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Market Update : 
Home Depot Disappoints with 30% Profit Drop
Author: Elena Todorova
123jump.com
Last Update: 10:20 AM EDT May 15 2007

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U.S. stocks opened mixed Tuesday. Hopes that the Fed Reserve will cut interest rates amid weaker-than-expected consumer price inflation in April generated positive sentiment, but disappointing results from Home Depot and Wal-Mart Stores weighed. Home Depot lost 1.7% after posting a 30% profit decline in Q1, missing expectations. The retailer also said annual earnings would be at the low end of its outlook.

 
Crude oil for June delivery advanced 9 cents to $62.55 a barrel, in after-hours electronic trading on the New York Mercantile Exchange. Brent crude oil for June settlement fell 20 cents to $66.63 a barrel in electronic trading on the ICE Futures exchange. Gasoline for June delivery fell for the second day and was trading at $2.2816 a gallon, down 1.96 cents in New York.

Currencies

The U.S. dollar was mixed against other major currencies in European trading Tuesday morning. The euro traded at $1.3533, down from $1.3541 late Monday in New York. The British pound traded at $1.9758, up from $1.9732. The dollar fetched 120.41 Japanese yen, up from 120.29.
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