Kohl's declares its first stock dividendDepartment-store chain Kohl's Corp., which has been taking market share from Sears and other rivals, declared its first-ever dividend and said it would buy back more stock because of the chain's financial strength. The company's shares rose 3.4 percent. The quarterly dividend will be 25 cents a share, the Menomonee Falls, Wis.-based company said. Kohl's also said profit in 2011 will be as much as $4.25 a share, compared with the $4.35 expected by analysts. The company said it would more than triple its stock-buyback program to $3.5 billion. Kohl's shares rose $1.78 to close at $53.80.
January new-home sales down 12.6 percentSales of new homes plummeted in January, a worrisome sign because it follows the worst year for new home sales in nearly 50 years. New-home sales dropped 12.6 percent last month to a seasonally adjusted annual rate of 284,000, the Commerce Department said. That's less than half the pace economists consider healthy. Last year marked the fifth straight annual decline for new-home sales after they hit record highs during the housing boom. Poor sales of new homes mean fewer jobs in the construction industry, which normally powers economic recoveries.
Jobless claims down again last weekNew applications for jobless benefits fell by 22,000 last week to 391,000, data suggesting that a slow but steady improvement in the U.S. labor market remains on track. Over the past four weeks, the number of people applying for jobless benefits has averaged 402,000, marking the lowest level since July 2008, according to Labor Department data reported Thursday. The four-week average, which dropped 16,500 from the week before, is considered a more accurate gauge of employment trends because it lessens week-to-week volatility in the data.
Aircraft help durable-goods orders riseOrders for U.S. durable goods climbed in January as demand for aircraft rebounded after plunging the prior month. Bookings for goods meant to last at least three years rose 2.7 percent after a 0.4 percent drop in December that was smaller than previously estimated, the Commerce Department said. Orders excluding transportation equipment unexpectedly dropped 3.6 percent, reflecting a recurring pattern of declines in capital goods in the first month of a quarter. Still, orders totaled about $200 billion, considered a healthy level.
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