Early Movers: HD, BBY, URBN, DELL & More
Check out which companies are making headlines before the bell on Tuesday:
Home Depot —The home improvement retailer reported first quarter profit of 83 cents per share, six cents above estimates. Revenue also exceeded estimates, and the company raised its earnings and sales guidance for the year as it benefits from the improving housing market.
Best Buy —The electronics chain reported quarterly profit of 32 cents per share, excluding certain items, above estimates of 25 cents per share. However, revenue of $9.38 billion was well short of estimates, as comparable store sales fell 1.3 percent.
Medtronic — The medical device maker earned $1.10 per share, excluding certain items, during the fourth quarter -- seven cents above estimates. Revenue was also above consensus, with sales growth in Medtronic's endovascular and structural heart units particularly strong.
Urban Outfitters — The clothing retailer reported first quarter profit of 32 cents 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 — Dell's 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 — Carnival 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 with its cruise liners. The news on Carnival may also weigh on shares of competitor Royal Caribbean.
Yahoo — Yahoo 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 —Tesla is planning to repay a government loan this week, according to the automaker's chief executive, Elon Musk.
Vodafone — The mobile phone operator 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 —The online retailer 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 —The bank 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 — Sprint has been granted a waiver by Japan's SoftBank which allows it to consider a $25.5 billion takeover bid from Dish Network. Sprint already has a deal in place to sell a 70 percent stake to SoftBank for $20.1 billion.
iGate — iGate has fired chief executive officer Phaneesh Murthy following the investigation of a sexual harassment claim. iGate is a provider of technology outsourcing services.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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