U.S. stocks are opening to the downside this morning as investors look ahead to remarks from Federal Reserve chair Janet Yellen and continue to track the price of oil.
Oil is trading lower at $38 a barrel, while the S&P 500 is down by 5 points to 2,031. The Dow Jones Industrial Average is lower by 57 points to 17,477 and the Nasdaq is down by 11 points to 4,754. The S&P Retail ETF is losing 12 cents to trade at $45.41.
Destination Maternity Corporation reported a fourth-quarter loss and the departure of its chief financial officer. The maternity apparel retailer reported that comparable sales decreased 3.5 percent in the quarter and that the adjusted net loss was $1.5 million, or 11 cents per diluted share. This was an improvement over last year’s loss of $13.8 million, or $1.02, for the same period. Net sales for the fourth quarter were $118.3 million, a drop from last year’s $121.2 million. The company said 2015 was a transitional year and has projected a sale increase for fiscal 2016. Destination also announced that chief financial officer Judd Tirnauer was leaving the company for a private specialty retailer.
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Judd Tirnauer is actually joining The Wet Seal LLC as its chief financial officer. He succeeds the current chief financial officer, Thomas Hillenbrandt. Wet Seal went through Chapter 11 bankruptcy before being purchased by the private equity firm Versa Capital Management. Wet Seal has been through several management changes and the company is loaded down with debt. Eventually the company is expected to return to the public markets once it gets its business stabilized.
DSW Inc. is climbing by 18 cents to $27.15 after the discount shoe retailer saw its price target raised from $30 to $31 by Keybanc. The analyst maintained his overweight rating. A combination of tax refunds and new spring fashions are expected to drive shoppers into the store.
Elsewhere, Asian markets all closed lower as companies in the region reported disappointing earnings.
In Europe, the U.K. FTSE slid by .3 percent, while the German DAX slipped .3 percent on talk that Volkswagen may suspend its dividend. France’s CAC is up 0.4 percent with luxury stocks turning in a good performance.