U.S. retail stocks spent much of the day in positive territory but pulled back for a small decline by the end of the trading day.
The S&P 500 Retailing Industry Group ended the trading session down 0.1 percent at 894.24 after spending time above the 900 mark, where it hadn’t been since early April.
The Dow Jones Industrial Average and S&P 500 both advanced 0.1 percent to 16,943.10 and 1,951.27, respectively, with both hitting intra-day record highs before closing off peak levels.
The Wet Seal Inc., which one year ago was selling for over $5, advanced 9.1 percent to 89 cents, leading the sample of U.S. equities tracked by WWD. Shares of Quiksilver Inc. and Oxford Industries Inc. rose 6 and 5.8 percent, respectively, to close at $3.90 and $68.75. Quiksilver shares picked up 9.9 percent on Friday as the firm came back from a sell-off earlier last week following a larger-than-expected second-quarter loss. Oxford is scheduled to report first-quarter results after the markets close Tuesday. Oxford shares were upgraded to “buy” from “neutral” by Sidoti & Co.
Among the issues losing ground, Birks Group Inc. was off 4.1 percent to $1.18 and Nu Skin Enterprises Inc. shed 2.6 percent to close at $74.77 while Inter Parfums Inc. was down 2 percent to $28.52.
Carl Icahn’s disclosure of a 9.4 percent stake in Family Dollar Stores Inc. helped lift its shares 13.4 percent to $68.62 even after the discounter put a poison-pill plan in place. Merger and acquisition activity also contributed to investor interest with Tyson Foods winning the bidding battle for Hillshire Brands and Merck agreeing to buy Idenix Pharmaceuticals. The deals were worth about $8 billion and $4 billion, respectively.
Europe’s markets finished the day much as they began them, with modest gains.
The FTSE MIB in Milan led the way, rising 0.8 percent to 22,472.12, followed by the three other main indices, all of which climbed 0.2 percent.
The FTSE 100 in London hit 6,875.00, while the CAC 40 in Paris reached 4,589.12, and the DAX in Frankfurt closed at 10,008.63.
Retail and luxury stocks were uneven, with the day’s larger declines coming from Mulberry Group, down 2.9 percent to 7.09 pounds; Moncler, 1.5 percent to 12.85 euros; Asos.com, 3.9 percent to 32.18 pounds, and Italia Independent Group, 1.6 percent to 34.20 euros.
Among those gaining ground were Gemfields, up 2.6 percent to 45 pence; French Connection Group, 2.9 percent to 70 pence, and Inditex, 1.2 percent to 108.75 euros.
The euro traded at $1.36 versus the U.S. dollar, while the pound fetched $1.68, and the Swiss franc equaled $1.12.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia