Stocks in the news: HD, AIG, MU, JPM, TGT, M, RSH, HNZ, NWS, SPSN ...

Melly Alazraki
Updated

Once again this morning U.S. stock futures are pointing to a higher start, after Monday the Dow and S&P reached their lowest levels since 1997 following renewed financial concerns and fears of more bank nationalization. Stocks may recover today ahead of Bernanke's testimony. Before the bell: Stocks set to rebound from 12-year lows ahead of Bernanke testimony

Home Depot (HD) managed to beat analyst estimates when it reported results this morning. While posting a fiscal fourth-quarter loss of $54 million, it was mostly due to its plan to shut its four smaller home-improvement brands. Excluding charges, profit was 19 cents per share, despite the 17 percent slide in revenue to $14.61 billion, and comparable-store sales down 13 percent. Analysts forecast a profit of 15 cents per share on revenue of $14.67 billion. Share are climbing over 4% in pre-market trade. HD gained over 6% shortly after the open.

Tech layoffs:

  • Micron Technology (MU), despite saying before it wouldn't cut more jobs, announced it will slash as many as 2,000 workers by the end of August and phase out certain manufacturing operations. MU shares gained over 2.5% shortly after the open.

  • Spansion Inc. (SPSN) also said late Monday that it plans to cut its global workforce by roughly 3,000. SPSN shares are soaring over 18% half an hour after the open.

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