Yahoo Finance Searching for clues in Fed minutes
Wall Street is treading carefully. Stocks (^DJI, ^GSPC, ^IXIC) are mixed in early trading as investors wait to see what the Fed minutes could reveal about the central bank’s debate about the timing of the next interest rate hike.
Target (TGT) shares fell in early trading. The discount department store chain lowered its profit forecast for the year after posting a sales decline at existing stores for the second quarter. Overall revenue fell 7% coming in roughly in line with estimates, while earnings topped expectations.
Lowe’s (LOW) stock also took a hit this morning. The home improvement retailer cut its outlook for the year after reporting a miss on both its top and bottom lines for the second quarter due to weaker same-store sales growth. This comes after larger rival Home Depot reported strong quarterly results Tuesday.
Urban Outfitters (URBN) is closing in on a 52-week high in early trading after the apparel retailer behind brands such as Anthropologie and Free People delivered better-than-expected second-quarter earnings and revenue as the company’s profit jumped 10% from a year ago thanks to a rise in sales and fewer markdowns.
Cisco Systems (CSCO) is planning to lay off up to 14,000 employees, according to technology news site CRN. The massive job cuts represent about 20% of Cisco’s global workforce. Cisco is set to report quarterly results after the close of trading today.
Barnes & Noble (BKS) stock is also in the spotlight. The bookstore chain fired its CEO Ronald Boire, who had been at the company for less than a year. The company said that the board “determined that Mr. Boire was not a good fit for the organization and that it was in the best interests of all parties for him to leave the company.”
Trump shakes up campaign
Donald Trump is making some big changes to his campaign. Trump is signing on Stephen Bannon of Breitbart News as his campaign’s chief executive officer and promoting pollster Kellyanne Conway to campaign manager. Trump called them two “big people” who can help him beat Hillary Clinton for the White House. Trump has been behind in the polls since the Democratic National Convention.
Gawker has a new home
Univision is buying Gawker for $135 million. The Spanish-speaking media company outbid Ziff Davis in a bankruptcy auction. In a statement, Gawker founder Nick Denton said the company could not have picked an acquirer more devoted to vibrant journalism.
Apple’s big plans
Apple (AAPL) is investing even more in China. CEO Tim Cook says the company plans to open a new research and development center in China by the end of the year. That’s according to the country’s state media. Apple didn’t release any information on how many people would be hired or the size of the investment.
