Tuesday headlines include better-than-expected earnings from
Home Depot, Goldman Sachs being sued by Libya's sovereign wealth
fund, markets and analysts reacting to BHP Billiton's spin-off
announcement, an outage at Microsoft's Azure cloud service and
Bank of America losing a COO.
Home-improvement retailer Home Depot (
) said Tuesday that it earned $1.52 per share in the quarter
ended Aug. 3. Analysts had expected the company to earn $1.44 per
share. Revenue was $23.81 billion, topping estimates for $23.57
billion. Same-store sales rose by 5.8 percent globally and 6.4
percent in the U.S. Home Depot expects to earn $4.52 per share in
fiscal 2014, compared to a priot forecast for $4.42 per share.
Analyst had been forecasting $4.41 per share.
Investment bank Goldman Sachs (
) will face off with Libya's sovereign wealth fund in a London
court room over claims that the bank wrongly encouraged the fund
to make more than $1 billion in trades that ended up going bad.
The case is set for trial in October after Goldman withdrew a
request to have the case thrown out without going to trial after
seeing the Libyan Investment Authority's evidence.
Mining concern BHP Billiton's (
) plan to spin off some assets was largely lauded by analysts,
many of whom said the market's negative reaction was likely due
to the company's decision not to announce a special dividend or
share repurchase program. The company is close to its target of
$25 billion in net debt, which is the level it said it would like
to reach before it started returning capital to shareholders, but
the company has also said it wants capital returns to be made in
a consistent and sustainable way.
Azure, Microsoft's (
) cloud platform, suffered an hours-long outage across multiple
regions on Monday. The company said only a small subset of
customers were affected, but the outage was reportedly due to
issues at multiple data centers.
Bank of America
Financial giant Bank of America (
) is down to one chief operating officer, Thomas Montag, after
co-COO David Darnell asked to be re-located to Florida. Darnell
will serve as vice chairman and will continue his oversight of
global wealth and investment management and business banking.
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