Stock Futures Point to Modest Wall Street Gains
New York (May 10) Stock futures were modestly higher on Tuesday, recovering from an uncertain start to the week caused by a volatile commodity market.
S&P 500 futures were up 0.33%, Dow Jones Industrial Average futures climbed 0.37%, and Nasdaq futures added 0.28%.
Stocks ended Monday's session mixed as crude rallied then sold off. Oil closed below $44 a barrel on Monday as progress was made in fighting a massive wildfire in Canada. The blaze brought relief to an oversupplied oil market as 11 producers and three pipeline operators were forced to limit operations.
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Crude oil remained volatile on Tuesday. West Texas Intermediate crude oil started the day higher, before turning 0.2% lower to trade at $43.38 a barrel.
Gap (GPS - Get Report) fell 14% in premarket trading after warning of lower-than-expected sales in its first quarter. The retailer, which reports on May 19, said quarterly sales fell 6% to $3.44 billion, a steeper decline than an expected 3% drop. The company is also evaluating options for its international Old Navy and Banana Republic chains.
Credit Suisse (CS - Get Report) posted a quarterly loss that was narrower-than-expected as it made progress on cost cuts. The Swiss lender did see a sharp decline from quarterly profit to loss over the first three months of the year as markets suffered from a selloff to start 2016. January and February were "some of the most difficult markets on record," said CEO Tidjane Thiam. Shares were down 1%.
Allergan (AGN - Get Report) rose 3% after announcing a new $10 billion stock repurchase program. The drugmaker said it plans to repurchase $4 billion to $5 billion in stock over the next four to six months.
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Lumber Liquidators (LL - Get Report) tumbled 10% as it continued to face the fallout from a product safety scandal last year. The flooring company reported a first-quarter loss of $1.20 a share, far steeper than a loss of 29 cents a share a year earlier. Expenses surged 20% after legal fees increased $13.5 million. The company has been in embroiled in legal issues since it was accused of selling laminate flooring containing carcinogenic chemicals.