U.S. stocks took their cues from improved data on jobs, rather than mixed news about earnings, and sent the Dow Jones Industrial Average to its first close above 16,000.
The S&P 500 Retailing Industry Group rose 0.5 percent to 916.60 today as retailers including Gap Inc. and Target Corp. reported results for the challenging third quarter. The Dow advanced 0.7 percent to close at16,009.99 after flirting with and briefly beating the round-number milestone earlier in the week, and the S&P 500 led the U.S. indices with a 0.8 percent jump to 1,795.85.
The Labor Department reported first-time jobless claims last week were at their lowest level since September.
The strongest performance among retail, fashion and beauty stocks traded by WWD came from The Bon-Ton Stores Inc., with shares up 23 percent to $15.08 after it reported a substantial and larger-than-expected reduction in its third-quarter loss.
Among the biggest declines for the day came from retailers who reported weakness in third-quarter results, fourth-quarter projections or both.
Stein Mart Inc.’s shares were off 8.2 percent to $14.77 while Target Corp., its earnings down by nearly half and its full-year outlook reduced, saw it shares wither 3.5 percent to $64.19. Although it didn’t issue guidance, Sears Holdings Corp.’s shares were off 2.9 percent to $59.93 on its wider loss and lower sales in the third quarter.
Results in Europe were mixed. The FTSE 100 in London closed up less than 0.1 percent at 6,683.59, while the FTSE MIB in Milan managed to edge up 0.6 percent to 18,841.85. The CAC 40 in Paris finished down 0.3 percent at 4,253.90, while the DAX in Frankfurt ended the day down 0.02 percent at 9,199.85.
Fashion stocks had a difficult day. Among those that fell the most were French Connection,which lost 4 percent on the London Stock Exchange to 0.38 pounds, despite having made gains earlier in the day on the back of announcing a like-for-like rise in revenues in the 16 weeks to Nov. 20.
Other stocks that lost ground included Mulberry Group, down 1.1 percent to 10.16 pounds, and Prada, which dipped 1.2 percent to 77 Hong Kong dollars.
Among the few that rose during the day were Ferragamo, up 2.9 percent to 26.52 euros; Safilo Group, up 1 percent to 17.40 euros, and Yoox, which gained 0.8 percent to 30.29 euros.
The pound closed the day at $1.61, while the euro traded for $1.35 and the Hong Kong dollar went for 12 cents.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)