Financial
FedEx profit up, but misses expectations PDF  | Print |  E-mail
Written by DAVID KOENIG, AP Business Writer   
Wednesday, 19 March 2014 12:06

DALLAS (AP) — FedEx Corp. says its latest quarterly profit rose 5 percent from a year ago despite storms that raised the company's costs, but the results were below analysts' expectations.

The company's ground-shipping segment is doing better, but the express-delivery business is flat and customers continue to shift to slower, cheaper services for international shipments.

The package-delivery giant said Wednesday that net income in the quarter that ended Feb. 28 rose to $378 million, or $1.23 per share, from $361 million, or $1.13 per share, a year ago. Analysts surveyed by FactSet expected $1.45 per share.

Revenue rose 3 percent to $11.30 billion from $11 billion, missing Wall Street's forecast of $11.43 billion.

The weak results drove FedEx to lower its forecast of full-year earnings. However, FedEx expects fiscal fourth-quarter earnings of between $2.25 and $2.50 per share, which leaves room to beat analysts' prediction of $2.34 per share.

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U.S. files charge against Toyota, $1.2B penalty PDF  | Print |  E-mail
Written by ERIC TUCKER, Associated Press TOM KRISHER, Associated Press   
Wednesday, 19 March 2014 11:46

WASHINGTON (AP) — The government announced a $1.2 billion settlement with Toyota Motor Corp. on Wednesday and filed a criminal charge alleging the company defrauded consumers by issuing misleading statements about safety issues in Toyota and Lexus vehicles.

Attorney General Eric Holder said it is the largest financial penalty of its kind ever imposed on an auto company. Under a deferred prosecution agreement, an independent monitor will review policies, practices and procedures at the company.

The action concludes a four-year criminal investigation into the Japanese automaker's disclosure of safety problems, which focused on whether Toyota was forthright in reporting problems related to unintended acceleration troubles.

"Rather than promptly disclosing and correcting safety issues ... Toyota made misleading public statements to consumers and gave inaccurate facts to members of Congress," Holder told a news conference.

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Two winning tickets in $400M Mega Millions jackpot PDF  | Print |  E-mail
Written by Associated Press   
Wednesday, 19 March 2014 11:48

DES MOINES, Iowa (AP) — The holders of two lucky tickets purchased states apart awoke to good news Wednesday: They will split a $400 million Mega Millions jackpot, the sixth-largest lottery prize in U.S. history.

The tickets — one sold at a Sunoco convenience store on Florida's Space Coast, the other at a liquor store southeast of Washington in La Plata, Md. — matched all six winning numbers in the Tuesday night drawing: 11, 19, 24, 33 and 51 with a Mega Ball of 7.

The lump-sum option for the entire jackpot was $224 million. The cash option for each of the two winning tickets is about $112 million, and after taxes, the winner would get $74.5 million, Maryland Lottery Director Stephen Martino said.

The Maryland winner bought the ticket at Lady's Liquor in La Plata, a town of nearly 9,000 about 30 miles from the nation's capital. The winner — who has 182 days to claim the prize but can choose to remain anonymous — picked the numbers manually, rather than through a machine's random selection, Martino said.

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Wal-Mart takes aim at $2B used video game market PDF  | Print |  E-mail
Written by KEN SWEET, AP Business Writers MAE ANDERSON, AP Business Writers   
Tuesday, 18 March 2014 15:09

NEW YORK (AP) — Wal-Mart plans to start buying used video games from shoppers at stores in a move that goes after the bread-and-butter business of GameStop.

Wal-Mart Stores Inc. plans to expand its current online trade-in program by allowing customers to trade their used video games at 3,100 Wal-Mart stores in exchange for credit toward the purchase of other items.

The world's largest retailer is taking aim at the $2 billion used video-game market. It's a business that's dominated by GameStop Corp., the world's biggest dedicated seller of video games with the largest and most-established video game trade-in program.

Retailers from Amazon to Best Buy also offer used video game trade-in programs. But Wal-Mart's new program is the biggest threat to GameStop, which for the last three years has drawn roughly half of its profits from buying and selling used video games.

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