Wednesday, October 10, 2012

Stocks in News: Chevron Corporation (NYSE:CVX) & Best Buy Co Inc.(NYSE:BBY)

Best Buy looking for a new CFO

Best Buy Co., Inc.(NYSE:BBY) is going to lose one more executive, its Chief Financial Officer James Muehlbauer. This is happening at a time when the founder and former chairman of the beleaguered electronics chain is considering an offer for the company. Best Buy is trying its best to perform better in a situation where it is facing tough competition from rivals.

Muehlbauer had joined the company in 2002. He became interim CFO in 2007 and was named permanently to the post in 2008. He will continue to be adviser till the end of fiscal year 2013.

The Minneapolis based company had named Hubert Joly, the turnaround expert, has CEO after former CEO Brian Dunn left in April.

Chevron sees profit taking a hit in third quarter

Chevron Corporation(NYSE:CVX) has said that its third quarter earnings will be much lower than in the second quarter. Oil production fell in the second quarter’s first two months and it sold its oil at a lower price as well. Also, while a fire damaged its Richmond refinery, Hurricane Isaac threw production at a Mississippi refinery out of gear. The fire at Richmond has resulted in a shortage of gasoline in California since August. The hurricane reduced oil production by 19,000 barrels in the first two months.

In July, the average price of oil realized by the oil giant in the U.S. dropped to $95.44. In the April to June quarter, the average price had been $103.91. The international price realized dropped from $99.21 to $96.86. Several charges and foreign currency losses have also affected the results adversely.
The third quarter results will be announced on November 2.

On Tuesday, the shares fell to $115.85, down 1.3 percent in after-hours trading. Only last Wednesday, the shares had closed at an all time high of $117.96.

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