Stocks are rising on better-than-expected employment data.
The June ADP Employment report showed an increase of 175,000 jobs, which was higher than the estimated 152,000 jobs. Crude oil stockpiles fell and that helped move the price of oil higher by 1.5 percent to $48.17.
The S&P 500 is rising by 8 points to 2,108, the Dow Jones Industrial average is higher by 55 points to 17,975 and the Nasdaq is being lifted by 28 points to trade at 4,886. The S&P Retail ETF is gaining 22 cents to sell at $42.50.
L Brands Inc. stock is falling by 1.5 percent to $67.43 after the lingerie seller said its July sales would be flat to down low-single digits. Investors weren’t swayed by the big increase in June sales that climbed 6 percent versus the estimated 1.9 percent. The surprising increase was attributed to a shift in the holidays and the big semiannual sale happening at Victoria’s Secret.
Zumiez is higher by over 3 percent to sell at $15.00 after the teen retailer reported that its June sales beat the Thomson Reuters estimates. The comparable sales declined by 4.5 percent, which was worse than last year’s decline of 3.3 percent for the same time period. But it was better than the Thomson estimate for a decline of 6 percent.
In the continuing saga between Chico’s FAS Inc. and activist investor Barington Group, today’s chapter brings a market opinion released by Barington. Chico’s sought to nominate Bonnie Brooks to the board of directors even though Ms. Brooks the vice chairman at Hudson’s Bay Company. Chico’s had said there was no conflict of interest, but today’s opinion from Dr. Whitier at the University of Virginia begs to differ. Dr. Whitier said that Saks Fifth Avenue directly competes with Chico’s and Hudson’s bay owns Saks Fifth Avenue.
Target is up 31 cents to $70.82 after the company said it would shut down several in-store portrait studios. The space will be used for areas like extra customer service counters and more room for Starbucks.
Ferrari N.V. has signed a sponsorship agreement with the RayBan brand that is owned by Luxottica Group. The brand will appear on the SF16-H Formula One cars, starting from the next Formula One race, the British Grand Prix in Silverstone. Ferrari stock is up by 5 cents to $40.14 and Luxottica is down by 13 cents to $47.41.