The stock market looks like it will put another record in the history books with a boost from positive earnings from Microsoft and several banks.
Fresh, new intraday records were set as the Dow Jones Industrial moves higher by 56 points.
Europe’s major indices were all trading higher as European car company stocks posted gains. The U.K. FTSE was rising by 0.1 percent, the French CAC traded higher by 0.9 percent and the German DAX popped 1.4 percent.
Hudson’s Bay Co, refinanced its mortgage on its flagship Lord & Taylor store in New York. The company had a $250 million mortgage that was due September 2017. Hudson’s Bay closed on a new $400 million five-year mortgage that will mature in August 2021. Hudson’s Bay stock fell by 5 Canadian cents to 16.10 Canadian dollars or $12.22.
Wearable device brand Fitbit Inc. is losing its appeal with investors. The short interest, which is basically a bet the stock will fall, increased by 35 percent between June 15 and June 30. The stock is down 1.5 percent this morning to $12.65. It has dropped by 57 percent year-to-date and a far cry from its 2015 IPO price of $20.
Revlon Inc. said it would be proposing to issue $400 million in senior unsecured notes due 2024. The notes will be used in part to finance the acquisition of Elizabeth Arden Inc. The cosmetics brand recently said its net sales had risen 1.5 percent during the most recent quarter as it discloses information in advance of the acquisition. Revlon stock was higher by 14 cents to sell at $32.90.
The Estée Lauder Cos. Inc. named Jean-Guillaume Trottier the global brand president of Jo Malone London, a luxury fragrance brand. Trottier will report to Lauder president John Demsey. Julie Van Ongevalle has been appointed senior vide president/global general manager of beauty brand Origins. Estée Lauder stock fell by 14 cents to $93.35.