Earnings season begins today with aluminum heavyweight Alcoa reporting that it has missed estimates for its sales in the quarter.
Also weighing on stocks are the fluctuations in the crude oil market. First, oil rose Monday on news that Russia would work with OPEC on production cuts. The problem is that OPEC hit a record high for oil output, bringing the price back down slightly.
The S&P 500 is slipping by 8 points to 2,154, the Dow Jones Industrial Average is falling by 65 points to 18,263 and the Nasdaq is slipping by 15 points to 5,312. The S&P Retail ETF is off by 20 cents to $43.82.
Nike Inc. is up by 43 cents to sell at $52.22 after receiving an initiation of coverage from Susquehanna Financial with a positive rating. The analyst said that a recent 16 percent pullback in valuation was a rare opportunity to buy a world-class equity in a business that’s in a favorable cycle. The 12-month price target is $63.
Jo-Ann Fabric and Craft Stores promoted Sharyn Hejcl to executive vice president and chief merchandising officer. She was previously senior vice president of inventory management and supply chain. She will continue to report to president and chief executive officer Jill Soltau.
Ascena Retail Group appointed Linda Yaccarino as an independent director, effective immediately. Yaccarino currently serves as chairwoman for advertising sales and client partnerships at NBCUniversal.
Naked Brand Group last week filed for an offering to raise up to $7.5 million. The company is an apparel and lifestyle brand that focuses on innerwear products for women and men. The company is based in New York and plans to expand into other apparel and product categories such as ath-leisure, swimwear, sportswear and more, according to the company’s web site. Naked Brand last raised capital in December 2015.
Read more from this week’s WWD:
The New Frontier: Direct-to-Consumer Fragrances: Hawthorne for Men, Phlur, Pinrose and Commodity Goods are part of a direct-to-consumer fragrance category growing online.
Jessica Alba’s Honest Beauty Expands, Plans Canada Launch: The beauty brand is also looking to move into Western Europe and Australia.
Retail Employment Rises Across the Board: Specialty stores and department stored boosted payrolls in September.