Wal-Mart’s Plan for Bangladesh, Big Lots’s Solid Quarter, and 3 More Hot Stocks
Wal-Mart (NYSE:WMT): The retail giant said it will shell out $50 million in low-interest loans to help support building improvements in Bangladesh as a part of the efforts undertaken by Wal-Mart and others to improve conditions in the region since the April collapse of a textile facility. All said and done, roughly $100 million in loans will find their way to the country from the coalition of firms.
Big Lots Inc. (NYSE:BIG): Earnings per share of 31 cents beat estimates by 7 cents, and revenue of $1.23 billion fell in line as comparable-store sales dropped 2.2 percent during the second quarter. The retailer opened 13 new stores in the U.S. and rebranded two stores in Canada during the period. The company expects comparable-store sales to be flat to down 1 percent for the upcoming quarter.
General Electric (NYSE:GE): GE is apparently planning to spin off the U.S. consumer-lending operations of GE Capital by way of an IPO next year. The unit earned $2.2 billion in 2012. Other options like smaller spinoffs or the sale of the unit are also being considered.
America Movil SA (NYSE:AMX): America Movil may end up withdrawing its bid for KPN after an independent foundation created to protect the interests of shareholders and other stakeholders moved to block the deal. America put 7.2 billion euros on the table to purchase the Dutch telecom carrier; the foundation insists that stakeholder interests were at risk because America Movil didn’t consult with KPN before announcing its bid.
JPMorgan Chase & Co. (NYSE:JPM): The international investigation into JPMorgan’s hiring practices has expanded. The U.S. Department of Justice and the Securities and Exchange Commission are now questioning numerous other banks and hedge funds, according to The Wall Street Journal. The agencies are trying to determine if the companies violated the U.S. Foreign Corrupt Practices Act by recruiting the relatives of senior government officials or managers of potential customers in order to win business.