From Our Press Services
The number of people who signed contracts to buy homes rose in May, pushed higher by spring buying.
The National Association of Realtors said Wednesday that its index of sales agreements for previously occupied homes rose 8.2 percent last month, to a reading of 88.8. That followed April’s seven-month low of 82.1.
A reading of 100 is considered healthy by economists.
KB Home losses more than double
KB Home, stung by falling home construction and more than $30 million in charges, said Wednesday it lost $68.5 million in the three months ended May 31. Thatpares unfavorably with a loss of $30.7 million in the same period last year. Revenue slumped 27 percent to $271.7 million.
Investors acquire BJ’s Wholesale
BJ’s Wholesale Club is being acquired by two private equity investors for roughly $2.8 billion in a widely expected deal.
The nation’s third-largest wholesale club said Wednesday that Leonard Green & Partners and CVC Capital Partners will pay $51.25 per share in cash for BJ’smon stock.
BJ’s board unanimously approved the buyout and is rmending that shareholders vote for it.
Monsanto posts $680M 3Q profit
Monsanto Co. says higher sales of genetically engineered seeds helped it nearly double its third-quarter profit.
Net ie rose to $680 million for the quarter ended May 31,pared with $384 million a year ago. Revenue increased 21 percent to $3.59 billion.
The results widely beat expectations.
Toyota to recall hybrid SUVs
Toyota Motor Corp. said Wednesday it will recall about 82,200 hybrid SUVs in the U.S. due toputer boards with possible faulty wiring. The recall will involve Highlander and Lexus brand hybrid SUVs from its 2006 and 2007 lines. The action covers just the vehicles sold in the U.S., with no other models affected.
Saab stays afloat with bridge loan
Swedish Automobile NV said Wednesday it has secured a $36 million bridge loan for Saab from Gemini Investment Fund Ltd.
General Mills 4Q net up 51 percent
Food giant General Mills earned $320.2 million in the fourth-quarter, up from $211.9 million a year ago. Revenue for the period ended May 29 climbed 3 percent to $3.63 billion.
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