U.S. stocks largely shrugged off the events in Nice, France, and Turkey and the police shootings in Baton Rouge, La., over the weekend although markets opened with a subdued start to trading.
The S&P 500 opened flat at 2,160, the Dow Jones Industrial Average fell by seven points to trade at 18,509 and the Nasdaq was lifted by four points to 5,034. The S&P Retail ETF was higher by 14 cents to sell at $43.88.
European markets seemed to take Turkey’s attempted coup in stride as the U.K. and German markets rose slightly, while France was trading modestly lower as the attack in Nice continued to weigh on the country.
Asian markets netted each other out as Hong Kong’ Hang Seng jumped by 0.7 percent and China fell by 0.4 percent, while Japan was closed for Ocean day.
Coach Inc.’s stock was higher by 2.4 percent to $43.41 after it was upgraded to “outperform” from “neutral” by R.W. Baird & Co. analyst Mark Altschwager. He also raised his target price to $50 from $45. Altschwager wrote in his note, “We believe improving demand among outlet shoppers (still a majority of business) would represent a key catalyst to drive shares higher from here.” Baird expects that Coach’s comps will turn positive in the fiscal fourth quarter and remain in the low single-digit range through fiscal 2017.
Burlington Stores, Inc. stock climbed by more than 4 percent to $71.18 after the company made positive comments about its comp-store sales in a debt announcement. The updated guidance said that Burlington expects July comp-store sales to increase between 4.2 percent and 4.5 percent, which is lower than last year’s July comp sales increase of 5.6 percent. The previous guidance had been for an increase of 2.5 percent to 3.5 percent. The company said it would update full-year guidance when it reports second quarter results on Sept. 6. Burlington is seeking a new senior secured credit facility for an aggregate principal amount of $1.1 billion. The net proceeds of the new facility will be used to repay loans under the existing facility.