Financial/Banking

Washington, D.C. -- The National Retail Federation welcomed plans announced by the Obama Administration Tuesday to streamline hundreds of government regulations, but said the plan does not go far enough.

Woonsocket, R.I. -- CVS Caremark said its board has approved a $4 billion stock repurchase program and that it intends to complete an earlier $2 billion program before the end of this year.

Under the new authorization, the retailer said it expects to repurchase about $1 billion in shares by the end of the year.
 

Dallas -- Tuesday Morning Corp. reported Monday that it swung to a loss of $1.4 million in the quarter ended June 30, compared with a profit of $1.3 million in the year-ago period.
 
Revenue fell 3% to $194.8 million, from $200.8 million last year. Same-store sales declined 4.5%.
 
For the year, net income fell 11% to $9.6 million. Revenue dipped nearly 1% to $821.2 million.
 

New York City -- Mexican billionaire Carlos Slim, through his Inmobiliaria Carso SA investment fund, spent $8.8 million to up his stake in Saks, according to Bloomberg. 

Slim, who was Saks’s largest shareholder before the purchases and last acquired the New York-based retailer’s shares in April 2009, raised his stake to 16% from 15.7%, the report said. Slim has made it a practice to add to his investment holdings when the markets slump.

Berkley, Calif. -- Andronico's Community Markets has filed for Chapter 11 bankruptcy protection.

The company is seeking debtor-in-possession financing that would allow it to sell itself to a private investment group that would keep its seven stores in Northern California in operation.

New York City -- Former Duane Reade CEO Tony Cuti was sentenced on Monday to three years in prison in connection with accounting fraud at the New York-based drug store chain.

Cuti, who is to report to prison on Jan. 31, 2012, also must pay a $5 million fine.

If you’re peeking at the news between slats in your fingers, scared to see where the S&P 500 sits or what’s happening with the NASDAQ, the Dow and the price of oil, you’re quite obviously not alone. Each day is a frightening new one, and no one – not even economists – are quite sure what’s going to happen next.

Mooresville, N.C. -- Lowe’s Cos. on Monday said it has been authorized to buy back up to $5 billion of its common stock over the next two-to-three years.

In a statement, the company said it expects to use the full amount over the next two to three years. The new repurchase authorization from the Lowe's board has no expiration date.