Upheaval at Barnes & Noble, and an overhaul at Microsoft. Those stocks and more are in the news Tuesday.
The Dow industrials (^DJI) gained nearly 89 points Monday, while the S&P 500 (^GPSC) added 8 and the Nasdaq (^IXIC) edged 5 points higher.
Barnes & Noble (BKS) CEO William Lynch has resigned, effective immediately. The company promoted three other executives, but didn't name a successor to Lynch. His departure comes just two weeks after the retailer reported a surprisingly big loss, partly due to problems at its Nook e-reader division, which was one of Lynch's major initiatives.
Microsoft (MSFT) is reportedly set to announce a major restructuring. AllThingsD says the announcement could come Thursday, and will focus on software and devices.
Goldman Sachs (GS) has lowered its rating on IBM (IBM) to "neutral."
How about a $2.5 billion grocery bill? Kroger (KR) is paying that much to buy Harris Teeter Supermarkets (HTSI), which has more than 200 stores in the Mid-Atlantic and Southeast regions.
AT&T (T), DirecTV (DTV), and the private-equity firm KKR (KKR) have all submitted bids to buy the streaming video site Hulu. The current owners -- Comcast (CMCSA, CMCSK), Walt Disney (DIS) and News Corp.'s (NWS) 21st Century Fox unit –- had set a Friday deadline for offers.
Alcoa (AA) kicked off the quarterly earnings season by topping analyst expectations. The aerospace and auto industries used more of the company's metals and fasteners in their latest models.
The outlook for Intel, Samsung and other chipmakers is improving. An industry trade group expects revenue for chip-manufacturing equipment to jump by 21 percent next year, bouncing back from an anticipated decline this year. But Intel (INTC) shares took a hit Monday after three influential analysts issued cautious comments about the industry leader.
We're watching shares of online travel company Priceline.com (PCLN). It has gained ground for nine straight trading days -- and now Morgan Stanley (MS) has raised its rating on the stock to "overweight."
Shares of Intuitive Surgical (ISRG) are set to tumble after revising down its revenue outlook for the second quarter. The company cites slow sales of its robotic surgery machines.
But it should be smooth sailing for WD-40 Co. (WDFC), after earnings easily topped expectations.
-Produced by Drew Trachtenberg
Where Millionaires Live in America
Market Minute: Barnes & Noble CEO Resigns; Microsoft Poised to Restructure
Metro Population: 1.8 million
Concentration of Millionaire Households: 8.3%
Number of Millionaire Households: 52,043
Median Income for All Households: $88,339
Median Home Value: $674,800
The original California capital has come a long way from its farm town origins. Today, San Jose is the center of Silicon Valley. And the area, including Sunnyvale and Santa Clara, is home to some of the world's biggest tech companies, including Apple, Hewlett-Packard, Intel and Google. Such employers tend to reward their geeks handsomely. Google even keeps its interns well-heeled, paying those specializing in software engineering an average $6,432 a month, according to employment research firm Glassdoor. The hefty paychecks can help cover housing costs — the San Jose area's median home value is the highest on this list, and a whopping 20.8% of houses are worth $1 million or more, compared with just 2.3% of all U.S. homes.
Metro Population: 5.5 million
Concentration of Millionaire Households: 8.6%
Number of Millionaire Households: 182,993
Median Income for All Households: $88,486
Median Home Value: $399,400
The nation's seat of power is topped with a plump cash cushion. The D.C. area is home to the greatest number of millionaire households on this list and ranks fourth overall behind New York, Los Angeles and Chicago. In D.C. proper, you can find many moneyed residents, including high-profile politicians, lobbyists and contractors, living in the townhouses of Georgetown and Capitol Hill. Outside the District, millionaires can enjoy the suburban life in Arlington, Va.; Bethesda, Md.; and other well-off neighborhoods.
Metro Population: 320,087
Concentration of Millionaire Households: 8.9%
Number of Millionaire Households: 12,078
Median Income for All Households: $56,876
Median Home Value: $317,200
Beautiful beaches and top-drawer retailers lay out the welcome mat for thousands of millionaires, as well as leisure travelers, who flock south for the warmth of the Gulf Coast. Shoppers seeking upscale styles have many options, including Cartier, Gucci and Louis Vuitton, at the open-air Waterside Shops. And golfers have just as many choices when it comes to links – there are more than 90 golf courses nearby. Another kind of green that may interest people in the area: eco-tourism. You can get a glimpse of the local wildlife a short drive away at Everglades National Park and Ten Thousand Islands. While real estate in the area tends to become more affordable as you move inland, the median value of homes in prime coastal locales such as Pelican Bay and the City of Naples is about $800,000.
Metro Population: 911,196
Concentration of Millionaire Households: 8.9%
Number of Millionaire Households: 30,048
Median Income for All Households: $82,558
Median Home Value: $466,700
The southwest coast of Connecticut, stretching from Bridgeport to the border with New York, provides a perfect (and preppy) suburban base for high-powered commuters, many of whom work and play in nearby Manhattan. Nearly 34,000 residents, or 8.1% of the local labor force, are employed in management positions, earning about $68 per hour on average. And 16.7% of households report an annual income of $200,000 or more; only 4.5% of the country's households pull in that much each year. Those high paychecks can help cover the area's high costs. Stamford proper is one of America's most expensive big cities, and typical homes in small affluent towns such as Greenwich and Darien go for $1 million.
This tiny New Mexico town has the smallest population, as well as the highest concentration of millionaires, on this list. Chalk up the density of affluence to the National Laboratory, a research facility focused on national security and the county's largest employer. Since the lab was established in 1943 as site Y of the Manhattan Project, it has drawn some of the world's top scientific minds with state-of-the-art facilities, currently including more than 1,200 buildings on a 36-square-mile campus, and generous paychecks. In fact, the area's six-figure median household income is the highest on this list. And relatively low living costs — just 2.9% above the U.S. average — will help wealthy residents hold on to their fortunes.