 12 - UTILITIES 20 FEB,2016

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BUSINESSSaturday 20 February 2016

At Press Time: STREET BRIEFS

Stocks edge lower again, led down by energy sector Yahoo board forms
committee to help
Trader Richard Cohen, left, works on the floor of the New York Stock Exchange. Stocks fell Friday cheaper oil has suppressed redefine company
as the price of oil retreated and pulled energy company shares down, but the market remains on inflation across much of
track for its best week of the year. the economy, but prices NEW YORK (AP) — Yahoo’s
of other goods have been board has created a com-
(AP Photo/Richard Drew) rising. mittee of independent di-
THE QUOTE: Michael Scan- rectors and hired a trio of
MARLEY JAY changed over the last after it reported stronger- lon, managing director economic advisers in its
AP Markets Writer two days. But thanks to than-expected profit and and portfolio manager for long-running bid to rede-
NEW YORK (AP) — Stocks big jumps on Tuesday and sales. Its stock climbed John Hancock Asset Man- fine itself. Shares rose more
fell Friday as the price of oil Wednesday, the S&P 500 is $1.23, or 7.2 percent, to agement, said consumers than 3 percent before the
retreated and pulled ener- on pace for its best week $18.41. are still spending plenty of opening bell Friday. Yahoo
gy company shares down, of 2016. The Nasdaq, which Yahoo rose 60 cents, or 2 money on cars, homes and Inc. is under extraordinary
but the market remains has plunged 10 percent percent, to $30.02 after the travel even though some pressure from big share-
on track for its best week this year, is on pace for its Internet company said it retailers are struggling. He holders who are threating
of the year. Retail stocks best week in three months. has created a committee thinks that spending is go- a proxy fight with the com-
are sliding further after a ENERGY: Benchmark U.S. of independent directors ing to grow. pany. It cut 15 percent of its
disappointing report from crude fell $1.13, or 3.7 per- and hired advisers as part “People feel more stable staff earlier this month with
department store operator cent, to $29.64 a barrel in of an effort to redefine it- in their jobs with increasing investors pushing for a sale
Nordstrom. New York. It climbed 17 self. Big shareholders are wages (and) home prices of Yahoo’s core Internet
KEEPING SCORE: The Dow percent over the previ- pushing Yahoo to sell its continue to rise,” he said. operations after 3 1/2 years
Jones industrial average ous week. Brent crude, a main Internet business. The Gas prices are also very of declining revenue under
lost 65 points, or 0.5 per- benchmark for internation- company eliminated 15 low, and while consumers CEO Marissa Mayer. The
cent, to 16,348 as of 2:57 al oils, slid $1.27, or 3.7 per- percent of its staff earlier have mostly saved that company on Friday said
p.m. Eastern time. The cent, to $33.01. this month. money instead of spend- that it had hired Goldman
Standard & Poor’s 500 in- That sent oil and gas stocks SIGNS OF INFLATION: The ing it, Scanlon thinks that’s Sachs, J.P. Morgan and PJT
dex was down 6 points, or tumbling. Southwestern En- Labor Department said going to change. Gas Partners Inc. as advisers to
0.4 percent, at 1,912. The ergy dropped $1.42, or 16.8 prices for consumer goods prices have stayed low for the new committee tasked
Nasdaq composite picked percent, to $7.07 and Mur- have risen 1.4 percent over more than a year, and he with engaging interested
up 3 points, or 0.1 percent, phy Oil fell $1.60, or 9.4 per- the last year, a sign that thinks shoppers will start to strategic and financial par-
to 4,490 as tech stocks at- cent, to $15.41. the pace of inflation is pick- trust that pump prices are ties.
tracted more interest than TECH RISES: Chipmaking ing up and the economy is going to stay depressed. Mayer said in a written
the broader market. equipment company Ap- improving. The combina- SHOPPING AROUND: Re- statement Friday that split-
Stocks have been little plied Materials climbed tion of a strong dollar and tailers struggled again after ting off Yahoo’s lucrative
holiday-season results from stake in China’s Alibaba is
department store operator “essential” to boost share-
Nordstrom disappointed holder value.
Wall Street. The company
said its sales were weaker Twitter stock gets
than it expected and its new $2.25M boost
profits were hurt because it from 2 executives
had to match discounts of-
fered by competitors. SAN FRANCISCO (AP) —
Nordstrom gave up $3.47, Two Twitter executives
or 6.6 percent, to $49.25 have given the company
while Macy’s fell 96 cents, a $2.25 million vote of con-
or 2.3 percent, to $40.17. fidence. Documents filed
Retail stocks also stumbled this week revealed Twitter
Thursday after Wal-Mart Executive Chairman Omid
reported weak quarterly Kordestani spent about
sales and cut its forecasts $2 million to buy 122,250
for the year. shares of the company’s
Department stores have stock earlier this week. A
struggled since they dis- separate filing revealed
closed weak third-quarter Chief Financial Officer An-
results in November. Nord- thony Noto spent nearly
strom is down 22 percent $250,000 for 15,500 shares
since its report a little more of Twitter. The show of faith
than three months ago.q helped lift Twitter’s stock
by more than 5 percent
Higher interest rates boost Fannie Mae profit in Thursday’s trading. In-
vestors have been selling
NEW YORK (AP) — Fannie billion in dividends next billion in the latest quarter, age them as bonds, guar- Twitter because the com-
Mae, the government- month. compared with $1.3 billion antee them against default pany’s messaging ser-
controlled mortgage com- With that payment, Fan- in the same quarter a year and sell them to investors. vice has been struggling
pany, said its net income nie Mae will have paid ago. The government res- For the full year, Fannie to broaden its audience.
in the fourth quarter nearly the Treasury $147.6 billion, cued Fannie Mae and sib- Mae said its net income The slowdown has raised
doubled on higher interest above the $116.1 billion it ling Freddie Mac in 2008. fell to $11 billion in 2015 doubts about its prospects
rates. received in government Both companies don’t from $14.2 billion in 2014 for future growth. q
It also said Friday that it ex- bailouts. The Washington, make loans to homebuy- as it paid settlements re-
pects to pay the U.S. De- D.C.-based company re- ers. Instead, they buy mort- lated to mortgage-related
partment of Treasury $2.9 ported net income of $2.5 gages from lenders, pack- securities.q