Wall Street opened lower today, giving back some of the Thursday’s gains, which were driven by renewed hopes that the Federal Reserve would hold off a little longer on raising interest rates.
The Dow Jones Industrial Average fell 95.81 points, or 0.5 percent, to 18,116.67 in the opening minutes of trading, afterBlue Chip stocks rose 177.71 points on Thursday.
Among the early decliners in the fashion and retail realm were Gildan Activewear Inc., down 1.5 percent to $27.53; Sears Holdings Corp., 1.2 percent to $11.92; Kate Spade & Co., 1.1 percent to $18.64, and Abercrombie & Fitch Co., 1 percent to $17.44.
Those bucking the trend and gaining after the opening bell were Ascena Retail Group Inc., ahead 2.8 percent to $8.04; Amazon.com, Inc., 1.2 percent to $778.52, and Tilly’s Inc., 1 percent to $10.50.
Shares of Tiffany & Co. inched up 0.1 percent to $72.26 after rising 3.4 percent Thursday amid speculation that the company’s move to appoint former Canadian Pacific Railway executive Mark Erceg as chief financial officer could signal activist investor William Ackman’s interest in the jeweler.
Ackman, who invested in the railway and sat on its board, tried and failed to shake up Target Corp.’s board, but successfully pushed for big changes at J.C. Penney Co. Inc. The result was messy, though, as Ron Johnson’s efforts to remake Penney’s fell flat and Ackman lost a significant amount on his investment.
The activist, who has been widely successful in retail related areas, particularly real estate, has acknowledged in the past that some of his largest setbacks have come from retail.