Yahoo Finance Stocks eye new highs as Best Buy surges
Wall Street seems to have its mojo back. Stocks (^DJI, ^GSPC, ^IXIC) are sharply higher across the board with the Nasdaq at a fresh intraday high following some better-than-expected earnings from Best Buy (BBY) and Toll Brothers (TOL). Meanwhile, oil prices (CL=F) are lower again following last week’s rally.
Best Buy (BBY) shares soared in early trading. The consumer electronics retailer reporting a beat on both its top and bottom lines for the second quarter. Quarterly same-stores sales came in better than expected thanks to strong demand for appliances and consumer electronics.
Toll Brothers (TOL) share fell this morning. The luxury homebuilder delivered earnings that matched estimates while revenue topped analysts’ expectations for its fiscal third quarter. Profit jumped 58% from a year ago as it sold more homes at higher prices. However, the company narrowed its revenue outlook for the year.
Monsanto (MON) shares rose in early trading after Bloomberg reported that the US seed company is closer to a deal to be bought by Germany’s Bayer. Last month, Monsanto rejected a sweetened takeover bid from Bayer, but left the door open for a better offer.
New Competition in Race for Self-Driving Cars
Mobileye‘s (MBLY) US listed shares were sharply higher in early trading. This follows news that the Jerusalem-based car technology company is teaming up with auto parts supplier Delphi Automotive (DLPH) to develop systems for self-driving cars. The Wall Street Journal reports the two companies are investing hundreds of millions of dollars in the project. The companies say they aim to have the autonomous driving systems ready for production by 2019.
Amazon’s New Tune
Amazon (AMZN) plans to roll out a new monthly music subscription, according to Recode. The service will cost $5 a month. That’s half the price of what Spotify and Apple Music charge. However, the service will not work on any smartphones — only on Amazon’s Echo hardware.
Sponsors Drop Lochte
It’s been a rough 24 hours for Ryan Lochte. Lochte lost major endorsement deals from Speedo, Ralph Lauren (RL), a mattress maker and a hair removal brand in the wake of the Rio de Janeiro robbery scandal. Lochte was paid somewhere between $750,000 to $1 million annually by these companies.
