Business News

Oil Continues to Gush Lower

The world’s largest retailer, Wal-Mart, posted a profit of $1.15 a share on revenue of $118.01 billion during the last quarter driven by strong back to school shopping. Overall U.S. same-store sales rose 0.5%, ending a six-quarter streak of flat or declining same-store sales. (CNBC)

Kohl's reported third quarter earnings and revenues short of expectations after the market close yesterday. The company posted profits down 14% on sales of $4.37 billion, which was essentially flat compared to last year. Kohl’s says e-commerce sales should continue to provide a bump to the top line and rise more than 30% this year. (CNBC)

Can they make a full recovery?  Struggling retailer JC Penny saw profits increase 62% from last year on sales that climbed 4.3% so far this year. Margins for the company increased 7.1% year-over-year. (Global Newswire)

US wholesale inventories rose more than expected in September, increasing 0.3% during the month after a 0.6% gain in August. Inventories are a key component of gross domestic product changes. Restocking by businesses is important and shows confidence that the economy continues to improve. (Reuters)

Berkshire Hathaway announced Thursday it has acquired the Duracell battery business from Procter & Gamble. Terms of the deal are not yet known. (Fox Business News)

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