Stocks Climb on Dovish Fed Comments; Bernanke Up Next
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Goldman Sachs is selling about $1.1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China, the world's biggest bank.
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Among the earnings stories for Tuesday, May 21, from AP Business News:. _ The TJX Cos., the parent company of TJ Maxx and Marshalls clothing stores, said that its fiscal first-quarter net income rose 8 percent to match Wall Street predictions.
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DETROIT-- Tesla Motors fell more than 5 percent in early trading Tuesday, a brief decline amid huge gains this month after the electric car maker posted its first quarterly profit. Tesla's stock price had jumped 74 percent between May 8, when first-quarter earnings were announced, and May 14, when it hit a 52- week high of $97.12.
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Among the earnings stories for Tuesday, May 21, from AP Business News:. _ Best Buy Co., the electronics retailer, reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.
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NEW YORK-- Hhgregg Inc.' s shares tumbled Tuesday after the electronics and appliance retailer reported a slightly better-than-expected fiscal fourth-quarter profit, but its revenue fell well short of Wall Street predictions. THE SPARK: Hhgregg said late Monday that it earned $9.9 million, or 31 cents per share.
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MINNEAPOLIS-- Medtronic shares rose 5 percent Tuesday after the company reported better-than-expected fourth quarter earnings on sales of implantable heart defibrillators and pacemakers. "With our scale and breadth of innovative technology, Medtronic is clearly outperforming the market," said CEO Omar Ishrak, in a statement.
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HOUSTON-- Bristow Group Inc., which flies helicopters for energy companies, said Tuesday that it will raise its quarterly dividend by 5 cents, or 25 percent, to 25 cents. The dividend will be paid June 14 to all stockholders on May 31. Shares slipped 37 cents to $67.52 in midday trading.
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GREENWOOD VILLAGE, Colo.-- Red Robin Gourmet Burgers Inc.' s fiscal first-quarter net income dropped 10 percent, hurt by lower customer traffic.
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NEW YORK-- Standard& Poor's Ratings Services is lowering the rating it gave J.C. Penney's term loan further into junk status because the struggling department store operator boosted the loan's size. J.C. Penney Co. increased the size of the term loan to $2.25 billion from $1.75 billion.
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May 21- Best Buy Co Inc reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near term. Excluding restructuring and other charges but including Europe, it earned 36 cents a share, beating the analysts average estimate of 25 cents, according to Thomson Reuters I/B/E/S.
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May 21- TJX Cos Inc, owner of the low-price T.J. Maxx and Marshalls chains, reported a higher first-quarter profit, and forecast more sales growth in the current quarter.
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May 21- Best Buy Co Inc reported weak quarterly sales on Tuesday and warned that a slew of investments to entice shoppers could squeeze profits in the near term. The results showed that Best Buy might need to cut more costs to be able to compete more effectively with the likes of Wal-Mart Stores and Amazon.com.
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May 21- Best Buy Co Inc reported weaker-than-expected quarterly sales on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near term. Net earnings from continuing operations fell to $97 million, or 29 cents a share, from $169 million, or 49 cents a share a year earlier.
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May 21- Saks Inc on Tuesday reported higher than expected first-quarter sales, but it warned that investments to launch an e-commerce site for its outlet chain would weigh more on profits than expected. Saks reported a profit of $20 million, or 13 cents per share, for the quarter ended May 4, versus a year-earlier profit of $32.1 million, or 18 cents per share.
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MEMPHIS, Tenn.-- AutoZone's third-quarter net income rose 7 percent, as acquisition costs fell and sales improved. Revenue for the Memphis, Tenn., company increased 5 percent to $2.21 billion from $2.11 billion. AutoZone Inc. had 5,109 stores worldwide at the quarter's end.
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May 21- Best Buy Co Inc reported weaker-than-expected quarterly sales on Tuesday and warned that a slew of investments to win back shoppers could squeeze profits in the near term. Net earnings from continuing operations fell to $97 million, or 29 cents a share, from $169 million, or 49 cents a share a year earlier.
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May 21- Home Depot Inc reported higher-than-expected quarterly results and boosted its sales and profit outlook for the year as the world's largest home improvement chain benefited from a nascent recovery in the U.S. housing market.
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May 21- A nascent recovery in the housing market helped Home Depot Inc report higher quarterly sales and earnings on Tuesday, prompting the world's largest home improvement chain to boost its sales outlook for the year. Net earnings rose to $1.2 billion, or 83 cents a share, in the first quarter ended on May 5 from $1 billion, or 68 cents a share, a year earlier.
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HIGHLAND HEIGHTS, Ky.-- General Cable Corp. said Monday that it will issue a quarterly dividend of 18 cents per share in June, the wire and cable maker's first payout since 2002..
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PHILADELPHIA-- Urban Outfitters Inc.' s fiscal first-quarter profit increased 39 percent due to stronger sales and fewer markdowns on clothing. The company, based in Philadelphia, operates the Urban Outfitters, Anthropologie, Free People, BHLDN and Terrain brands.
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NEW YORK, May 20- Freeport-McMoRan Copper& Gold Inc took a big step on Monday in its plan to expand into energy, when Plains Exploration& Production Co shareholders approved the miner's $6 billion takeover deal, sweetened by two special dividends.