Treasurys trade flat ahead of Fed speakers

Tue, 21 May 2013 12:55:43 GMT

NEW YORK -- Treasury prices were largely unchanged Tuesday morning as two Federal Reserve presidents prepared to make public appearances. Yield, which moves inversely to price, was up slightly on the benchmark 10-year note at 1.972%. The 30-year note was half a basis point lower at 3.173% while the 5-year note yield was down slightly at 0.839%. St. Louis Fed President James Bullard speaks at 11 a.m. and New York Fed President William Dudley speaks at 1 p.m. However, the most anticipated appearance will be Fed Chairman Ben Bernanke's testimony before the Congressional Joint Economic Committee on Wednesday morning.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.

Saks boosts sales more than expected; shares up

Tue, 21 May 2013 12:16:38 GMT

NEW YORK -- Luxury retailer Saks Inc. said Tuesday that its fiscal first-quarter profit fell to $20 million, or 13 cents a share, from $32.1 million, or 18 cents, a year earlier. Sales rose to $793.2 million from $753.6 million. Comparable sales rose 5.9%, beating the 2.2% average estimate of analysts surveyed by Retail Metrics. Excluding one-time items, Saks said it would have earned 19 cents a share. Analysts, on average, estimated the company to earn 18 cents a share on sales of $772.2 million, according to FactSet. For the rest of the year, Saks projected comparable sales to rise 4% to 6%. It also guided to higher-than-expected expenses. Saks shares rose 2.2% in premarket trading. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.