By  on August 25, 2014

The bulls remained in the driver’s seat throughout the investment universe today, lifting markets around the world and the WWD Global Stock Tracker.

The tracker closed out the day at 100.87, up 0.5 percent from Friday’s 100.35 finish. Major indices in North America, Europe and Asia trended up, with the S&P 500 hitting a milestone with its highest close ever, 1,997.92, up 0.5 percent, after making its first trip above 2,000 in midday trading, when it hit an all-time high of 2,001.95.

Hong Kong’s Trinity Ltd. logged the strongest gain of the tracker sample, rising 8.5 percent to 2.31 Hong Kong dollars, or 30 cents at current exchange.

Ann Inc. and J.C. Penney Co. Inc. had the second and third biggest gains of the day, with Ann rising 6.5 percent to $39.94 and Penney up 4.9 percent to $10.69. Ann rose on pressure from activist investors Engine Capital LP and Red Alder LLC, which together own just over 1 percent of Ann’s shares, to explore a sale of the company or a stock repurchase to enhance shareholder value.

Penney’s shares were lifted on a research note by J.P. Morgan analyst Matthew Boss projecting that the Plano, Tex.-based midtier department store group would likely close additional stores beyond the 33 it’s already committed to and derive benefits in profitability and cash flow from such moves.

Also among the largest gainers were, up 3.3 percent to 18.47 euros, or $24.46, and Revlon Inc., which moved up 2.3 percent to $33.99.

Quiksilver Inc. weathered the largest decline of the tracker sample, pulling back 5.8 percent to $3.10, followed The Bon-Ton Stores Inc.’s 5.1 percent decline to $10.63.

Li Ning Co. shares were off 3.9 percent to 4.25 Hong Kong dollars, or 55 cents, while I.T Ltd. [FOLO I.T] fell 2.9 percent to 2.68 Hong Kong dollars, or 35 cents. Anta Sports Products Ltd.’s stock fell 2 percent to 15.02 Hong Kong dollars, or $1.94.

Movado Group Inc. is scheduled to report its second-quarter results Tuesday morning. Shares Monday rose 0.1 percent $44.04.

To continue reading this article...

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus