Stock Futures Point to Modest Wall Street Gains
Stock futures were modestly higher on Tuesday, recovering from an uncertain start to the week caused by a volatile commodity market.
S&P 500 futures were up 0.33%, Dow Jones Industrial Average futures climbed 0.34%, and Nasdaq futures added 0.22%.
Stocks ended Monday's session mixed as crude rallied then sold off. Oil closed below $44 a barrel on Monday as progress was made in fighting a massive wildfire in Canada. The blaze brought relief to an oversupplied oil market as 11 producers and three pipeline operators were forced to limit operations.
Crude oil remained volatile on Tuesday. West Texas Intermediate crude oil recovered from earlier losses, turning 0.4% higher to trade at $43.61 a barrel.
Gap (GPS) - Get Report fell 14% in premarket trading after warning of lower-than-expected sales in its first quarter. The retailer, which reports on May 19, said quarterly sales fell 6% to $3.44 billion, a steeper decline than an expected 3% drop. The company is also evaluating options for its international Old Navy and Banana Republic chains.
Credit Suisse (CS) - Get Report posted a quarterly loss that was narrower than expected as it made progress on cost cuts. The Swiss lender did see a sharp decline from quarterly profit to loss over the first three months of the year as markets suffered from a selloff to start 2016. January and February were "some of the most difficult markets on record," said CEO Tidjane Thiam.Shares were down 1%.
Allergan (AGN) - Get Report rose 3% after announcing a new $10 billion stock repurchase program. The drugmaker said it plans to repurchase $4 billion to $5 billion in stock over the next four to six months. The company also earned an adjusted $3.04 a share in its first quarter, 4 cents higher than estimates.
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Lumber Liquidators (LL) - Get Report tumbled 10% as it continued to face the fallout from a product safety scandal last year. The flooring company reported a first-quarter loss of $1.20 a share, far steeper than a loss of 29 cents a share a year earlier. Expenses surged 20% after legal fees increased $13.5 million. The company has been in embroiled in legal issues since it was accused of selling laminate flooring containing carcinogenic chemicals.
Dean Foods (DF) - Get Report climbed 4% after topping first-quarter estimates. The milk and dairy company earned an adjusted 45 cents a share, 7 cents above expectations. Revenue fell to $1.88 billion as total volume slid 3.2%, though was as expected.
