Another upbeat U.S. jobs report is showing that initial jobless claims dropped by 8,000 to a seasonally adjusted 252,000 for the week ending Sept. 17 for the lowest level since mid-July.
U.S. stocks are moving higher on the news of the firming labor market with the S&P 500 up 15 points to 2,178, the Dow Jones Industrial Average rising by 147 points to 18,441 and the Nasdaq is being lifted by 32 points to trade at 5,328. The Nasdaq hit an all-time high in the early session of trading.
E.l.f Beauty Inc. priced its initial public offering shares at $17, or $1 above the expected range of $14 to $16. The company will offer 8.3 million shares. The beauty brand is expected to begin trading its shares at the New York Stock Exchange today. The ticker will be ELF. The underwriters have a 30-day option to purchase stock from selling shareholders less the underwriting discount.
According to the company’s filing, E.l.f. had $96.8 million in sales for the first half of the year. Its business has grown from $82.9 million at the end of December 2012 to $191.4 million in 2015. E.l.f. Beauty is heavily dependent on sales at Target and Wal-Mart Stores Inc. Net sales at Target accounted for 28 percent of its business and Wal-Mart accounted for 23 percent. CVS represents another 10 percent of sales. E.l.f. has said it will use the proceeds to pay down its considerable debt of $206 million and for general corporate purposes.
Inditex, home of fashion brand Zara and Massimo Dutti, on Wednesday reported that net profit rose 7.7 percent to 1.26 billion euros or $1.4 billion by today’s rates in the first six months of 2016, up from last year’s 1.17 billion euros, or $1.3 billion, for the same time period. With this information compared against the first-quarter earnings, it looks like Inditex will have experienced an 8.8 percent rise in profits for the second quarter and an 11 percent increase in sales. The company also said that between August 1 and September 18, it had 13 percent growth in physical and online sales. The stock is higher by over 3 percent to lately trade at 33.27 euros, or $37.41.
Accenture is acquiring Kurt Salmon, a leading consulting firm for the retail industry. Kurt Salmon was founded in 1935 and is known in the retail industry for its consulting work in supply chain logistics, merchandising and omnichannel strategies. Following the completion of the acquisition, the Kurt Salmon group will join Accenture’s retail industry practice. Kurt Salmon employs 260 people, while Accenture has more than 375,000 employees in 120 countries. Accenture stock is rising by over 1 percent in early trading to $112.99.