NEW YORK — By the end of last week, investors shrugged off rising oil prices — at least for the time being — and focused on other economic news, as well as some solid earnings reports.
As a result, the WWD Stock Index closed the week up 3 percent to 1074.17 from 1042.45, while the S&P 500 jumped 3.2 percent to 1098.35 from 1064.8.
One of the week’s big gainers was Revlon Inc., which closed up 18.9 percent for the week to $2.52 from $2.12. It was unclear why the stock surged, but Revlon has made some announcements over the past few weeks — such as broadening its demographic reach by adding Susan Sarandon as a spokeswoman, as well as rolling out new products — that may have piqued investor interest.
Speaking of beauty, Estée Lauder Inc. finished the week down 1.3 percent after posting sales that jumped 15.1 percent to $1.4 billion from $1.22 billion. Excluding the benefits of currency exchange, sales gained 12 percent.
Skin care, makeup and fragrance paced sales for the quarter, with makeup sales rising 10 percent in local currencies to $2.15 billion. Skin care products rose 8 percent in local currencies to reach $2.14 billion. This is the first time either of these two categories has exceeded the $2 billion mark.
— Arthur Zaczkiewicz
WWD Composite Stock Index vs. S&P 500
This story first appeared in the August 23, 2004 issue of WWD. Subscribe Today.