China’s manufacturing sector contracted for the first time in seven months in May amid poor demand, fueling concerns that the weakness in the economy may persist for some more time. The headline purchasing managers’ index, an indicator of the health of the factory sector, fell to a seven-month low of 49.6 in May from 50.4 [...]

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Pet supplies retailer PetSmart Inc (PETM) said Wednesday after the markets closed that its first quarter profit rose 8% from last year, helped by higher sales and improved margins.

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L Brands Inc. Wednesday reported an 18 percent increase in first-quarter profit, aided by higher sales that was partly offset by a decline in gross margins. Earnings and sales for the quarter topped Wall Street estimates. Moving ahead, the women’s apparel and personal care products retailer raised its earnings outlook for fiscal year 2013.

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Business software provider Workday Inc. (WDAY), Wednesday said its first-quarter loss widened from a year ago, as higher expenses offset a surge in revenues. Nonetheless, adjusted loss and revenues for the quarter were better than what Wall Street anticipated. Looking ahead, the company lifted its full year revenue outlook.

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Hewlett-Packard Co. said Wednesday after the markets closed that its second quarter profit fell 32% from last year, hurt by lower revenue and weaker margins amid a slump in PC sales. However, the company’s quarterly earnings per share, excluding items, came in above analysts’ expectations, but its quarterly revenue fell short of analysts’ forecast.

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Stocks showed a substantial downturn over the course of the trading day on Wednesday after seeing some strength in morning trading. Renewed worries about the Federal Reserve tapering its asset purchase program contributed to the sharp pullback by the markets. The major averages climbed off their worst levels going into the close but still ended [...]

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U.S. crude oil snapped a four-day gain to end sharply lower Wednesday, after a weekly oil report from the Energy Information Administration showed crude stockpiles to have dropped lesser than expected, while gasoline stocks rose more than expected. Oil prices also impacted after the U.S. Federal Reserve Chief Ben Bernanke gave indications of slowing down [...]

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Some members of the Federal Reserve favor scaling back the central bank’s $85 billion a month asset purchase program this summer as long as the economy continues to improve, according the the minutes of the Fed’s April 30-May 1 meeting.

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After moving mostly higher over the course of morning trading on Wednesday, stocks have shown a notable move back to the downside in the afternoon. The major averages have pulled back well off their highs for the session and into negative territory. The major averages have moved roughly sideways in recent trading, lingering near their [...]

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Newly announced New York mayoral candidate Anthony Weiner is in second place in the race for the Democratic nomination, according to a Quinnipiac University poll released Wednesday, although the poll also showed that nearly half of voters said the former Congressman should not run.

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