U.S. markets are bucking the global stock trends this morning following uninspired trading in the Asian and European markets.
The S&P 500 is up 8 points to 2,041, the Dow Jones Industrial average is rising by 77 points to 17,612 and the Nasdaq is climbing by 22 points to 4,740. The S&P Retail ETF is up by 10 cents to $41.15.
Oil continues to recover and was moving higher and was trading near $47 a barrel. However, 2 more energy companies declared bankruptcy and that brings the total to 28 North American energy companies that have gone belly up since early 2015.
J.C. Penney Co. Inc. is lifted by over 2 percent to $7.74 following an upgrade by analysts at Robert Baird. The rating was moved to outperform from neutral with a $12 price target. The analysts believe that the share price is cheap and that there is still upside expected from the turnaround. Last week, the department store chain reported that its sales had dropped, but its losses had narrowed.
H&M Hennes & Mauritz announced that its April sales including VAT increased by 5 percent as compared to last year’s April. The company stated that the cold spring affected several of H&M’s large markets and had an unfavorable impact on sales of transitional apparel. H&M stores grew from 3,610 last year to 4,035 as of the end of April. The company said it would release its next financial news on June 16.
Israeli apparel maker Delta Galil Industries Ltd. reports that its first-quarter earnings increased by 2 percent. Net income for the quarter fell to $7.9 million, or 31 cents a diluted share, down from $8.9 million, or 35 cents, a year ago. Sales for the three months ended March 31 increased 2 percent to $256.7 million from $252.8 million a year earlier. The growth was due to an improvement in Europe and Israel.
Looking ahead, earnings week continues with big names like Wal-Mart and Target reporting in Tuesday. Plus, several retailers will be holding their annual meeting for shareholders. The Gap Inc., Nordstrom Inc., Macy’s Inc. and J.C. Penney’s will all be hosting meetings this week.