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Home improvement and appliance retailer Lowe’s (NYSE:LOW) reported a miss on its quarterly estimates with comparable store sales down by 0.4 percent including 0.2 percent in the U.S.A. While SG&A expenses rose 4 bps to 22.26 percent of sales, the chain’s guidance for EPS in FY12 is $1.64 and a rise of 0.5 percent in comparable store sales.
Diageo‘s (NYSE:DEO) plans to buy a 20-30 percent stake in Jose Cuervo, the top selling tequila brand globally, have been more than successful it appears. According to reports, talks with the brand’s owner, Mexico’s Beckmann family, are in an advanced stage for a sale of the brand to Diageo for $3 billion in cash and stock.
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Caterpillar (NYSE:CAT) CEO Doug Oberhelman paints a none-too-encouraging picture of the global economy, saying “The storm clouds are around things that none of us know about – like what will happen with the political situation in Europe.” According to him, the situation while not as bad as at the beginning of the 2008 financial meltdown, is fraught with uncertainty.
JPMorgan (NYSE:JPM) lays bare its intentions of getting to the bottom of the huge trading blunder that emanated out of its London office by appointing former Exxon CEO Lee Raymond as chairman of the board committee responsible for the investigation. “Tough as nails” Raymond “won’t whitewash anything” according to former JPM director John Biggs.
On Wednesday, Novartis (NYSE:NVS) will appear before the Supreme Court of India in a high-stake, patent battle to protect Glivec, its blockbuster cancer drug. The Indian government denied the company’s patent application six years ago. The outcome of the case could have significant implications for pharma multinationals doing business in India.
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