After moving to the downside at the open, stocks continue to see modest weakness in mid-day trading on Tuesday. Selling pressure has remained relatively subdued, however, limiting the downside for the broader markets. The major averages are currently posting modest losses, near their worst levels of the day.
Wholesale inventories in the U.S. rose by much more than expected in the month of October, according to a report released by the Commerce Department on Tuesday. The report said wholesale inventories jumped by 1.4 percent in October following an upwardly revised 0.5 percent increase in September. Economists had been expecting inventories to increase by about 0.4 percent.
While selling pressure has remained subdued, stocks are seeing modest weakness in early trading on Tuesday. The major averages have dipped into negative territory, partly offsetting the gains posted over the past two sessions. Currently, the major averages are posting modest losses but are off their lows for the young session.
Automaker General Motors Co. announced Tuesday the promotion of Mary Barra as new chief executive officer of the company. Barra will succeed Dan Akerson, who will step down as chairman and CEO on January 15, 2014. Barra will also join the GM Board. Meanwhile, the GM Board named Theodore Solso to succeed Akerson as chairman.
After ending the previous session modestly higher, stocks are likely to move back to the downside in early trading on Tuesday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 44 points.
Automotive parts retailer AutoZone, Inc. reported Tuesday a profit for the first quarter that increased seven percent from last year, reflecting improved margins, lower expenses, and sales growth. Earnings per share topped analysts' expectations by a penny, while quarterly sales missed their estimates by a whisker.
British industrial production increased for the second straight month in October, boosting hopes of a strong recovery in the fourth quarter, the Office for National Statistics said Tuesday. Further, the trade data today showed that the visible trade gap narrowed as imports declined more than shipments in October.
Swedish auto major AB Volvo Tuesday said it has agreed to sell Volvo Rents, its rental division in North America, to a US-based private equity firm Platinum Equity for about 7.2 billion Swedish kronor or $1.1 billion, in an effort to focus on its core business.
Luxury homebuilder Toll Brothers Inc. reported Tuesday a sharp decline in fourth-quarter profit, reflecting significant reduction in tax asset valuation allowance reversal. Earnings per share, however, topped analysts' estimates, and pre-tax earnings grew 147 percent from last year, as revenues were benefited with strong growth in home deliveries and selling prices.
The trading in the U.S. index futures suggests that Wall Street stocks may open higher for the third straight session. Earlier in the global trading day, Asian stocks closed mostly lower amid the release of some mixed Chinese data. Notwithstanding the release of a soft French industrial output data,...
European stock futures indicate a higher start, although gains are likely to be capped owing to lack of triggers and lingering uncertainty over when, and how quickly, the Federal Reserve will begin scaling back its $85 billion worth of monthly bond repurchases. Comments made by two Fed officials yesterday...
The Eurozone finance ministers said on Monday that Greece's creditors are unlikely to conclude the ongoing review of the country's fiscal adjustment program in December as more progress is required on the already agreed measures. The Troika comprising the International Monetary Fund, the European Union and the European Central Bank will return to Athens on Tuesday.
Apparel maker PVH Corp. said Monday after the markets closed that its third quarter profit rose 17% from last year, as revenue surged due to the acquisition of its former licensee Warnaco Group, Inc earlier this year in addition to strong performance of its Tommy Hilfiger and Calvin Klein brands.
Stocks moved modestly higher during trading on Monday, adding to the strong gains posted last Friday. While the markets continued to recover from the pullback seen early last week, buying interest remained relatively subdued. The major averages closed only slightly higher, although the S&P 500 still reached a new record closing high.
Time magazine unveiled the top ten finalists for "Person of the Year" in 2013 on Monday, providing a list that includes a wide variety of individuals that made headlines in the past year. The list includes world leaders such as U.S. President Barack Obama, Syrian President Bashar Assad, and Iranian President Hassan Rouhani.