Stocks got a lift this morning after a slew of reports pointed to a stable economy. The Standard & Poor’s 500 is up 3 points to 2,088, the Dow Jones Industrial average is up 40 points to 17,805 and the Nasdaq is higher by 9 points to 4,675.
The latest weekly jobless claims totaled 260,000, which was much better than the consensus of 272,000. October durable goods orders rose 3 percent, beating the estimated increase of 1.5 percent. Personal income was in line at an increase of 0.4 percent; however, consumers seem to be holding onto that increase as personal spending only increased 0.1 percent, lower than the anticipated 0.3 percent.
Guess stock is jumping up over 7 percent in early trading to $20.94 after the retailer beat analyst estimates and delivered in-line quarterly sales for the third quarter following Tuesday’s market close. Guess reported earnings at 15 cents a share, better than the expected 11 cents a share, but still lower than last year’s 24 cents a share. Revenues in the quarter came in at $521 million, an 11.7 percent drop from the 2014 third quarter revenues of $589 million. Guess tapped Herrero, a former Zara executive, for the top job in July and he is starting to put his imprint on the denim brand, working to elevate the “quality of our sales and merchandising organization,” build the Asian business and to “reinforce a culture of purpose and accountability.”
Tiffany’s target stock price was lowered by Cantor Fitzgerald to $70 from $79, while the analyst maintained the hold rating on the stock. Cantor also lowered the 2015 fourth-quarter earnings estimate to $1.59 from $1.66 a share for the jewelry chain. The stock is down slightly by 50 cents to $78.82.
EBay was removed from Goldman Sachs & Co. Conviction Buy List, while the analyst kept their buy rating and lifted the target price from $30 to $33. The reason the stock was removed was due to valuation. EBay stock was down 18 cents this morning to $28.82
Elsewhere, Asian markets closed mostly lower. The Bank of Japan released minutes from its latest meeting that sounded very upbeat, thus taking the talk about stimulus measures off the table for now.
European indices are mostly higher as the European Central Bank is looking into expanding its easing program by buying non-performing loans. That has sent the euro sliding even further against the dollar.
The markets will be closed on Thursday in celebration of Thanksgiving Day.