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Business News

One Last Blast of Earnings


Another record setting day on Tuesday for the S&P 500 as the index finished just above the flat line.  The S&P 500 crossed 1900 for the first time yesterday but was not able to hold it into the close. (Fox Business News)

John Deere posted a profit of $981 million last quarter down 9% from last year.  Sales were also down 9%. The world’s largest maker of farm equipment says sales will be down 7% for the entire year. (Reuters)

Retailer Macy’s is raising its dividend by 25% and increasing its stock buyback program to $2.5 billion as they put their cash to work.  During the first quarter the company saw sales fall 2% and profits increase by 9 %.(CNBC)

A once iconic and struggling brand, Sony, will post its second consecutive annual loss in 2014 and the company expects 2015 to be another losing year.  The company is selling its TV and PC business and will concentrate on imaging, gaming and mobile computing. (Financial Times)

The good news is mortgage applications rose last week by 3.6%, the bad news was it was entirely due to a 7% gain in refinancing.  Applications to purchase a new home are down 12% for the year.  The 30-year rate stands at 4.39%, its lowest level since November.  (Mortgage Bankers Association)


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