The super dollar and oil weakness continue to wreak havoc on global markets.
Asian markets all closed lower today, spilling red into the European markets as well. All of Europe’s major indices were trading lower, but it wasn’t as a result of the terrorism fear from Belgium’s attacks. The fall in stock prices was blamed on five straight days of a rising dollar and oil prices looking like they are headed for another plunge as barrels began trading below $39.
The S&P 500 fell by 13 points to 2,023, the Dow Jones Industrial Average dropped by 91 points to 17,412 and the Nasdaq declined by 30 points to 4,737. The S&P Retail ETF gave back 14 cents to trade at $44.82.
PVH Corp. shares are rising by over 4 percent to $91.43 after the apparel company delivered strong fourth quarter results following the market close on Wednesday. The company’s fourth-quarter net profits shot up to $134.2 million, or $1.63 a diluted share, from $51.5 million, or 62 cents, a year earlier. Revenues for the three months ended Jan. 31 gained 2.1 percent to $2.11 billion from $2.07 billion. Calvin Klein was the big winner with revenues rising over 14 percent, while Tommy Hilfiger saw its revenues decline. The company remains cautious heading into 2016.
Also reporting after the close was Oxford Industries Inc., home to Tommy Bahama and Lilly Pulitzer. Oxford Industries Inc. posted fourth-quarter results that matched Wall Street’s earnings-per-share consensus, but missed revenue estimates. This led the stock lower this morning by 4 percent to $69.44. Thomas C. Chubb 3rd, chairman and chief executive officer, said that 2015 was a good year for Oxford as both net sales and earnings grew 5 percent compared with a year ago. For the three months ended Jan. 30, the company said net income rose 10.6 percent to $17.5 million, or $1.05 a diluted share, from $15.8 million, or 96 cents, a year ago. On an adjusted basis, earnings from continuing operations were $1.09 a diluted share versus $1.08 in the same year-ago quarter.
Finish Line Inc. delivered fourth-quarter earnings that beat analyst expectations on earnings and revenues, but then gave downside guidance for fiscal year 2017. The sneaker chain reported earnings per share of 83 cents, which topped the Capital IQ estimate of 80 cents. Revenues rose 5.3 percent year-over-year to $580 million, also beating the estimate of $567 million. The guidance for the fiscal year 2017 was for earnings in the range of $1.50 to $1.56, much lower than the analyst expectations of $1.71. The stock was up and down, but lately was down by 5 cents to $18.89.
J.C. Penney Co. Inc. stock is lower by 21 cents to sell at $10.74. On Wednesday, the company revealed Myron “Mike” Ullman 3rd and Marvin Ellison, who split the duties of chief executive officer for a time last year, each logged compensation of more than $12 million. Ullman ceded the ceo post to Ellison on Aug. 1. Ullman’s compensation last year totaled $12.8 million and included a salary of $1.5 million and incentive pay of $4.7 million. The rest of his compensation tallied $1.3 million, which included $546,980 for personal use of corporate aircraft. That amounted to a pay bump for Ullman, who saw compensation of $9.7 million in 2014. Ellison’s pay totaled $12.1 million and included a salary of $1.4 million, and incentive pay of $3.6 million.
In economic news, the latest weekly jobless claims totaled 265,000, which was lower than the Brief.com consensus of 268,000. Continuing claims fell to 2.179 million from 2.218 million. Durable goods orders decreased 2.8 percent, better than the estimate for a decline of 2.9 percent.