Stocks are selling off slightly as traders return from the Labor Day weekend.
The Dow Jones Industrial average is lower by 33 points to 18,458, the S&P 500 is losing 4 points to trade at 2,175, while the Nasdaq is sliding by 2 points to 5,247. The S&P Retail ETF is lower by 35 cents to $44.16.
MasterCard has made a deal with PayPal Holdings that will allow users the option of MasterCard at the PayPal point of sale. PayPal users will get the option of using their service at stores. Customers will also have the option to cash out funds from PayPal to a MasterCard debit card. PayPal will also get some volume incentives and will no longer be subject to the digital wallet operator fee. Merchants that use the PayPal company Braintree will see Masterpass added as a payment option. PayPal and MasterCard have also agreed to a multi-year extension of the U.S. Business Debit MasterCard program. MasterCard stock is higher by 20 cents to trade at $98.07, while PayPal is higher by 33 cents to trade at $37.40.
HanesBrands Inc. celebrated 10 years as a publicly traded company by ringing the opening bell at the New York Stock Exchange. The company’s stock moved from the split-adjusted price of $5.28 when it began trading on Sept. 6, 2006 to Friday’s closing price of $26.40. The company now has 70,000 employees and holds the number 1 or 2 market position for either underwear, intimate apparel, hosiery or activewear in 12 countries.
Looking ahead, the Goldman Sachs Global Retailing Conference gets underway in New York on Wednesday. Companies like Ulta Salon, Cosmetics & Fragrances, Inc., Michael Kors Holdings Ltd., Under Armour, Inc. and Wal-Mart Stores Inc. will be making presentations to investors on the first day of the 2-day conference. Thursday brings presentations from Macy’s Inc., Urban Outfitters, Inc. and Ross Stores Inc.
Wednesday also brings earnings from Hudson’s Bay Company and Francesca’s Holdings Corp.