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The market's win streak is no fluke: A Wall Street bull sees record gains ahead

The market's win streak is no fluke: A Wall Street bull sees record gains ahead

Finance
The market's win streak may be just beginning. Edward Yardeni, who spent decades on Wall Street running investment strategy for firms such as Prudential and Deutsche Bank, predicts stocks will break out to all-time highs this year. He's partly building his bull case based on a chart pointing to negative market sentiment. "At the end of last year the bull-bear ratio, which is something we watch from Investors Intelligence, fell below one," the Yardeni Research president told CNBC's "Trading Nation" on Friday. "It's got an awfully good track record as a...
Sainsbury's sees retail sales fall 1.1% over Christmas

Sainsbury's sees retail sales fall 1.1% over Christmas

Business
Sainsbury's has seen sales fall over Christmas after non-food trading was hit by consumer caution.Like-for-like retail sales, which exclude sales from new stores, fell by 1.1% across the Christmas period.General merchandise sales, including at Sainsbury's-owned Argos, fell by 2.3% and overall clothing sales by 0.2%.Chief executive Mike Coupe said: "Retail markets are highly competitive and very promotional and the consumer outlook continues to be uncertain."Toy sales hitHe added: "General merchandise sales grew strongly over the key Christmas weeks and outperformed the market over the quarter. "Sales declined in the quarter due to cautious customer spending and our decision to reduce promotional activity across Black Friday. Clothing performed well, with...
Bet365: UK's best-paid boss sees pay rise to £265m

Bet365: UK's best-paid boss sees pay rise to £265m

Business
The UK's best-paid boss, co-founder of online gambling firm Bet365 Denise Coates, has received another bumper pay rise.The firm's accounts show compensation, for the firm's "highest paid director" rising to £265m including dividends.That was £48m higher than the total she received last year as the popularity of online gambling continues to grow. However the industry is facing mounting criticism for not doing enough to deal with problem gambling and addiction.The privately held company is owned jointly by Ms Coates and members of her direct family, including her brother John who is joint chief executive and her father Peter, the firm's chairman. Last year Ms Coates' pay and dividends were reported to total £217m....
Wall Street sees red as tech shares plunge

Wall Street sees red as tech shares plunge

Business
Shares in some of the world's largest technology stocks plunged on Monday, dragging the Nasdaq down by 3% to drive a wider market sell-off.The Dow Jones Industrial Average closed 1.5% lower while the S&P 500 index ended down 1.6%.The declines were driven by Apple and Facebook.Investors dumped stock on fears of a slowdown in iPhone sales as well as continuing tensions over trade between the US and China.Apple's share price closed down nearly 4%.The Wall Street Journal reported that lower demand for Apple's new iPhones had impacted on the firms that make the handsets and components after the US company reduced its production orders.Facebook, which is grappling with continued controversy over its handling of user data and the crisis over Russian election...
Sainsbury's sees boost from Argos deal

Sainsbury's sees boost from Argos deal

Business
Sainsbury's says its latest half-year results have been boosted by its takeover of catalogue retailer Argos.Cost savings had lifted profits, while adding Argos stores to Sainsbury's outlets was "driving an increase in trading intensity", the retailer said.Sainsbury's, which is planning to merge with rival Asda, said half-year underlying profits rose 20% to £302m.However, when a host of exceptional costs are taken into account, profits nearly halved.The UK's second-largest supermarket said pre-tax profits for the 28 weeks to 22 September were £132m, compared with £220m a year earlier.The profit figure was pushed down by costs related to restructuring store management teams, the Argos integration and preparation for the Asda deal, which is...