US stocks rise Home Depot dips on cost warning

GMT 16:18 2014 Tuesday ,18 November

Arab Today, arab today US stocks rise Home Depot dips on cost warning

Dow Jones Industrial Average
New York - AFP

US stocks rose in early trade Tuesday following solid German economic data as Home Depot fell on a warning of higher costs from a recent data hacking episode.
About 35 minutes into trade, the Dow Jones Industrial Average stood at 17,692.14, up 44.39 points (0.25 percent).
The broad-based S&P 500 rose 7.75 (0.38 percent) at 2,049.07, while the tech-rich Nasdaq Composite Index gained 29.21 (0.63 percent) to 4,700.21.
Germany's DAX 30 rose 1.5 percent as investor confidence in Europe's biggest economy jumped back into positive territory in November after reaching a 22-month low in October, according to the ZEW economic institute.
Equity markets in France and England also advanced.
Home Depot fell 1.0 percent after reporting third-quarter earnings of $1.15 per share that bested analyst expectations by two cents.
The home improvement retailer said it could not yet estimate the costs of the breach of its systems, in which cybercriminals stole 56 million credit card numbers and 53 million email addresses. Home Depot said expenses could include reimbursements for credit card fraud and future civil litigation.
Medical equipment supplier Medtronic rose 4.0 percent after reporting second-quarter earnings of 96 cents per share, matching expectations.
Medtronic also said it still planned to proceed with an acquisition of Ireland-based Covidien despite US Treasury rules discouraging transactions designed to relocate to lower-tax jurisdictions.
Youth apparel retailer Urban Outfitters sank 7.3 percent as comparable sales at its namesake stores dropped seven percent in the third quarter. Net income fell 33 percent to $47.1 million.
The TJX Companies, owners of TJ Maxx and other discount stores, fell 2.1 percent as it projected full-year profits of $3.09-$3.13 per share, less than the $3.17 expected by analysts.
Bond prices rose. The yield on the 10-year US Treasury dipped to 2.33 percent from 2.34 percent Monday, while the 30-year slipped to 3.05 percent from 3.06 percent. Bond yields and prices move inversely.


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