The stock market managed to not get rattled by a drop in oil prices, which fell more than 3 percent to $37 a barrel, making for a pretty quiet day of trading.
The S&P 500 lost 2 points to close at 2,019, the Dow Jones Industrial average rose by 15 points to 17,229 and the Nasdaq gained 1 point to close at 4,750. The S&P Retail ETF declined by 6 cents to end the day at $45.55.
The big movers in retail today included Iconix Brand Group Inc., whose stock closed down more than 7 percent to $8.09. The company said it was delaying the fling of its quarterly earnings beyond March 15. Iconix said it would report its earnings prior to March 30. The company had previously announced it was restating its earnings for 2013, 2014 and the first three quarters of 2015. Iconix said it could not complete that work by the 15th.
Aéropostale Inc. stock closed up more than 4 percent to 79 cents ahead of the company’s earnings release later this week on Thursday. Message boards were littered with rumors that Justin Bieber might take a stake in the company, but most of the investors dismissed the idea. Bieber has not shown any prior interest in investing, and his contract with Calvin Klein would likely prohibit it anyway.
Pacific Sunwear of California Inc. stock traded down more than 9 percent during the day, but managed to close flat at 15 cents on heavy volume. The troubled retailer is reporting its earnings on Tuesday. PacSun has already hired financial advisers to help it with its heavy debt load and is struggling to remain as a listed stock with Nasdaq.
Meanwhile, Stein Mart Inc. stock closed down more than 7 percent to $7.35. The company delivered disappointing results last week. It was also revealed that Stein Mart director Lisa Galanti owns no shares of the company. Galanti joined the board of directors on March 3, 2016.
Avon closed up more than 4 percent as it continued to reap the rewards of Cerberus’ $435 million investment. Investors seem to believe if Cerberus is taking a chance, then maybe they should take a chance, as well.
Looking ahead, Bon Ton Stores Inc., DSW Inc. and Neiman Marcus will report earnings before the market opens on Tuesday. And Xcel Brands will deliver its quarterly numbers following the market close.