News Summary

Crude-oil futures fell ahead of US inventories data. Crude for June delivery declined $1.20, or 1.16%, to $102.68 a barrel in electronic trading on Globex. The Energy Information Administration (

) is scheduled to report data on petroleum inventories for last week at 10:30 a.m. ET. Analysts were expecting a rise of around 1.6 million barrels in commercial crude stockpiles for the week ended May 6. The EIA late Tuesday lowered its 2011 projections for world oil demand by 100,000 barrels a day. Shares of Macy's Inc

gained about 8.3% after the company reported its Q1 profit at $131 million, or $0.30 per share, from $23 million, or $0.05 per share, in the year-earlier period. The company's sales increased 5.7% to $5.89 billion. Its same-store sales surged 5.4%. However, analysts were expecting earnings of $0.18 per share. Macy's lifted its full-year same-store sales growth forecast to a rise of around 4.3% from its earlier forecast of a 3% rise. The company raised its profit projections to a range of $2.40 to $2.45 per share, up from its earlier guidance of $2.25 to $2.30 per share. However, analysts were projecting profit of $2.34 per share for the year. The company also increased its quarterly dividend to $0.10 per share. Shares of Teva Pharmaceutical Industries Ltd

gained about 0.8% after the company reported a 6.7% rise in its first-quarter net income. The company also affirmed its projections for the full year. The company's profit increased to $761 million, or $0.84 per share, versus $713 million, or $0.79 per share, in the year-ago period. The company's adjusted net rose to $1.04 per share from $0.91 per share. The company's shares outstanding dropped 2.1% to 902 million. Its sales climbed 12% to $4.08 billion. However, analysts were expecting earnings of $1.04 per share on sales of $4.28 billion. TEVA's sales in Europe increased 66% while sales in North America dropped 11%. TEVA projects 2011 adjusted earnings of $4.90 to $5.20 per share on revenue of $18.5 billion to $19 billion. However, analysts were projecting earnings of $5.07 per share on revenue of $18.74 billion. Read more