In brief: Lowe’s revenue beats second-quarter estimates

MOORESVILLE, N.C. – Lowe’s second-quarter revenue beat analyst estimates as customers stocked up on things like appliances and outdoor power equipment.

It was same story a day earlier from rival Home Depot Inc., which also saw appliance sales rise.

For the three months ended July 31, Lowe’s revenue rose to $17.35 billion from $16.6 billion.

This topped the $17.31 billion in revenue expected on Wall Street, according to a survey by Zacks Investment Research expected.

The company earned $1.13 billion, or $1.20 per share, for the quarter. A year earlier it earned $1.04 billion, or $1.04 per share.

Per-share earnings were 3 cents shy of analyst projections, according to Zacks.

Crude supply growth pushes oil prices down

NEW YORK – The price of oil fell to its lowest closing price in almost six and a half years Wednesday on new data showing that U.S. crude inventories rose at a time of year when they are typically in decline.

Shares of the world’s biggest oil companies were battered after the report, with Exxon Mobil, BP, Marathon Oil, Chevron and ConocoPhillips all sliding to multiyear lows.

Oil supplies typically decline in the spring and summer because refiners make more gasoline to meet driving demand in the summer. That’s what analysts expected to see in the latest weekly report from the Energy Information Administration. But instead, the agency said commercial inventories increased by 2.6 million barrels last week. That was a jolt to analysts and investors who have seen the price of oil plunge because there’s too much supply on the market and not enough demand.

On Wednesday, crude prices fell 4.3 percent to $40.80 a barrel in New York, their lowest close since March 2, 2009. They have fallen by more than half over the past year.

Target makeover fuels threefold income surge

NEW YORK – Target is on its way back.

Shoppers are visiting the company’s stores more often and spending more on each trip, the Minneapolis-based discount-store chain said Wednesday. The company raised its annual profit outlook and said its second-quarter net income more than tripled.

The upbeat report is evidence efforts to spruce up fashions and other merchandise are paying off for CEO Brian Cornell, who has led the company for a year with marching orders to reinvent the “cheap chic” retailer after a series of problems.

“I think we’re making very good progress right now,” Cornell told investors during a conference call Wednesday. “But we’re not satisfied. We know we’ve got more work to do to meet the needs of the guests every time they shop.”

Government opens itself to Yelp ratings

WASHINGTON – You can now rate the Internal Revenue Service or a Transportation Security Administration airport checkpoint just like you would a local diner or plumber.

In a new partnership with Yelp Inc., the U.S. government is inviting taxpayers to rate its services and leave comments about what they like – or can’t stand.

The General Services Administration and Yelp announced the new service this week, saying it will help federal agencies be more responsive to complaints and improve how they serve taxpayers. Reviewers will be able to rate things like the bathrooms at Yellowstone National Park, the Social Security Administration’s customer service and local post offices.