The 10-city composite index fell 0.67% on the month to 150.3, from 151.4. It is down 18.0% year-over-year, and compares to -18.7% in March.
The International Council of Shopping Centers [ICSC] and Goldman Sachs weekly chain store sales index rose 1.6%, the best gain sinde Jan. 31, in the week ended June 27 after being unchanged the week before. On a year-over-year basis, sales also improved by 0.6% after being down 0.9% the week before.
The Bank for International Settlements urged governments to move away from "staggering" stimulus packages as the global economy stabilizes and focus instead on reforming the international financial system. The AP reported BIS said authorities now need to think about the medium-term health of their economies and that means adopting policies that spur critical adjustments, not hinder them. It said government intervention has helped prevent a worse recession. But now that the "sense of free fall has dissipated" and a return to growth may be reached later this year, governments need to come up with plans to put their economies on a more sustainable footing, based less on debt in the rich world and exports in developing nations.
Among companies in the news Tuesday, H&R Block (HRB) reported fourth-quarter earnings per share [EPS] from continuing operations of $2.09, vs. $2.09 one year earlier, on 3% lower revenue. Wall Street was looking for EPS of $2.05. Block expects fiscal 2010 EPS from continuing operations to be in the range of $1.60-$1.80. The company said it plans to maintain its fiscal 2009 dividend rate in fiscal 2010.
Apollo Group (APOL) reported third-quarter EPS of $1.26, vs. $0.85 one year earlier, on a 26% revenue rise. The company noted a 22% year-over-year increase in University of Phoenix total degreed enrollment. Wall Street was looking for EPS of $1.12.
Associated Banc-Corp (ASBC) said that it expects to record a provision for loan losses between $145 million-$160 million for the second quarter, which may result in a loss for the period. Second-quarter 2009 net charge-offs are expected to be between $60 million-$70 million. After taking into consideration this increased provision, capital levels will exceed all well capitalized standards at June 30, 2009.
Barclays upgraded its rating on FedEx Corp. (FDX) to overweight from equal-weight.
General Mills (GIS) raised its $0.43 quarterly dividend to $0.47.
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