Stocks To Start Strong
Stocks were geared to open sharply
higher Thursday, aided by European interest-rate cuts and Morgan Stanley
upgrades of Applied Materials and KLA-Tencor.
The European Central Bank said
that it would cut its minimum bid rate to 4.50% from 4.75%. The Bank of England
reduced in its base lending rate to 5.25% from 5.5%.
Aetna
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PowerRating), the biggest U.S.
health insurer, reported a Q1 operating loss. The company blamed higher-than-expected medical costs. Aetna reported an operating loss, excluding
charges, of 26 cents a share vs. year-ago earnings of 61 cents.
A raft of retailers reports monthly
sales figures. Wal-Mart Stores
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PowerRating) the world’s largest retailer, reported
same-store sales rose 6.5% in April, exceeding a company forecast. The company
said it expects May same-store sales to come in at 3.5%.
J.C. Penney Co.
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PowerRating) said sales
at its department stores open at least a year rose 3.8% in April.
Men’s Wearhouse
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PowerRating) said sales at
stores open at least one year fell 5.6% in April.
For the fiscal month ended May 5, AnnTaylor
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PowerRating) said same-store stores
sales increased 1.2%.
Discount retailer Dollar General
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PowerRating)
reported sales at its stores open at least a year rose 9.2%. The company forecast
Q2 revenue would rise between 20% and 22%.
Discount retailer Kohl’s
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PowerRating)
reported same-store sales rose 12.7% percent in April, thanks to strong spring
merchandise sales.
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