Meanwhile, oil prices (CLM16.NYM) are shooting higher after some early morning volatility as investors weigh the impact of supply disruptions in Canada and after reports the chief executive of Saudi Arabia’s state-owned oil giant Aramco said the company would likely increase its output to meet demand.
Gap (GPS) shares fell to a 52-week low in early trading after the retailer posted weaker-than-expected same-store sales in April and the first quarter due to sales declines across all its brands. The company also warned that first-quarter earnings would miss estimates. Gap said it is identifying opportunities to streamline its operations to be more efficient and flexible.
SolarCity (SCTY) shares took a major hit this morning. The solar power company founded by Elon Musk lowered its outlook for the current quarter after it reported a wider-than-expected loss for the first three months of the year as rising expenses ate into profits. However, revenue came in way ahead of expectations with sales jumping nearly 82% from a year earlier.
Lumber Liquidators (LL) shares tanked in early trading. The troubled hardwood flooring retailer posted a much steeper-than-expected loss as sales fell for the fourth straight quarter, missing analysts’ estimates.This comes as the company struggles to revive demand and improve margins following a “60 Minutes” report last year suggesting its flooring from China contained high levels of a cancer-causing substance.
Disney (DIS) is set to report quarterly results after the close of trading today. Analysts are expecting profit growth of 14% to $1.40 per share with revenue climbing 6% to $13.2 billion.
Facebook plays defense
Facebook (FB) denies omitting conservative political stories. A report that claims they’ve been replacing trending stories for years.
Intelligence agencies want to know how secure your phone is. Companies were asked how they release security updates and other factors. But will government intervening actually help?
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