Business Today: Stocks futures turn higher after Best Buy results

Click to View in Browser 05/22/2012 Stocks futures turn higher after Best Buy results NEW YORK (Reuters) - Stock index futures rose on Tuesday, erasing earlier losses, after shares of No. 1 consumer electronics chain Best Buy jumped following earnings and revenue that topped expectations. Flurry of arguments starts Gupta insider-trading trial NEW YORK (Reuters) - Former Goldman Sachs director Rajat Gupta "threw away his duties" by divulging bank secrets to hedge fund manager Raj Rajaratnam, a U.S. prosecutor said at the start of Gupta's insider-trading trial on Monday. Insight: Morgan Stanley cut Facebook estimates just before IPO (Reuters) - In the run-up to Facebook's $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank's consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company. Fitch cuts Japan as politics hinders debt plan TOKYO (Reuters) - Fitch cut Japan's sovereign credit status on Tuesday to the lowest level among global ratings agencies as a political stalemate dims the chance that the country can curb its snowballing debt. India faces mass default and restructuring as devaluation looms SINGAPORE, May 22 (IFR) - India's mounting economic and political woes are prompting market players to raise the specter of a Greek-style crisis in Asia's third largest economy. Vodafone makes writedown on European weakness LONDON (Reuters) - Mobile operator Vodafone made a writedown of 4 billion pounds ($6.3 billion) and cut its medium-term sales target as the debt crisis squeezed customers in southern Europe, forcing them to save money on phone calls. Glencore takes control of Mutanda with $480 million deal LONDON (Reuters) - Commodities trader Glencore has taken majority control of its fast-growing Mutanda copper operation in Congo with deals worth $480 million, marking the first step in a planned merger of the mine with its nearby Kansuki concession. Citigroup says cautious on U.S. small-, mid-cap cos (Reuters) - Citigroup said it has a cautious view on the U.S. small-and mid-cap companies on concerns over earnings pressure in the second half amid the euro zone crisis and the political uncertainty in the United States. IMF tells Britain: Do more to drive growth LONDON (Reuters) - Britain must do more to bolster demand and the Bank of England should purchase more assets or even cut its main interest rate - already at a record low - to prevent years of sluggish growth, the International Monetary Fund said on Tuesday. Best Buy results top estimates; outlook maintained NEW YORK (Reuters) - Best Buy Co Inc reported better-than-expected quarterly results and maintained its outlook for the year as a turnaround plan started to take hold, sending shares in the world's largest consumer electronics chain up more nearly 4 percent. Related Video Selling human hair a growing industry U.S. Morning Call: Facebook Stock Woes Economic News Citigroup says cautious on U.S. small-, mid-cap cos U.S. swing states' jobless rates dive in April A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend