Stocks are creeping higher following Asia’s push to the downside. The major indices from Japan, China and Hong Kong all sank on Monday. Europe’s markets retreated as well as Greece’s trouble flared up.
In the U.S., Friday’s selloff seemed to carry over as stocks opened in negative territory, but buyers began jumping in to push stocks slightly higher. The S&P 500 added 3 points to 2,131, the Dow Jones Industrial average gained 16 points to 18,102 and the Nasdaq rose 12 points to 5,138. The S&P Retail ETF was lifted by 13 cents to sell at $43.66.
Earnings season has pretty much ended for the retail and apparel companies and New York Fashion Week has taken over. Most of the activity in the financial markets in this industry is analyst rating changes and conferences.
PVH Corp. saw an initiation of coverage by Wells Fargo analyst Ike Boruchow with an outperform rating and a $127 price target. The analyst said the decision was a valuation call. Just last week, Piper Jaffray reiterated its overweight rating on PVH. PVH was lately trading at $107.79, as it climbed by 57 cents in early trading.
Wells Fargo also initiated coverage on VF Corporation with a market perform rating. The price target is a range of $57 to $59. V.F. Corp. is lately trading at $58.72 as it rose by 31 cents in early trading.
Cowan & Co. downgraded Target Corp. to market perform from outperform. Cowan also lowered the target price to $68 from $75. The analyst said that Target was losing market share to Amazon.com Inc. and Wal-Mart Stores Inc. There is also concern about Target’s ability to drive comparable-store sales growth. Target stock was falling by 55 cents to lately trade at $68.48.
On Tuesday, the B. Riley & Co. Consumer Conference gets underway. Some of the presenting companies include Cherokee Inc., Deckers Outdoor Corp., V.F. Corp. and Stein Mart Inc. At the C.L. King Best ideas Conference, Iconix Brand Group Inc will be presenting, along with Sequential Brands Group Inc. and Signet Jewelers Ltd.