What Exploding Smartphones? Samsung Predicts Big Profits

Samsung is predicting its biggest profit in 3 years, just months after the massive recall of the Galaxy Note 7 smartphone.
Author:
Publish date:

Samsung (SSNLF) is predicting its biggest profit in three years, just months after the massive recall of the Galaxy Note 7 smartphone. The company's guidance indicates the costly recall of its Note 7 phone was only a temporary blip rather than a lingering hit to consumer confidence. It appears its major financial repercussions of the recall may have been confined to the third quarter of 2016. Gap (GPS) - Get Report  stock is jumping as much as 12% on a surprisingly good month of sales. It reported companywide comparable sales rose 4$ in December, a strong finish to a very competitive holiday season. The clothing retailer has been struggling for the last two years to adjust to changing fashion tastes. The Chinese currency jumped overnight by the most since 2005. The government guided the yuan higher against the U.S. dollar. Markets are waiting on the December payroll numbers, which will be the final major economic report of the Obama presidency.