Stocks in the news: Wal-Mart, Palm, Ciena
Wal-Mart Stores Inc. (WMT), the world's largest retailer, said it plans to hire more than 22,000 people this year as it opens about 150 new or expands stores in the U.S. The positions include plenty of cashiers and stock clerks, but also some store managers, pharmacists and personnel workers.
Retail May sales results:
- Costco Wholesale Corp. (COST) said its May comparable-store sales fell 7 percent, worse than the 6.4 percent analysts had expected.
- Macy's Inc (M) reported a 9.1 percent decline in same-store sales compared to the same period last year and slightly beating estimates.
- Target Corp. (TGT) said May same-store sales fell 6.1 percent, worse than analyst estimates of a 4.3 percent decline.
- JC Penny Co. (JCP) reported an 8.2 percent decline in same-store sales, beating estimates of a 9.6 fall.
- Limited Brands Inc. (LTD) same-store sales declined 7 percent in May, inline with estimates.
- Gap Inc. (GPS) posted a 6 percent fall in May same-store sales for May fell 6%, more than the 5 percent decline analysts estimated.
- BJ's Wholesale Club Inc. (BJ) said same-store sales fell by 6.8 percent in May, below estimates of 4.4 percent decline.
- Kohl's Corporation (KSS) sames-store sales fell 0.4 percent in May, handily beating estimates of a 3.8 percent decline.
- Saks Inc. (SKS) comparable sales, however, slumped 26.6 percent, far below the 14.2 percent drop expected by analysts.
Intel Corp. (INTC) announced it is buying Wind River Systems Inc. (WIND) for $11.50 a share in cash, or about $884 million. WIND shares soared over 45 percent ahead of the bell.
Data Domain Inc. (DDUP) went with the NetApp Inc. (NTAP) offer and announced they have entered into a revised acquisition agreement in which NetApp will acquire Data Domain for $30 a share in cash and stock, or about $1.9 billion.
Rio Tinto (RTP) -- Chinalco could walk away from a $19.5 billion deal with Rio Tinto after the parties couldn't reach agreement on terms, the Financial Times reported. Shares dropped over 7 percent ahead of the bell.
Boeing (BA) and Airbus are vying for a winner-take-all order for as many as 150 jets from UAL Corp.'s (UAUA) United Airlines, according to The Wall Street Journal.
SAIC (SAI) reported a stronger-than-forecast first-quarter profit. Shares gained 4.8 percent in pre-market trade.