Reuters Insider - S&P 500 just shy of record

Pacific Ventures

21/08/2014 05:53

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        Summary: Hewlett Packard surprise revenue rise;   
                     Stocks mostly higher after fed minutes release;   
                     Hertz shares hit hard after warning; Target cuts  
                     forecast. Bobbi Rebell reports.                   
 
 
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Transcript (May be auto-generated)

 US stocks were mostly higher on Wednesday with the S&P 500 closing just shy of a
new record after minutes from the Fed's July meeting showed the Central Bank 
remains accommodative but could hike interest rates sooner depending on the 
economy's rebound. Reuters' Jason Lange: Policymakers acknowledge that the 
economy and specifically the labor market has been improving faster than they 
expected. At the same time, they want to see more evidence of this economic 
strength before making up their minds on this. Now, Janet Yellen is due to give 
a speech at Jackson Hole on Friday and the topic is likely to be the labor 
market, and we'll be looking for any signs of her views and how that might shift
our thinking about when the Fed will hike rates. Hewlett-Packard posted a 
surprise increase in quarterly revenue. The company has been working through an 
internal overhaul aimed at cutting costs and reorienting the huge computing 
company. 

Hertz shares hit hard. The rental company pulled its full-year outlook late on 
Tuesday, saying its 2014 results would be well below guidance. Hertz used the 
very vague term "business challenges", one example, a shortage of cars. More 
than a quarter of its fleet comes from General Motors which has recalled almost 
26 million vehicles so far this year. Separately, filings show Carl Icahn has 
taken an 8.5% stake in Hertz. The activist investor saying he believes the 
shares are undervalued and has a lack of confidence in management. Target cut 
its full-year profit forecast after reporting a 62% drop in second quarter 
profits. The retailer has had to cut prices to appeal to cash-strapped shoppers 
who are also still wary after the massive holiday season data breach. Lowe's 
lowering its sales forecast for the year, saying it simply couldn't make up the 
business it lost during the harsh winter. The number two home improvement chain 
behind Home Depot reported better-than-expected second quarter revenue. Staple's
quarterly profits beat forecast, thanks to strong demand for non-core office 
supplies like furniture. And teen apparel retailer American Eagle turned in 
better-than-expected second quarter profits. In Europe, shares dipped after a 
two-day rally