Business

Abercrombie & Fitch Co. has $878.6 million revenue in third-quarter

Abercrombie & Fitch Co. has $878.6 million revenue in third-quarter

In three years, Abercrombie & Fitch Co. has mounted the most after third-quarter revenue topped the estimates of analysts, boosted by rebounding sales at its Hollister unit. In a statement, the New Albany, Ohio-based company said on Friday that Q3 revenue was $878.6 million.

Although it was 3.6% down from a year earlier, it has topped $862.8 million average projection of analysts. The results have shown that the turnaround strategy of Abercrombie has started gaining traction, mainly at its younger, Southern California-inspired Hollister brand.

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Zacks upgrades Shares of Derma Sciences to ‘Buy’

Zacks upgrades Shares of Derma Sciences to ‘Buy’

Analyst Ratings Network.com revealed that Zacks has upgraded Derma Sciences. The investment research firm has given ‘buy’ rating to the company’s shares in a research note on Wednesday, it said.

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US, Alaska will not seek additional money from Exxon due to recovery of several species living in Prince William Sound

US, Alaska will not seek additional money from Exxon due to recovery of several

The US and Alaska state officials made an announcement on Wednesday that they will no longer demand an additional $92 million from Exxon Mobil Corp. to pay for environmental cleanup and restoration that aroused from the huge Exxon Valdez oil spill around three decades ago.

The state of Alaska and the US Justice Department, in court documents filed on Wednesday, said that they are going to drop left judicial action and would no longer seek the extra money from Exxon because of the recovery of a number of species like ducks and sea otters, present in Alaska's Prince William Sound.

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Valeant Pharmaceuticals International comes under fresh scrutiny

Valeant Pharmaceuticals International comes under fresh scrutiny

Valeant Pharmaceuticals International said on late Wednesday that it had got 2 federal subpoenas related to its pricing, distribution and patient support practices. The drug maker has come under fire for aggressively raising the prices of its drugs.

Volkswagen to Recall 1,950 Diesel Vehicles in China

Volkswagen to Recall 1,950 Diesel Vehicles in China

German carmaker Volkswagen AG announced that it will recall 1,950 diesel vehicles in China that were affected in the emission scandal that has hit the company recently. The company will correct the defeat device software that allowed its vehicles to cheat on emissions tests.

Volkswagen on Monday said in a statement that the recall will be applied to 1,946 Tiguan sport utility vehicles and four Passat B6 sedans equipped with the four-cylinder Type EA 189 diesel engine.

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Amazon Launches New On-Demand Delivery Service Flex

Amazon Launches New On-Demand Delivery Service Flex

Amazon, which was planning to buy Postmates earlier this year, has today launched a service that will give a head to head competition to it. The e-commerce giant’s new on-demand delivery service Flex doesn’t rely on traditional couriers.

The workers, who will be working with the online retailer on the new service, will get an opportunity to make between $18 and $25 per hour by just delivering packages for Amazon using their own vehicle and a smartphone app through which they will route their deliveries.

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Target To Match Rival’s Online Prices

Target To Match Rival’s Online Prices

Minneapolis-based retailer, Target, announced that it will be matching its online prices with its online competitors including Amazon.com and Walmart.com. Target has more than two dozen rivals online.

As per market experts, the current policy change introduced by Target marks as a major step for it that, so far, has been matching the prices of its own stores. Target said it has given a time of 14 days to shoppers to adjust price adjustment.

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US antitrust enforcers to investigate a rare court loss

US antitrust enforcers to investigate a rare court loss

A federal judge handed over an unusual court loss to US antitrust enforcers on Thursday, and refused to block Steris Corp. from purchasing Synergy Health PLC, based in the United Kingdom. Steris is an infection-prevention company.

US District Judge Dan Polster in Cleveland said no to a request by the Federal Trade Commission (FTC) for a preliminary injunction blocking the merger. The judge said that FTC was not able to show the deal was capable of affecting competition in the US.

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Two-Year Contract Plan Announced by Apple Fails to Cheer Buyers

Two-Year Contract Plan Announced by Apple Fails to Cheer Buyers

The easy monthly installment plans for Apple iPhone 6 and iPhone 6 Plus, being flaunted by the company readily, does not appear to have impressed the buyers much.

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Glencore’s Profit in First-Half More Than Halved

Glencore’s Profit in First-Half More Than Halved

Glencore's first-half profit has more than halved as the commodity trader and miner suffered from plunging commodity prices. Net income of the company excluding significant items dropped by 56% to $882m from a year earlier affected from the drop in prices of aluminum, nickel and other raw materials.

Glencore said its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was $4.6 billion. The company said last week that it would cut down its capital spending for 2015 to $6 billion from the $6.5 billion to $6.8 billion range announced in February.

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