Retail stocks managed their fourth advance in as many trading sessions Wednesday, following the overall market higher despite a disappointing housing report.
The S&P Retail Index rose 2.18 points, or 0.5 percent, to 417.94. The Dow Jones Industrial Average moved ahead less than 0.1 percent to 10,466.44 while the S&P 500 was up 0.2 percent to 1,120.59 and the Nasdaq Composite rose 0.8 percent to 2,269.64.
Although Wall Street was clearly disappointed by a Commerce Department report that sales of new homes fell 11.3 percent last month, overseas markets bore no such burden and rose in Europe and Asia, led by India’s BSE Sensex, up 3.2 percent to 17,231. Hong Kong’s Hang Seng Index advanced 1.1 percent to 236.70, while Japanese markets were closed.
Gains were less pronounced in Europe, where London’s FTSE 100 was up 0.8 percent to 5,372.38 and the CAC 40 in Paris rose 0.3 percent to 3,910.75.
Among U.S. issues, Quiksilver Inc. scored a double-digit increase, rising 22 cents, or 10.3 percent, to $2.35 after the firm closed on a European credit facility of 268 million euros, or $383.2 million at current exchange, to replace the 55 million euro, or $78.7 million, credit agreement that was due on Sept. 29 and other uncommitted European financing.
Standard & Poor’s removed the company from CreditWatch and affirmed its “B-minus” corporate credit rating and the “CCC” rating on its senior unsecured notes. S&P’s negative outlook on the company “reflects our expectation for continued difficult operating performance and concerns about the company’s ability to comply with its European facilities performance covenants,” S&P said.
Shares of Zale Corp. continued their precarious drift, dropping 11 cents, or 4.4 percent, to $2.42. That’s 71.6 percent below the 52-week high of $8.51, reached on Sept. 16. The company reported on Dec. 4 that its November same-store sales were off 18.6 percent and has since acknowledged “reviewing and canceling certain orders” and delaying some payments to vendors.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews