Mixed Earnings Make for Mixed Markets: Morning Buzzers

Stock futures advanced on Tuesday morning. The ISCS-Goldman retail report showed a 0.2 percent increase in sales on the month, which accelerated the year-over-year increase to a strong 3.1 percent. This is the strongest rate of sales since January.

At 8:50 a.m.: S&P 500: +0.02%, DJIA: +0.07%, NASDAQ: +0.04%.

Here’s what’s buzzing on Tuesday morning:

Best Buy (NYSE:BBY) stock fell as much as 3.25 percent in pre-market trading after reporting “better-than-expected” first-quarter results ahead of the bell. The company’s expectations are apparently a little out of line with analyst expectations, as non-GAAP earnings of $0.32 per share beat the average estimate of $0.25 per share, but revenue of $9.38 billion missed the average estimate of $10.64 billion. Comparable store sales declined 1.3 percent globally, although online sales in the U.S. were up 16.3 percent.

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Carnival Corporation (NYSE:CCL) stock fell as much as 5.9 percent in pre-market trading after the company lowered its profit forecast for the second half of 2013. Unsurprisingly, a number of “mishaps” have hurt margins. The company is expecting full-year profit in a range between $1.45 and $1.65 per share, down from a range between $1.80 and $2.10 per share. Analysts were forecasting $1.99 per share.

Home Depot (NYSE:HD) stock climbed as much as 3.4 percent in pre-market trading after reporting first-quarter results that were unanimously better than expected. Sales climbed 7.4 percent on the year to $19.1 billion with comparable-store sales up 4.3 percent. Net earnings increased 22.1 percent on the year to $0.83 per diluted share. Home Depot also increased its sales guidance, and now expects fiscal 2013 sales to increase 2.8 percent with 4.0 percent comparable-store sales growth. Diluted earnings for the year are expected to grow 17 percent to $3.52 per share.

Urban Outfitters (NASDAQ:URBN) stock fell as much as 2.9 percent in pre-market trading after reporting first-quarter fiscal 2014 results. Total net sales increased 14 percent to $648 million, missing the average estimate of $655 million. Earnings per diluted share of $0.32 beat the average estimate of $0.29 per share. Comparable retail segment net sales increased 9 percent. Comparable retail segment net sales increased 44 percent at Free People, 8 percent at Anthropologie and 6 percent at Urban Outfitters. Wholesale segment net sales rose 16 percent.

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Vodafone (NASDAQ:VOD) was off fractionally in pre-market trading after reporting fiscal year-end results. The company reported that organic revenues declined 4.2 percent, fueled by weakness in Italy and Spain. Adjusted operated profit came in ahead of expectations at 12 billion pounds, a 9.3 percent increase.

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