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NEW YORK (AP) ? Home Depot said Tuesday that its first-quarter net income climbed nearly 28 percent as unseasonably warm winter and increased business from contractors and other professional customers boosted results at the world's biggest home-improvement company.
The company raised its 2012 net income guidance on the better-than-expected profit. But its revenue fell short of Wall Street expectations, sending its stock down 3.5 percent in trading.
Home Depot's results illustrate what's going on in the U.S. economy. While a prolonged U.S. housing slump has caused some Americans to cut back on spending on their homes, contractors and other professionals are starting to buy again. Confidence among U.S. builders rose to the highest level in five years in May, according to The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday.
CEO Frank Blake said larger professional customers are coming back more quickly than smaller professional customers and do-it-yourselfers.
"This suggests a thawing process with the larger customers recovering first, with - hopefully - stronger recovery spreading," he said. "While there are some positive signs in the housing market, it is still under pressure."
The Atlanta-based company, which has more than 2,200 stores worldwide, also benefited from mild weather. This spring ? the fourth warmest in the company's history ? led to strong sales of products like lawn mowers and lawn products, grills, planters and other gardening and outdoor products. Plumbing and kitchen products were weaker.
Home Depot Inc. reported net income of $1.04 billion, or 68 cents per share, for the period ended April 29. That's up from $812 million, or 50 cents per share, a year earlier. The latest results beat the 64 cents per share that analysts polled by FactSet expected.
Revenue rose 6 percent to $17.81 billion from $16.8 billion. But that missed Wall Street's estimate of $17.89 billion. Revenue at stores open at least a year rose 5.8 percent, with the metric climbing 6.1 percent for U.S. locations. This figure is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.
Total transactions rose 4 percent while the average ticket per customer rose 2 percent. The number of people spending less than $50, about 20 percent of sales, rose 2.4 percent. The number of people spending over $900, also 20 percent of sales, rose 6.7 percent during the quarter.
The company expects fiscal 2012 earnings of $2.90 per share, with revenue up about 4.6 percent. This implies revenue of approximately $73.66 billion. Home Depot previously predicted earnings of about $2.79 per share and a 4 percent revenue increase. Analysts had expected earnings of $2.90 per share on revenue of $74.06 billion.
Home Depot shares fell $1.01, or 2 percent, to $48.87 during morning trading. The stock has risen 19 percent since the beginning of the year.
Home Depot's smaller rival Lowe's Cos. reports quarterly results on Monday.
___
Associated Press Writer Michelle Chapman contributed to this report
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With massive dinosaurs towering above, tiny female insects called thrips had just dusted themselves with hundreds of pollen grains from a gingko tree more than 100 million years ago when they perished, only to be preserved in tree resin called amber.
The discovery, detailed this week in the journal Proceedings of the National Academy of Sciences, is the oldest known record of insect pollination.
(Pollination occurs when either the wind or an animal, mostly insects, deliver pollen from a plant's male reproductive organ to the female parts either on the same plant or another one.)
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Science editor Alan Boyle's blog: Marine biologists say the spooky "Cascade Creature" seen drifting through the deep sea in a viral video is a type of jellyfish known as a Deepstaria enigmatica.
During the lower Cretaceous Period when the newly discovered thrips lived, flowering plants would have just started to diversify, eventually replacing conifers as the dominant species, the researchers said.
"This is the oldest direct evidence for pollination, and the only one from the age of the dinosaurs," study researcher Carmen Soriano said in a statement. "The co-evolution of flowering plants and insects, thanks to pollination, is a great evolutionary success story."
Soriano and an international team of scientists studying the two pieces of amber, which were discovered in what is now northern Spain, say the specimens date back between 110 million and 105 million years ago. [Photos of the Ancient Pollinators]
They found six female thrips, also called thysanopterans, enclosed in the amber, with hundreds of pollen grains attached to their tiny bodies ? the insects are just 2 millimeters long. The thrips, the researchers found, belong to a new genus now named Gymnopollisthrips, with two new species, G. minor and G. major.
After the amber pieces' initial discovery, they were then kept in a collection of the Museo de Ciencias Naturales de ?lava in Spain.
To get a closer look at the pollination event frozen in time, the team used synchrotron X-ray tomography at the European Synchrotron Radiation Facility (ESRF), focusing on the most representative of the amber-encapsulated thrips. In synchrotron X-ray tomography, charged particles are sent speeding through magnetic fields; these particles release high-energy light that can then pierce opaque materials to reveal three-dimensional, high-resolution images.
The images revealed various features of the pollen grains, together suggesting the grains came from a kind of cycad, or gingko, tree, the researchers said. Gingkos have separate male and female trees, with males producing small pollen cones and females bearing ovules at the ends of stalks that develop into seeds after pollination.
The researchers wondered what these pollen transporters would've gotten in return for their services so long ago. The benefit must have been the opportunity to pick up pollen food for the thrips' larvae, said the researchers, adding that this benefit would have nudged the emergence of the ringed hairs specialized for pollen transport.
"Thrips might indeed turn out to be one of the first pollinator groups in geological history, long before evolution turned some of them into flower pollinators," Soriano said.
Follow LiveScience for the latest in science news and discoveries on Twitter @livescience and on Facebook.
? 2012 LiveScience.com. All rights reserved.
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If you were watching our coverage of the Galaxy S III launch event, you'll already be familiar with the wealth of accessories that were announced alongside the phone, and shown backstage in the sprawling demo area. We even gave them a full write up, and snapped some photos. Today a few of these accessories have appeared for pre-order over at UK retailer MobileFun, along with preliminary prices and some official promo images. Among the more interesting accessories on show is the "C Pen" -- Sammy's capacitive stylus for the Galaxy S III, which was nowhere to be found in the demo area at the launch event. MobileFun is also listing the official flip cover, Wifi Display Hub and phone holder/battery charger.
As you might expect from official, branded accessories, these don't come cheap. The holder/charger package comes in at £35 (~$56), while the flip cover will sell for £30 (~$48). It's also worth mentioning that you can't buy any of these just yet (for the Galaxy S III that you don't have), as these are just pre-order listings. We're hoping to see many of these on launch day, but we're already hearing from retailers that one of the more anticipated add-ons, the wireless charging accessory, isn't expected until September.
Source: MobileFun
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We're still confirming the news with Yahoo but AllThingsD's Kara Swisher is reporting that as of tomorrow, Scott Thompson will be leaving his role as CEO of Yahoo, and getting replaced, on an interim basis, by Ross Levinsohn, currently the global media head.?Update: Thompson's now officially out and Levinsohn's in. Read the updated report?here. Thompson's position has been mired in controversy since news broke the other week that he had lied about his qualifications -- and that situation seemed to be going from bad to worse as the company failed to act on the news in any significant way -- and Thompson remained in control. Some may even find the method in which he is finally going unsatisfactory: the company will apparently cite "personal reasons" for his departure, according to AllThingsD.hawaii weather snooki the jerk lake havasu halo 4 jewel san francisco earthquake
Thunderbolt's 10-gigabit interface is only just making its way to Windows after spending more than a year as a Mac-only feature, so it's not surprising that a lot of questions surround how well the Apple- and Intel-developed connection works for those of a Microsoft persuasion. A thorough test at AnandTech of one of the first motherboards to support the spec on Windows PCs, an Ivy Bridge-ready board from MSI, has shown some positive signs along with a few flies in the high-speed ointment. The good news? Most general storage devices will work as expected with a minimum of fuss, and you can even get some features of Apple's Thunderbolt Display working if you're willing to accept a lack of pre-supplied software brightness controls and USB support. The bad news comes mostly in the absence of true hot-plugging like on the Mac: if a device isn't plugged into the Thunderbolt port on boot, Windows won't see it. Professionals who need everything to be just perfect will want to wait, then, but bandwidth lovers will still find something to like if they're willing to build Thunderbolt-equipped PCs themselves.
Thunderbolt on Windows gets hands-on, lacks Mac's hot-swapping originally appeared on Engadget on Sat, 12 May 2012 01:02:00 EDT. Please see our terms for use of feeds.
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William Balfour - the former brother-in-law of Jennifer Hudson who was arrested for killing her mother, brother and nephew - has been found guilty on three counts of first-degree murder.
Hudson (along with her fiancé and sister) was inside the courtroom when the verdict was read and sources tell E! News they sat silently throughout.
Balfour did not testify on his own behalf, although the Oscar winner did take the stand early on in the trial and broke down in tears at one point.
In addition to the murder charges, Balfour was found guilty of home invasion, residential burglary, aggravated kidnapping and possession of a stolen vehicle. He faces life in prison.
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Acer's Liquid series phones only occasionally reach the FCC, so it's with some surprise that we've just spotted the still-fresh Liquid Glow getting the US agency's approval under its E330 model name. Details are scarce as to whether or not there's been any changes made to the Android 4.0 phone on its way out of Taiwan, however: there's no telltale signs like cellular frequencies or carrier badging. If anything, Acer is hoping to keep information hush-hush by stamping a 180-day confidentiality seal on the manual and photos. It's entirely possible that this is the international GSM model with no 3G support for North American carriers, so we wouldn't get worked up about local release plans. Even so, knowing Canadian carrier Rogers' tendency to offer Acer phones, there's still a possibility that a version of the Liquid Glow might go on sale this side of the Pacific.
Acer Liquid Glow hits the FCC, keeps its secrets originally appeared on Engadget on Sun, 13 May 2012 15:41:00 EDT. Please see our terms for use of feeds.
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Granted, Apple and Google aren't quite the bosom buddies they once were, but how far is Cupertino going to free itself from the Android-maker? Well, Apple's picked up a number of mapmakers and is now reportedly getting ready to unveil a Google map competitor for iOS. 9to5Mac is reporting that the mapping solution will be in-place for the next major version of the mobile operating system, combining technologies gathered with the acquisition of Placebase, C3 Technologies and Poly9. The star of the show is said to be the 3D mode with graphics nabbed from C3. All Things D has "independently confirmed" the forthcoming app reinvention, with sources adding, (hopefully a bit hyperbolically) that it will "blow your head off." According to rumors, we'll be finding out a lot more come WWDC next month.
Report: Apple dumping Google for own Maps app in iOS 6 originally appeared on Engadget on Fri, 11 May 2012 13:56:00 EDT. Please see our terms for use of feeds.
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If you haven't already upgraded to CS6, then maybe Adobe can entice you to take the "radical" next step of signing up to its cloud service, which starts today in 36 countries priced at $50 per month on an annual contract, or $75 per month for the non-committal. Will it be worth the potatoes? That depends on whether you're the type of person who prefers to pay $2,600 upfront for a perpetual license, or alternatively make use of subscription-based access to online install files, HTML5 apps like Adobe Muse 1.0 (for code-free HTML design) and Adobe Edge preview (for animations and interactive content), plus integration with Adobe's Touch Apps for iOS and Android tablets. You'd also get that other big cloudy offering: 20GB of online storage for easy sharing, viewing and syncing of all your hard work. Finally, if you're using an older version of Creative Suite, then Adobe's offering you a pretty hefty introductory discount to entice you onto the slippery upgrade slope. Check out the press release for further price info, or just look up in the sky.
Adobe Creative Cloud rolls out today: CS6 applications, storage and syncing from $50 per month originally appeared on Engadget on Fri, 11 May 2012 03:52:00 EDT. Please see our terms for use of feeds.
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