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Shares of Sony moved higher Tuesday on heavy volume as reports circulated that it is considering a spinoff proposal from billionaire investor Dan Loeb.
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Corn futures Tuesday skidded to multi-week lows on reports that U.S. farmers are catching up with crop plantings at a record-setting pace.
The U.S. Department of Agriculture Monday reported that 71 percent of the corn crop was in the ground, versus 28 percent last week. In the last five years, an average 79 percent has been planted by this time of year.
The increase of 43 percentage points amounts to 41.8 million acres, a record, according to Reuters.
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Shares of Sony moved sharply higher Tuesday on heavy volume as reports circulated that the electronics giant is considering a proposal from billionaire investor and major shareholder Dan Loeb.
Japan's Nikkei reports that Sony will have third-party financial advisors estimate how much its value would increase from Loeb's proposal to spin off its movie and music business. Loeb has disclosed about a 6 percent stake in Sony.
Check out which companies are making headlines after the bell Tuesday:
Shares of Saks soared in late trading on a New York Post report the company has hired Goldman Sachs to explore a possible sale.
Merck shares are higher after the pharma giant announced an accelerated $5 billion share repurchase.
Tax software firm Intuit reported fiscal third-quarter earnings excluding items of $2.97 per share on revenue of $2.18 billion. For the current quarter, Intuit sees adjusted earnings of 3 cents to 7 cents per share, below Street forecasts. The stock was modestly higher in extended hours trading.
Federal Reserve Chairman Ben Bernanke is expected to maintain his dovish tone when he speaks to Congress Wednesday, and he is likely to dispel any notion that the Fed is ready to cut back on its easing policy.
The markets have been speculating the Fed could start to gradually cut back on its $85 billion monthly bond buying program, and that view has been furthered by some hawkish Fed officials who would like to see quantitative easing wind down sooner, rather than later.
Bernanke appears before the Joint Economic Committee at 10 a.m. EDT, and at 2 p.m., the minutes of the last Fed meeting will be released.
"The doves are taking back the reins. The hawks had their day in the sun," said George Goncalves, Treasury strategist at Nomura Americas.
"I think the bond market is going to be happy because Bernanke's going to reiterate his dovishness, and he's still cautious, but he's constructive on the economy," said Goncalves. "I think all markets are going to be pleasantly surprised tomorrow. I think the minutes might introduce some volatility because there's definitely tension at the Fed about when to stop and when to do more."
It's no secret most of the Street has been trying to anticipate--and trade ahead of--the anticipated Fed "tapering" of bond purchases.
Separate speeches today from the New York Fed's William Dudley and the St. Louis Fed's James Bullard have thrown some hot water on that thesis.
Mr. Dudley came right out and said that the Fed might adjust the pace of bond purchases up OR down; that the outlook was uncertain, and that he wasn't sure what way the Fed would be leaning.
Take a look at some of Tuesday's midday movers:
Apple shares were lower as CEO Tim Cook testified before a Senate Subcommittee hearing on U.S. tax policy on overseas profits for corporations.
JPMorgan Chase moved up after a shareholder proposal to split the roles of Chairman and CEO was narrowly defeated.
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.
Earnings from several retailers are a highlight Tuesday, but traders will keep their focus on anything to do with the Fed.
The CEOs of Apple and JPMorgan Chase are both in the hot seat for different reasons Tuesday morning. JPMorgan holds its shareholder meeting in Tampa at 10 a.m. ET, and the big focus will be on whether investors vote to allow Chairman and CEO Jamie Dimon to retain both roles.
(Read More: Splitting Dimon's Roles 'Misguided': Ex-Director)
Apple CEO Tim Cook, meanwhile, appears before a Senate panel at 9:30 a.m. on corporate tax avoidance. The Senate Permanent Subcommittee on Investigations said Apple is using tax havens in Ireland to avoid taxes, but Apple says the tax law should be changed and it is doing nothing wrong.
Check out which companies are making headlines after the bell Monday:
Urban Outfitters - The apparel retailer posted earnings of 32 cents a share on revenue of $648 million. Analysts expected the company to post earnings of 29 cents a share on sales of $656 million. Shares dipped in extended-hours trading.
(Read More: Stocks End Lower Amid Fed Taper Talk)
TiVo - The DVR company posted a loss of 9 cents a share, topping expectations for a loss of 14 cents a share, on revenue of $62 million, matching expectations. In addition, the company handed in a current-quarter sales guidance that edged past expectations. Shares edged higher in extended-hours in after-hours trading.
The stock market and the U.S. dollar are moving higher in tandem again, which analysts say could be a positive for U.S.-centric companies.
"[The rising dollar] is one of the reasons this market is more a U.S.-focused one," said Quincy Krosby, market strategist at Prudential Financial. "Economic data in the U.S. have gained traction against other economies and with the strengthening dollar, it's even more of a reason to be U.S. focused."
Since the beginning of May, the dollar index has gained more than 2.5 percent. The dollar has been rising as a number of central banks around the world increased their easing, at the same time there is talk the Fed could be getting ready to scale back on some of its bond buying. The most dramatic example is the Bank of Japan, which doubled its own bond buying program.
Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
Greenberg is senior stocks commentator for CNBC appearing throughout business day programming and on CNBC.com.
A CNBC reporter since 1990, Pisani reports on Wall Street and the stock market from the floor of the New York Stock Exchange. Follow him on Twitter @BobPisani.
Epperson covers the global energy, metals and commodities markets from the NY Mercantile Exchange for CNBC and CNBC.com.
Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.
