Morning business headlines: 8-20-13
Tuesday, August 20, 2013 11:18 AM
Home Depot's quarterly results top expectations
The New York Times reports that The Home Depot Inc.'s net income for its fiscal second quarter, which ended Aug. 4, jumped 18 percent as surging home sales drove comparable-store sales up by double digits at home and abroad. The company beat Wall Street's expectations, and it raised its full-year earnings and revenue expectations again. Shares rose almost 4 percent before the opening bell Tuesday.
Homes for a $1? Oh, they're in Gary, Ind.
CNNMoney reports that the city of Gary, Ind., is running a real estate fire sale: a dozen homes for $1 each. The city bought the homes at county tax sales after owners fell behind on property taxes, and the sale is part of a neighborhood stabilization effort underway in the University Park section. The program was announced in June and quickly drew interest from more than 400 potential buyers.
Al-Jazeera to launch U.S.-based TV network
CNNMoney reports that Al-Jazeera Media Network will launch a new channel in the U.S. on Tuesday, Al-Jazeera America. The network will be the first U.S.-based channel for the Arab broadcaster. For Tuesday's launch, the channel will be available to 40 million American households through major providers including DirecTV, Comcast, DISH Network, Verizon and AT&T. According to an Al-Jazeera website, Mediacom won't be carrying the new channel.