Wall Street is having a tough time building on yesterday’s rally. All three major averages (^DJI, ^GSPC, ^IXIC) are lower across the board in early trading as oil prices (CLM16.NYM) backed away from 2016 highs and after consumer prices increased the most since February 2013 last month due largely to a jump in gas prices and rents.
The Labor Department reported the consumer price index rose 0.4% in April after a 0.1% increase in March.
Home Depot’s (HD) quarterly results bucked the recent disappointing trend we’ve seen in the retail sector. The home improvement retailer reported a beat on both its top and bottom lines in the first quarter. Revenue rose 9% from a year earlier thanks to stronger-than-expected same-stores sales growth.
Lending Club (LC) is eyeing a fresh all-time low after the online lender disclosed late yesterday that it received a grand jury subpoena from the U.S. Department of Justice. Shares of Lending Club have fallen about 15% since it reported first quarter results last week and announced CEO Renaud Laplanche had resigned in response to a questionable loan sale.
AstraZenca’s (AZN) U.S. listed shares got a nice pop this morning after the British drug maker said its experimental drug to treat severe asthma was successful in late-stage trials.
Vodafone’s (VOD) U.S. listed shares were higher in early trading. The mobile carrier posted its first full year of growth in service revenues and core earnings since 2008 when stripping out currency movements. However, the company said it will spend more than it previously expected in its current fiscal year to improve its networks.
Next stop for Tim Cook
Apple’s (AAPL) CEO will visit India to try and revive iPhone sales. Tim Cook will meet with Prime Minister Narendra Moody on the second part of his Asian tour. India won’t let Apple sell refurbished phones in the country – but it’s not exactly clear if it’s Cooks intention to change that policy — or work out a new deal.
Google wants to carpool
Google’s (GOOGL) Waze navigation app has a new carpool service in San Francisco. The new service – which is being sent out by invitation only – helps riders and drivers find each other based on similar commutes as well as setting up a payment system. If the service gains in popularity, Waze would be in direct competition with Uber and Lyft.
Some companies are having a big problem trying to find workers that can pass a drug test. There’s growing demand for drug testing at companies with large human resources departments. And more and more smaller companies are jumping on board. People who run companies like trucking or lumber yards are being impacted the most.
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