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The National Retail Federation has raised its 2016 retail sales forecast to a year-over-year increase of 3.4% from the previous forecast of 3.1% growth. Online and other non-store sales are expected to increase between 7% and 10% year-over-year, up from the previous forecast increase between 6% and 9%. NRF Chief Executive Matthew Shay said in a statement that positive trends in economic indicators like the housing market and job growth, and high consumer confidence were the reasons for the increase. Retail sales for the first half of 2016 grew 4% year-over-year, excluding autos, gas stations and restaurants. The organization said it is monitoring economic developments and, if needed, will update the forecast in October as part of the NRF’s annual holiday forecast.

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From:: Stock Market News

3M Co.’s stock dropped 1.5% in premarket trade Tuesday, after the maker of Post-it notes and Scotch tape reported second-quarter earnings that topped expectations but sales that missed. Earnings for the latest quarter came in at $1.29 billion, or $2.08 a share, compared with $1.30 billion, or $2.02 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.07. Revenue slipped 0.3% to $7.66 billion from $7.69 billion, missing the FactSet consensus of $7.71 billion. Declines in industrial and electronics and energy revenue offset growth in safety and graphics, health care and consumer. Looking ahead, the maker of Post-it notes and Scotch tape revised its 2016 EPS outlook to $8.15 to $8.30 from $8.10 to $8.45; the FactSet consensus was $8.23. “Our execution of the 3M playbook is enabling us to deliver premium returns today while also building for the future, which includes making good progress on business transformation and investing approximately 10 percent of our sales into R&D and capital expenditures in the quarter,” said Chief Executive Inge Thulin. The stock had run up 19% year to date through Monday, while the Dow Jones Industrial Average has gained 6.1%.

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From:: Stock Market News

Caterpillar Inc. shares [s; cat] fell almost 1% in premarket trade Tuesday, after the company beat second-quarter earnings estimates, but offered a gloomy outlook for the rest of the year. The heavy equipment maker said it had net income of $550 million, or 93 cents a share, in the second quarter, down from $802 million, or $1.31 a share, in the year-earlier period. Excluding restructuring costs, adjusted per-share earnings came to $1.09, ahead of the FactSet consensus of 96 cents. Sales fell to $10.342 billion from $12.317 billion, but were ahead of the FactSet consensus of $10.117 billion. “Together with our dealers, we’re having success managing through the downturn in industries like mining and oil and gas, and in sluggish economic conditions in much of the developing world,” Chief Executive Doug Oberhelman said in a statement. The company is not expecting a rebound in those sectors in the second half, and expects full-year results to come in at the low end of its guidance. Restructuring costs are expected to be about $700 million, up from an earlier forecast of about $550 million, mostly because of further job cuts to be carried out in the second half. Shares are up 16% in the year so far, while the S&P 500 has gained 6%.

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From:: Stock Market News

Reynolds American Inc. missed second-quarter revenue and earnings expectations and announced a $2.0 billion share buyback program Tuesday morning. Earnings for the latest quarter rose to $796 million, or 56 cents per share, from $1.93 billion, or $1.69 cents per share in the year-earlier period, which the company attributed primarily to the gain on divestiture related to its acquisition of Lorillard Inc. last year. Adjusted earnings-per-share were 58 cents, compared with the FactSet consensus of 61 cents. Revenue rose to $3.2 billion from $2.4 billion, below the FactSet consensus of $3.3 billion. For 2016, the company narrowed its adjusted EPS guidance to $2.26 to $2.34, compared with the FactSet consensus of $2.35. RAI shares slumped 0.6% in pre-market trade. The company’s shares rose 8.3% over the last three months, compared with a 3.7% rise in the S&P 500 .

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From:: Stock Market News

Verizon Communications Inc. reported second-quarter earnings above Wall Street expectations a day after reaching a deal to acquire Yahoo Inc.’s core internet business. Verizon reported net income for the quarter was $831 million, or 17 cents per share, compared with $4.35 billion, or $1.04 per share during the same quarter a year ago. Verizon said earnings were negatively impacted by 7 cents due to the seven-week strike by employees in its wireline business. Excluding non-operational items, earnings were 94 cents per share, just above the FactSet consensus of 92 cents. Revenue for the quarter hit $30.53 billion, a 5.3% decline compared with $32.22 billion in the year earlier period. The FactSet consensus on revenue was $30.84 billion. The cable, internet and phone company said the strike also resulted in a net decline of 13,000 Fios internet connections and 41,000 video connections. The company also mentioned its $4.83 billion deal on Monday to buy Yahoo’s core business, which is expected to close in the first quarter 2017. “By acquiring Yahoo, we are scaling up to be a major competitor in mobile media,” Chief Executive Lowell McAdam said in a statement. Verizon shares were inactive in premarket trade, but are up nearly 21% in the year to date, outperforming the S&P 500 Index , which is up more than 6%.

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From:: Stock Market News

Under Armour Inc. shares fell 3.2% in Tuesday premarket trading after the sports apparel and accessories company reported second-quarter earnings that fell, but met expectations. The company had net income of $6.3 million, or 12 cents per share, versus net income of $14.8 million million, or 3 cents per share, for the same period last year. Adjusted earnings for the quarter were 1 cent per share, meeting the FactSet consensus. Revenue for the quarter totaled $1 billion, up from $783.6 million for the same period last year, also meeting the FactSet consensus. Operating income was down 39% for the quarter to $19 million, including a previously announced $23 million impairment related to The Sports Authority bankruptcy and liquidaton. Under Armour shares are down 12.2% for the last year while the S&P 500 Index is up 4.3% for the same period.

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From:: Stock Market News