U.S. stocks dropped modestly following the April nonfarm payrolls report.
The number of jobs added was 160,000, lower than the Briefing.com’s estimate of 207,000. This was the lowest increase since last September. Average hourly earnings increased 0.3 percent, in line with the analyst estimates.
Apparel jobs increased by 0.1 percent in April, but clothing and clothing accessories stores fell by 0.4 percent. Sporting goods stores also fell by 0.4 percent in April and department store jobs fell by 0.5 percent.
The S&P 500 fell by 2 points to 2,048, the Dow Jones Industrial Average declined by six points to 17,653, the Nasdaq fell 13 points to 4,703. The SPDR S&P 500 ETF fell by 19 cents to $42.72.
Revlon, Inc. stock is rising by 19 cents to $36.37 after the firm reported that it had net income of $11 million for the first quarter, which compared with last year’s loss of $900,000. Total net sales increased 0.3 percent to $439.6 million. Lower sales of Revlon colors cosmetics in the U.S. were offset by higher sales of Cutex nail products. Revlon also had higher sales in ColorSilk hair color and Mitchum antiperspirant.
Bebe Stores Inc.’s shares are sliding following the company’s report of a third quarter loss. The stock is falling 27 percent to 40 cents after delivering earnings after the market closed on Thursday. Bebe chief executive officer Manny Mashouf said that he was evaluating sources of liquidity through a potential sale of assets. Losses in the third quarter were $30 million and sales decreased by 13.7 percent.
Mobile payment company Square, Inc. is getting an investor beat down this morning after the company reported earnings after Thursday’s close. The stock is dropping by over 18 percent to $10.75 after the company reported that its operating expenses jumped 72 percent to $207 million. The company reported a loss of $96.8 million or 29 cents a share, while the estimate was for a loss of 13 cents a share. Revenue was $379 million, which bested the estimate of $345 million. Investors are concerned over saturation in the mobile payments sector.