An advance reading of the second-quarter gross domestic product was lighter than expectations, resulting in a sluggish open to the stock market.
The GDP reading was 1.2 percent versus the economists forecast of 2.5 percent. The Dow Jones Industrial Average is dropping by 30 points to 18,425, the S&P 500 is flat at 2,169 and the Nasdaq is rising by 3 points to 5,158. The S&P Retail ETF fell by 8 cents to $44.79.
Revlon Inc. delivered its second-quarter results with total net sales rising by 1.3 percent to $488.9 million. The stock is rising by 12 cents to sell at $33.38. Adjusted net income fell by 49.3 percent from $29 million in 2015 to $14.7 million. The drop was attributed to foreign currency losses on inter-company loans in the second quarter. Revlon said that the debt that it issued in order to fund its acquisition of Elizabeth Arden was well-received by the debt markets and they expect the deal to close by the end of 2016.
Following the market close on Thursday, Taubman Centers Inc. delivered its second-quarter results and easily beat analyst estimates. The shopping center’s stock increased by 61 cents to $78.71 in early trading. Taubman reported revenue of $158.9 million, which topped the FactSet estimate $139 million. The earnings per share for the quarter were $1.04, also beating the FactSet estimate of 99 cents. Average rent per square foot was $62.61, an increase of 5.4 percent from last year’s $59.41. Unfortunately, tenant sales per square foot decreased 0.7 percent. Taubman said that most centers had sales increases, but softness in South Florida continues.
Columbia Sportswear Company delivered second-quarter earnings after the market closed on Thursday that beat analyst’s estimates for earnings, but missed on the revenue. Investors pushed the stock higher by over 2 percent to $61.15 in the early session. Net loss for the quarter was $8.2 million, or 12 cents a diluted share, more than last year’s loss $6.5 million, or 9 cents, a year ago. This beat the FactSet estimate or a loss per share of 17 cents per share by 5 cents. Sales for the three months ended June 30 increased 2 percent to $388.8 million from $380.2 million a year earlier. The FactSet estimate was for $392 million.