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Stocks to Watch: Saks, Lowe's, Sony

NEW YORK -- Saks (SKS) reportedly has hired Goldman Sachs to explore strategic alternatives, including a possible sale of the luxury department store chain.

The New York Post reported that likely bidders for the retailer include private-equity firms KKR and Leonard Green & Partners.

Earlier Tuesday, Saks posted a 38% decline in first-quarter earnings but its adjusted results topped expectations.

Cramer Quick Take: Reads on Saks, Nordstrom, Macy's

Lowe's (LOW - Get Report) is expected by analysts to report on Wednesday first-quarter earnings of 51 cents a share on revenue of $13.45 billion.

Home-improvement rival Home Depot (HD) on Tuesday said first-quarter net income rose 18%, and it boosted its full-year earnings and revenue forecasts.

Home Depot, Lowes, Target Top Earnings List

Sony (SNE - Get Report) CEO Kazuo Hirai said Wednesday that the board of the Japanese electronics and entertainment giant would assess a proposal from Daniel Loeb's Third Point LLC hedge fund, Sony's biggest shareholder, to spin off up to 20% of its movie, TV and music division.

Loeb said money from the sale could be used to shore up Sony's ailing device manufacturing unit.

Sony initially responded by saying its entertainment business wasn't for sale, though some analysts said the strategy might help Sony unlock hidden value.

Staples (SPLS - Get Report) is expected by Wall Street to post first-quarter earnings of 27 cents a share on revenue of $5.91 billion.

5 Stocks Set to Soar on Bullish Earnings

NetApp (NTAP - Get Report), the data storage company, said Tuesday it planned to cut 900 jobs as part of a restructuring.

NetApp also said it would begin paying a quarterly dividend of 15 cents a share, and it boosted its stock buyback plan to $3 billion.

The company posted fiscal fourth-quarter adjusted earnings of 69 cents a share, topping estimates by a penny.

Target (TGT) is forecast by Wall Street on Wednesday to post first-quarter earnings of 85 cents a share.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to:
Copyright 2013 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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SKS $0.00 0.00%
LOW $71.77 2.19%
NTAP $30.89 3.21%
SNE $26.49 2.83%
SPLS $12.36 1.73%


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S&P 500 1,987.05 +35.69 1.83%
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