The Free Press, Mankato, MN

State, national news

October 9, 2013

U.S. stocks rise on Yellen pick as lawmakers seek debt deal

Aids to both parties say short-term debt ceiling deal may be in offing

(Continued)

Hewlett-Packard rallied 8.9 percent, the most since May 23, to $22.60. Meg Whitman, who enters her third year as CEO, is contending with declining sales from slack demand for personal computers and price cuts in the business-technology market. While analysts are projecting a 3 percent drop in 2014 revenue to $107.6 billion, according to data compiled by Bloomberg, Whitman said she expects "total revenue to stabilize."

Men's Wearhouse jumped 28 percent to $45.03 after Jos. A. Bank Clothiers said it's seeking to buy the apparel retailer for $2.3 billion in cash, or $48 a share. Men's Wearhouse rejected the offer, saying the bid "significantly" undervalued the company and wasn't in the best interest of shareholders. Jos. A. Bank gained 6.4 percent to $44.33.

Yum retreated 6.7 percent to $66.48, the lowest since April 23. The owner of the KFC fast-food chain cut its 2013 earnings forecast as third-quarter earnings trailed analysts' estimates.

Family Dollar Stores dropped 1.1 percent to $68.71. The discount retailer issued a forecast for fiscal 2014 profit that fell short of estimates and reported fourth-quarter revenues and same-store sales that missed forecasts.

Fastenal sank 6.3 percent to $46.85. The largest U.S. retailer of nuts, bolts and other fasteners reported third- quarter revenue and profit that missed analysts' estimates.

With assistance from Bloomberg's Inyoung Hwang in New York.

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