1) Wal-Mart is down Tuesday morning. It earned $1.34 in its fourth quarter, beat estimates by 3 cents, but sales of $115.6 billion were below consensus. More importantly, same store sales in the U.S. Wal-Mart division dropped 1.8 percent, the seventh consecutive quarterly drop. Guidance for Q1 of $0.91-$0.96 was also below consensus of $0.96.
2) Home Depot is up. Earnings of $0.36 topped the $0.31 consensus, estimates, sales rose 3.8 percent, company boosting its dividend by 6 percent and raising its full year guidance for revenues and earnings. Lowe's will report Wednesday.
3) Macy's was up in pre-open trading, then dipped after the market open, after beating Street estimates ($1.59 vs. $1.52 consensus) and its own expectations. Comps in the quarter grew 4.3 percent while a 29 percent surge in online sales contributed to about one-fourth of that same-store sales growth.
Guidance for 2011 of $2.25-$2.30 is inline with $2.27 consensus, and the department store chain sees comps growing 3 percent on the year.
4) Office Depot falls 1 percent despite reporting a surprising profit in its latest quarter (profit of $0.09 vs. loss of $0.03 consensus). However, the office supplies retailer still couldn't muster up any sales gains as comps fell 1 percent. Although traffic was up slightly, average transaction amounts were down.
5) Oil refiner Holly announced it is acquiring rival Frontier Oil for $2.85 billion in an-all stock deal. However, that's at a slight DISCOUNT to Frontier's $3.0 billion market cap as of Friday's close.
Frontier shares are down, but don't feel too sorry for shareholders, who will get 0.4811 shares of Holly. It's a pricey deal for Holly, as Frontier has already been hovering at a 2.5-year high and has soared 61 percent (!) over the past month.
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