Stocks eye a rebound, Facebook changes its guidelines
Wall Street is aiming for a rebound. All three major averages (^DJI, ^GSPC, ^IXIC) are solidly higher across the board as jitters over a Fed rate hike in June ease and the dollar gains ground against the euro and the yen.
Best Buy (BBY) shares sank in early trading. Although the consumer electronics retailer reported better-than-expected earnings and revenue for the first quarter, sales fell 1.4% from a year ago. The company also gave a weak outlook for the current quarter and said its CFO Sharon McCollam will be stepping down next month.
AutoZone (AZO) posted earnings and revenue for its fiscal third quarter that missed analysts' estimates. The auto supplies retailer blamed the shortfall on bad weather in certain areas of the country.
Toll Brothers (TOL), the biggest U.S. luxury home builder, reported a beat on both it top and bottom lines for its fiscal second quarter as profit margins improved from a year ago thanks to strong demand for high-end homes, which drove up sales 31%.
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Toyota (TM) recalled an additional 1.6 million vehicles to replace potentially faulty side-front passenger air bag inflators made my Japan's Takata. The latest recall includes Toyota, Scion, and Lexus from model years 2006 through 2011.
Facebook's big changes
Facebook (FB) is changing the way it displays ‘Trending Topics’ after a report alleged it suppressed conservative stories. After an internal investigation, Facebook says there was no evidence of political favoritism and that conservative and liberal topics were featured at virtually identical rates.
New head at the TSA
The head of security at the TSA is reportedly being forced out of the job. Kelly Hoggan is being removed after the agency was criticized for long lines at airport security. Thousands of people were forced to miss their flights, but the TSA blamed the problem on a lack of security scanners. Hoggan’s deputy, Darby Lajoy, will fill in on an interim basis.
Disney fight in China
Almost a month before Disney (DIS) opens a park in Shanghai, one Chinese billionaire says the company is making a terrible move. Billionaire Wang Gin-Lin, who is creating tourism projects across China, says Disney misread the Chinese market and shouldn’t have come. China’s tourism industry is worth $610 billion, and the government predicts it will double by the year 2020.
