The rally continues as U.S. stocks have partnered up with oil to move higher. The Petroleum Institute’s report showed more oil than expected had been drawn from inventories, sending the price of a barrel up to $49.
In addition to that, Asia and Europe decided to jump aboard the U.S. stock rally and so both of those regions performed well. Plus, European officials decided to keep funding the Greek bailout program, so it’s all good.
The S&P 500 is up 17 points to 2,093, the Dow Jones Industrial Average is rising by 165 points to 17,871 and the Nasdaq is climbing by 33 points to 4,894. The S&P Retail ETF is higher by 11 cents to sell at $41.31.
Tiffany & Co. stock is falling by almost 4 percent to $62.11 after the jeweler reported worldwide net sales fell 7 percent to $891 million. The company experienced declines in all regions except Japan. Tiffany also said that full year earnings per diluted share would decline by mid-single digits from last year’s earnings and before had stated that earnings could be flat. The second quarter is also expected to decline as much as the first quarter. One of the big problems that continues to bedevil Tiffany is the dramatic drop in tourist spending that hasn’t recovered as of yet.
Express Inc. stock is tumbling over 15 percent to $16.00 in early trading after the retailer reported flat net sales and declining comparable sales. Net sales of $502.9 million were just barely over last year’s net sales of $502.4 million and short of the FactSet estimate of $522 million. Comparable sales including e-commerce fell 3 percent. Net income was $12.9 million, or 16 cents a diluted share, which was lower than last year’s $13.1 million and missed the FactSet estimate of 27 cents a share. The forecast for the second quarter is pretty dismal. Comparable sales are expected to be in the negative mid single digits, while net income is forecast to be in the range of $12 million to $15 million.
Alibaba Group Holding Ltd.’s stock is dropping by over 3 percent to $77.93 after the Chinese e-commerce site confirmed it is being investigated by the Securities and Exchange Commission over accounting practices. The SEC is specifically looking into the Singles’ Day promotion, Alibaba’s biggest shopping day of the year.