U.S. shares were struggling to push higher today as investors scrutinized a number of economic reports a day after the Federal Reserve minutes signaled a June interest-rate hike was unlikely. The S&P 500 (INDEXSP:.INX) added 0.3 percent to 2,132 at 11:30 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) rose 0.2 percent at 18,312, while the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) jumped 0.4 percent to 5,094. Most followed shares included Best Buy, CVS Health, Salesforce.com, NetApp, Qualcomm, Williams-Sonoma, L Brands, Lumber Liquidator, and Dollar Tree.
In consumer shares, Best Buy (NYSE:BBY) jumped 5.6 percent to $35.76 after the largest U.S. consumer electronics chain reported profit that surpassed market expectations in its fiscal first quarter, helped by strong demand for smartphones and large-screen TVs. Net income dropped to $129 million, or $0.36 per share, in the period ended May 2, from $461 million, or $1.31 per share, a year earlier. Stripping out items, the company earned $0.37 per share, beating the $0.29 average estimate of 25 analysts polled by Capital IQ. Revenue dropped 1 percent to $8.56 billion, topping the Wall Street consensus of $8.46 billion. Same-store sales--a closely watched benchmark--rose 0.6 percent last quarter. Analysts predicted a drop of 0.4 percent, according to Consensus Metrix.
In health-care stocks, CVS Health (NYSE:CVS) gained 2.8 percent to $104.10 as the second-largest U.S. drugstore operator said today that it will buy Omnicare (NYSE:OCR), the top U.S. provider of pharmacy services to the elderly, for $10.1 billion to expand in the growing market serving the senior patient population. CVS will pay $98 per share in cash and assume $2.3 billion of Omnicare's debt, the companies said in a statement today.
In technology stocks, Salesforce.com (NYSE:CRM) jumped 5.1 percent tp $74.25 after the cloud-computing company reported adjusted earnings of $0.16 per share compare with the analyst consensus of $0.14 per share.
NetApp (NASDAQ:NTAP) tumbled 11.8 percent to $31.11 after earnings from the storage and data-management company fell short of Wall Street expectations.
Qualcomm (NASDAQ:QCOM) rose 1.8 percent to $70.54 as the wireless technology provider entered accelerated share buyback agreements with two financial institutions for $5 billion of its common stock.
In consumer shares, Williams-Sonoma (NYSE:WSM) added 2.1 percent to $79.53 after the e-commerce retailer reported quarterly profit of $0.44 per share, $0.04 above estimates. Revenue was essentially in line, although comparable store sales increased more than expected. The company's outlook for the current quarter, however, is below Street forecasts.
L Brands (NYSE:LB) added 1 percent to $89.62. The parent of Victoria’s Secret earned an adjusted $0.61 per share for its latest quarter, $0.01 above estimates, with revenue slightly below. The Columbus, Ohio-based retailer raised its full-year guidance, but gave a current quarter forecast that falls below analyst estimates amid increased promotions in the industry.
Lumber Liquidators (NYSE:LL) stumbled 14.7 percent to $21.56 after saying chief executive officer Robert Lynch resigned unexpectedly, as the hardwood-flooring company continues to face pressure over the safety of its products. The stock has lost 67% this year.
Dollar Tree (NASDAQ:DLTR) advanced 4.7 percent to $79.97 after giving a muted outlook for its current quarter, while saying it expects its deal to buy Family Dollar Stores to close in July.
In other stocks, Transocean (NYSE:RIG) gained 3.5 percent to $19.92 after reaching a settlement from BP Plc on issues related to the 2010 disaster in the Gulf of Mexico.