Verizon saw a dramatic increase in subscribers in its second quarter. Almost 1.5 million customers joined Verizon, up from the first half of the year. Verizon’s tablet and smartphone business also grew and the company’s CEO sees that trend continuing throughout the year. Shares rose 1.5 percent to almost $50.
Lumber Liquidators cut its earnings outlook for the year, citing reduced store traffic. It also said fewer people are buying homes this year than in 2013, while others are holding off renovations. Investors bailed out of Lumber Liquidators driving the stock down more than 21 percent to $55.25. Other home improvement retailers also fell: Home Depot was the worst performing stock in the Dow, falling more than 1.5 percent. Lowes also down by more than one percent.
After the bell Gap reported that its June same-store sales fell two percent. Its Gap and Banana Republic stores suffered the most, with sales down seven percent, but its Old Navy chain performed well, with an increase of seven percent. Shares fell initially after-hours, down about one percent. During the regular session the stock was also down one percent to $40.97.
It was a different story for Costco. Sales at the wholesale retailer were up six percent in June, topping analyst estimates, thanks to higher fuel prices. Costco shares edged up slightly to $118.08.
IBM is betting big on chips. Big blue announced plans to invest $3 billion over the next five years in computer chip research and development, hoping to revive slumping sales in its hardware unit. Shares fell slightly to $187.70.
Oil giant ConocoPhillips is upping its dividend by nearly six percent to 73 cents a share. The payout will be made to shareholders in September. Investors didn’t seem too pumped, shares were off slightly to $85.67.
Boeing doesn’t see demand for its jets slowing down anytime soon. The company is expecting to sell 37,000 plans worth $5.2 trillion over the next 20 years, up from its previous forecast of $4.8 trillion in sales. The main driver of that growth is airline demand for small passenger jets. Despite the news shares were flat at $126.79.