Stocks are opening higher ahead of the Federal Reserve’s latest policy decision expected this afternoon on interest rates. The majority of economists do not expect any rate change today.
The S&P 500 is higher by 10 points to 2,150, the Dow Jones Industrial average is rising 78 points to 18,208 and the Nasdaq is moving higher by 29points to 5,271. The S&P Retail ETF is adding 23 cents to sell at $43.40.
Nike Inc.’s self-lacing shoe the HyperAdapt 1.0 sneaker will be available beginning November 28 according to the company. Spokesperson Heidi Burgett tweeted out the news and said tat appointments to experience and purchase would begin the Monday after Thanksgiving. The sparse message did not give any information as to scheduling an appointment of what the price would be. Nike, so far, has not released any additional information other than the tweet. The product was first introduced in March at the company’s innovation summit. The stock is flat on the news.
Francesca’s Holdings Corporation appointed Steve P. Lawrence as its president and chief executive officer effective Oct. 10. Lawrence replaces the previous chief executive officer Michael Barnes who left in May after only two years in the role. Lawrence comes to Francesca’s from Stage Stores, Inc. where he was the chief merchandising officer since May 2012. During that time, the comp performance had been mixed. Wliiam Blair analyst Amy Noblin did say that by filling the position Francesca’s removes some of the uncertainty from the stock. Just a few weeks ago, the stock popped as the company beat analyst expectations for the second quarter and raised guidance for the full year. The stock is up 26 percent for the past year, but hasn’t recovered to its 52-week high of $19.90. It was lately trading at $15.37 as it rose by over 1 percent in early trading.
Wal-Mart Stores Inc. paid out more than $200 million in bonuses to approximately 932,000 hourly store employees during the 2017 fiscal second quarter. The retail giant said that 99 percent of its stores met the bonus goals for cleanliness, checkout speeds and better service. This bonus season was better than last year when only 880,000 employees got the bonus check. Separately, Wal-Mart completed the acquisition of the e-commerce company jet.com, which had been announced on August 8. Wal-Mart stock is up 27 cents this morning and selling at $72.24.
Target Corp. is rising over 1 percent to $69.56 after the retailer said it would begin a new $5 billion share buyback program. Target is currently wrapping up a $10 billion share repurchase plan, which should be complete before the end of fiscal 2016. Moody’s analyst Charlie O’Shea said the new program would have no credit impact. He said, “”We expect cadence will be managed such that Target’s excellent liquidity profile is consistently maintained.”