Stronger than expected earnings reports helped the markets add to their gains today, as investors shrugged off disappointing data from the housing sector. The Commerce Department is reporting an unexpected drop in housing starts, down 5.7 percent to a seasonally adjusted 654,000 units last month.
UBS (UBS) today increased estimates for Citigroup (C) through 2013 as the bank has been experiencing lower operating expenses, as well as higher capital markets revenue. A $45 price target was issued with a buy rating.
First Solar (FSLR) was downgraded today by Goldman Sachs (GS) to neutral from buy with a price target of $24 to neutral from buy with a price target of $24 due to a lack of any near term catalyst for the stock price to appreciate. Shares are higher by about 11.9 percent.
TD Ameritrade Holding Corporation (AMTD) maintained its quarterly dividend of 6 cents per share. The company announced a 20% drop in second quarter profit due to a decline in fees and average trading volume that hurt revenue growth.
Stratasys (NASDAQ:SSYS) has reportedly agreed to merge with privately-held Object in an all-stock with a combined equity value of $1.4 billion.The merged 3D printer firm intends on operating under the Stratasys name and instating dual headquarters in Israel and Minnesota.
In trading on Tuesday, metals & mining shares were relative leaders, up on the day by about 3.3%. Leading the group were shares of Denison Mines (DNN), up about 14% and shares of Alpha Natural Resources (ANR) up about 6.6% on the day.
Toyota (NYSE:TM) is planning on introducing new hybrid modes in Europe and use diesel engines from BMW in an aggressive effort to move into Volkswagen’s European market niche over the next few years.The carmaker is expected to boost its market share in the EU to 6.6% from 5.7% this year amid intense competition.
Coty repeated its interest in Avon Products (NYSE:AVP), reaffirming its $23.25 per share bid for the company in a letter addressed to the Andrea Jung that highlights its ability to line up financing to complete a deal.The company says it wants to be invited to do further due diligence before it debates an increase in its offer.
Citigroup (NYSE:C) reported Q1 EPS of $0.95, vs. estimates of $1.02.Revenues in the quarter came in at $19.41 billion, which includes CVA/DVA adjustment of $1.3 billion, and $477 million net gain on minority interest.The company’s Q1 EPS and revenues, excluding CVA/DVA, was $1.11 on revenues of $20.2 billion.The company reported tangible book value of $50.90 per share vs. $49.81 quarter-over-quarter.
Best Buy has officially announced where it will be closing 50 of its big-box stores.Store locations include six in California, six in Illinois, and six in its home state of Minnesota. Best Buy has already closed two of its stores already this year, one in Kansas City and another in Scottsdale. Most of the stores will close by May 12 with the rest closing later in the summer. The location announcement comes after the electronics retailer said it would be closing some of its big-box stores, cutting 400 corporate jobs and trim $800 million in costs. Best Buy plans on opening 100 of the more profitable Best Buy mobile stores and hopes to recover from the $1.7 billion in losses from the most recent quarter.
