(By Salman - iStockAnalyst Writer)US stock futures advanced on Tuesday ahead of key housing and consumer confidence data.
At 8:11 am ET, the S&P 500 futures climbed 6.50 points to 1031. The Dow Jones Industrial Average futures advanced 52 points to 9545. The Nasdaq Composite futures gained 7.25 points to 1641.25.
President Barack Obama is expected to announce the renomination of Ben Bernanke to a second four-year term as Federal Reserve chairman.
The nation's No. 2 hamburger chain Burger King (NYSE:
BKC) announced early Tuesday that fiscal fourth-quarter profit rose to $58.9 million, or 43 cents per share, compared to $50.6 million, or 37 cents per share, in the same period a year earlier.Revenue dropped 2.4 percent to $629.9 million. Analysts had expected revenue of $632 million. Same-store sales, or sales at locations open at least a year, slipped 2.4% in the quarter.
Staples Inc. (NASDAQ:
SPLS), the world's biggest office supply retailer,reported that net income for the period ended Aug. 1 slid 38% to $92.4 million, or 13 cents per share, compared with $150.2 million, or 21 cents per share, in the prior year quarter. Excluding a $30 million integration and restructuring expense, profit was 16 cents per share. Analysts' estimates typically exclude one-time items. Revenue rose 9% to $5.53 billion from $5.07 billion.
Medtronic Inc. (NYSE:
MDT) said Tuesday that its first-quarter net income dropped 38% to $445 million, or 40 cents a share, from $723 million, or 64 cents a share in the year-earlier quarter. On an adjusted basis, income in the latest period rose 9% to $883 million, or 79 cents a share. Revenue rose 6% to $3.93 billion.
Close-out retailer Big Lots (NYSE:
BIG) reported that second-quarter net income rose to $28.4 million, or 34 cents a share, from $26 million, or 32 cents a share, in the comparable quarter last year. Revenue declined to $1.09 billion from $1.11 billion. From continuing operations, the Columbus, Ohio-based firm earned 35 cents a share.
Chico's FAS Inc.(NYSE:
CHS) said early Tuesday that second-quarter earnings nearly doubled to $15 million, or 8 cents a share, from $7 million, or 4 cents a share, in the same quarter a year ago. On an adjusted basis Chico's earned 10 cents a share. Revenue climbed to $420 million from $405 million.
Borders Group (NYSE:
BGP) said that its second quarter loss widened to $45.6 million, or 76 cents a share, compared with a loss of $11.3 million, or 19 cents a share, in the corresponding period a year ago. Excluding charges, Borders said it would have lost $12.7 million, or 21 cents a share. Quarterly revenue slid 18% to $616.8 million.
Meanwhile, networking giants Cisco Systems Inc (NASDAQ:
CSCO) announced Tuesday that it bagged a deal to supply edge routers to Telstra Corp., Australia's biggest phone company.
Shares of Accuray Inc. (NASDAQ:
ARAY) retreated after the maker of radiation-surgery equipment forecast full-year revenue of $230 million at most,.
On the economic front, S&P/Case-Shiller home price index and consumer confidence data are due for release on Tuesday.
European stocks retreated in afternoon trade. At 12:34 pm London time, the UK FTSE lost 13.45 points or 0.27% to 4,882.78. The German DAX and French CAC increased 0.09% and 0.13% respectively.
Asian stocks finished sharply down. The Nikkei 225 fell 83.69 points or 0.79% to 10,497.36. The Hang Seng index of Hong Kong slipped 100.70 points or 0.49% to 20,435.24.The Shanghai Composite Index slumped 77.63 or 2.6% to close at 2,915.80
NYMEX crude oil for October delivery climbed 4 cents to $74.41 a barrel. Earlier, it declined as much as 96 cents 0r 1.3% to $73.41 a barrel in electronic trading.
Disclosure: Author doesn’t own any of the stocks mentioned here.
