Home Depot, Target among big market movers
Tuesday, May 20, 2008
Stocks that are moving substantially or trading heavily Tuesday on the New York Stock Exchange and the Nasdaq Stock Market:
NYSE
Home Depot, down $1.50 at $27.37
A big one-time charge and a slumping housing market lowered profit by 66 percent, the nation's biggest home improvement retailer said.
Target Corp., down 63 cents at $54.29
Softer-than-expected sales, especially at established stores, crimped the retailer's quarterly profit, but it still beat Wall Street expectations.
Fannie Mae, down $1.21 at $27.74
Standard & Poor's lowered the risk-to-the-government rating, which measures how strong the mortgage financier is without government support.
McGraw-Hill Cos., down $1.24 at $43.59
The information services company will cut 395 positions in its financial services and education segments, or about 2 percent of its global staff.
Saks Inc., down 93 cents at $13.20
Higher discounting weighed on profit margins, even though the operator of Saks Fifth Avenue posted a 66 percent higher profit.
NASDAQ
Staples Inc., up 4 cents at $23.61
The world's biggest office products supplier posted a nearly 2 percent higher profit, but posted soft sales at established North American stores.
Netflix Inc., up 65 cents at $31.63
The online movie rental company rolled out a device that lets consumers download movies for viewing on their televisions.
Career Education Corp., down $1.01 at $17.75
An analyst downgraded the for-profit education company and three others, predicting challenges during fall enrollment amid student lending turmoil.