Shares of Salesforce.com moved higher after better-than-expected results. Stocks held relatively steady after the release of the Fed minutes. Bobbi Rebell reports.
Stocks ended relatively flat after the release of the Fed's minutes from their most recent meeting, which did little to change expectations of when the central bank may change interest rates, with a June rate hike considered unlikely. After hours Salesforce.com beat first quarter earnings expectations expectations. Revenue up 23 percent, and the company raised its full-year revenue forecast. Six big banks got fined nearly $6 billion. They settled with regulators over allegations that they had manipulated the currency markets. UBS, which pleaded guilty to rigging the interest rate benchmark known as LIBOR, got fined less than expected, so its shares rose. U.S. Attorney General Loretta Lynch: SOUNDBITE: LORETTA LYNCH, U.S. ATTORNEY GENERAL, (ENGLISH) SAYING: "The prices the markets set for those currencies influence virtually every sector of every economy in the world. Their actions inflated the banks' profits while harming countless consumers, investors, and institutions around the globe." France's Attice's entry into the U.S. market sparked speculation that some cable operators are in play. Pivitol Research said Cablevision is an attractive target. And sources say Attice has approached Time Warner Cable over a deal. Cablevision and Time Warner were the top two gainers on the S&P 500. Hormel Foods a big winner. The maker of SPAM canned meat reported a quarterly profit gain topping 28 percent. Lowe's quarterly sales and profit rose. But that missed estimates, and the home improvement chain clearly underperformed archrival Home Depot in the quarter. Shares dropped. Airline stocks fell after Southwest said it plans to boost capacity this year. Investors fear that could pressure ticket prices if seats don't get filled. Other losers included United Continental, American Airlines, and Jetblue. Etsy shares plummeted one day after the online marketplace for handmade goods reported that its net losses had widened and that expenses had ballooned. Across the Atlantic, Attice's deal to buy a U.S. cable operator lifted telecom shares. European shares extended Tuesday's gains.