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NEW YORK (CNNMoney)
J.C. Penney (JCP, Fortune 500) posted a big loss that was even worse than the forecasts. Despite that, the struggling retailer noted that its same store sales, a key measure for retailers, were slightly better than they were during the first quarter of 2013. Shares rose in early morning trading on the news.
Best Buy (BBY, Fortune 500) has also struggled recently, but appears to be a step ahead of J.C. Penney in the turnaround process. The electronics retailer reported a surge in profit, which CEO Hubert Joly attributed to aggressive cost-cutting. The stock was up about 10% Tuesday and has now gained 185% so far this year.
Home Depot (HD, Fortune 500)announced a gain in quarterly net profit and raised its guidance for 2013. Its rival Lowe's will report results tomorrow.
But not all the reports from retailers were good. Struggling bookseller Barnes & Noble (BKS, Fortune 500) recorded a loss and said revenue from its Nook tablet business were down 20% from the same quarter last year. The book store's stock plunged by about 12%.
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The Dow Jones industrial average, S&P 500 and Nasdaq were all flat Tuesday morning, as there was little news besides earnings. The Dow and S&P 500 recorded their first four-day losing streak of the year on Monday. Still, the indexes are both up about 15% for the year, and the Nasdaq has gained 19%.
"No new news, just the same fear," wrote Societe Generale analyst Kit Juckes in a market report.
The release Wednesday of minutes from the Federal Reserve's last monetary policy meeting will be closely watched for clues as to when the central bank will begin tapering its $85 billion a month in bond purchases.
More signals could come from the Kansas City Fed's annual conference in Jackson Hole, Wyo., later this week.
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European markets were lower in midday trading, with investors tracking losses on Wall Street and paring back risk before the Fed minutes.
Asia markets were also lower across the board on worries that possible changes to the Fed's bond-buying program will suck capital out of riskier markets. Japan's Nikkei dropped 2.6%, the Hang Seng lost 2.3% and the Shanghai Composite was off 0.6%.
Shares in China Everbright Securities fell 10% as investors had their first chance to respond to restrictions placed on the broker's activities after trading glitches on Friday and Monday.
Indian stocks fell again as the rupee continued to plumb new lows against the dollar. 
First Published: August 20, 2013: 9:51 AM ET
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