Retailers rang up mixed results on Tuesday.
Macy’s (M) shares closed down 0.02%. The department-store chain’s earnings topped estimates by a penny, but revenue missed estimates on weak same-store sales, which fell 1.6%. The company also raised its dividend by 25% and increased its stock buyback plans by $1.5 billion.
Kate Spade (KATE) surged by 8.51%. The company posted a wider-than-expected loss of $0.06, but a big jump in its core brands helped sales grow.
Sears (SHLD) closed down 5.85%. The retailer said it’s considering selling all or part of its 51% stake in Sears Canada.
Deere (DE) stock closed down 2.04%. The world's largest maker of tractors and other farm equipment cut its sales forecast for the year.
Earnings from Cisco Systems (CSCO) are on the docket after the close of trading today.
Investors will get a better look at consumers' spending habits on Thursday. Wal-Mart (WMT) is set to report earnings before the bell. Analysts’ estimates are for the retailer to earn $1.15 a share. Revenue is expected to be $116.3 billion, compared to $114.2 billion from the same period a year ago. JCPenney (JCP) also reports after the close tomorrow.
On the economic front, producer prices jumped the most in a year and a half. The Labor Department reported today producer prices rose 0.6% in April, up from a rise of 0.5% in March. The increase was fueled in part by a big increase in food costs.
We’ll get a better sense on the cost of living on Thursday. The consumer price index is due out at 8:30 a.m. ET and it’s expected to rise 0.3% in April after increasing 0.2% in March.
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