Best Buy Co Inc
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Stocks closed higher but off their best levels after two Fed officials dampened speculation the central bank was ready to consider "tapering" its bond-buying.
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Autozone Inc. fell $8.96 or 2.1 percent, to $418.88. Bed Bath& Beyond Inc. rose$. 24 or. 4 percent, to $68.78. Best Buy fell$. 26 or 1.0 percent, to $25.38.
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Autozone Inc. rose $18.79 or 4.6 percent, to $427.84. Bed Bath& Beyond Inc. rose $1.19 or 1.8 percent, to $68.54. Best Buy fell $1.17 or 4.4 percent, to $25.64.
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Stocks closed higher but off their best levels after two Fed officials dampened speculation the central bank was ready to consider "tapering" its bond-buying.
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Best Buy reported a first-quarter loss as it restructured operations, but adjusted results beat expectations. The company is working on a turnaround plan to improve results as it faces tough competition from online retailers and discounters. Here CEO Hubert Joly discusses its efforts to stay competitive with low prices.
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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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Best Buy shares fell after the company's latest earnings report, but CEO Hubert Joly said there are early positive signs that the moves are beginning to resonate with consumers.
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Autozone Inc. rose $23.79 or 5.8 percent, to $432.84. Bed Bath& Beyond Inc. rose$. 84 or 1.2 percent, to $68.19. Best Buy fell $1.32 or 4.9 percent, to $25.49.
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NEW YORK-- A look at the 10 biggest percentage decliners on New York Stock Exchange at 1 p.m.:. Kosmos Energy Ltd. fell 6.1 percent to $11.19. Cyan Inc. fell 5.8 percent to $13.11.
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CNBC's Courtney Reagan breaks down the big box retailers first quarter results.
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*Home Depot raises outlook, shares jump. NEW YORK, May 21- U.S. stocks were little changed in early trading on Tuesday with Home Depot at a record high and buoying the blue-chips while investors eyed congressional testimony from Fed chairman Ben Bernanke on Wednesday.
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Autozone Inc. rose $14.64 or 3.6 percent, to $423.69. Bed Bath& Beyond Inc. rose$. 68 or 1.0 percent, to $68.03. Best Buy fell$. 29 or 1.1 percent, to $26.53.
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Traders will be listening for clues about possible tapering off of quantitative easing when two Fed presidents speak later on Tuesday.
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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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*Home Depot raises outlook, shares jump. *Goldman Sachs sees S&P 500 at 1,750 by year-end. "Given there's not a lot of economic news coming out today, it looks like we're set up for a pretty' nothing' day," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.
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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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U.S. futures signaled a flat-to-lower Wall Street open on Tuesday, as markets in Europe and Asia remained cautious ahead of Federal Reserve chief Ben Bernanke's testimony to the Senate.
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*Home Depot raises outlook, shares jump. *JPMorgan shareholders to decide on Dimon's chairmanship. *The housing market recovery helped Home Depot report higher quarterly sales and earnings, prompting the world's largest home improvement chain to boost its sales outlook for the year.
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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.
