Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Verizon revises deal with Yahoo to $4.48 billion * Verizon Communications Inc. said on Tuesday it would buy Yahoo Inc.'s core business for $4.48 billion, lowering its original offer by $350 million in the wake of two massive cyberattacks at the internet company.

The closing of the deal, which was first announced in July, had been delayed as the companies assessed the fallout from two data breaches that Yahoo disclosed last year. Under amended terms, Yahoo and Verizon will split cash liabilities related to some government investigations and third-party litigation related to the breaches.

With the deal, Verizon gains Yahoo's more than 1 billion users and a wealth of data it can use to offer more targeted advertising. The deal is expected to close by June 30.

Macy's earnings tumble nearly 13 percent * Macy's, the nation's largest department store chain, on Tuesday reported a 13 percent drop in fourth quarter earnings. Results were dragged down by lower sales, store closures including at Alton Square, and other costs.

For the three months ended Jan. 28, Macy's earned $475 million, or $1.54 per share. That compares with $544 million, or $1.73 per share, in the year-ago period. Revenue fell 4 percent to $8.52 billion.

Macy's said it expects revenue at stores opened at least a year will be down 2.2 percent to 3.3 percent for the current quarter. That includes licensed businesses like perfume. Shares closed down 1 cent at $32.29.

Number of U.S. restaurants fell in 2016 * The total number of U.S. restaurants dropped last fall by 2 percent, and the ratio of eateries to people is at its lowest point since the recession, research and consulting firm The NPD Group said Tuesday.

The makeup of the remaining eateries is changing at a rapid pace too, as the number of independent restaurants is falling while the number of chain restaurants is climbing. …

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