Ford and Wendys slip while Mosaic and Mallinckrodt rally

NEW YORK — Stocks that moved substantially or traded heavily on Tuesday.Ford Motor Co., down 12 cents to $9.42Moody’s downgraded the auto company’s credit rating to junk status, citing the potential for weak earnings amid a restructuring program.HD Supply Holdings Inc., down $1.72 to $39.10The industrial distributor gave investors a disappointing profit and revenue forecast for the year.Mallinckrodt PLC, up $1.78 to $3.88The pharmaceutical company is selling its BioVectra contract manufacturing unit for $250 million in current and future payments.The Wendy’s Co., down $2.24 to $19.71The fast-food chain cut its forecast for profit growth in 2019 as it ramps up spending to expand its breakfast options nationwide.The Mosaic Co., up $1.20 to $21.38The fertilizer company plans to buy back $250 million shares of stock as part of an existing stock buyback plan.Veoneer Inc., up $1.03 to $17.60The automotive safety products company was nominated to supply a “global automaker” with a camera system for vehicles in Europe.Ctrip.com International Ltd., down 94 cents to $34.17The China-based travel services company warned investors that revenue growth could slow during the third quarter.Shopify Inc., down $21.43 to $337.24The cloud-based commerce company is buying warehouse technology company 6 River Systems in a move to improve its order processing.The Associated Press read more

Staples plans to shutter 225 stores by end of 2015 as more

FRAMINGHAM, Mass. – Staples will close up to 225 stores in North America by the end of next year as it seeks to trim about $500 million in costs annually by 2015.The nation’s largest office-supply retailer said Thursday that nearly half of its sales are now generated online, so it will aggressively cut costs to become more efficient.Company shares dropped more than 10 per cent before markets opened.The recession did heavy damage to the industry, which is now under increasing pressure from online retailers as well as discount stores.There is rapid consolidation under way and rivals Office Depot and OfficeMax just completed a $1.2 billion merger.But the overhead costs of running ‘big box” stores has put companies like Staples under stress.The closings amount to 10 per cent of all Staples locations. The company has 2,200 stores worldwide, 1,500 of them in the United States.It is unclear how many jobs will be lost or what locations will be shuttered.The company did not immediately return a call from The Associated Press early Thursday.Staples also posted fourth-quarter earnings and sales fell sharply.The company’s earnings nearly tripled, but that is compared to a period when it booked $176.6 million in restructuring charges as it closed stores.Staples earned $212.4 million, or 33 cents per share, in the quarter that ended Feb. 1. That compares with earnings of $78.1 million, or 12 cents per share, the previous year.Revenue slumped nearly 11 per cent to $5.87 billion.Both revenue and profit fell short of Wall Street expectations, as did the company’s outlook for this quarter.Staples expects sales to fall again and it projected earnings of between 17 and 22 cents per share. Analysts that follow the company had been looking for something closer to 27 cents per share.Staples shares fell $1.35 to $12.05 in premarket trading. That price would set a new 52-week low during regular trading. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by The Associated Press Posted Mar 6, 2014 4:56 am MDT A Staples office supply store is photographed Nov. 15, 2011, in Miami. THE CANADIAN PRESS/AP, Lynne Sladky Staples plans to shutter 225 stores by end of 2015 as more customers shop online, sales slide read more