Starbucks (SBUX - Get Report), the world's biggest coffee chain, on Thursday posted profit of $390.4 million, or 51 cents a share, up from $309.9 million, or 40 cents share, a year earlier. Adjusted earnings were 48 cents a share, in line with analysts' estimates. Revenue in the quarter rose 11% to $3.56 billion. U.S. same-store sales in the quarter rose 7%. Starbucks said it expects full-year earnings of $2.12 to $2.18 a share, up from its previous forecast of $2.06 to $2.15 a share.
George Soros revealed he had taken an 8% stake in JCPenney (JCP - Get Report), the struggling retailer. Soros Fund Management disclosed in a Securities and Exchange Commission 13G filing, dated April 15, that it bought 17.4 million shares, or a 7.9% stake in the retailer's stock. Soros Takes JCPenney Stake to Lead Retail Higher
Wall Street is expecting Chevron (CVX - Get Report) to post first-quarter profit of $3.07 a share on revenue of $67.73 billion.
Analysts expect homebuilder DR Horton (DHI - Get Report) to report fiscal second-quarter earnings of 19 cents a share on revenue of $1.26 billion.
Yahoo! (YHOO) Chairman Alfred Amoroso will leave the board of the Internet company on June 25 at its annual shareholders meeting. Yahoo! appointed Maynard Webb Jr. as interim chairman. Amoroso is the eighth Yahoo! director to depart since early last year. Marissa Mayer Makes Good; Yahoo! Launches New iOS App
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