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Stocks Seen Down Ahead of Fed Speeches and Retail Earnings


Following modest Monday losses, investors are eyeing a possible extension of an unusual record: a 19th consecutive Tuesday gain for the Dow Jones Industrial Average. A gain by the Dow today would also avoid its first two-day losing streak in over a month, with the last one occurring April 17-18.


There are no economic reports on the calendar, but with Fed speeches increasing influencing market activity these days, the Street will be watching two slated for today. St. Louis Federal Reserve President James Bullard speaks at 11:30 a.m. ET at a conference in Frankfurt Germany, while New York Fed President William Dudley has a speech at the Japan Society in New York at 1 p.m. ET.


Dow component Home Depot (HD) is out with its quarterly earnings this morning, with Best Buy (BBY), AutoZone (AZO), Medtronic (MDT), and Saks (SKS) also on the schedule. Intuit (INTU), NetApp (NTAP), and Analog Devices (ADI) report their quarter numbers after today's closing bell.


Urban Outfitters (URBN) is among our stocks to watch this morning, with the clothing retailer reporting first quarter profit of $0.32 per share, three cents above estimates, though revenues fell short of consensus. Urban Outfitters was able to expand its profit margins thanks to a drop in discounts.


Dell's (DELL) credit rating has been cut two notches by Standard and Poor's to BBB from A- with a negative outlook. S&P cited the computer maker's $24.4 billion transaction to take the company private, saying it would materially degrade Dell's financial risk profile.


Carnival (CCL) has cut its earnings outlook, with the cruise line operator now seeing full year profit of $1.45 - $1.65 per share, compared to current Street estimates of $1.98. Carnival points to lower pricing to attract passengers following a series of well-publicized mishaps and incidents.


Yahoo (YHOO) followed up its acquisition of blogging service Tumblr by announcing updates to its Flickr photo sharing service, unveiling a redesign and offering users one terabyte of free storage space.


Tesla (TSLA) is planning to repay a government loan this week, according to the automaker's chief executive, Elon Musk.


Vodafone (VOD) posted the largest ever quarterly drop in what's termed "organic service revenue", as investors continue to speculate on whether it will sell its 45 percent stake in Verizon Wireless.


Amazon.com (AMZN) has won a key security clearance from the U.S. government for its cloud service known as Amazon Web Services. That approval allows Amazon to expand the business by going after government agency contracts.


JPMorgan Chase (JPM) holds its annual meeting today, with most attention focused on a shareholder vote on whether to split the chairman and chief executive roles currently held by Jamie Dimon.


Sprint Nextel (S) has been granted a waiver by Japan's SoftBank which allows it to consider a $25.5 billion takeover bid from Dish Network (DISH). Sprint already has a deal in place to sell a 70 percent stake to SoftBank for $20.1 billion.


iGate (IGTE) has fired chief executive officer Phaneesh Murthy following the investigation of a sexual harassment claim. iGate is a provider of technology outsourcing services.