BUZZ-U.S. STOCKS ON THE MOVE-Baidu, Cummins, Supervalu, GrubHub
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock index futures rose on Tuesday as investors refocused on corporate earnings a day after a tumble in the Chinese stock market sent global markets lower. Dow Jones industrial average futures were up 0.24 percent at 17,437, S&P 500 futures were up 0.34 percent at 2,071.5 and Nasdaq 100 futures were up 0.22 percent at 4,532.25.
** BAIDU INC, Monday close $197.68, -13.00 pct
China's biggest Internet search company's quarterly profit missed analysts' estimates as the company spent heavily to diversify away from its core search advertising business, which is becoming less profitable and more competitive. Brokerages also cut ratings and price targets saying Baidu will have to face competition on multiple fronts with sizable private players in "online to offline" (O2O) services and company's earnings growth will likely be muted during its O2O investment cycle.
** CUMMINS INC, Monday close $123.78, +4.02 pct
The Diesel engines maker reported a 4 percent rise in quarterly revenue, helped by higher demand in North America.
** SUPERVALU INC, Monday close $7.36, +8.70 pct
The grocery retailer said it was exploring a spinoff of its discount supermarket chain, Save-A-Lot, as a publicly traded company. Save-A-Lot operates more than 1,300 stores across the United States, SuperValu said on Tuesday.