Stock Futures Cautious After Hitting Milestones
Best Buy (BBY) shares were dropping 6.34% in pre-market trade to $40.76 as the retailer warned of a tough holiday period. It reported net income of $54 million or 16 cents per share in the third quarter compared with a with a loss of $10 million or 3 cents per share in the prior corresponding period.
As the country's biggest home-improvement retailer, Home Depot (HD) beat expectations in reporting revenue of $1.35 billion or 95 cents per share. This compares to $947 million or 63 cents per share a year ago. The company lifted its full-year forecast and its shares were up 3.30% in pre-market trade to $82.30.
Other companies expected to see price action today include The TJX Companies (TJX) which is forecast to report third-quarter earnings of 74 cents a share.Urban Outfitters (URBN) announced a rise in third-quarter profit late Monday to $70.3 million $59.5 million or 47 cents a shares from $59.5 million or 40 cents a share a year earlier. Company revenue rose 12% to $774 million. Its shares were of 2.88% in after hours trade to $38.50. Also on Monday, Salesforce (CRM) posted a loss of $124.4 million or 21 cents a share down from a loss of $220.3 million or 39 cents a share a year earlier. Company revenue rose to $1.08 billion from $788.4 million. Its shares were down 0.92% in after hours trade to $55.00. The employment cost index increased 0.4 percent for the third quarter after rising 0.5% in the second quarter, the Labor Department said Tuesday. The index is the broadest measure of labor costs, taking in wages and salaries as well as benefits. Federal Reserve Chairman Ben Bernanke will speak in Washington at 7 p.m. while Chicago Federal Reserve Bank President Charles Evans will speak on the economy and monetary policy in Chicago at 2.15 p.m. Global stocks were mostly lower. Germany's DAX was off 0.20% while the U.K. FTSE was down 0.43%. The Hang Seng closed off 0.01% and the Nikkei was 0.25% lower. December oil futures were off 0.14 to $92.89 while November gold futures were up 2 to $1274.2. Ten year U.S. Treasuries were up 0.012 to 2.68 while the U.S. dollar was off 0.06% to $80.77 according to the U.S. dollar index. --By Jane Searle in New York
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