Anxiety about economic conditions and upcoming U.S. earnings reports took their toll on fashion stocks, sending the WWD Global Stock Tracker down for the fourth time in the last five trading sessions.
The tracker ended the day at 97.41, down 1 percent, with just more than a quarter of the 93 issues trading managing gains. Markets in Japan were closed for Health-Sports Day.
J.C. Penney Co. Inc. shares headed up in morning trading after the company said that Marvin Ellis had been named president and would succeed Myron (Mike) Ullman 3rd as chief executive officer on Aug. 1. But those gains were lost as U.S. markets receded in afternoon trading and Penney’s shares ended the day at $7.09, down 3 cents or 0.4 percent. That was still a far better performance than the S&P 500, which shed 1.7 percent to end the day at 1,874.74, or its S&P 500 Retailing Industry Group subset, down 1.9 percent to 895.02.
Investors remained concern about signs of slowing conditions in Germany and China and were on edge about what third-quarter earnings will reveal about the corporate outlook for the fourth quarter.
The sharpest decline among tracker stocks came from Luxottica Group SpA, down 9.5 percent to 37.30 euros, or $47.10 at current exchange, following the company’s report that Enrico Cavatorta, chief executive of corporate functions and interim ceo of markets, had resigned from the Italian eyewear firm, confirming a report on Saturday.
Luen Thai Holdings Ltd. slumped 7.5 percent to 1.61 Hong Kong dollars, or 21 cents, while Shinsegae Co. Ltd. shares were off 5.5 percent to 207,000 Korean won, or $192.72. Yoox.com and Trinity Ltd. suffered lesser declines of 3.6 and 3.4 percent, respectively, ending the day at 15.49 euros, or $19.56, and 2.01 Hong Kong dollars, or 26 cents.
Among the handful of firms finishing the day with gains were American Apparel Inc., up 12.1 percent to 69 cents, and Quiksilver Inc., up 4 percent to $1.57. Sears Holdings Corp. rose 3.8 percent to $25.72 while Anta Sports Products Ltd. closed ahead 2.6 percent at 17.34 Hong Kong dollars, or $2.24.
Guess Inc. shares moved up 2.5 percent to $21.21 after hitting a 52-week low of $20.50 on Friday.