Housing Market Boosts Home Depot, Yet Another JPMorgan Probe: Morning Buzzers
U.S. stock futures rose Tuesday morning on positive earnings results from Home Depot (NYSE:HD) and Best Buy (NYSE:BBY). Investors are waiting on the minutes from the Federal Reserve’s July 30-31 meeting to be released Wednesday to look for signs as to whether the Fed will begin curbing quantitative easing next month.
Futures at 8:30 a.m.: DJIA: +0.16%, S&P 500: +0.21%, NASDAQ: +0.28%.
Here’s your cheat sheet to what’s buzzing this morning.
Home Depot (NYSE:HD) reported earnings that beat analyst expectations Tuesday morning, leading the home-improvement retail chain to raise its full-year expectations. The company cited the rebounding housing market as a reason for the growth. In May, home prices rose and Home Depot reported it was getting more professional customers than individual homeowners for the first time since the economic downturn. Earnings per share came in at $1.24, beating the average forecast of $1.21, and sales grew 9.5 percent to $22.5 billion.
JPMorgan Chase (NYSE:JPM) just can’t seem to get out from under the thumb of government regulators. Yet another probe into the company is being conducted by the U.S. Department of Justice over accusations that JPMorgan was manipulating U.S. energy markets. The company already paid a $410 million charge related to energy market manipulation last month. JPMorgan is also being investigated for the London Whale trading scandal and bribery accusations in its Chinese operations.
Glencore Xstrata (GLCNF.PK) reported its first set of earnings as a combined company this morning, showing the company took an expected $7.7 billion hit from Xstrata’s operations. The mining industry as a whole as struggled this year, with companies facing billions of dollars in write-downs due to lower prices and falling demand. Core profit for the company fell 9 percent, coming in at $6 billion, which was at the high end of what analysts expected. But the company was optimistic about future synergies that merging the two entities will create.
Apple’s (NASDAQ:AAPL) iPhone 5S and iPhone 5C are piling up more rumors as the supposed date of their release comes closer. According to the latest report from The Wall Street Journal, Apple has asked supplier Hon Hai (HNHAF.PK) to begin shipping both a high-end and a basic version of the iPhone by early September. That information supports previous rumors that the new devices will be launched September 10, during the IFA Consumer Electronics Conference in Berlin. Both Samsung (SSNLF.PK) and Sony (NYSE:SNE) are expected to release competing devices around the same time.
Follow Jacqueline on Twitter @Jacqui_WSCS
Don’t Miss: 10 Films with Hot Starts that Fizzled Out.