BRIEFCASE.Byline: - Staff and Wire Services Better report for auto painter SHERMAN OAKS - Earl Scheib Earl Scheib is a company that specializes in repainting and collision repair of automobiles, with locations in 23 states in the US. Company History Founded by Earl Scheib (1908-1992) in Los Angeles in 1937 the company grew quickly following World War II and by 1975 had Inc. reported the best third-quarter loss in nearly a decade, the auto painter announced Wednesday. In a historically challenging period, due to seasonal trends and winter weather, the company narrowed its net loss to $352,000, or 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , from $1.3 million, or 30 cents per share, in the same time a year ago. Sales improved to $10.2 million from $9.7 million in the same period a year ago. Solid momentum seen for economy The economy headed into the spring season with solid momentum, helping to generate more employment opportunities and keep factories humming, the Federal Reserve reported Wednesday. Thus far, the strengthening labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience is translating into modest wage gains for the average worker in most of the Fed regions, the report said. Fed officials closely monitor wages - as well as the prices of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. - for insight into the nation's inflation climate. In general, consumer prices also are rising at a modest pace even though businesses are coping with high energy prices and rising costs for other materials, such as cement, lumber and copper, the Fed said. Sears, Kmart merger paying off Sears Holdings Corp. overcame a steep sales drop-off at its Sears department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. to more than double its fourth-quarter profit to $648 million Wednesday, benefiting from continued cost-cutting and the addition of Sears' results to Kmart's. The better-than-expected results propelled the retail company's shares to their biggest single-day gain since it was formed a year ago when Kmart bought Sears, Roebuck and Co. Sears Holdings' stock jumped $15.02, or 13 percent, to close at $132.29 on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . Sales at Sears stores continued to decline sharply during the quarter, even as they gained slightly at Kmart for the first time since that retailer emerged from bankruptcy three years ago. Second bid for GM financing arm General Motors Corp. is considering a bid of $12.5 billion to $13 billion for a majority stake in its financing arm from a group led by New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of private-equity firm Kohlberg, Kravis & Roberts and some banks, The Wall Street Journal reported Wednesday. The newspaper said the nonbinding bid for the stake in General Motors Acceptance Corp. gives the automaker another option to what had been considered the leading bid from Cerberus Capital Management, a private-equity and hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" group. Modest sell-off for Lehman stock MC>Record profits and revenue at Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Holdings Inc. prompted a modest sell-off in the brokerage's stock Wednesday - but only because those stellar gains followed even more impressive results from rival Goldman Sachs Group Inc. While Lehman Brothers posted a 25 percent increase in first-quarter profits, Goldman Sachs saw its earnings surge 62 percent when it reported earnings Tuesday. Goldman's results, which also lifted Lehman's stock 2.2 percent that day, gave Lehman a tough act to follow. |
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