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Bank stocks, which took some of the hardest beatings in the wake of the U.K. vote to leave the European Union, bounced in premarket trade Tuesday as investors took a breather from the global risk-off trade for the time being. The SPDR Financial Select Sector ETF climbed 1.1% ahead of the open, after tumbling 8.1% the past two sessions. Shares of Bank of America Corp. surged 2.6%, Citigroup Inc. climbed 2.1% and J.P. Morgan Chase & Co. rallied 1.5%. Over the past two sessions, BofA’s and Citigroup’s stocks had both plunged 13% while JPMorgan’s dropped 10%. The yield on the 10-year Treasury note rose 3.6 basis points early Tuesday, after plunging about 28 basis points the past two sessions. Banks can benefit from rising longer-term interest rates, as it increases the spread they earn from funding longer-term asssets, such as loans, with shorter-term liabilities. Elsewhere, the U.S.-listed shares of the U.K.’s Barclays PLC gained 2.6%, after plummeting 37% the past two sessions.

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From:: Stock Market News

FactSet Research Systems Inc. reported Tuesday fiscal third-quarter earnings that rose to $66.8 million, or $1.62 a share, from $61.4 million, or $1.45 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.64. That matched the Estimize consensus of $1.64, which is generated by crowd sourcing estimates from buy-side analysts, hedge-fund managers, academics and others. Revenue rose 13% to $287.5 million, just shy of the Estimize consensus of $287.8 million. Annual subscription value as of May 31 was $1.16 billion, up 9.3% from a year ago. For the current quarter ending August, the desktop financial analytics company expects adjusted EPS of $1.68 to $1.72 and revenue of $292 million to $298 million, which surround the Estimize consensus for EPS of $1.70 and revenue of $295.6 million. The stock, which was still inactive in permarket trade, has lost 7% year to date, while the S&P 500 has slipped 2.1%.

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From:: Stock Market News

Whirlpool Corp. said Tuesday that despite the uncertainty created by the U.K. vote to leave the European Union, it was affirming its 2016 earnings outlook. The appliance maker said its U.K. business generated about 5% of total 2015 revenue. It still expects net earnings per share of $11.25 to $12.00, and adjusted EPS of $14.00 to $14.75, which compares with the FactSet consensus of $14.74. The stock, which was still inactive in premarket trade, plunged 14% over the past two sessions in the wake of the Brexit vote. “Clearly the ‘Brexit’ vote has created a number of uncertainties, many that will take some time to play out,” said Chief Executive Jeff Fettig. “As we have done in the past in all markets, we are prepared to take swift actions to offset the negative impact to our [Europe, Middle East and Asia] operations.” The company said it still plans to go ahead with a previously-announced price increase in the third quarter.

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From:: Stock Market News

Pat Summitt, the winningest coach in Division I college basketball history, and who helped elevate women’s sports during a celebrated 38-year career at the University of Tennessee, has died at 64, her family said in a statement Tuesday. Summitt suffered from Alzheimer’s disease and retired from coaching in 2012. Her son, Tyler Summitt, said “since 2011, my mother has battled her toughest opponent, early onset dementia, ‘Alzheimer’s Type’ … and we can all find peace in knowing she no longer carries the heavy burden of this disease.” Summitt led Tennessee’s Lady Vols to eight national championships.

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From:: Stock Market News

Ikea is recalling 29 million chests and dressers after at least six children have been crushed to death by toppling furniture, ABC reported late Monday. Citing the U.S. Consumer Product Safety Commission, the news outlet said at least 36 children have been injured by dressers that tilted over because they weren’t secured to a wall. The six deaths happened between 1989 and as recent February this year. The Swedish furniture giant is offering refunds for affected dressers manufactured between 2002 and 2016 and partial store credits for products made before 2002, the report said. The dressers include the popular Malm and other styles, ABC reported. A spokesperson from Ikea confirmed the company is recalling chests of drawers in the U.S. and Canada only. “The recall is based on the local voluntary [American Society for Testing and Materials] standard, which is applicable in North America. Ikea chests of drawers meet all mandatory stability requirements on all markets where sold,” the spokesperson said.

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From:: Stock Market News