Sprint and T-Mobile close to a deal; PVH cuts outlook; Five Below beats estimates
Here's a look at some of the stocks the Yahoo Finance team will be watching for you today.
Two companies are close to a media merger. Sprint (S) and T-Mobile (TMUS) have reportedly agreed to the broad terms of the deal. Sprint would purchase T-Mobile at about $40 a share, valuing it at around $32 billion. The merger would combine the country's third and fourth largest wireless companies. The deal needs regulatory approval from the Federal Communications Commission and the Justice Department.
Earnings continue to dominate the headlines. Shares of PVH (PVH) fell before the bell. The clothing company, whose brands include Tommy Hilfiger and Calvin Klein cut its earnings outlook for the full year. PVH said deep discounts in North America will continue to hurt profit margins. This comes after it reported first quarter earnings and revenue that fell short of estimates.
Five Below (FIVE) stock rose in early trading. The specialty discount retailer reported first quarter earnings that came in a penny above estimates at $0.07 a share, thanks to a 32% jump in sales from a year ago. The company said demand for its merchandise was strong, especially leading up to the Easter holiday.
We're also watching shares of Costco (COST). The wholesale club retailer reported U.S. same-store sales rose a better-than-expected 6% in May, helped by higher gas prices.