Wall Street is looking to put the Fed's hawkish comments behind it and end the week on a positive note. All three major averages (^DJI, ^GSPC, ^IXIC) were solidly higher across the board in early trading.
The G7 summit kicked off today in Japan. The recent surge in the yen is likely to be a hot topic, as well as other global risks such as the volatility in oil prices, global economic growth, Brexit and monetary policy.
Deere outlook disappoints
Deere (DE) cut its profit outlook for the year due to the weak global farm economy and demand for its products. And even though the company's earnings and revenue topped estimates in its fiscal second quarter, profit tumbled 28%, while sales fell 3.5% from a year earlier.
Gap (GPS) is closing up to 75 stores, mostly outside the US in an effort to achieve $275 million in annual pre-tax savings. This comes as Gap reported a 47% drop in first-quarter profits, with revenue falling nearly 6% as it saw sales declines across all its brands.
Yahoo (YHOO) shares fell in early trading after the Wall Street Journal reported that potential suitors are expected to bid between $2 to $3 billion for the company's core assets. That's substantially lower than initial price talk of $4 billion to $8 billion. Yahoo is the parent company of Yahoo Finance.
Tesla (TSLA) raised about $1.5 billion in a secondary stock offering, according to Reuters. This comes as it seeks cash to finance production of its new Model 3 sedan.
Kinder Morgan (KMI) got the green light from Canada's energy regulator to triple the capacity of the Trans Mountain Pipeline connecting Alberta's oil sands with Pacific markets.
Virtual reality movies
Imax theaters and Google (GOOGL) are teaming up to bring you a whole new type of movie experience. They’re working on a camera that will capture 360-degree video that can be watched on virtual reality headsets. Imax will also open six virtual reality theaters – in malls and multiplexes – before the end of the year.
Samsung strikes a deal
Samsung Electronics and Alibaba (BABA) are teaming up. People in China will be able to use Alipay a lot easier than before using their smartphones. Users will be able to access their Alipay accounts directly from their Samsung Pay – without having to switch accounts. Full disclosure, our parent company Yahoo owns a stake in Alibaba.
Apple retail makeover
Apple (AAPL) is giving its stores a retail makeover. The company overhauled its two-story location in San Francisco—the first of nearly 480 stores to be updated worldwide. The new look has lots of glass for natural light, sleek metal and blonde wood. Its goal on the design is to give shoppers the experience of walking into the company’s headquarters.