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U.S. stock futures were mixed Wednesday ahead of retail sales, import price data and oil inventories reports. Analysts expect retail sales, to be reported at 8:30 a.m., rose 0.5% in July. Futures may find direction after the report. Meanwhile, oil futures rose ahead of the inventory report due out at 10:35 a.m., the dollar fell against some currencies and gold futures rose.[Update: Following a decline in retail sales in July, futures turned lower.]
Deere & Co. (NYSE: DE) has just reported quarterly results and shares sank 6.1% in premarket trade. The world's largest maker of farm machinery, said earnings in the latest quarter rose 7% and revenue increased 17% as soaring crop prices boosted global demand for its agricultural equipment. The company, however, missed on earnings and gave forecast that was lower than estimations.
Liz Claiborne (NYSE: LIZ) reported a net loss this quarter but beat estimates on an adjusted basis. It also issued a downside guidance.
Earnings are still due from Macy's (NYSE: M), among others.
Nvidia (NASDAQ: NVDA) shares rose 7.3% in premarket trading despite reporting a $121 million loss Tuesday. Investors liked that Nvidia announced a stock buyback of $1 billion and predicted margin improvement.
Applied Materials (NASDAQ: AMAT) also rose, up 1.2% in premarket trading after the largest maker of semiconductor-production machinery forecast better-than-estimated orders and CEO Mike Splinter said conditions will improve. Its fiscal third-quarter profit plunged 65%, but sales results beat estimates.
CVS Caremark (NYSE: CVS) said it's going to buy Longs Drug Stores (NYSE: LDG) for $2.9 billion, or $71.50 a share, a 32% premium over Longs' closing price on Tuesday. CVS shares are down 5.3%, LDG's up 29.5% in premarket trading.
Retail shares such as Wal-Mart (NYSE: WMT) and Home Depot (NYSE: HD) could be affected by retail number today.
Best Buy Co. (NYSE: BBY), the largest U.S. electronics retailer, will become the first independent retailer to sell Apple Inc. (NASDAQ: AAPL)'s iPhone 3G at its almost 1,000 U.S. stores beginning next month. The prices will be comparable to other places.
Also, a fire burned for more than three hours at Apple's headquarters before firefighters put it out.
Toll Brothers (NYSE: TOL) reported steep declines in revenues and contracts for the third quarter Wednesday. The homebuilder said its revenue fell 34% from the year-ago period.
Yahoo Inc. (NASDAQ: YHOO) could appoint former Viacom chief Frank Biondi and John Chapple, the former head of Nextel Partners, to its board by Friday, the Wall Street Journal reported, as per its agreement with Icahn. The company also unveiled a platform for location-based services, Fire Eagle, for use with mobile phone applications.
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