On the economic front, durable goods orders jumped 3.4% last month, thanks to strong demand for aircraft and transportation. However, business spending remained weak, according to the Commerce Department.
Meanwhile, the number of workers filing for first time jobless benefits fell more than expected last week. The Labor Department reported that weekly initial unemployment claims fell by 10,000 to a seasonally adjusted 268,000 for the week ending May 21.
Costco (COST) delivered better-than-expected earnings for its fiscal third quarter, though revenue came up short of estimates as same-store sales growth in the US stalled for the first time in more than six years.
Sears (SHLD) is exploring potential partnerships or other deals to expand the presence of some of its key brands such as Kenmore, Craftsman and DieHard outside its stores. This comes as it looks for growth after profit and revenue fell from a year ago in the first quarter. Sears also announced that its CFO is leaving the company but will stay until a replacement is found.
Dollar General (DG) posted a beat on earnings, but revenue came in a tad below forecasts for the first quarter as customers spent more on basic items such as food.
HP (HPQ), the PC and printer company created by the breakup of Hewlett-Packard last year, cut its outlook for the year after reporting a steeper-than-expected decline in sales. Revenue fell 11% from a year ago missing estimates, but earnings did manage to come in ahead of estimates.
IPO hits market
US Foods made its Wall Street debut this morning on the New York Stock Exchange. The stock (USFD) jumped way above its offering price of $23 a share. This comes after it raised a billion dollars for this year’s second largest initial public offering. Only MGM Growth Properties had a larger IPO, raising over $1.2 billion in April.
Online lending investigation
New York’s financial regulator plans to investigate online lenders. There's no word on which companies will be examined, only that broader industry practices will be looked into, according to Reuters. This could be the beginning of licensing requirements for online lenders in New York with additional oversight of loan guidelines and other business practices.
The fight for $15 an hour
Corporate employees of McDonald’s (MCD) are working at home today while people are protesting at their corporate offices Oak Brook, Illinois. Hundreds of protestors marched in the pouring rain for higher wages, better benefits and union rights. Police were at the scene, but no one was arrested. All of this is happening as McDonald’s is getting ready for its annual meeting with investors.
Meanwhile, McDonald’s Ex CEO Ed Rensi says, "It’s cheaper to buy a 35,000 robotic arms than to hire someone making $15 an hour to bag fries."