Stocks seek rebound after Tuesday drop
Peter Schacknow, Senior Producer, CNBC Breaking News
The major U.S. stock averages come off their first across-the-board losses in two weeks, although the drops for the Dow, S&P 500, and Nasdaq were modest. Nonetheless, the Tuesdays declines ended 8-session win streaks for the S&P 500 and the Nasdaq Composite, as investors anticipate more earnings and two Congressional appearances this week by Fed chairman Ben Bernanke.
Bernanke's Congressional testimony begins today as he appears before the House Financial Services Committee at 10am. However, the Street will get an early look at his prepared remarks, which are scheduled for release at 8:30am.
Treasury Secretary Jack Lew is also on Wall Street's radar, as he kicks off CNBC's Delivering Alpha event with a speech at a 8:25am. Other notable guests during the event include interviews with investors John Paulson and Nelson Peltz.
Banks highlight this morning's earnings calendar, led by Dow component Bank of America (BAC). We'll also get the latest numbers from Bank of NY Mellon (BK), M&T Bank (MTB), Northern Trust (NTRS), PNC Bank (PNC), and U.S. Bancorp (USB). Non-banks set to report this morning include Abbott Labs (ABT), Mattel (MAT), St. Jude Medical (STJ), and Textron (TXT). Dow components Intel (INTC), IBM (IBM), and American Express (AXP) lead today's after-the-bell earnings list, with eBay (EBAY), SanDisk (SNDK), and Xilinx (XLNX) also scheduled to report.
Yahoo (YHOO) leads our list of stocks to watch, with the company reporting second quarter profit of $0.35 per share, excluding certain items, five cents above estimates. Revenues, however, were slightly short of consensus, and Yahoo's third quarter revenue outlook also fell short, with prices paid per display ad down 12 percent from a year ago.
CSX (CSX) reported second quarter profit of $0.52 per share, five cents above estimates, with revenues also registering a beat. The rail operator saw increases in merchandise and intermodal shipments, helping to offset a drop in coal shipments.
United Rentals (URI) earned $1.12 per share for its second quarter, 11 cents above estimates. Revenues of $1.21 billion were a bit shy of Street forecasts, though the company is benefitting from a trend towards rentals rather than purchases of industrial and construction equipment.
Realogy (RLGY) predicts its second quarter earnings will beat expectations as the real estate market recovers. The real estate services firm also said Apollo Global Management (APO) is selling its remaining 25.1 million share stake in the company, currently valued at about $1.24 billion.
Dell (DELL) has issued yet another letter to shareholders from its Special Committee, the latest volley in a back-and-forth with investor Carl Icahn. The letter urges shareholders to vote for the current buyout offer of $13.65 per share from founder Michael Dell and Silver Lake Partners. A special meeting to vote on the offer is set for tomorrow, though CNBC's David Faber has reported that the meeting may be postponed if it appears the offer will be voted down.
Visa (V) and MasterCard (MA) could be under pressure today, with the Financial Times reporting that a European Union proposal would cap fees collected to process transactions.
Boeing (BA) will be sued by a Chicago law firm in connection with the Asiana Airlines flight that crashed in San Francisco on July 6. Ribbeck Law said the crash may have been caused by a malfunction of the auto-throttle.
Barclays (BCS) plans to fight a U.S. fine of $453 million for alleged manipulation of electricity prices between 2006 and 2008.
McGraw-Hill Financial (MHPI) unit Standard and Poor's will have to face a $5 billion civil fraud lawsuit by the U.S. government over its credit ratings. A judge in California dismissed S&P's motion to throw out the suit.
Novartis (NVS) has raised its full year outlook, after generic competition to the company's best-selling blood pressure pill was delayed into 2014.
We'll get a fresh read on the housing market this morning at 8:30am ET, when the government releases June housing starts, expected to rise 3.9 percent for June after a 6.8 percent jump in May. Investors will also get a look at the Fed's latest Beige Book, the region-by-region assessment of the nation's economy, at 2pm ET.
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