Earnings from big retailers will drive the market today. That and more is what's in business news Tuesday.
Stocks extended last week's big losses Monday. The Dow Jones industrial average (^DJI) fell 70 points, its fourth straight decline, and the Dow's longest losing streak this year. The Standard & Poor's 500 index (^GPSC) lost 9, and the Nasdaq composite index (^IXIC) fell dropped 13 points. Investors are rattled by rising interest rates and tumbling prices in emerging markets.
Home Depot's (HD) quarterly earnings rose by a better-than-expected 17 percent and the do-it-yourself retailer raised its outlook for the rest of the year, led by the housing market recovery.
J.C. Penney (JCP) continues to bleed money. It posted another big loss, but its results weren't as bad as some forecasts, and the stock is set to rally.
Shares of electronics retailer Best Buy (BBY) are also set to soar after earnings easily topped expectations. And teen-oriented retailer Urban Outfitters (URBN) posted a 25 percent earnings gain, topping expectations.
Another day, another investigation into JPMorgan Chase (JPM). The Wall Street Journal reports that the Justice Department is probing whether the company manipulated U.S. energy markets. The bank settled similar charges with federal regulators last month by agreeing to pay more than $400 million.
Career Education (CECO) has agreed to reimburse $9 million to 5,000 former students. New York's attorney general had accused the for-profit education company of inflating its rate of success in placing graduates into jobs.
Barnes & Noble (BKS) has kissed and made up with Simon & Schuster, the publishing unit of CBS (CBS). The two companies have been battling all year over the financial terms on issues like e-books and in-store promotions. As a result, the bookstore chain has limited the number of Simon & Schuster titles available in its stores. Barnes & Noble is also out with earnings today.
Struggling online retailer Overstock.com (OSTK) says it will permanently match book prices offered by Amazon.com (AMZN). Overstock will also offer a 15 percent rebate on books to members of its loyalty club.
-Produced by Drew Trachtenberg.
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