Stocks in the news: Lowe's, Charles Schwab, BB&T

The following post rounds up the companies making headlines today:

Lowe's Cos. (LOW) reported a 19 percent second quarter earnings decline to $759 million, or 51 cents per share, below analyst estimates of 54 cents a share. The company blamed poor weather and cautious consumer spending. Sales dropped 5 percent, more than estimates. Lowe's said it will scale back new store openings in its next fiscal year and forecast earnings below expectations. Shares plunged 9.8 percent in pre-market trade.

Charles Schwab (SCHW) may find itself as a defendant in a lawsuit soon, according to a report in the Wall Street Journal. New York state's attorney general, Andrew Cuomo, is expected to file a lawsuit as soon as Monday against Schwab, alleging civil fraud related to the brokerage firm's marketing and sales of auction-rate securities. Shares fell 2.2 percent ahead of the bell.