Boeing Co. (NYSE:BA): Boeing’s largest union, in a closely watched vote, decided against freezing pensions in exchange for the rights to build the new 777X components in the Seattle area. A majority, 67 percent, voted against a contract extension that included pension and health care benefit cuts. Boeing had said that should the proposal be rejected, it would consider moving its manufacturing elsewhere; it maintains that it now has ”no choice but to open the process competitively and pursue all options for the 777X.”
Kohl’s Corp. (NYSE:KSS): Shares are down sharply after Kohl’s reported a quarter that — after other industry blowouts (Macy’s, the Gap) – fell far short of expectations. Earnings per share of 81 cents missed by 5 cents, as revenue came in at $4.44 billion, missing by $0.11 billion. Comparable store sales fell more than anticipated, and the gross margin also fell by 60 bps to 37.5 percent. Additionally, Kohl’s sees total sales falling 2 percent to 4 percent for its fourth quarter and has lowered its outlook for 2013 EPS to $4.08-$4.23, from $4.15-$4.35.
Manchester United (NYSE:MANU): Manchester United has revealed strong growth for its commercial revenue, which gained 39.3 percent, and broadcast revenue, which is up 40.9 percent, as the club carries on seamlessly following the retirement of manager Alex Ferguson. Matchday revenue saw a reduction by 1.5 percent over the year prior, as last year’s quarter included some onetime Olympic games.
Deutsche Bank AG (NYSE:DB): Deutsche Bank will soon be bidding adieu to Jon Hitchon, its co-head of global prime finance, as he is expected to exit the bank in the next several months. Hitchon will be replaced by Murray Ross, who has held a handful of senior equities positions at the bank; though the terms of his departure are considered ”amicable,” according a New York Post source, it’s still something of a surprise for Deutsche.
Lululemon Athletica Inc. (NASDAQ:LULU): Sterne Agee has slammed Lululemon with an Underperform rating, down from Neutral, and cut its price target to $56 as it reports that channel checks show a risk that core Lululemon customers have been alienated. The firm believes that same-store sales could decelerate in 2014.
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