By  on July 15, 2014

The WWD Global Stock Tracker pulled back 0.4 percent to 99.18, principally on declines in European markets.

The steepest decreases for the day were from U.S.-based equities, with Michael Kors Holdings Ltd. down 7.3 percent to $79.44, American Apparel Inc. down 5 percent to $1.15, Inter Parfums Inc. down 2.9 percent to $28.35 and Oxford Industries Inc. down 2.6 percent to $63.91. Of the 100 companies in the WWD sample, Trinity Ltd. was the only other issue to slip more than 2 percent, declining 2.4 percent to 2.03 Hong Kong dollars, or 26 cents at current exchange.

Among those on the upswing, Aeffe SpA led all companies covered, rising 8.8 percent to 1.30 euros, or $1.77, followed by Matsuya Co., up 6.9 percent to 1,145 yen or $11.28. Yoox.com was up 4 percent to 19.12 euros, or $26.04, while Luen Thai Holdings Ltd. rose 2.5 percent to 2.07 Hong Kong dollars, or 27 cents.

In New York, the Dow Jones Industrial Average rose less than 0.1 percent to 17,060.68 after Federal Reserve chair Janet Yellen told Congress that the U.S. economy remained challenged despite recent improvements, suggesting interest rates are likely to remain low.

European markets pulled back, with the deepest decline coming from Milan’s FTSE MIB, off 1.3 percent to 20,422.95. Asian markets generally fared better, with Tokyo’s Nikkei 225 ahead 0.6 percent to 15,395.16.

Wolverine World Wide Inc. disclosed plans to close 140 stores over the next 18 months to improve its profitability, which rose 34.8 percent on an adjusted basis during the second quarter. Shares fell 3.1 percent to $25.64 in New York Stock Exchange trading.

 

To access this article, click here to subscribe or to log in.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus