Stocks Limp Along on Light Volumes
Priceline said it expects non-GAAP earnings of $11.10 to $12.10 for the third quarter ending in September, well below the current Wall Street consensus estimate for a profit of $12.76 a share. The company said its outlook "reflects an assumption that economic conditions in Europe will further deteriorate." Shares plunged 17%.
Macy's(M) posted a 16% gain in second-quarter net income and earnings per share of 67 cents on revenue of $6.12 billion. Analysts, on average, were expecting second-quarter earnings of 64 cents a share on sales of $6.12 billion. Shares gained 2.7%.
Jiangling Motors, the Chinese light commercial vehicle maker that is 30%-owned by Ford(F) , plans to buy Taiyuan Changan Heavy Truck Co..
China is the world's largest market for heavy trucks. It's Ford's first entry into the market.Ford shares closed up 0.4%.
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-- Written by Andrea Tse in New York.
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