Teen clothing retailer American Eagle Outfitters, Inc. Tuesday reported a sharp fall in fourth-quarter profit, reflecting asset impairment charges and write-offs. Total net revenues declined 7 percent from last year, with a drop in comparable sales. The company also issued a weak outlook for the first quarter. The shares are down more than 6 percent in the early morning.
Sporting goods retailer Dick's Sporting Goods, Inc. (DKS) reported Tuesday a profit for the fourth quarter that grew from last year, reflecting relatively strong holiday sales. Earnings per share matched analysts' expectations and quarterly revenues topped their estimates. However, the company provided earnings guidance for the first quarter and full-year 2014, both below Street view.
Chinavision Media Group Ltd. said Tuesday that China's e-commerce giant Alibaba Group Holding Ltd. has agreed to buy a 60 percent stake in the company for about HK$6.24 billion or $804 million. The deal, which will enable Alibaba to gain access to Chinavision's film and television production, is part of Alibaba's efforts to bolster its position amid stiff competition from rival Internet companies.
After ending the previous session slightly lower, stocks are likely to show a lack of direction in early trading on Tuesday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures down by just 3 points.
U.K. industrial production growth slowed more-than-expected in January as severe weather conditions hampered oil production in the North Sea, official data showed Tuesday. On the other hand, manufacturing output topped expectations with broad based expansion in most sub-sectors offsetting sharp contraction in pharmaceutical products.
Department stores Bon-Ton Stores, Inc. reported Tuesday a profit for the fourth quarter that declined from last year, reflecting higher expenses and a near double-digit drop on net sales amid severe winter weather. Earnings per share topped analysts' expectations, while quarterly revenues missed estimates. The company also provided earnings forecast for the full-year 2014, well below Street view.
The mood on Wall Street is likely to be cautious, as the lack of any meaningful catalysts increases the uncertainty in the minds of traders. Asian stocks traded amid trepidation amid the monetary policy decision from the Bank of Japan and some soft domestic economic data. In Europe, the sentiment is mixed, with the German market moving to the upside in reaction to strong export data.
German re-insurer Hannover Re Tuesday reported 48 percent climb in fourth-quarter profit, and reaffirmed its profit view for 2014. The company posted about 5 percent rise in profit for full year 2013, driven by a very good underwriting result in non-life reinsurance, and benefit from a positive tax effect.
Eurogroup President Jeroen Dijsselbloem said on Tuesday that European finance ministers made good progress on framing the deal for a single mechanism to deal with failed banks in the currency bloc.
European stock futures are slightly higher, indicating a firmer open on Tuesday despite an insipid performance on Wall Street overnight and mixed Asian cues.
The Asian markets are turning in a mixed performance, giving up some of their early gains, as China's credit growth trailed analysts' estimates...
La Jolla Pharmaceutical Co. (LJPC) rose more than 62 percent to $17.70 in extending trading on Monday following news about its randomized, placebo-controlled phase II trial of GCS-100 in chronic kidney disease achieving the primary endpoint of improved kidney function.
Apparel retailer Urban Outfitters Inc. on Monday reported an 8 percent increase in profit for the fourth quarter from last year, helped mainly by lower income tax expense. Sales climbed 6 percent and gross margins improved. Earnings for the quarter easily beat Street analysts' estimates, but sales failed to meet expectations.
After coming under pressure in early trading on Monday, stocks regained some ground over the course of the session but still ended the day mostly lower. Traders generally showed a lack of conviction amid a relatively quiet news day. The major averages climbed well off their lows for the session but still finished the day in the red.
Amid the ongoing crisis in Ukraine, the results of a CNN/ORC International survey released Monday showed that a majority of Americans support imposing economic sanctions against Russia for its role in the conflict. The poll found that 59 percent of Americans support the use of sanctions against Russia in an attempt to persuade the country to remove its forces from the Crimean peninsula.
After moving modestly lower in early trading on Monday, stocks have seen continued weakness over the course of the trading session. The pullback on the day is partly offsetting the strong upward move that was seen last week. The major averages have climbed off their worst levels of the day but currently remain in the red.