Weakness in the financial sector sent the markets slightly lower today. The Dow 30 was lower by 14, the S&P 500 lost 1, and the Nasdaq 100, which was able to hit a new record higher today, lost 4. Tomorrow investors will get a look at unemployment claims along with non-farm employment numbers. Later in the morning we will also get manufacturing numbers and crude oil inventories, both of which can be market moving numbers.
Michael Kors (KORS ) shares suffered a sharp decline today after the company announced that the outlook going forward would not be all that great. The company's earnings report showed an overall loss last quarter and sales that were lower by 11%. The company also said it plans to shut down 100 full price stores over the next two years as it tries to bring its brand back to the high end glory it once had. Investors took the opportunity to exit the name which pushed shares to new lows on the year. Shares are now lower by 22% for 2017.
J.Jill (JILL ) shares, which is a recent clothing retail IPO were had a nice gain today on news that the company has raised it outlook for the year. They made this announcement after posting a beat on both its top and bottom lines last quarter. Same store sales improved jumping 9.9% and revenue rose 12.5% to $166.1M. The news today sent shares briefly to its IPO price of $13 a share. Despite being unable to close above that number shares were still higher today by over 13%.
Vera Bradley (VRA ) shares had a nice pop today after the handbag and accessories retailer announced losses for the first quarter that were less than expected. Revenue missed estimates as sales fell 8.6% to $96.1M, but investors were mostly optimistic on the news sending shares higher by 10.71%