Business News

Costco and Target

Stocks are sharply higher on the last day of the third quarter, which has been dismal for Wall Street. The S&P 500 and Nasdaq are set to register their biggest percentage losses for a three-month period since the third quarter of 2011. (CNBC)
US consumer confidence rose slightly in September and was just below the post-recession high. The consumer confidence index increased to 103.0 from a revised 101.1 in August. That's the highest level since January, when consumer confidence touched an eight-year high. (Market Watch)
Costco, the second-largest U.S. retailer, posted quarterly results with profits climbing 10% to $767 million. Costco’s sales rose 1% to $35 billion, helped by a 2.2% gain in membership fees. Excluding the effect of falling gas prices and foreign-exchange fluctuations, Costco’s same-store sales grew 6 percent last quarter. (Bloomberg)
With the big jobs report on Friday all eyes are on jobs and we have been seeing corporate downsizing especially in the oil patch. Chesapeake Energy will reduce its workforce by about 15% or 740 jobs, as depressed energy prices forced deeper cost cutting at the nation's No. 2 natural gas producer. (Reuters)  
Just 86 days till Christmas, starting tomorrow, Target will match the online prices of more than two dozen of its Internet competitors, including Amazon and Wal-Mart. (CNBC)

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