U.S. won't lift ban on Samsung items
Samsung Electronics can't import some smartphones and tablet computers into the U.S. after President Barack Obama decided not to veto a ban won by Apple in a patent-infringement dispute.
"After carefully weighing policy considerations, including the impact on consumers and competition, advice from agencies, and information from interested parties, I have decided to allow" the import ban, Obama's designee, U.S. Trade Representative Michael Froman, said in a statement Tuesday.
The South Korean company asked Obama to overturn the ban ordered by the U.S. International Trade Commission on public policy grounds -- the same relief the president gave Apple in August from an order barring imports of the iPhone 4S. Samsung can now seek a delay from a U.S. appeals court.
-- Bloomberg News
Same-store sales fall less at Penney
Shares of J.C. Penney got a boost Tuesday after the struggling department store chain said that a key sales barometer wasn't as bad last month as it was in August.
The company also expects that it will have ample cash on hand at the end of the year.
The assurances from Penney marked the second time since late September that it said business was showing signs of improvement and tried to address worries about cash reserves. The company is seeking to calm investors who are growing pessimistic about a turnaround.
In the statement Tuesday, Penney, based in Plano, Texas, said revenue at stores open at least a year fell 4 percent in September from a year ago. The same measure fell 9.8 percent in August.
Revenue at stores open at least a year is a key gauge of a retailer's health because it excludes the potentially distorting effect of results from stores recently opened or closed.
Penney expects to see improving sales trends for the remainder of the year and also said that its online sales are strengthening.
Penney shares closed up 6 cents at $7.77 Tuesday. The stock is still off 68 percent over the past 12 months. And many analysts remained skeptical.
"I find nothing encouraging in this report," said David Tawil, co-founder and portfolio manager of Maglan Capital, which follows distressed companies. "Stemming the tide isn't enough."
-- Associated Press