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• Best Buy Co., Inc. (NYSE:BBY) posted Q2 EPS of $0.47, lower than the Zacks Consensus Estimate of $0.53 per share. Revenues for the quarter were flat year-over-year at $11.35 billion, missing the Zacks Consensus Estimate of $11.442 billion
• Share prices of airline company US Airways Group, Inc. (NYSE:LCC) advanced 16.29% after its president said that the airline has not witnessed a decline in demand
• Chief operating officer of engine maker Cummins Inc. (NYSE:CMI) said that fiscal 2011 would be a profitable year for the company. Following this development, share prices of the company jumped 5.89% to close at $92.20 per share
• Shares of lung disease drug maker InterMune, Inc. (NASDAQ:ITMN) fell 9.94% after the pharma-company announced its decision to launch public offerings of 4 million shares and $100 million of convertible debt
• US based global apparel company VF Corporation (NYSE:VF) has acquired The Timberland Company (NYSE:TBL) for $2.3 billion or $43 per share. Timberland designs and develops footwear along with apparel and accessories for both men and woman and also for children
• Share prices of chemical company Huntsman Corp. (NYSE:HUN) increase by 6.49% after Standard & Poor upgraded the stock form "B-Plus" to "BB-minus"
• Analysts at Deutsche Bank (NYSE:DB) initiated coverage on shares of American Capital Mortgage Investment (NASDAQ:MTGE) with an "Outperform" rating and a target price of $22 per share
• Share prices of financial advisory firm Blackstone (NYSE:BX) increased 3.57% after analysts at Ticonderoga Securities initiated coverage on the stock with a "Buy" rating and a target price of $17