Stocks are opening in green territory today following new chatter out of Japan about keeping the value of the yen down.
The S&P 500 is higher by 11 points to 2,069, the Dow Jones Industrial average is rising by 116 points to 17,822 and the Nasdaq is gaining 16 points to trade near 4,767. The S&P Retail ETF is losing 34 cents to sell at $43.40.
Crocs Inc. is moving higher by 17 percent to $9.07 this morning after the footwear brand beat analyst estimates by 1 cent after reporting earnings per share of 7 cents for the first quarter. Revenues rose 6.4 percent year-over-year to $279.1 million, which also beat the Capital IQ forecast of $266.5 million. The only blemish is that Crocs then gave downward guidance for second quarter revenues of $340 to $350 million, which was lower than the estimate of $358 million.
Gap Inc. continues to fall as investors digest the continual drop in sales at the company. The stock is sliding another 12 percent to $19.10 as Topeka Capital Markets downgraded the company from buy to hold. Credit Suisse maintained its rating of underperform but cut its price target from $27 to $21. Jefferies also cut its price target from $34 to $28, but is keeping its buy rating. The ripple effect is attributed to the retailer reporting its fifth consecutive quarterly drop in sales.
EBay Inc. and FedEx Office have combined efforts to make it easier for people to sell their items online. The eBay Valet Drop-Off Program will be rolling out over the next few months. Only top-selling categories will be included in the pilot program. High-end clothing and shoes are part of that group. Sellers can bring their items to the FedEx office and a FedEx employee will pack and ship the items to an eBay processing center to be listed, sold and shipped. Once the item sells, the seller will get paid through PayPal. eBay estimates that each household could probably sell unused items worth as much as $4,000.
Looking ahead, Fossil Group Inc. and InterParfums SA report after the close of the market today.