U.S. stocks manage to stave off last week’s sell-off on Monday, but on Tuesday morning the sellers were back in force as oil took a tumble.
Oil dropped to $45.95 after the International Energy Agency cut its views on crude oil demand based on what the agency sees out of China and India. The Dow Jones Industrial Average has fallen by 181 points to 18,143, with Apple Inc. stock the only Dow component that is trading in positive territory.
The S&P 500 is dropping by 23 points to 2,133 and the Nasdaq is down by 49 points to 5,162. The S&P Retail ETF is slipping by 40 cents to $43.74.
Tiffany & Co. named Mark Erceg chief financial officer effective Oct. 18. He will report directly to Frederic Cumenal and replaces the previous chief financial officer, Ralph Nicoletti, who left after only two years in the role. Nicoletti left to become the finance chief at Newell Brands. Erceg comes to Tiffany’s from Canadian Pacific Railway Ltd. and prior to that he was cfo for Masonite International Corp. His career began at The Procter & Gamble Co. where he held a variety of positions for more than 18 years. Tiffany stock was rising by almost 2 percent to trade at $69.50.
Wells Fargo upgraded its rating on Kate Spade & Co. to outperform from market perform. The price target was also raised from a range of $16 to $18 to a range of $23 to $24. The analyst believes there is “renewed top-line momentum” as the new clothes are being well-received. Increased flash sales are also helping the apparel brand. The analyst believes that recent stock weakness makes the current price attractive. Kate was lately moving higher by 3 percent to trade at $18.97.
Claire’s Stores Inc. extended by one day the expiration time for the holders of certain senior notes to exchange their notes. So far, $333 million in notes have been tendered, which was the minimum amount needed. The exchange offer was extended to Wednesday.