U.S. stocks are opening higher as oil has jumped to $40 a barrel.
The S&P 500 is up 5 points to 2,046, the Dow Jones Industrial Average is up 50 points to 17,607 and the Nasdaq is up 1 point to 4,835. The S&P Retail ETF is dropping by 11 cents to $43.38.
Perry Ellis International Inc. is rising by over 3 percent to $18.42 after the apparel brand reported fourth-quarter earnings of 35 cents a share, which was inline with the FactSet estimate. Sales for the fourth quarter were also inline with the FactSet estimate at $214 million, but were 1.5 percent lower than last year. The company previously guided investors to these results in March. Perry suffered a loss of $17.7 million in the fourth quarter, which was an improvement over last year’s loss of $42.9 million for the same period.
Tiffany & Co. is hosting an analyst and investor day beginning at 9:30 a.m. today. Net-a-porter and Tiffany unveiled a global collaboration beginning on April 27 for a limited time. The e-tailer will be the only authorized retailer to sell Tiffany’s products outside of the company’s own channels.
Alibaba Group Holding Limited is moving slightly higher by 9 cents to $77.80 after the online retailer spent $1 billion to buy a controlling stake in Lazada Group. The move gives Alibaba an opportunity to take on the Southeast Asia market. That market is very fragmented and Alibaba is finding that China’s consumer spending is slowing.
Abercrombie & Fitch & Co. has hired Ashley Sargent Price as its creative director of marketing. She comes to the company from J. Crew, where Price worked for 10 years. She will oversee Abercrombie & Fitch, Abercrombie Kids, Hollister Co., the internal photo studio and the marketing operations.