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Dollar weakens after July CPI report

The dollar weakened Wednesday after the July consumer-price index showed that inflation wasn’t as aggressive as economists had hoped, falling to session lows against the yen and euro soon after the data was released. The dollar traded at 124.16 yen from 124.40 yen shortly before the report. The euro rose to $1.1075 from $1.1030, and the pound strengthened to $1.5685 from $1.5655. But the dollar soon trimmed most of its losses.

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Google stock target gets 50% boost on mobile, YouTube growth

Google Inc. was upgraded to overweight from neutral at Atlantic Equities on Wednesday on recent improvements in mobile search and the potential for YouTube to serve as a “material growth driver” as advertising dollars continue to shift from traditional TV. Analyst James Cordwell also raised his 12-month price target on the stock, to $825 from $560. His previous bearishness was related to questions surrounding the company’s ability to successfully transition its desktop search product to mobile. However, resilient revenue growth from Google websites suggests the company is “navigating this transition better than anticipated,” he said. The analyst is modeling for a more than 50% annual increase in YouTube revenue from 2015 to 2017. Shares of Google were up 0.4% to around $691.44 in premarket trade Wednesday. Its shares have surged more than 25% over the last three months, outperforming the broader S&P 500, down 1.5%.

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Airbnb expands into China with venture capital partners

Home-renting company Airbnb said Tuesday that it will expand the platform to China with the help of strategic partners China Broadband Capital and Sequoia China. On its blog, Airbnb said Chinese travelers made up its fastest growing outbound market, with growth at 700%. China has been a tough market for tech companies to break into, which is why Airbnb said it is bringing on local partners to help “localize technology.” “As we move into our next phase of expansion in China, we know we will need deep local knowledge and expertise to keep this momentum going,” Airbnb Chief Executive Brian Chesky wrote on the blog.

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American Eagle’s stock rallies after profit and sales beat expectations

American Eagle Outfitters Inc. reported Wednesday fiscal second-quarter profit and sales that beat estimates and drove the stock up 1.5% in premarket trading. Earnings for the period ending Aug. 1 rose to $33.3 million, or 17 cents a share, from $5.8 million, or 3 cents a share, for the same period last year. The FactSet consensus was for earnings per share of 14 cents. Total net revenue was up 12% to $797 million, above the FactSet consensus of $769 million. The apparel retailer said it expects third-quarter EPS between 28 cents and 31 cents, compared with the FactSet consensus of 28 cents.

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Hormel Foods beats on profit and raises outlook

Hormel Foods Corp. said Wednesday it had net income of $146.9 million, or 54 cents a share, in its fiscal third quarter, up from $138 million, or 51 cents a share, in the year-earlier period. Excluding Applegate transaction costs, per-share earnings came to 56 cents, ahead of the FactSet consensus of 54 cents. Sales fell 4% to $2.2 billion, but matched the FactSet consensus. Chief Executive Jeffrey Ettinger said the company’s Jennie-O Turkey Store segment delivered record sales and profit, overcoming the impact of an avian flu outbreak in a number of states that led to massive culls of poultry. “Grocery products drove earnings growth with favorable input costs and increased sales of HORMEL(R) chili and SKIPPY(R) peanut butter,” he said. Specialty foods was another highlight, he said. Hormel is now expecting full-year EPS of $2.57 to $2.63, up from prior guidance of $2.50 to $2.60. Shares were not yet active in premarket trade, but have gained 16% in the year so far, while the S&P 500 is up 1.9%.

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Staples Q2 earnings meet expectations, but sales slightly miss

Staples Inc. on Wednesday reported a decline in net earnings and sales for the second quarter. Earnings were $36 million, or 6 cents a share, down from $82 million, or 13 cents a share, a year ago. The office products retailer said the results included pretax charges of $24 million stemming from restructuring and related activities, as well as $34 million related to its purchase of Office Depot. Adjusted earnings for the most recent quarter came in at 12 cents a share. Sales were $4.94 billion compared with $5.22 billion a year earlier. Analysts polled by FactSet had expected earnings of 12 cents a share on sales of $4.96 billion. For the third quarter, Staples said it “expects sales to decrease” compared with the same period last year, and adjusted earnings are likely to be 33 cents to 36 cents a share. The forecast “reflects a sequential increase in the unfavorable impact of the stronger U.S. dollar on sales and earnings,” said Staples.

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