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During 3Q16, $TTC's operating earnings as a percent of sales rose 60 BP to 13.6% vs. 3Q15. Interest expense was up slightly 1.3% and effective tax rate was 30.9% vs. 31.3% in 3Q15. The company expects full-year 2016 tax rate to be about 30.5%. Net inventories fell 6.6% to $327.1MM, while trade payables rose 1.3% to $172.2MM for the quarter.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.