U.S. stocks climbed higher after first-quarter GDP projection was revised to a larger decline and initial jobless claims fell. Dollar General and Macy's results lifted market sentiment. Tech stocks advanced after Broadcom agreed to acquire VMWare for $61 billion.
DG
DG
Urban Outfitters net income in the quarter plunged on higher raw materials and freight costs and longer lead times contributed to a surge in inventories.
URBN
URBN
Toll Brothers quarterly sales rose 19% and net income soared 73%. Home backlog value jumped 35% to $11.7 billion average home price neared $900,000.
TOL
TOL
Stocks traded lower and investors reacted to the latest batch of earnings and awaited details of the latest Fed policy meeting on May 4. Dick's Sporting Goods plunged 13% on cautious outlook.
Advance Auto Parts quarterly sales declined 1.3% and net income in the quarter fell 26%. The retailer guided full-year comp sales to increase between 1% and 3%.
AAP
AAP
AutoZone said comparable same store sales rose 2.6% in the quarter and on top of 28.9% a year ago. The parts retailer repurchased $900 million of its share in the quarter.
AZO
AZO
Abercrombie & Fitch gross margin declined 810 basis points on higher raw materials and freight costs and the apparel guided lower operating margins in the second quarter and for the full-year.
ANF
ANF
Indexes in Germany and France fell after the ECB President raised the need to lift rates in tackling 4-deccade inflation. The British pound fell against the euro after the UK private sector expanded at the slowest pace in fifteen months.
Zoom Video Communication quarterly revenues rose 12% but net income was cut in half. Revenues in the Americas rose 15% and enterprise revenues jumped 31% to represent 52% of total revenues.
ZM
ZM
European markets advanced after takeover and merger activities perked up. A private survey showed business confidence unexpectedly rose in Germany.
Asian markets were on the defensive after Beijing city imposed additional restrictions in 22 districts. Stocks in Japan gained after the Tokio Marine fiscal year net income more than doubled. Indexes in India were on the defensive.