The stock market is losing its rally steam and taking its cues from Europe.
The European Central Bank chose not to change interest rates and most of the major European indices traded lower.
The Dow Jones Industrial average slipped by 30 points to 18,562, the S&P 500 fell by 2 points to 2,171, but the Nasdaq bucked that trend and rose by 2 points to 5,091. The S&P Retail ETF is higher by 5 cents to sell at $44.51.
Nike Inc.’s brand chief Trevor Edwards told Reuters that he expects sales growth in North America to recover over the coming fiscal year. Edwards said that the Olympics combined with an expansion of its basketball business and the clearing of excess inventory will bring improvements in sales. Nike has lost basketball sneaker sales to Under Armour, who signed fan favorite Steph Curry. In addition to that, Adidas has enjoyed a big comeback as a fashion sneaker. Analysts don’t seem so sure, as three have downgraded the company in the last few months. In the last 6 months the stock has fallen almost 5 percent and was lately trading at $57.76.
EBay Inc. stock is rising by 9 percent to $29.55 following the online retailer’s earnings announcement after the market close on Wednesday. Sales for the second quarter increased 6 percent to $2.2 billion from $2.1 billion a year earlier. Net income for the second quarter fell 4 percent to $496 million, or 43 cents a diluted share, down from $517 million, or 42 cents, a year ago. While income was down, the earnings topped the FactSet estimate of 42 cents per share.
Fitbit Inc.’s assertions that Jawbone violated its patents were thrown out by a judge. The court ruled that the wearable tech company’s patents were invalid and so Fitbit won’t be taking Jawbone to court or get any settlement money. Fitbit can’t seem to catch a break with the law. Another judge refused to throw out a class action case against the company claiming false advertising regarding sleep tracking. Fitbit stock is sliding another 2 cents this morning to $12.96.