9 Buzzing Movers: RBS Cuts 3,500 Jobs, Sears Loses Financing and Target to Test Apple Display in 25 Stores
Royal Bank of Scotland (NYSE:RBS) shares are surging more than 6 percent early Thursday. The bank announced it will cut 3,500 jobs over a three-year period. “It is clear that, particularly in the wholesale banking arena, significant new pressures have emerged,” Chief Executive Stephen Hester said. Shares of Barclays (NYSE:BSC) and HSBC Holdings (NYSE:HBC) are also climbing higher.
Kohl’s Corp. (NYSE:KSS) announced it will expand its New York City design office and add a new one on the West Coast. It will represent the third expansion in New York City since it opened in 2007. The expansions are part of the company’s strategy to focus on exclusive brands. Shares are trading flat.
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Sears Holdings Corp. (NASDAQ:SHLD) is falling 6 percent as CIT Group pulls some financing from the firm. The Wall Street Journal reported that CIT would no longer finance loans to Sears’s suppliers who were waiting to be paid by Sears.
Target Corp. (NYSE:TGT) shares are attracting attention after the retailer said its board authorized a plan to begin purchasing $5 billion of shares. “Our plans envision continued generation of much more cash than we believe is appropriate to invest in our core businesses,” Doug Scovanner, Target’s chief financial officer said. Target also announced it will be testing a unique display concept with Apple (NASDAQ:AAPL) products at 25 stores.
Dick’s Sporting Goods Inc. (NYSE:DKS) announced a buyback of their own. Shares surged 10 percent after the company said it will buyback up to $200 million of its common stock over the next 12 months. Shares of Nike Inc. (NYSE:NKE) are also edging higher.
Shares of Hess Corp. (NYSE:HES) are climbing .26 percent higher. The company said it expects to spend $6.8 billion on capital projects, which is an increase from last year’s $5.6 billion. “We believe that the investments we are making in unconventionals are lower risk and will generate long term profitable growth for shareholders,” CEO John Hess said in a prepared statement. “We expect to fund the majority of our 2012 program from internally generated cash flow and asset sales.”
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