Stocks waver...CVS tops earnings forecasts...Glencore to limit mining
NEW YORK (AP) — Stocks have been wavering in early trading as investors size up the latest company earnings reports. Garmin jumped 13 percent after reporting better sales. Cadence Design Systems climbed 5.5 percent after the company’s latest quarterly results topped Wall Street’s forecasts.
UNDATED (AP) — CVS Health is topping fourth-quarter earnings forecasts, but the annual outlook from the nation’s second-largest drugstore chain is far short of Wall Street expectations. The company said today that it expects adjusted earnings to range between $6.68 and $6.88 this year. FactSet says analysts expect earnings of $7.35 per share. In the final quarter of 2018, CVS Health posted adjusted earnings of $2.14 per share, as revenue jumped more than 12 percent to $54.24 billion.
TOPEKA, Kan. (AP) — The failing Payless ShoeSource chain will honor gift cards and store credit until March 11 as the company liquidates all operations. The Topeka, Kansas, company, which filed for bankruptcy protection this week, will allow returns and exchanges of non-final sale items through the end of this month for goods bought before Feb. 17. Payless said today that it received court approval to support the orderly closing of about 2,500 stores in the U.S., Puerto Rico and Canada, as well as its e-commerce business.
LAS VEGAS (AP) — Caesars Entertainment says it’s held discussions with billionaire investor Carl Icahn, who began pushing for fundamental changes this week after revealing a 10 percent stake in casino and resort. Icahn says he wants to put the company on the block and is pushing for leadership changes. Caesars said Wednesday that it is evaluating Icahn’s ideas.
BERLIN (AP) — Commodities giant Glencore says it will cap how much coal it mines amid shareholder pressure to reduce emissions of greenhouse gases. The Switzerland-based company said today that after consulting with investors “we are furthering our commitment to the transition to a low-carbon economy.” Burning coal for heat and electricity is a major source of carbon dioxide emissions, which contribute to man-made global warming.