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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Ford shares in reverse, Best Buy's $1B buyback plan first since 2012

Jeff Macke

Ford (F) shares are in reverse today, off more than 2% after reporting a decline in February sales of 1.9% compared to the same period a year ago. Ford's lemons included the Fiesta and Taurus brands whose year-over-year sales fell more than 20% each. Even the F-Series Truck, which accounts for a big chunk of total company revenue, dropped 1.2%. Ford did try to highlight that sales of the F-Series so far this year are trending higher by 7% but Wall Street seems skeptical.

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Kate Spade (KATE), the specialty retailer in transition, failed to impress in the fourth quarter. That’s why the stock is off 3%. Net income of $126 million missed the mark and declined over 30% from last year. Revenue of $399 million was better, rising over 44%. Looking ahead, management said it expects new strategies, like closing stand-alone select retail locations to yield results in 2015. However, it appears investors were more optimistic than the company, before today's drop, the stock had rallied over 10% this year.

Best Buy (BBY) is rocking higher after the company beat estimates and announced its first stock buyback plan since 2012 in the amount of $1B. The left-for-dead big box electronics merchant earned $1.48 a share, well ahead of the $1.35 a share expected by analysts. Revenues came in a little light but that's no sweat to CEO Hubert Joly and his team: demand for big ticket TVs led to a nice beat on margins. Joly says Best Buy is going to find cost savings of at least $400 million this year, while expanding stores within a store and making other merchandising adjustments. As a final little cherry on this unexpected holiday cupcake, Best Buy is issuing a special 51-cent dividend to reflect a $180 settlement related to price fixing on TFT-LCD panels.

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