Big 5 Sporting Goods reports sales, stock rises
Big 5 Sporting Goods Corp. BGFV, -0.64% reported late Monday fiscal fourth-quarter sales of $244.1 million versus $247.1 million in the year-ago quarter. Big 5 stock rose nearly 10% in the extended session Monday. The company said full-year net sales increased to $996.5 million from $987.6 million a year ago and that merchandise margins increased 2.4% in the fourth quarter, compared with a year ago. Big 5 said it expects fiscal fourth-quarter earnings of 2 cents to 4 cents a share and full-year earnings of 40 cents to 42 cents a share. FactSet does not include any analyst coverage of Big 5. Big 5 stock has lost 6.3% in the past year, as the S&P 500 index SPX, +0.70% gained 26%.
Treasuries Give Back Ground Ahead Of U.S.-China Trade Deal Signing
Treasuries moved to the downside during trading on Monday, giving back ground after moving higher over the two previous sessions.
Bond prices came under pressure early in the session and remained stuck in the red throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.3 basis points to 1.848 percent.
The pullback by treasuries came as traders seem optimistic about the impact of the phase one U.S.-China trade deal due to be signed later this week, reducing the appeal of safe havens like bonds.
Chinese Vice Premier Liu He is scheduled to visit Washington to sign the deal, which is said to include reduced tariffs on Chinese goods in exchange for increased Chinese purchases of U.S. agricultural products.
In an interview with Fox News on Sunday, Treasury Secretary Steven Mnuchin said the agreement calls for China to purchase $40 to $50 billion worth of U.S. agricultural products annually.
Mnuchin described the agreement as “very, very extensive,” although the deal will not completely resolve the trade dispute between the U.S. and China.
Trading activity was somewhat subdued, however, as traders looked ahead to the release of reports on consumer and producer price inflation, retail sales, homebuilder confidence, and industrial production later this week.
The Labor Department’s report on consumer price inflation is due to be released on Tuesday, with consumer prices expected to rise by 0.3 percent in the month of December.
Antitrust probe ordered against Amazon, Flipkart
Promotion of ‘preferred sellers’ alleged
India’s antitrust body on Monday ordered an investigation into alleged competition law violations by Amazon.com Inc. and Walmart’s Flipkart, the latest setback for U.S.-based e-commerce giants operating in the country.
The Competition Commission of India (CCI) said it was ordering a wider probe following a review of allegations that Amazon and Flipkart were promoting some “preferred sellers” and in turn impacting the business of other smaller sellers.
The two companies did not immediately respond to a request for comment on the antitrust move.
The investigation order comes in a week when Amazon chief Jeff Bezos is expected to visit India for a company event and potential meetings with government officials.
The complaint was filed by Delhi Vyapar Mahasangh, a group representing small-and medium-sized businesses, which alleged that several of Amazon and Flipkart’s preferred sellers were affiliated with or controlled by the companies themselves, either directly or indirectly.
“The Commission is of the opinion that there exists a prima facie case which requires an investigation,” said the order.
The investigation is the latest setback for Amazon and Walmart’s Flipkart, which Indian brick-and-mortar traders allege violate the country’s foreign investment rules and burn billions of dollars to offer steep discounts that hurt smaller traders.
Both the companies deny those allegations.
Traffic snarled, ferry sailings affected by Tsawwassen crash that left 1 person seriously hurt
One person was seriously hurt and BC Ferries was forced to alter its schedule after a multi-vehicle crash on the causeway to the Tsawwassen terminal.
Delta police described the collision as a “three-vehicle head-on collision near Tsatsu Shores.”
Brandon woman busted by Snapchat selfies
A Brandon woman’s selfies have landed her in hot water with police.
Police say the 19-year-old, who is under a curfew, outed herself early Sunday morning by posting selfies on the Snapchat app while at a social gathering.
Someone who noticed the photos called police who confirmed the suspect was not at home by checking in with her family.
The young woman later turned herself in to police and will appear in court in March on a charge of failing to comply with the conditions of an undertaking.
Yearly global PC sales increase for the first time since 2011: IDC
Annual global PC sales rose for the first time in eight years, according to data released by International Data Group late Monday. Global PC shipments rose 2.7% year-over-year to 266.7 million units, the first annual gain since 2011, when PC sales rose 1.7%, according to IDC. "This past year was a wild one in the PC world, which resulted in impressive market growth that ultimately ended seven consecutive years of market contraction," said Ryan Reith, program vice president with IDC’s Worldwide Mobile Device Trackers. "The market will still have its challenges ahead, but this year was a clear sign that PC demand is still there despite the continued insurgence of emerging form factors and the demand for mobile computing." For the year, Lenovo Group Ltd. 992, +3.38% led with 24.3% market share for 64.8 million PCs, HP Inc. HPQ, +0.37% had 23.6% share with 62.9 million, Dell Technologies Inc. DELL, +0.65% had 17.5% at 46.5 million units, Apple Inc. AAPL, +2.14% had 6.6% share for 17.9 million, and Acer Group had 6.4% share for 17 million. For the fourth quarter, global PC sales rose 4.8% to 71.8 million units.