Dollar General News
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Wal-Mart Stores Inc., the world’s largest retailer, forecast second-quarter profit that was less than analysts estimated as the slow U.S. economy and higher taxes put pressure on consumers.
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Wal-Mart Stores Inc.’s board, as it prepares for new leadership at the company, has identified two internal candidates to succeed Chief Executive Officer Mike Duke, according to a person familiar with the situation.
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Prices at Wal-Mart Stores Inc. are lower on average than Family Dollar Stores Inc. and Dollar General Corp. as the world’s largest retailer expands its presence in neighborhood markets.
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Dollar General Corp., the discount retailer acquired by KKR & Co. in 2007, sold $1.3 billion of bonds and is planning to issue $1.9 billion of loans as it seeks to refinance senior secured borrowings.
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Sales of corporate bonds in the U.S. rose to at least $24 billion, the third straight week of below-average issuance, while relative yields narrowed.
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Caesars Entertainment Corp., the largest owner of U.S. casinos, said it’s creating a venture that will raise as much as $1.2 billion to finance growth investments and bolster the parent company’s balance sheet.
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A gauge of U.S. corporate credit risk declined as Alcoa Inc.’s profit exceeded analysts’ estimates, marking the start of the earnings season.
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Dollar General Corp.’s debt was raised two levels to investment grade by Moody’s Investors Service because of expectations its profit will continue to increase.
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Dollar General Corp., the discount retailer acquired by KKR & Co. in 2007, is fetching a premium in the debt markets as it approaches an investment-grade rating and takes market share from Wal-Mart Stores Inc. and other larger competitors as the economy struggles to accelerate.
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Treasuries rallied and the euro weakened to a four-month low against the dollar, while Italian and Spanish bonds slumped, as concern about Europe’s debt crisis deepened. Most U.S. stocks fell, even as the Standard & Poor’s 500 Index pared a drop of as much as 0.8 percent.
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