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U.S. stocks opened firmly higher Tuesday as Wall Street tried to shake off yesterday’s sluggish start to the week. The Dow Jones Industrial Average opened 108 points, or 0.6%, higher at 17,603, the S&P 500 index picked up 1` points, or 0.6%, to 2,059. Meanwhile, the Nasdaq Composite Index rose 27 points, or 0.6%, up at 4,793. Investors are awaiting a reading of new-home sales due at 10 a.m. Eastern Time as home-builder Toll Brothers posted quarterly profit and revenue that topped expectations. On Monday, the S&P 500 closed 0.2% lower, while the Dow and Nasdaq Composite both shed 0.1%, as Federal Reserve officials continued to signal that U.S. interest rates could rise as soon as next month.

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From:: Stock Market News

DeVry Education Group Inc. said Tuesday its chief executive officer, Daniel Hamburger, is leaving the company “to pursue other opportunities,” after nine years in the position, and 13 years with the company. The for-profit education company named Lisa Wardell, most recently the chief operating officer of investment company RLJ Companies, effective Tuesday. Earlier this year, DeVry was sued by the Federal Trade Commission, alleging the company deceived prospective students about the success of its graduates. The stock, which was still inactive in premarket trade, has plunged 23% year to date, while the S&P 500 has gained 0.2%.

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From:: Stock Market News

Rambus Inc. , a technology licensing company, said Tuesday that the company’s chief financial officer, Satish Rishi, plans to retire the first week of August. The company is searching for his replacement, and Rishi will help with the search. He has been chief financial officer since 2006. Shares of Rambus have fallen 1.6% in the past month, compared to the S&P 500’s decline of 2.1%.

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From:: Stock Market News

J.M. Smucker Co. said it was cutting list prices for most of its coffee products sold in the U.S. by an average of 6%, with the company saying it was passing lower coffee costs to consumers. The lowered prices are primarily on products under the Folgers and Dunkin’ Donuts brand names. The K-Cup pods were not included in the price cuts. “For the last several quarters, lower green coffee costs were reflected in promotional pricing for the majority of our packaged coffee products, and we do not anticipate those prices changing significantly,” said Steve Oakland, president of the company’s U.S. food and beverage unit. “This list price decrease provides an opportunity for consumers to benefit from lower pricing on an everyday basis.” The stock, which was still inactive in premarket trade, has gained 2.9% year to date, while the S&P 500 has tacked on 0.2%.

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From:: Stock Market News

Best Buy Co. Inc. shares dropped 6.1% in Tuesday premarket trading, after the electronics retailer said it sees second-quarter earnings below consensus. The company reported first-quarter net income of $229 million, or 70 cents per share, up from $129 million, or 36 cents per share, for the same period last year. Adjusted earnings per share were 44 cents, exceeding the FactSet consensus of 35 cents. Revenue totaled $8.44 billion, down from $8.56 billion last year but exceeding the FactSet consensus of $8.29 billion. Domestic same-store sales were flat, above the guidance of a 1% to 2% decline, driven by year-over-year sales growth in health and wearables, home theater and appliances. The growth was offset by softness in mobile phones and tablets, said Chief Executive Hubert Joly in a statement. Best Buy sees second-quarter revenue between $8.35 billion and $8.45 billion, above the $8.31 billion FactSet consensus, and second-quarter adjusted EPS between 38 cents and 42 cents, below the 50 cents per share FactSet consensus. The company reaffirmed its previous full-year outlook for approximately flat revenue because the first quarter only represents 15% of full-year earnings “and at this stage we have no new material information as it relates to product launches throughout the year,” said Joly. Best Buy shares are up 8.4% for the year so far, but down 3.9% for the past year. The S&P 500 is up 0.2% for the year to date.

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From:: Stock Market News

AutoZone Inc.’s stock was indicated down about 3% in premarket trade Tuesday, after the automotive replacement parts retailer missed third-quarter sales expectations, citing bad weather. For the quarter ended May 7, earnings rose to $327.5 million, or $10.77 a share, from $309.1 million, or $9.57 a share, in the same period a year ago. The results included a 11-cents-per-share legal charge. The FactSet EPS consensus was $10.92. Sales rose to $2.59 billion from $2.49 billion a year ago, but was below the FactSet consensus of $2.65 billion. Same-store sales increased 2%, after rising 2.3% in the same period a year ago. “Regarding the third quarter’s results, sales were below our expectations as weather negatively impacted sales primarily in Midwestern, Middle Atlantic, and Northeastern states,” said Chief Executive Bill Rhodes. The stock has slumped 4.6% over the past three months through Monday, while the S&P 500 has gained 6.1%.

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From:: Stock Market News

ConAgra Foods Inc. said Tuesday that Chief Financial Officr John Gehrig is retiring after 14 years with the company. The company has started a search for a replacement. Gehrig has been CFO at ConAgra since early 2009. Before joining the company, he was a partner with Ernst & Young. He has also done stints at PepsiCo and KPMG. Shares were not yet active in premarket trade, but are up 5% in the year so far, while the S&P 500 is up 0.2%.

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From:: Stock Market News

The pound climbed Tuesday, as investors reacted to a new poll that indicated most Britons will choose to stay in the European Union in an upcoming referendum. Sterling was up 0.8% at $1.4600. An ORB poll conducted for The Telegraph newspaper, released Tuesday, shows 55% of respondents who plan to vote in a June 23 in/out referendum support Britain sticking with the EU, compared with 42% favoring a so-called Brexit. The majority of older voters, Conservative Party supporters and men who participated in the survey are backing the Remain camp, the newspaper said.

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From:: Stock Market News

Shares of Apple are up some 0.6% in premarket action, off a gain of more than 1% overnight, after a report in Taiwan’s Economic Daily said the smartphone giant has asked its mostly Asia-based suppliers to make more iPhone 7s. The Economic Daily report said Apple asked suppliers to produce between 72 million and 78 million iPhone 7s by the end of the year, above Wall Street analysts’ current expectations for 65 million. The report was picked up by CNBC. AAPL shares are down about 8% so far this year and down about 29% from their February 2015 high of $133.

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From:: Stock Market News