Business News

Oil Stockpiles Rise

New single-family home sales declined 9.2% in January from a 10-month high. Sales dropped to annual rate of 494,000 units. (Commerce Department)

Gun maker Sturm Ruger topped Wall Street expectations for the quarter. Reporting fourth-quarter earnings of 88 cents a share on revenue of $152.4 million. (Market Watch)

Best Buy forecast current-quarter sales and profit below analysts' estimates as the retailer struggles with falling sales of mobile devices. The Company announced a special dividend of 45 cents per share.
Sales at established stores fell 1.7% in the fourth quarter. Sales mobile devices fell 6.8% in the US. The category accounts for 43% percent of the company's total U.S. revenue. (Reuters)

Same store sales at Sears and Kmart fell 6.9% and 7.2% respectively in the fourth quarter. The company reported a loss of $580 million compared with a loss of $159 million a year-ago. Sales came in at $7.3 billion, down from $8.1 billion in the year-ago. (USA Today)

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