Lowe's (LOW) topped second-quarter earnings estimates, maintaining its full-year forecasts for $87 to $89 billion in sales. S&P Global Ratings downgraded five regional U.S. banks. SoftBank's (SFTBY, 9984.T) semiconductor developer Arm files for its IPO listing on the Nasdaq. Yahoo Finance's Brad Smith highlights the top three developing stories this morning.
BRAD SMITH: Here are three things that you need to start this morning. Lowe's sticks by its full-year forecast after second quarter earnings top estimates.
EPS came in at $4.56 per share ahead of the $4.49 expected. For the full-year, it sees total sales between $87 billion and $89 billion. The report follows Home Depot last week. It beat The Street. But posted a 2% annual sales decline.
Macy's also out with results this morning. It cautioned over consumer spending later on this year.
In the S&P, well, S&P downgrades five regional US banks by a notch, just two weeks after Moody's made a similar move. The agency standard and Poor's dropped its rating on Keycorp, Comerica, Valley National Bancorp, UMB Financial Corp, and Associated Bank-Corp.
It cited higher rates and a tough lending environment for the move. Standard Poor's says, 90% of the banks that it rates have stable outlooks.
And it's coming, Arm files for a mega listing on the NASDAQ. The supposed crown jewel of SoftBank's Empire will be the biggest US IPO this year. The offering being led by Barclays, Goldman Sachs, and JP Morgan. The British company designs chips for the likes of Intel, Nvidia, and Qualcomm. And SoftBank agreed to acquire it for $32 billion. That was back in 2016.