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Economic woes out of Europe and cost concerns led shoemaker Wolverine Worldwide Inc (NYSE:WWW) to miss on its second quarter profit estimates. Though revenues rose 1 percent, earnings fell to $20.5 million (42 cents a share) against $24 million (48 cents a share) last year; analysts expected revenues of $314.5 million and earnings per share of 44 cents.
Patriot’s bankruptcy filing has turned the market’s attention to other coal companies that may be in trouble – shares of James River Coal (NASDAQ:JRCC) fell 18 percent in pre market trading, after falling 19 percent yesterday. Though the company’s credit rating is on par with peers, its bonds are trading at far worse levels.
Discount retailer Target (NYSE:TGT) and luxury chain Neiman Marcus will jointly offer a limited collection of products from 24 designers at their stores and on their websites; according to Kathee Tesija, Target’s executive vice president of merchandising, “They’re high end, and we’re mass appeal. But we both love design,” referring to her company and Neiman Marcus.
Walgreen (NYSE:WAG) offers a new in-store service that allows customers to print photos from their iPhones and Android devices; Walgreen also intends to set up an open-source platform for developers to create apps for this service.
Shares of Beazer Homes (NYSE:BZH) fall nearly 10 percent after the home builder announces a common stock offering of $75 million and an equivalent amount in tangible equity units; the company expects to invest about $100 million out of the proceeds in properties in Florida, California, Texas, North Carolina and Arizona.
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