• Correction: According to Best Buy (BBY), the company's reported Q1 revenue number of $9.38 billion does not include Europe, as it is considered a discontinued operation. On the analyst call, CEO Hubert Joly said that if European revenue was included in Q1, BBY would have about $10.8 billion in revenue. That number would beat analyst estimates. A prior version of this story said that the retailer missed on revenue with sales coming in more than $1-billion under estimates.

    Home Depot (HD) is raising the roof with shares up more than 4% on strong earnings, released at 6am. The home improvement giant says sales are rising steadily as the housing recovery kicks-in. The company posted earnings of 83-cents a share, up from 68-cents a year ago and beating estimates by 6-cents. Revenues were also considerably higher than forecasts. Now the company is increasing its outlook for the rest of the year. Shares of Home Depot have been up 21% year-to-date, and more than 61% in the past year.

    Best Buy

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  • Are Apple's tax avoidance tactics fair game or not? Vote below in the "Hot Stock Minute" daily poll. Yahoo! Finance's Lauren Lyster and Mike Santoli discuss what Apple has done and CEO Tim Cook's appearance today in front of a Senate subcommittee. The pair also talk about Jamie Dimon's fight to remain dual titles as JPMorgan's CEO and Chairman, plus a report from Goldman Sachs that the S&P 5oo could go all the way to 1,750 this year.

  • Sorry, Tim Cook: U.S. Tax Law Isn’t a Big Economic Drag

    By Michael Santoli | Michael Santoli – Mon, May 20, 2013 6:10 PM EDT

    Like all arguments involving money and politics, the debate over American companies’ foreign-held cash and how it should be taxed – or not – when brought back to the U.S. quickly gets overheated and oversimplified.

    Tuesday’s Congressional hearings, at which Apple Inc. (AAPL) chief executive Tim Cook is due to testify, will no doubt prove this.

    Cook will argue, as leaders of big technology companies frequently do, that high official U.S. tax rates on foreign-sourced profits reduce the amount companies invest domestically in hiring and manufacturing.

    Members of Sen. Carl Levin’s (D-Mich.) Permanent Subcommittee on Investigations are poised to pepper Cook with accusations that multinationals use accounting schemes to channel the maximum possible amount of profit through low-tax offshore jurisdictions as a massive tax-avoidance effort. (A 40-page memo released by the Subcommittee ahead of the testimony said as much.)

    A reality in the middle

    The reality, no surprise, is probably somewhere

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  • The S&P 500 touched a new intraday high and the Nasdaq was briefly trading above 3,500 before reversing course to close slightly in the red. This after four straight weekly gains on the major indexes. It will be a light week for market-moving economic data, so traders may be more focused on the finale of earnings season which will see 27 S&P 500 companies reporting this week.

    Yahoo! (YHOO) a the top attention-getter today on Wall Street as the company announced it's buying micro-blogging site Tumblr. Shares edged higher on the news of the plan. This will be Yahoo's seventh and biggest acquisition since Marissa Mayer became company CEO last July. The web portal will pay $1.1 billion dollars for Tumblr which boasts 108 million members and a very young user base with a high "cool factor."

    Campbell Soup Co. (CPB) is hot, although investors seemed to cool to the stock today. Shares fell 4% despite the company beating on earnings. Excluding items, it posted profits of 62-cents a share when

    Read More »

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