Dell’s Deal With Icahn, GM’s Ongoing Record, and New Earnings: Market Recap

U.S. stocks advanced on Tuesday, erasing some of the sharp losses they suffered on Monday. At the close:

DJIA: +1.08% to 13,756.80 S&P 500: +1.42% to 1,574.44 NASDAQ: +1.50% to 3,264.63
Gold: +$10.20 to $1,371.30 per ounce Oil: +0.06% to $88.76 per barrel U.S. 10-Year: +0.041 points to 1.722%

The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.2 percent month over month in March, according to data released by the Bureau of Labor Statistics on Tuesday. This compares against a 0.7 percent increase in February. Analysts were expecting no movement in the index for March. Over the past 12 months, the all-items index is up 1.5 percent… (Read more.)

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Housing starts improved in March, as the market for new homes continued its growth momentum from 2012. However, the strength was seen in multi-family starts, and new building permits declined to miss estimates. Builders broke ground on houses at a seasonally adjusted annual rate of 1.04 million units last month, representing a 7.0 percent increase above the revised February estimate of 968,000 units, according to the Commerce Department. Last month’s rate was 46.7 percent above the March 2012 rate of 706,000 units… (Read more.)

Industrial production rose 0.4 percent month over month in March, according to data released by the Federal Reserve on Tuesday. This figure compares against the 1.1 percent increase reported in February, and it was slightly above consensus estimates for a 0.2 percent increase… (Read more.)

Here’s your Cheat Sheet to today’s top stock stories:

Dell (NASDAQ:DELL) announced on Tuesday that, based on the recommendation of the Board’s Special Committee, it has approved an agreement with activist investor Carl Icahn. The agreement states that Icahn and his affiliates can not purchase more than 10 percent of Dell’s stock, or enter into agreements with other shareholders that would allow Icahn to control more than 15 percent of shares… (Read more.)

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General Motors (NYSE:GM) closed the day up 1.94 percent after reporting that first-quarter 2013 sales increased 3.6 percent to 2.36 million units. This is more than double the industry’s average sales growth rate for the quarter of 1.5 percent.

Yahoo (NASDAQ:YHOO) stock fell as much as 3.7 percent in after-hours trading. The web portal announced better-than-expected earnings per share of 38 cents, while revenue — excluding traffic acquisition costs — remained flat, compared to the year-ago quarter, at $1.07 billion. Analysts had predicted that the company would report revenue of $1.1 billion and earnings of 24 cents per share… (Read more.)

Intel (NASDAQ:INTC) closed the day up 2.5 percent, but fell about 0.5 percent in after-hours trading. The company reported first-quarter revenue of $12.6 billion, operating income of $2.5 billion, net income of $2.0 billion, and earnings of $0.40 per share. PC client group revenue fell 6 percent on the year to $8 billion.

Target Corp. (NYSE:TGT) stock declined fractionally on Tuesday after updating its first-quarter sales and first-quarter and full-year 2013 earnings guidance. According to a statement: “The company now expects its first quarter 2013 comparable-store sales growth will be approximately flat, due to softer-than-expected sales trends particularly in seasonal and weather-sensitive categories across the store. As a result, Target expects its first quarter adjusted EPS will be slightly below the low end of the prior guidance of $1.10 to $1.20.”

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The Coca-Cola Company (NYSE:KO) stock closed the day up 5.69 percent after reporting first-quarter 2013 financial results. Highlights include 4 percent volume growth (3 percent in the Americas and 5 percent Internationally), a 1 percent decline in net revenues (or an increase of 2 percent, excluding the impact of currency and structural changes), and a 13 percent decline in reported earnings per share to $0.39… (Read more.)

The Goldman Sachs Group (NYSE:GS) stock closed the day down 1.61 percent after reporting first-quarter financial results. The firm reported net revenues of $10.09 billion, which beat out estimates for $9.64 billion, and diluted earnings per common share of $4.29, a 9.4 percent increase over last year and ahead of estimates for $3.88 per share.

Johnson & Johnson (NYSE:JNJ) climbed 2.12 percent after reporting first-quarter financial results. On the year, sales increased 8.5 percent to $17.5 billion, while earnings climbed 5.1 percent to $1.44 per share. Domestic sales increased 11.2 percent while international sales climbed 6.3 percent.

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